Regulatory Alerts2021-12-02
Pricing Policy for Remittance Service through the Gulf Payments System Afaq
Saudi Central Bank (SAMA) issued this Charging Policy to establish the fee structure for cross-currency remittance payments processed through the AFAQ service, mandating annual membership fees of SAR 50,000 and per-message transaction fees of SAR 12.00 for participating banks and money service bureaus operating in the Kingdom. The policy outlines discounted rates during a six-month post-pilot period, specifies penalty charges for late payment returns and cut-off time extensions, and requires all fees to be settled within ten business days of invoice receipt. Furthermore, it caps customer-facing tariffs at the maximum allowable cross-border transfer rates while exempting participants from FX margins, thereby standardizing costs and encouraging regional financial integration.