SABB Becomes the First Bank to introduce Instant International Transfer Digitally

The Saudi British Bank (SABB) has launched an instant international money transfer service to digital wallets in a number of countries such as the Philippines, Pakistan, Bangladesh, and Sri Lanka, making it the first bank to provide this service in the Kingdom.

SABB customers can benefit from this service around the clock, seven days a week, through the bank's digital channels such as SABBNet and SABB Mobile, at competitive prices, with the ability to monitor the status of the transfer immediately. This service is fast, easy and with few requirements for transferring, just by using the beneficiary’s mobile number or any other preferred information.

Bashaar Al-Qunaibit, Deputy Managing Director for Retail Banking and Wealth Management at SABB, commented: “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.”

Al-Qunaibit added: “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 noticeable increase in the number of digital channels users during the last period, and has succeeded in migrating a wide range of services from branches to its digital platforms. SABB Mobile application has become an advanced and integrated banking solutions platform that includes more than 100 features to meet customers’ needs, considering that nearly 70% of the bank’s customers use digital channels on a regular basis. These successive developments in SABB digital services contributed to the growth of the volume of transactions through digital channels by more than 50% compared to the same period last year, which led SABB Mobile application to win the “Best Banking App in the in Middle East” award.