Set up a Bank Account in Saudi Arabia
Updated on Saturday 17th April 2021
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The banking trend in Saudi Arabia is still developing. Individuals who live here have begun keeping their savings in bank accounts, however, they still prefer to usually pay and receive cash. If you decided to move and open a company in Saudi Arabia or work here, opening a bank account can prove to be extremely advantageous.
In this article, our company formation consultants in Saudi Arabia briefly explain the procedures involved in setting up a bank account here.
How to set up a bank account in Saudi Arabia in 2021
To set up a bank account in Saudi Arabia in 2021, once in the bank branch, you will be given a bank account opening form. You can opt to open any kind of bank account, even a savings account if you wish.
Besides this form, the following documents have to be provided:
• A written authorization from the company where you work, clearly stating your monthly wages;
• Your residence permit;
• The lease documents;
• A copy of your passport;
• ID pictures;
• A dully filled and signed application form.
If your spouse or adult children intend to open a bank account in Saudi Arabia as well, they should present your written authorization. Our company registration advisors in Saudi Arabia can provide further details on this matter.
Opening savings and deposit accounts in Saudi Arabia
A savings or deposit account in Saudi Arabia can be set up with any retail bank in this country in 2021. There are no specific savings banks here.
Even though savings accounts confer lower interest rates than deposit ones, they have the benefits of easy withdrawal at any time. Our Saudi Arabia company formation agents can further explain what these benefits consist of. We also offer assistance on how to open a company in Saudi Arabia.
Savings account holders could be issued a passbook where the financial transactions are listed, however, generally, a monthly statement is sent to record the progress and details of the bank account.
In Saudi Arabia, there is a wide range of deposit bank accounts available in 2021, providing different rates of interest, depending on the deposit amount and the minimum deposit period.
If you would like to know more about opening an account in Saudi Arabia, or for help in setting up a company in Saudi Arabia, please contact our friendly staff.