Money exchange licence

Activities, capital and fees

Rules Regulating Money Changing Business (No. 4686, 11 July 2020) and the Regulations of License Fees for Money Changing Business of the same date. SAMA sets the invested capital for branches of foreign money changers.

Why there are no new money-transfer licences

Under the 2020 Rules, money transfer inside and outside the Kingdom is permitted only to firms that held a valid licence when the Rules were issued, and those firms may not open new branches for transfers. In practice SAMA issues no new money-transfer licences under this regime. Existing transfer licensees renew at SAR 40,000 and carry a higher cash reserve.

Remittance has moved elsewhere in the rulebook. The Payments Implementing Regulations exclude cash-based "money remittance", where no payment account is created for the payer or payee. Transfers from a payment account, including cross-border credit transfers, are payment services under Article 6. On our reading they are open to Major payment institutions and e-money institutions, while Micro payment institutions cannot serve people outside the Kingdom. Banks remit under the Banking Control Law. We found no standalone remittance company licence for new entrants; confirm the route with SAMA for your model. See the payment institution licence.

Legal form and prudential requirements

A wider choice of legal form

Money exchange accepts more legal forms than the payments, BNPL and crowdfunding regimes, including a sole proprietorship or partnership. A foreign money changer can also operate through a branch, with invested capital set by SAMA. The bank guarantee here is clear: it equals the capital, so a currency-dealing applicant should plan for a SAR 2 million guarantee alongside SAR 2 million of capital until SAMA releases the guarantee.

Ongoing obligations

• AML/CTF under Section 7 of the Rules, including due diligence on correspondents
• Saudization and employment-company rules under SAMA's instructions (the Rules text sets no fixed percentage)
• Monthly data on remittances, and supervisory templates filed through SAMA's RMS system
• SAMA non-objection for new branches, relocation and changes in ownership
• Exchange-rate boards and customer-rights boards on display

How the application runs

1. Check eligibility

   Read SAMA's money exchange eligibility requirements and confirm the activities, legal form and capital for your plan.

2. Prepare the forms

   Complete the License Request form published on the SAMA Rulebook and SAMA's Fit and Proper Form for owners and managers.

3. Arrange the guarantee and capital

   Put in place the bank guarantee equal to the required capital, and the capital itself.

4. Submit and answer questions

   File the application with SAMA and respond to its requests for information.

5. Licence and start

   Pay the issue fee, receive the licence and start business within three months, or the licence lapses.

Senior roles and supervision

Money changers are within SAMA's Requirements for Appointments to Senior Positions. Appendix 5 lists the money changer positions that need SAMA's written non-objection, and Article 4 reserves roles including the Chief Compliance Officer and AML/CTF Director for Saudi nationals. The English page of those requirements states it is not the latest version, so check against the Arabic. See compliance function.

SAMA continues to revoke money exchange licences, including revocations announced on 7 July 2026. Ongoing AML, reporting and prudential compliance is what keeps the licence.

Common questions