RIYADH, 30 June — Swiss authorities have notified Saudi banks that they will not honor any transfers or checks that originate in the Kingdom unless the beneficiaries have accounts in a Switzerland bank. Saudi banks have informed their clients who seek to transfer money to Switzerland of the change. They have also circulated this information among the Saudis intending to spend their holidays in the European country. Meanwhile, some banks in Britain have set a cap of 2,000 sterling pounds for instant clearance of checks issued in the Kingdom. The banks, however, said the beneficiaries can encash their checks valuing more than 2,000 pounds after 24 hours.
