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Letter of Guarantee

Letter of Guarantee is a promise by the bank independent of the underlying commercial transaction between the applicant and beneficiary. Issued directly in favor of the Beneficiary, the Bank is bound to make payment without delay, when it receives a demand that complies with the terms of the Guarantee

Following are the main types of Letters of Guarantee:

  • A Bid or Tender Bond ensures that the bidder submits realistic bids and deters the bidder from rejecting to perform, in case the contract is awarded to them
  • An Advance Payment Bond ensures repayment of an agreed percentage of the contract amount, if the supplier does not fulfill its contractual obligations
  • A Performance Bond is issued to pay the principal, the agreed amount of the Bond, in case of failure of the contractor to perform the contractual obligations, under the contract awarded by the principal

Letter of Guarantee

Letter of Guarantee

Letter of Guarantee is a promise by the bank independent of the underlying commercial transaction between the applicant and beneficiary. Issued directly in favor of the Beneficiary, the Bank is bound to make payment without delay, when it receives a demand that complies with the terms of the Guarantee

Following are the main types of Letters of Guarantee:
  • A Bid or Tender Bond ensures that the bidder submits realistic bids and deters the bidder from rejecting to perform, in case the contract is awarded to them
  • An Advance Payment Bond ensures repayment of an agreed percentage of the contract amount, if the supplier does not fulfill its contractual obligations
  • A Performance Bond is issued to pay the principal, the agreed amount of the Bond, in case of failure of the contractor to perform the contractual obligations, under the contract awarded by the principal

Benefits:

  • Demand and conditional guarantees.
  • Bonds can be for Bid, Advance payment, Performance and Retention of Financial purposes.
  • Also available are Shipping guarantees and Customs bonds. 

Benefits:

Demand and conditional guarantees.

Bonds can be for Bid, Advance payment, Performance and Retention of Financial purposes.

Available as well are Shipping guarantees and Customs bonds. 

apply-letter-of-guarantee

Please fill & sign the below editable PDF agreement in the box, and kindly reach the nearest location as shown below.

Letter of Guarantee
Download Agreement
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Letter of Guarantee
Download Agreement

Type Six Apply Now


A representative from Riyad Bank will contact you to complete your request.
Keeping in mind that a current account is required to obtain any product or service from Riyad bank, if you do not have one yet, you can open an account from here


Download PDF here



Download PDF here


Download PDF here


Download PDF here


Download PDF here


Download PDF here


Download PDF here


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  • Mada transactions : if the TXN < 100 SAR the fee will be 0.70%, If the TXN >= 100 SAR the fee will be 0.80 % Cap 160 SAR.
  • Visa , MasterCard , UPI transactions : 2.50%
  • GCCNet transactions : 1.50% Cap 80 SAR
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  • Card fees = 100 SR
  • Service monthly fee = 50 SR
  • Reissue of PIN = 15 SR
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  • Set up fees = 10000 SR
  • Monthly Maintenance fees = 500 SR
  • Fee per user = 100 SR
  • Fee per transaction = 2 SR
  • Visa/Mastercard Service Charge = 4.25%
  • Refund Fee = 3 SR
  • Charge Back Fee = Free of Charge
  • Fail Transaction Fee = Free of Charge
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  • Card fees = 100 SR
  • Service charges for each transfer:
    • Riyad Bank Accounts = 0
    • Local Bank Accounts = 7 SAR
    • Global Bank Accounts = 80 SAR
  • Services charges per MyPay card
    • Recurring fees (Monthly) = 0
    • Reissue of card = 50 SAR
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  • Service setup fees = 5000 SR
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      • Same Day fees = 7 SR
      • Future day fees = 5 SR
  • Global Bank Accounts = 80 SAR
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  • Card issue = 1000 SAR
  • Annual fee = 300 SAR

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