Opening a bank account in Saudi Arabia takes longer than in other parts of the world, but this helpful guide provides all the information and data you need to use your money in the Kingdom.
New expats should be aware that opening a bank account in Saudi Arabia can be a lengthy process, so they may need enough capital to get them through the first few weeks after arriving. Fortunately,employers understand this and often offer employees an advance payment as part of their starting salary.
This helpful guide explains everything you need to know about how to open a bank account in Saudi Arabia, including what documents you will be asked to provide and how to close a bank account. It includes :
- Fixed deposit account
- Women's account
- Child account
- Investment account
- Offshore account
- Bank account in Saudi Arabia
- National Commercial
- British Bank SaudiArabia
- Al Rajhi Bank
- Emirates National Bank
- How to open a bank in Saudi Arabia
- No objection letter
- How to open a delayed bank account copy
- Bank Account for Children
- Required documents
- What to do if you are denied to open a bank account in Saudi Arabia
- Types of Banking Services in Saudi Arabia
- Credit Cards
- Debit Cards
- Car Loans
- Personal
- International Money Transfer in Saudi Arabia
- Manage your bank account in Saudi Arabia
- Mobile Banking
- Internet Banking
- Face to Face
- Switching bank or Saudi Banking in Saudi ArabiaBanking in Saudi Arabia
- Switching Banks in Saudi Arabia
- Closing Banks in Saudi Arabia
- Complaints about banks in Saudi Arabia
- A valuable resources
Doing business in Saudi Arabia
With over 30 local and international banks operating in Saudi Arabia, foreigners have many options when it comes to opening a bank in Saudi Arabia. Four Local banks in Saudi Arabia account for approximately 57% of total assets in 2019, including National Commercial Bank (NCB), Al-Rajhi Bank,Samba Bank, and Riyad Bank.
There are also a number of international banks inSaudi Arabia, including Emirates National Bank, FirstBank of Abu Dhabi, Deutsche Bank, HSBC, StandardChartered Bank, BNP Paribas, and the Industrial andCommercial Bank of China. Locals and expats are usually easy to find in stores or on the street. All Banks operating in Saudi Arabia provide services in English and Arabic.
Looking to open a bank in Saudi Arabia?
However,they can be seen as tedious and cumbersome.Residents of Saudi Arabia often use local banks,especially for salary transfers. price. A local account also simplifies the process of getting a credit card and applying for a car or home loan in Saudi Arabia.
Before opening a bank account in Saudi Arabia
Since opening a bank account in Saudi Arabia can take several weeks, expats who have recently moved to the country will need to have a few weeks of cash on hand for spending. For everyday expenses. You will find it easy to withdraw money from any ATMusing an international credit card, but you will be charged a transaction fee of up to 30 Saudi Riyals.
Retailers, especially in larger cities, accept credit cards from networks such as Visa and MasterCard,but you may be asked to pay cash for small transactions such as taxi fares or grocery shopping.
Get help opening an account
Expatriates in Saudi Arabia make up over 32% of the population, so Saudi employers are used to residents coming and going. As such, most companies have processes and procedures in place to help newcomers easily integrate into life in SaudiArabia. You’ll also find that your HR department will easily approve a cash advance based on your first or second pay check . This is especially useful for paying rent in Saudi Arabia, for example, especially if you're not getting any help from the company. This Is because the visa needs to be in your passport along with other documents. Customers. This service is provided free of charge.
Types of bank accounts in Saudi Arabia
As an expat, you have a choice of different types of bank accounts in Saudi Arabia, and these may vary from bank to bank. Note that the benefits accompanying a particular type of account at one bank may not be the same as those available elsewhere.
Here are some of the basic bank account types:
Current account
A current account allows you to carry out traditional banking transactions, including depositing or withdrawing cash, issuing checks, paying and collecting checks, and paying recurring expenses such as utility bills via telephone or internet banking. You can also open a joint account with someone else.
Savings or deposit accounts
Savings accounts allow you to save money over any given period of time with a margin of profit on the money deposited in the account. There may often be restrictions on the number of withdrawals on the account.Savings account holders usually cannot ask for check books.
Time deposit accounts
Time deposit accounts are for people who want to make their money work for them, and are able to put away substantial amounts for a period of time. They usually carry a higher profit margin than a savings account and are typically linked to a certain fixed deposit amount and a certain period of time.
Ladies accounts
Many banks in Saudi Arabia provide exclusive and tailored banking services for women via special bank accounts designated for ladies.
Children’s accounts
Parents can open bank accounts for their children. They typically carry restrictions on the number of transactions possible but are a good way to teach children about finances.
process when approached with the right preparation. To ensure a smooth experience, it is crucial to gather the necessary documents, such as a valid residency permit (Iqama), passport, and proof of address. Researching and selecting a bank that aligns with your financial needs is equally important, as different banks may offer varied account types and benefits. Additionally, understanding and adhering to the local banking regulations and requirements can save time and effort. By following these steps and seeking assistance from the bank’s representatives when needed, you can efficiently establish a bank account and begin managing your finances in Saudi Arabia with ease.
