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Account Transfer Letter

Account Transfer Letter Template for Saudi Arabia

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Key Requirements PROMPT example:

Account Transfer Letter

"I need an Account Transfer Letter for transferring my personal savings account from Al Rajhi Bank Riyadh Branch to Arab National Bank Jeddah Branch, compliant with Saudi Arabian banking regulations, to be effective from March 1, 2025."

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Document background
The Account Transfer Letter is a crucial banking document used in Saudi Arabia when an account holder needs to transfer their account between different branches or banks. This document is essential for maintaining proper documentation and ensuring compliance with Saudi Central Bank (SAMA) regulations. It is commonly used during business relocations, branch consolidations, or when customers seek better banking services. The letter must include specific information required by Saudi banking regulations, such as account holder details, current and new account information, and proper authorizations. It serves as a formal record of the transfer request and helps banks maintain compliance with anti-money laundering laws and customer data protection requirements. The document is particularly important in the Saudi Arabian context due to the stringent banking regulations and the need for proper documentation in financial transactions.
Suggested Sections

1. Header Information: Bank's name, branch details, date, reference number, and address

2. Recipient Details: Name and address of the receiving bank branch

3. Account Holder Information: Full name, ID/commercial registration number, contact details of the current account holder

4. Account Details: Current account number, type, and branch details

5. Transfer Request: Clear statement of transfer request and purpose

6. New Account Information: Details of the destination account and branch

7. Authorization Statement: Express authorization for the transfer and acknowledgment of terms

8. Signature Block: Space for account holder's signature and date

Optional Sections

1. Special Instructions: Used when specific handling instructions or conditions need to be specified for the transfer

2. Corporate Authorization: Required for corporate accounts, including board resolution references or authorized signatory details

3. Joint Account Details: Required when the account is jointly held, including all account holders' information and signatures

4. Power of Attorney: When the letter is being signed by a legal representative rather than the account holder

5. Account Closure Confirmation: If the original account is to be closed after transfer

Suggested Schedules

1. Schedule A - Account Details: List of all accounts to be transferred if multiple accounts are involved

2. Schedule B - Supporting Documents: List of attached verification documents, ID copies, or corporate documents

3. Schedule C - Terms and Conditions: Any specific terms and conditions applicable to the transfer

4. Appendix 1 - Verification Documents: Copies of required identification or authorization documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























Clauses




















Relevant Industries

Banking

Financial Services

Corporate Services

Retail Banking

Islamic Banking

Commercial Banking

Investment Banking

Public Sector

Private Sector

Professional Services

Relevant Teams

Legal

Compliance

Corporate Banking

Retail Banking

Customer Service

Operations

Documentation

Finance

Administration

Risk Management

Treasury

Corporate Services

Relevant Roles

Bank Branch Manager

Account Manager

Compliance Officer

Banking Operations Manager

Customer Service Representative

Financial Controller

Corporate Secretary

Legal Counsel

Relationship Manager

Treasury Manager

Chief Financial Officer

Administrative Officer

Documentation Specialist

Banking Services Coordinator

Corporate Banking Officer

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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