How to Open a Saudi Bank Account: A Step-by-Step Guide for Expats

Opening a bank account is a crucial first step for expats settling in Saudi Arabia. With a modern banking system, a range of digital services, and expat-friendly options, the process is straightforward if you know what to expect.

Here’s a comprehensive guide that covers how to choose the right bank, typical initial deposit requirements, and a mobile-friendly summary table of leading banks.

Choose the right bank for you

Popular banks for expats include:

• Saudi National Bank (SNB)
• Al Rajhi Bank
• Riyad Bank
• Saudi Fransi Bank
• Bank Albilad

These banks offer user-friendly digital platforms, multilingual support, and Sharia-compliant services, making them well-suited for foreign residents. For comparison of each bank’s features, please refer to the summary table below.

Gather the required documents

You will typically need:

• Valid Iqama (residence permit): Proof of legal residency is mandatory for most personal accounts.
• Passport copy that include personal information and expiration date.
• Proof of address such as recent utility bill or signed rental contract in Saudi Arabia.
• Employment letter stamped by your employer, stating your job title, salary, and start date.
• Contact information such as Saudi mobile number and email address.
• No-Objection Certificate (NOC): Some banks require a letter from your employer or sponsor confirming they have no objection to you opening an account.
• Passport-sized photographs: Some banks may ask for two to six, in a specific format.
• Completed application form: Usually filled and signed in person at the branch or digitally online.

Visit a branch or apply online

Many banks allow you to start the application process online by uploading your documents and verifying your identity through the Absher or National Unified Access system.

Some banks may still require a branch visit to finalize your signature or collect your debit card.

Submit your application and documents

• Present all required documents at the bank or upload them online.
• The bank will review your documents for compliance with Saudi financial regulations and anti-money laundering laws.
• If you are employed, ensure your employment letter or NOC includes your salary details, as banks may require proof of regular income.

Complete biometric verification

Most banks require biometric verification (fingerprinting) to finalize your account setup. This is usually done in person at the branch.

Initial deposit

Some banks may require an initial deposit to activate your account, especially for savings or premium accounts.

Receive your account details and debit card

Once your application is approved, you’ll receive your account number, online banking login, and debit card, which can typically be collected either at your bank branch or from designated self-service kiosks and ATMs that offer instant card issuance services across major cities in Saudi Arabia.

You can now use your account for salary deposits, bill payments, and international transfers.

Key tips when applying for a Saudi bank account

• Iqama is essential: Most banks will not open a personal account without a valid Iqama, except in special cases for investors or business accounts.
• Digital banking: Many banks offer robust online and mobile banking services, making account management convenient.
• Processing time: Account opening can take from a few days to a couple of weeks, depending on document readiness and bank procedures.
• Non-resident accounts: Options are limited and usually restricted to investment or business purposes, with stricter requirements.

How Expats Can Choose the Right Bank

When selecting a bank in Saudi Arabia, expats should consider:

Digital Banking Features
Most top banks offer robust mobile apps and online banking, making it easy to manage your finances remotely.

Language Support
Leading banks provide services in English and Arabic, ensuring clear communication.

Sharia-Compliant Options
If you prefer Islamic banking, look for banks with Sharia-compliant accounts and products, such as Al Rajhi Bank or Bank Albilad.

International Services
Some banks, like Saudi Fransi and SABB, offer multi-currency accounts and seamless international transfers, which are useful for sending money abroad.

Branch and ATM Network
Consider banks with widespread branches and ATMs, especially if you plan to travel within the Kingdom.

Employer Partnerships
Some employers have preferred banks for salary accounts. Using your employer’s partner bank can mean faster salary deposits and easier account setup.

Account Packages for Expats
Many banks offer tailored expat accounts with perks like easy onboarding, international debit cards, and special loan offers.

Initial Deposit Requirements

Typical initial deposit required
Most banks in Saudi Arabia do not require a large initial deposit for standard current accounts. Some may open accounts with as little as SAR 100 (about USD 27), while others may not require any deposit at all for basic accounts.

Premium or investment accounts
Higher-tier accounts or investment products may require a larger initial deposit, often ranging from SAR 1,000 to SAR 5,000 or more, depending on the bank and account type.

Verification
Always check with your chosen bank for their latest requirements, as policies can change and may vary by branch or account type.

Advantages of Leading Saudi Banks for Expats