Saudi Arabia – Banking

What are the main banks in Saudi Arabia?

Saudi Arabia is home to 30 banks in total. The sector is built around a core group of large domestic institutions with broad branch and ATM coverage, all operating under the regulatory authority of the Saudi Central Bank (SAMA). The following are the most significant banks that expats are likely to encounter during their time in the Kingdom:

Over 18,000 ATMs are deployed across the Kingdom, located at bank branches, shopping centres, and street-level outlets. Branch locators, contact details, and the latest product information are accessible via each bank’s official website. For a comprehensive and current list of all licensed banks, refer directly to the Saudi Central Bank (SAMA), as the roster of licensed institutions is subject to change.

SNB’s customer service line can be reached on 8002441005. For all other institutions, visit each bank’s official website to find up-to-date contact information, as numbers are subject to change.

Do any major international banks operate in Saudi Arabia?

According to the Saudi Central Bank (SAMA), 24 foreign licensed banks were operating in Saudi Arabia as of March 2026. These institutions are concentrated primarily in corporate, trade finance, and wholesale banking, though several maintain a retail or private banking presence as well.

Internationally recognised names with a licensed presence in the Kingdom include Ziraat Bankasi, Industrial and Commercial Bank of China (ICBC), Qatar National Bank, Mitsubishi UFJ Financial Group (MUFG), CitiGroup/CitiBank, First Abu Dhabi Bank, Standard Chartered Bank, and the National Bank of Iraq. The majority of these institutions operate in the corporate and investment banking space rather than offering everyday retail services to private individuals.

HSBC maintains a meaningful presence in Saudi Arabia, though its retail activities are conducted through a local entity. HSBC Group operates within the Kingdom via its strategic banking partner Saudi Awwal Bank (SAB), serving more than 22,000 corporate clients and over 1.5 million retail customers. HSBC Saudi Arabia Limited, a joint venture between SAB and HSBC Holdings plc established in 2005 and headquartered in Riyadh, concentrates primarily on investment banking rather than personal account services.

The Saudi National Bank (SNB) itself has notable historical ties to international banking — one of its predecessor institutions, Samba Financial Group, originated as the Saudi operations of Citibank before being nationalised in 1980. This illustrates a recurring pattern in which several Saudi banks evolved from international joint ventures into domestically controlled entities.

The foreign bank landscape can shift, and certain institutions serve only wholesale or corporate markets without offering personal accounts. Always verify the current range of services and contact details directly with the relevant institution, or consult the SAMA website for an authoritative and current listing of licensed foreign banks.

Do banks in Saudi Arabia offer accounts or services specifically for expats?

Expatriates living in Saudi Arabia can access a broad range of banking services, including current and savings accounts, salary transfer accounts, and international remittance options. While the Kingdom does not have a single standardised “expat account” product of the kind offered by some offshore banking hubs, many banks have adapted their offerings and account-opening procedures with foreign residents firmly in mind.

A standard current account typically provides an IBAN, a mada debit card, transfer and bill payment functionality, and support for Apple Pay and mada Pay. Savings accounts enable customers to set aside funds, and certain banks offer profit-bearing options or Islamic structures such as Mudarabah or Murabaha. Premium or priority tiers deliver elevated service levels for customers meeting qualifying salary or balance thresholds, and may include travel perks and fee waivers. Foreign currency sub-accounts are available at select banks, which can be valuable for expats paid or spending in USD, EUR, or GBP.

Expats can take advantage of online and mobile banking platforms, debit and credit card issuance, e-commerce payment features, and Sharia-compliant product ranges. Several banks also provide multilingual customer support, dedicated expat banking desks, and specialist offerings for business owners and foreign investors.

Many institutions offer savings accounts, investment funds, and Islamic Sharia-compliant products structured around Murabaha or Mudaraba arrangements. SAB, formerly known as SABB, has a particular history of catering to internationally mobile customers, reflecting its HSBC heritage. Fees, minimum balance requirements, and account terms differ between banks and are updated periodically — always check the current conditions directly with your chosen institution.

