1- What are the money changing business activities that require SAMA licensing?
No one is allowed to engage in any money changing business activities in the Kingdom of Saudi Arabia without a valid license issued by SAMA.
2- How can I get a license application form?
The Rules Regulating Money Changing Business and the license application forms are available on SAMA website through the following link:
Applying for Money Changing License
3- What are the documents to be attached to the license application?
The license request must include a complete license application form to engage in money changing business, along with a complete Fit and Proper Form for each founder of the money changer.
4- Is the applicant required to submit, with the license application, a feasibility study and a five-year business plan?
All applicants must submit a feasibility study and a business plan with the license application as per the details specified in the checklist included in the license application form.
5- Is the applicant required to submit an electronic or a hard copy of the license application form?
The applicant must submit a hard copy of the forms and of the documents indicated in the checklist, along with an e-mail containing a mirrored electronic copy of the completed license application.
6- What are the minimum capital requirements to obtain a license for various money changing activities?
The capital must not be lower than the following:
1. Two million (2,000,000) riyals for paid-up capital.
2. Seven million (7,000,000) riyals for paid-up capital for money changers licensed to import and export cash.
3. Ten million (10,000,000) riyals for paid-up capital for money changers licensed to transfer money inside and outside Saudi Arabia.
7- What is the expected time period for obtaining the license?
It varies according to the type of activity as well as the quality and completeness of the documents submitted with the license application. However, SAMA will notify the applicant in writing, within (60) days from the date of accepting the license application as a complete one, whether the license application is approved initially or rejected, along with the reasons in the event of rejection. The initial approval shall not be considered a license or an approval to engage in the financial activity.
8- What is the time limit for completing the company establishment process?
Applicant must establish the money changer as a company within six months of receiving SAMA's initial approval. SAMA must be provided with copies of the company's commercial register and articles of association that reflect the licensed activities in accordance with the initial approval. The initial approval expires after six months unless SAMA extends its term for another period.
9- What are the fees for issuing, renewing or amending the license?
Twenty thousand (20,000) riyals for issuing a license for the activity of purchasing, selling and trading of foreign currencies inside Saudi Arabia, and five thousand (5,000) riyals for renewal of license.
Thirty-five thousand (35,000) riyals for issuing a license for one or more of the activities set forth in Article 11 of the Rules Regulating Money Changing Business, including the activity of purchasing, selling and trading of foreign currencies inside Saudi Arabia, and ten thousand (10,000) riyals for renewal of license without prejudice to the provisions of Paragraph (C) of Article 11 of the Rules.
Forty thousand (40,000) riyals for renewal of the license to conduct money transfer activity inside or outside Saudi Arabia.