Instant Payment System Sarie

The Instant Payment System “sarie” is a new System to facilitate money transfers below SAR 20,000 which allows Gulf International Bank (GIB) customers to transfer locally between participating banks around the clock. Additionally, customers can transfer money with ease, using alternative identifiers (called ”alias”) such as,

1. Mobile number
2. Email address
3. National ID (or Iqama)

*Gulf International Bank (GIB) will be live with this additional Payment method on August 1, 2021.

sarie transfer limits:

Your users can make Instant Transfers either to a saved list of beneficiaries or transfers without the need to create and activate beneficiaries; i.e. transfers can be performed by entering beneficiaries IBAN number or alias identifier (mentioned above).

There are regulatory requirements, to activate or deactivate (or opt-out) please see “How to” on this page.

Instant Transfer limits through saved or added Beneficiary: 

The maximum limit for instant transfers to saved or added beneficiaries is SAR 20,000 the transactions above this limit will be processed through normal/existing local bank transfer methods without any change.

Limits for Quick Transfers using IBAN or alias: 

The Users will be able to make quick transfers by entering the Beneficiary’s IBAN or alias and without the need to create and activate beneficiaries beforehand. The maximum transfer limit for this System is SAR 2500 and it is configurable for Users to set the desired limit within the maximum range, by default the limit will remain as zero.

Features:

1. Instant Transfers to local banks
2. Real-time notification
3. Transferring money 24 hours 7 days a week

Using alternative identifiers for transfer, such as:

1. Mobile number, 
2. Email address,
3. National ID (or Iqama)

How to?:

Enable “alias” features: 

As a regulatory requirement, GIB is required to receive explicit consent, signed and executed according to your board mandate, to activate the use of alias transfer services for your accounts with GIB.

Disable “alias” features: 

You will also have the option to opt-out of the alias features of sarie transfer services, at any time, by providing a written instruction signed by the authorized signatories, to de-activate the use of alias transfer services for your accounts.

Maintain quick transfer limit: 

You will be able to maintain up to SAR 2,500 by submitting a request/application form signed by the authorized signers.

What are the fees for using Instant Payments System “sarie”?

Is transferring to alternative identifiers requires adding and activating beneficiary?