Expats who have maintained a salary account in good standing for between three and six months typically become eligible to apply for credit cards. Establishing a financial track record in Saudi Arabia takes time, but access to credit products does open up once a consistent banking history has been built with your bank.

What are typical bank opening hours in Saudi Arabia?

Saudi Arabia follows a Sunday-to-Thursday working week, which differs from the Monday-to-Friday schedule common in much of the world. Bank branches generally operate across these five days, typically opening between 8:30 am and 9:00 am and closing between 4:30 pm and 5:00 pm, though exact hours vary depending on the branch, city, and institution. Branches situated within major shopping centres may observe extended or alternative hours.

Friday is the Islamic day of worship and a public holiday throughout Saudi Arabia — the overwhelming majority of bank branches remain closed. Saturday is likewise a non-working day for most branches, although some banks maintain limited Saturday opening in high-traffic locations. It is always worth confirming your specific branch’s schedule, as hours can differ considerably from one site to another.

Saudi public holidays — including National Day on 23 September and the Eid al-Fitr and Eid al-Adha periods — result in branch closures. During Ramadan, working hours across most sectors, banking included, are typically reduced.

In practice, expats living in the Kingdom will find that physical branch hours rarely pose a significant obstacle. SAMA has actively driven the country’s digital banking transformation, and more than three-quarters of banking customers conduct their banking online or through mobile applications. Routine transactions such as transfers, bill payments, and balance enquiries can all be handled digitally, reducing dependence on branch availability.

Around-the-clock phone banking and 24/7 customer service lines are standard offerings at most major Saudi banks. SAB Online, for instance, provides comprehensive secure services at any hour, on any day of the week. Comparable always-on digital services are available from virtually all significant banks operating in the Kingdom.

What do expats need to know about the banking system in Saudi Arabia?

Saudi Arabia’s banking system is well-capitalised and broadly healthy. Deposit-taking institutions are accessible to the general public, and the sector’s legal, regulatory, and accounting frameworks align with international standards in terms of transparency and consistency. According to KPMG, the combined assets held by banks in the Kingdom amount to US$604.9 billion. The sector is characterised by solid fundamentals, strong liquidity, and growing profitability, and is widely regarded as stable.

Islamic banking: In contrast to most Western banking systems, Saudi Arabia’s sector operates predominantly along Islamic principles — meaning the charging or receiving of interest (riba) is prohibited under Sharia law. Rather than interest, Islamic banks utilise profit-sharing arrangements such as Mudarabah and Murabaha. SAMA applies a consistent regulatory and supervisory framework to both fully Islamic banks and conventional institutions that operate Islamic product windows. In everyday terms, this means savings and financing products remain accessible — the returns and cost structures are simply designed differently. For expats accustomed to straightforward interest-bearing accounts, this calls for some adjustment, but the practical experience of day-to-day banking feels broadly familiar.

Currency peg: The Saudi Riyal (SAR) is fixed against the US Dollar at approximately 3.75 SAR per USD. This peg has held steady for decades, meaning that those holding USD-denominated assets face minimal exchange rate risk — unlike in countries with freely floating currencies.

Deposit protection: Saudi Arabia operates a Deposit Protection Fund (DPF) under SAMA’s oversight. The current guaranteed coverage encompasses 97.6 percent of depositors in full, corresponding to 16.2 percent of the total deposit base, with payouts required within one month of a claim being received from the liquidator. The DPF has been collecting premiums from the banking industry since 2016, though it is not yet fully operational. SAMA is actively developing the legislative and institutional infrastructure needed to make the fund fully functional through its Safety Net Development Project. This differs from the position in, for example, the UK — where the FSCS guarantees up to £85,000 per person per institution — or the US, where FDIC protection extends to $250,000 per depositor. For the most current information on deposit guarantee limits and fund status, consult the SAMA website.

The Wage Protection System (WPS): Saudi law requires all employers to pay workers’ salaries through a registered Saudi bank under the Wage Protection System (WPS). This mechanism ensures that payments are made accurately and on time each month. For expat employees, this makes having a local bank account not merely convenient but obligatory — your salary will be paid directly into your Saudi account.

