Opening a Bank Account in Saudi Arabia

Saudi Arabia is one of those countries where banking trends are still developing. Now people have started to keep their money in the banks just for security and ease of transferring. With the availability of ATM Card and online transfer facility, we don’t have to travel with the heavy amount in the pocket. People have started to keep their savings in the banks but still, they want to pay and receive cash most of the times. Normally people deal with cash or online transfer, the culture of cheques has become almost obsolete in Saudi Arabia. There are several banks in Saudi Arabia and we are providing you information about them. Information provided in this article is only for guidance to those people who want to open a bank account and get a credit card. So, all the information would be customer focused. There are some common benefits which are available by every bank so we shall not discuss them again. These benefits are;

Matters to Consider while Opening a Bank Account: While opening a bank account in any bank, you need to consider following important points. Basic features available with bank accounts are same so it should not be a matter of concern while selecting a bank to open a bank account in Saudi Arabia. In current account, all the banks of Saudi Arabia offer the same type of facilities, so it cannot be a judgmental factor. In saving the account, some bank accounts offer profit on monthly and daily product basis. Monthly profit means you will get a profit on the minimum balance maintained by you in the account and daily means you will get it on minimum daily balance maintained. Moreover, you should also look for the profit rates offered by the banks.

Almost all the banks are offering credit cards but you should choose one, which gives you most of the options. Some banks offering credit cards without an annual fee, some are offering reduced markup charge, some have reward points and some have installment programs without interest. You need to choose one with matches your interest. Customer service is also an important factor. You should choose a bank with good customer’s service ratings. In the below-mentioned articles, I have compared all the above-mentioned points of each bank operating in Saudi Arabia. I hope this will help you in choosing the best bank account for yourself. You should choose a bank to open a bank account in Saudi Arabia which offers a balance of all these points.

  1. Opening an account in Al Bilad Bank
  2. Opening an account in Al Rajhi Bank
  3. Opening an account in Alinma Bank
  4. Opening an account in Arab National Bank
  5. Opening an account in National Commercial Bank
  6. Opening an account in Riyadh Bank
  7. Opening an account in Saudi British Bank (SABB)
  8. Opening an account in Saudi American Bank (SAMBA)
  9. Opening an account in Saudi Hollandi Bank
  10. Opening an account in The Saudi Investment Bank

Common Features of Bank Account by all Banks

  • Sharia-Based Account (I personally feel this is not true)
  • Free cash withdrawal from all ATM machines in Saudi Arabia 24 X 7.
  • Free Internet Banking
  • Free Phone Banking
  • Option to make payment of utility bills and other SADAD Payments
  • Free SMS Alerts on all transactions
  • Acceptance of cash and check deposits by all branches of the bank
  • The possibility of transferring from an account to another (Internally, locally or internationally)
  • Periodic Statement of Account
  • Instant “smart chip” debit card issuance
  • Additional debit cards available upon request

Common Features of Credit Cards by all Banks

  • Sharia-compliant credit card
  • Supplement cards can be issued to family members
  • Payment for purchases at more than 30 million POS in the Kingdom and around the world
  • The card can be used to withdraw cash amounts from approximately 80,000 ATMs around the world.
  • Payment of utility bills
  • Access to a host of services through Phone banking and the Internet
  • SMS Alerts for every transaction