Section 14: Wire Transfer

The financial institution and intermediary financial institution receiving a wire transfer in the Saudi riyal currency from outside Saudi Arabia to a beneficiary in a financial institution abroad shall clearly detail the purpose of the transfer. 6 In the event that a financial institution receives an approval from SAMA indicating that some parties are allowed to transfer gifts, subsidies, or donations to a beneficiary, whether it be a legal or natural person, in accordance with certain conditions, the financial institution must act according to that approval.