Language: Arabic is the primary language of the banking sector in Saudi Arabia, though most major banks offer English-language apps, websites, and customer service channels. When selecting a bank, look for institutions that provide round-the-clock support and service across multiple languages.

Digital infrastructure: Saudi Arabia has recently been identified as the leading digital banking market across the Middle East and North Africa. The government’s Vision 2030 agenda has channelled significant investment into fintech and digital payments. SAMA has announced that it is in the process of endorsing digital-only banking licences, with the creation of digital banks forming part of a broader financial development programme underpinning Saudi Vision 2030.

For authoritative and current regulatory information, always consult the Saudi Central Bank (SAMA) directly.

How Do I Open a Bank Account in Saudi Arabia as an Expat?

Foreign nationals can open bank accounts in Saudi Arabia. The Kingdom actively encourages expatriates, professionals, and investors by offering a wide spectrum of banking services designed with non-Saudi residents in mind. Most Saudi banks permit expats to open current or savings accounts, which are fundamental for managing everyday transactions, receiving salary payments, settling utility bills, and conducting cross-border transfers.

The majority of major banks now allow expats to initiate the account-opening process online: you enter your Iqama details, confirm your identity via Absher/Nafath, validate your National Address and mobile number, accept the terms and conditions, and receive your IBAN. The typical step-by-step process is as follows:

1. Obtain your Iqama (residence permit). Opening a bank account requires expats to furnish detailed documentation in order to satisfy local regulations and confirm identity. A valid Iqama is indispensable — it demonstrates legal residency, and no account can be established without one.
2. Register on Absher. Absher/Nafath is the national digital identity platform used for bank e-KYC (Know Your Customer) verification. Registration on the Absher platform is a prerequisite for opening an account digitally and, in many instances, for in-branch applications as well.
3. Choose your bank and account type. Take time to identify which bank best fits your circumstances — weigh up factors such as branch accessibility, the quality of the mobile app, international transfer charges, and whether a Sharia-compliant product is important to you. The banks listed earlier in this article provide a useful starting point.
4. Gather your documents. Beyond the Iqama, expats will typically need to present a valid passport to confirm identity and nationality. Banks generally also require evidence of employment — such as an employer letter or salary certificate — along with a recent utility bill, lease agreement, or comparable document confirming a Saudi address that matches the Iqama.
5. Apply online or visit a branch. The standard online process involves accessing the official website or mobile application of your chosen bank, completing a personal and employment details form, uploading the required documentation, and verifying your identity through Absher or the National Unified Access platform. A branch visit may still be necessary for signature verification or to collect a debit card.
6. Wait for activation. Account activation typically takes one to three business days following the application (as of 2025). Once active, you will receive your IBAN and, shortly afterwards, your mada debit card.
7. Set up salary transfer. Inform your employer’s HR department of your new IBAN so that your salary can be directed to the account in compliance with the Wage Protection System.

Certain banks may stipulate a minimum initial deposit, particularly for savings or premium-tier accounts (as of 2025). Minimum deposit thresholds vary by bank and account type — confirm the current requirements directly with your chosen institution before submitting an application.

It is important to note that opening a Saudi bank account before arriving in the country is generally not possible, as the Iqama is a prerequisite. If digital KYC verification fails — for instance because a newly issued Iqama may take some time to propagate through government systems — try again later or visit a local branch for biometric verification. For current requirements, always check directly with the relevant bank’s official website or with the Saudi Central Bank (SAMA).

What banking and payment apps are widely used in Saudi Arabia?

Saudi Arabia has recently been ranked as the top digital banking market across the Middle East and North Africa, and the payments landscape has undergone rapid transformation. Several platforms and systems are particularly important for expats to familiarise themselves with.

mada: mada is the Saudi national debit network, and most debit cards issued in the Kingdom carry dual branding. Residents can make use of the mada electronic payment system, while mada Pay functions as the mobile wallet equivalent, enabling contactless payments at retail outlets. Apple Pay is also widely accepted and can be linked to mada cards at most major banks.

SADAD: All major Saudi banks support payment of government and utility bills via the SADAD system. SADAD is the Kingdom’s national bill payment infrastructure, functioning in a manner broadly comparable to BPAY in Australia or direct debit arrangements in Europe — bills are connected to a bank account and settled electronically.

