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If you rank the banks in Saudi Arabia with the customer deposits they have, SAMBA Banks ranks at number 3. In other words, it is one of the Top 3 banks in Saudi Arabia. If you are planning to open a bank account in the SAMBA Bank, you will have to visit their branch as they don't have an online system for it.
Although the procedure to open a bank account in SAMBA bank is not online but it is quite simple. You need to come to the bank with the documents required to open an account and they will either your account immediately or ask you to come another day.
An expatriate needs the following 4 documents to open an account with SAMBA Bank. If you are a Saudi who wants to open an account with them, you can read the detailed guidelines on their official website.
- Letter of Introduction from Employer: Sample Letter of Introduction to open a bank account in Saudi Arabia is available at this link. The letter must be attested by the Chamber of Commerce.
- Original Valid Iqama
- Copy of the Passport
- Your home address must be registered with the National Address System
Factors to consider before opening a bank account in SAMBA Bank
If you are still in a dilemma about whether you should open a bank account in the SAMBA bank, here are 3 factors that would definitely help you in making your decision.
I have intentionally not covered general factors such as an online account as it is available with every bank so it will not be a deciding factor to open an account with SAMBA bank.
SAMBA Bank is one of those banks in Saudi Arabia which I admire the most due to its amazing customer service. I have bank accounts in 3 different banks in Saudi Arabia but believe me, the level of service provided by the SAMBA Bank is amazing. No matter if you are visiting a branch or calling at their helpline.
As per my knowledge, SAMBA Bank is the only bank in Saudi Arabia which provide credit card without any annual fee if you make a certain amount of transactions every year. I have been personally using their credit card for 6 years and never paid a single Riyal as the annual fee.
Moreover, SAMBA Bank credit card offers a 1% cashback reward on all your purchases inside and outside Saudi Arabia. If you are someone who pays his credit card bill on time, you should definitely open a bank account with SAMBA bank to enjoy this cashback.
No Car Leasing
The disadvantage associated with opening a bank account with SAMBA Bank is that they don't offer a car leasing option. If you are interested to lease your car from the bank, you should definitely open your account in another bank such as NCB and transfer your salary there as they charge a lower interest rate to their customers.