How to open a bank account in Saudi Arabia as a new expat

As you prepare to move to Saudi Arabia, one of the first and most crucial tasks is to open a local bank account. Having a Saudi bank account is essential for receiving your salary, paying bills, sending money home, and managing your finances while living in the Kingdom. This guide provides a comprehensive overview of the banking system in Saudi Arabia and the steps involved in opening a bank account as a new expat.

Understanding Saudi Arabia's Banking System

Saudi Arabia boasts a sophisticated and modern banking system, with numerous reputable local and international financial institutions offering a wide range of services. Expats are welcome to open accounts at any of the banks in the Kingdom, which offer internet and mobile banking for convenient financial management.

The Saudi Central Bank (SAMA) regulates the banking industry, ensuring a robust and reliable financial environment. Many banks offer Sharia-compliant accounts and investment options in line with Islamic banking principles. Additionally, some banks have special products and branches for women, ensuring privacy and comfort.

Opening a bank account in Saudi Arabia

To open a bank account in Saudi Arabia, you may need to provide the following documents:

• Residency permit (Iqama)
• National address
• National ID number (issued by the Saudi government)

Steps to open a bank account in Saudi Arabia if you have an Iqama

1. Choose a Bank: Locate a branch of your chosen bank and schedule an appointment, though walk-ins are often accommodated. Some banks, like Al Rajhi Bank, offer digital account opening for Iqama and National ID holders.

2. Complete the Application: Fill out the application form and provide the necessary documents.

3. Obtain Payment Cards & Set Up Online Banking: Discuss options for obtaining a debit card, credit card, and setting up online banking for convenient access to your funds.

Remember, the bank you choose will have its own process and requirements for opening a bank account. This can change at any time so stay informed and updated before you start your application.

Opening a bank account without an Iqama yet

If you have just moved to Saudi Arabia on your 90-day work visa, you’re most likely still waiting for your Iqama to be issued. Don’t worry, banks like ‘alrajhi’ still let you open a bank account with ease while you wait. You just need to visit a branch in person.

Meet with a sales representative or relationship manager at the branch who will help you navigate the process smoothly. Some of the documents to take with you include:

• Valid passport (6-months validity)
• Business visa (90-day work visa)
• Company letter (official letter from the employer stating the purpose of the visit, duration of stay, and confirmation of the prospect’s position within the company)
• Proof of address (evidence of temporary address in KSA)
• Bank-specific account application form

Sign the required forms and the bank will load your information into the system. Once your data is reviewed and verified you will be alerted when your bank account is activated and ready for you to use.

Contact our helpful team for assistance with opening your bank account in Saudi Arabia.

Banking best practices as a new foreign worker

• Understand Account Types: Familiarize yourself with different account types, such as current, savings, foreign currency, and investment accounts.
• Ask About Fees: Clarify any fees associated with your account.
• Maintain Proper Documentation: Keep your documents up-to-date and readily available.
• Carry Cash for Initial Expenses: Bring enough cash to cover immediate expenses upon arrival.
• Ask for Assistance: Many employers offer guidance or cash advances to help with the bank account setup process.
• Respect Cultural Norms: Follow local culture and dress codes when visiting bank branches.

Banking in Saudi Arabia and cross-border banking made simple

By following these best practices and staying informed about the banking landscape in Saudi Arabia, international workers can easily navigate the process of opening and managing a bank account. With services like alrajhi global, you can receive your salary, make international payments, and enjoy financial security. Apply now or contact us with any questions as you settle into your new home in Saudi Arabia.

Learn more about alrajhi global and our exclusive rewards for international professionals here.

Welcome to the exciting world of banking in the Kingdom!