STC Pay: STC Pay, now part of D360 Bank’s digital ecosystem, is among the most widely adopted mobile payment applications in Saudi Arabia. It facilitates peer-to-peer transfers, bill settlements, and international remittances, and its large user base makes it a popular choice for expats who want a functional digital wallet while their primary bank account is still being set up.

Digital-only banks: As of November 2025, Saudi Arabia has four licensed digital banks operating under SAMA-issued licences. These include D360 Bank and other institutions. D360 Bank in particular has drawn expat customers thanks to its near-instant account opening process and competitive rates on international transfers.

International apps — Wise, Revolut, PayPal: Wise (formerly TransferWise) is widely used by expats in Saudi Arabia for international money transfers and can be funded directly from a Saudi bank account. Revolut is also available in the Kingdom and can serve as a useful complement to a local account for travel and multi-currency transactions. PayPal operates in Saudi Arabia, though its capability for receiving international payments has historically been more restricted than in certain other markets — check current limitations directly with PayPal. All third-party payment providers active in Saudi Arabia are subject to SAMA’s licensing and regulatory oversight.

The regulatory framework governing digital payments is administered by SAMA under the Implementing Regulations of Payments and Payment Services Law. Before entrusting significant sums to any payment application or fintech service, always verify that the provider holds the appropriate SAMA licence.

How can expats manage money between Saudi Arabia and their home country?

Sending money from Saudi Arabia to a home country is a routine necessity for most expats, whether to support family or build savings. Saudi Arabia ranks among the world’s largest sources of outbound remittances, so the infrastructure for international transfers is well established and highly competitive.

Bank transfers: Every major Saudi bank offers international wire transfer services using SWIFT and IBAN. Transfers can be initiated through online banking or mobile applications, and some banks may apply fees for these transactions. Exchange rate margins and fees vary considerably between institutions — it is worth comparing options before committing to a transfer. Daily transfer limits on Saudi accounts generally fall in the range of 50,000–150,000 SAR depending on your account type, and increases can usually be requested (as of 2025).

Remittance services and apps: For more favourable exchange rates, many expats turn to services such as Wise, CurrencyTransfer, Western Union, MoneyTransfers, or Revolut. Licensed exchange houses including Enjaz and Telemoney are frequently used for cash-based remittances. Airport currency exchange counters are best avoided, as their rates are typically less advantageous.

Currency peg advantage: Because the Saudi Riyal is pegged to the US Dollar, those remitting to countries whose currencies are benchmarked against the USD benefit from a highly predictable base exchange rate. Currency risk is limited to fluctuations on the receiving-currency side of the transaction.

No capital controls: Saudi Arabia imposes no blanket capital controls that would prevent residents from sending their earnings abroad. Expat workers are at liberty to remit funds to their home countries, provided they do so through licensed channels and in compliance with anti-money laundering requirements. Large transfers may prompt documentation or reporting requirements from the sending bank — consult your bank directly if you intend to transfer a substantial amount.

Tax considerations: Saudi Arabia levies no personal income tax on employment earnings, which represents a considerable financial advantage for many expatriates. However, your home country may still assert a tax claim over income earned overseas, depending on your residency status and the applicable rules in your jurisdiction. Seek advice from a qualified tax professional in your home country for guidance specific to your circumstances.

Offshore or home-country accounts: Many expats opt to retain a bank account in their home country alongside their Saudi account, making it straightforward to repatriate savings at opportune exchange rates. Where an expat holds both an HSBC account and a SAB account, for example, the HSBC Global Transfer feature facilitates instant USD transfers with no fees. Comparable linked-account arrangements may be offered by other international banking groups — check directly with your providers for current options.

For official guidance on financial transfers and any applicable reporting obligations, consult the Saudi Central Bank (SAMA). For tax implications, refer to the relevant revenue authority in your home country.

Frequently Asked Questions

Can I open a bank account in Saudi Arabia without an Iqama?

