Saudi Arabia
Banking in Saudi Arabia
Saudi Arabia Business Experts
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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.
Organisations that can assist with Banking
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> Need to open a bank account in this country?
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.
