Saudi’s SABB launches instant international money transfer service; First in Kingdom

By Shilpa Annie Joseph, Official Reporter
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Riyadh-based Saudi British Bank (SABB) has become the first financial institution in the Kingdom to offer an instant international money transfer service to digital wallets in countries such as the Philippines, Pakistan, Bangladesh, and Sri Lanka.

According to the company statement, SABB customers can take advantage of this service 24×7, through the bank’s digital channels such as SABBNet and SABB Mobile, at competitive rates, with the ability to immediately monitor the status of the transfer.

Bashaar Al-Qunaibit
Bashaar Al-Qunaibit
Deputy MD
Retail Banking & Wealth Management – SABB

“The launch of this product comes from the bank’s strategy to meet our customers’ aspirations by providing innovative financial solutions, with full focus on digital banking services, especially after the successful completion of the merger between SABB and Alawwal. Considering that digital banking represents one of the strategic points to support our competitive strength and maintain our leading position and the quality of our banking products and services. We strive to develop international remittance services by expanding our partnerships with prestigious international institutions inside and outside the kingdom. As we are currently working to add more international transfer services for our customers and connect more countries and currencies. We will continue our focus on developing the Digital banking sector and creating solutions to ensure that we provide a pioneering banking experience to our customers.”

SABB has achieved a significant increase in the number of digital channel users over the last year and has successfully migrated a wide range of services from its branches to its digital platforms. The SABB Mobile application has evolved into an advanced and integrated banking solutions platform with over 100 features to meet customers’ needs, considering that nearly 70 percent of the bank’s customers use digital channels regularly.

These successive developments in SABB digital services contributed to a more than 50 percent annual increase in the volume of transactions through digital channels compared to the same period last year, resulting in the SABB Mobile application winning the “Best Banking App in the Middle East” award.

Saudi British Bank

Established in 1978, the Saudi British Bank (SABB) is a Riyadh-based Saudi joint-stock company in which British banking firm HSBC Holdings PLC owns a minority stake. SABB has over eighty branches across Saudi Arabia and one branch in London, England. The bank offers services in investment banking, commercial banking, private banking, and Islamic banking.

Related: Saudi Arabia to begin instant bank transfers to support its eCommerce sector