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Banking in Saudi Arabia

The setting up of a bank account is a little more tedious than it is in, say, European countries. There are many formalities, including much paperwork. If applicable, it is recommended that you open a local bank account, as charges for the transfer of money from overseas can be very high. Unlike before, there are now a number of national and foreign banks offering both individual and corporate banking services. Both current and savings accounts are available.

You cannot open an account without a residency permit. You may be asked for your tenancy agreement to prove your address. Most banks will also ask for a photocopy of your passport. It is recommended that you take copies of all these documents, as well as identity photographs.

There are cash machines in many areas of the country.

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