A valid Iqama (residence permit) is a fundamental requirement for opening a bank account and establishing legal residency status in the Kingdom. As a general rule, a Saudi personal bank account cannot be opened without one, though exceptions may exist for corporate investors or certain specialised account categories. In practice, the vast majority of expats must wait until their Iqama has been issued before they can apply for a personal account.

Can I open a Saudi bank account before I arrive in the country?

In most circumstances, no. Since a valid Iqama is required to open a retail bank account — and the Iqama is only granted once you are physically present in Saudi Arabia and have completed the relevant visa and residency procedures — account opening is almost always a post-arrival step. It is sensible to arrive with sufficient funds for initial expenses in cash or accessible via an international payment card. Some expats choose to set up an account with an international service such as Wise before leaving home to help manage early transfers.

Is banking in Saudi Arabia Sharia-compliant?

Islamic banking products are structured in accordance with Sharia law, using profit-sharing arrangements rather than interest. The bulk of Saudi banks are either entirely Islamic in nature or offer Islamic product windows alongside conventional services. SAMA applies a unified regulatory and supervisory framework across both fully Islamic banks and conventional institutions that carry Islamic windows. Expats are free to select whichever account type aligns with their personal preferences and beliefs.

What is the Absher platform and why do I need it for banking?

Absher/Nafath is Saudi Arabia’s national digital identity platform, used by banks for electronic Know Your Customer (e-KYC) verification. It is a government portal through which residents confirm their identity in a fully digital environment. Most banks require Absher verification to process online account applications, and some in-branch processes rely on it too. It is advisable to register on Absher as soon as your Iqama has been issued.

Are my deposits protected in Saudi Arabia?

Saudi Arabia operates a Deposit Protection Fund (DPF) supervised by SAMA. Current coverage extends to 97.6 percent of depositors in full. The DPF has been accumulating premiums from the banking industry since 2016 but remains in the process of full operationalisation. SAMA is developing the necessary legislative framework to bring the fund to full functionality through its Safety Net Development Project. This contrasts with more mature schemes such as the UK’s FSCS — which guarantees up to £85,000 per person per institution — or the US FDIC, which covers up to $250,000 per depositor. Consult the SAMA website for the most up-to-date information on guarantee limits and fund status.

What documents do I typically need to open a bank account in Saudi Arabia?

The standard documentation required by most banks includes a valid Iqama, a valid passport, evidence of employment such as an employer letter or salary certificate, and a recent utility bill, lease agreement, or comparable document confirming a Saudi address consistent with the Iqama. Some banks may additionally require a minimum opening deposit — verify the current requirement with your chosen institution before applying.

What is mada, and will my foreign card work in Saudi Arabia?

mada is the Saudi national debit network, and most locally issued debit cards carry dual branding on this network. The majority of Saudi ATMs and point-of-sale terminals accept mada cards. International credit cards — including Mastercard, Visa, and American Express — are also widely accepted across shops, restaurants, and ATMs in the Kingdom, meaning foreign-issued cards on these networks will generally function without difficulty, though foreign transaction charges from your home bank may apply.

Are there any restrictions on sending money out of Saudi Arabia?

Saudi Arabia does not apply blanket capital controls that would prevent expats from remitting their earnings to their home countries, and the country has a highly developed remittance ecosystem. All transfers must nonetheless be routed through licensed banks or exchange operators in compliance with anti-money laundering regulations. Unusually large transfers may attract additional documentation requirements. For cash remittances, use only licensed exchange houses such as Enjaz or Telemoney. For specific questions about transfer limits or reporting requirements, speak to your bank and refer to the Saudi Central Bank (SAMA).

Is digital banking reliable in Saudi Arabia?

Saudi Arabia has recently been identified as the leading digital banking market in the Middle East and North Africa region. The Kingdom’s ongoing digital transformation, driven in large part by the Vision 2030 agenda, has significantly streamlined the account-opening and daily banking experience. Most major banks offer highly rated mobile applications, and the national payment infrastructure — including mada Pay, the SADAD bill payment network, and the SARIE fast payments system — is robust. As with any digital banking ecosystem, occasional outages can occur, but the overall infrastructure is broadly regarded as dependable.