SAMA Saudi Arabia New Rule | 25 Essential Banking Services Now Free 

SAMA Saudi Arabia’s banking landscape is undergoing a major shift as it mandates 25 essential banking services to be offered, which are completely free of charge. From account opening and local transfers to ATM withdrawals and debit card services, the reform eliminates any hidden fees that previously burdened individuals, SMEs, startups, and foreign investors. 

Introduction

SAMA Saudi Arabia has unveiled a transformative reform, requiring all financial institutions to deliver 25 core banking services free of charge, a bold stride toward affordability and economic inclusion. Announced on December 28, 2025, the directive eradicates persistent hidden fees that heavily weighed on SMEs, startups, and individuals reliant on frequent, low-value transactions for smooth financial management.

Eliminating costs for essentials like account openings, local transfers, ATM withdrawals, and debit card issuances removes economic barriers, fostering broader engagement in the digital economy. This initiative propels Saudi Arabia’s Vision 2030 by accelerating cashless adoption, empowering SME expansion, and democratizing access to formal banking services. In the past, these fees typically ranged from SAR 5 to 50 per use, imposing subtle but substantial hurdles, hampering innovation for cash-strapped firms, and curtailing financial agility amid the digital and economic evolution.

SAMA’s Role

The Saudi Arabian Monetary Authority, which is the bank of the Kingdom, keeps a close eye on all the commercial banks, fintech companies, digital payment providers, and insurance firms. The Saudi Arabian Monetary Authority does this to make sure that the financial system is stable and strong.

The Saudi Arabian Monetary Authority has been doing this since it was set up in 1952. The Saudi Arabian Monetary Authority is in charge of managing the money in the country and the money that comes from other countries. The Saudi Arabian Monetary Authority also makes sure that all the banks and financial companies follow the rules and do not help people launder money. This helps the Saudi Arabian Monetary Authority support the changes that are happening in the economy of Saudi Arabia.

SAMA Saudi Arabia has made some changes. They are really good for people. SAMA has come out with the “Fees Guide for Financial Institutions Services”. This means that financial institutions have to give people 25 banking services for free. This will make things fair for everyone. Now, financial institutions cannot charge people money without a good reason. People were getting upset because they did not understand what they were being charged for. SAMA is trying to make things better so that people can trust institutions again. SAMA and the financial institutions are working together to make banking services better for everyone. By strengthening transparency and consumer protection, the directive accelerates the adoption of digital financial services and aligns closely with Vision 2030’s objectives of a cashless economy, broader financial inclusion, and sustainable growth.

The 25 Free Services

SAMA Saudi Arabia requires no-fee access to core services, previously often charged, which deterred usage among cost-sensitive customers like SMEs and expats.

Account & Onboarding:

• Current account and e-wallet opening
  
• IBAN issuance
  
• KYC/profile updates
  

Daily Banking & Payments:

• Local transfers (same bank or e-wallets)
  
• Cash withdrawals/deposits/cheque deposits
  
• Standing order cancellation
  
• Beneficiary registration
  
• Balance inquiries/Mini statements via ATM
  
• Bill payments/refunds
  
• Cheque book (up to 25 cheques)
  

Digital & Card Services:

• Mada debit card issuance/renewal/replacement (ATM-retained cases)
  
• Mada card use for domestic POS/online/GCC transactions
  
• Online banking/SMS/app alerts
  

Customer Support & Compliance:

• Account statements (periodic, <1 year, or electronic >1 year)
  
• Customer ID certificates
  
• Account closure
  
• Mortgage release post-settlement
  
• Clearance/discharge/IBAN/debt certificates
  

These fees once added friction, raising costs for routine operations and compliance.​

Drivers Behind the Change

SAMA Saudi Arabia’s decision is rooted in a sharp rise in customer complaints about unclear and excessive banking fees, which grew as digital adoption accelerated and the economy diversified, often limiting access for individuals and SMEs. Pressure from agile fintech players such as STC Pay and Tamara, which gained market share by offering low- or no-fee services, further highlighted the need for reform, especially as Saudi Arabia pushed toward a cashless economy with over 80% digital payment penetration. By introducing the standardized “Fees Guide for Financial Institutions’ Services,” SAMA reduces onboarding and transaction costs, supports SME growth, strengthens financial inclusion under Vision 2030, and promotes wider participation in a transparent, competitive digital financial ecosystem.

Benefits for Individuals

Saudi residents now enjoy significantly lower living costs as essentials like local transfers, ATM withdrawals, balance inquiries, and debit card issuances become free, eliminating recurring fees that once added up to hundreds of SAR annually for average users. This enhances access for underserved groups, including low-income families, young professionals, and expatriates, by removing financial hurdles to basic banking. Greater transparency curbs hidden charges, building trust and encouraging wider participation in the digital economy.​

Business and Investor Impact

SMEs and startups benefit from slashed operational costs in account setup, cash management, and compliance tasks like IBAN issuance and statements, freeing capital for growth initiatives. Foreign investors experience frictionless corporate onboarding, streamlined expat KYC, and predictable treasury operations, making Saudi Arabia more attractive for cross-border ventures. This reform accelerates market entry, particularly for India-GCC trade flows, with a reliable, fee-free banking infrastructure.​

Bank Responses

Banks are poised to shift focus towards the premium, value-added services such as wealth management, advanced analytics, and personalized lending products to maintain the revenue streams. Enhanced digital platforms and seamless app experiences will drive competition, while bundled offerings like insurance-linked accounts gain more prominence. This fosters innovation in fintech integrations, pressuring incumbents to elevate beyond the commoditized basics.​

Ecosystem Effects

By placing the fintechs and the traditional banks on an equal footing for core services, the reform accelerates innovation and a deeper market penetration across payments and many lending segments. The reduced banking costs improve SME sustainability, which supports job creation and economic diversification aligned with the Vision 2030. At the same time, a more transparent and affordable banking framework strengthens Saudi Arabia’s investment climate, enhancing the global competitiveness and enabling many foreign businesses to enter the market faster, operate more efficiently, and scale with greater confidence.

How can Arnifi help?

Arnifi streamlines Saudi business setups amid these reforms, enabling remote company formation in key zones like Riyadh or free zones without on-ground presence. Expert guidance ensures compliant corporate bank accounts, seamless SAMA-regulated KYC, and optimized structures for tax efficiency, investments, and growth. Businesses leveraging Arnifi capitalize on the fee-free era by launching operations swiftly and compliantly, ideal for UAE-India-GCC investors targeting the Kingdom’s booming market.​