Jordan has a well-developed banking system with a range of local and international banks operating in the country. In this article, we will cover the main local and international banks in Jordan, their services for expats, typical bank opening hours, and the process for opening a bank account as an expat.
Main Local Banks in Jordan
The following are some of the main local banks in Jordan:
- Arab Bank: Established in 1930, Arab Bank is one of the largest financial institutions in the Middle East with a presence in over 30 countries. Their headquarters are located in Amman, Jordan. Contact details: +962 6 560 9200.
- Jordan Commercial Bank: Founded in 1976, Jordan Commercial Bank is a leading commercial bank in Jordan. They offer a range of banking and financial services to individuals and businesses. Contact details: +962 6 562 9400.
- Cairo Amman Bank: Cairo Amman Bank was established in 1960 and has since become one of the leading banks in Jordan. They offer a range of banking and financial services to individuals and businesses. Contact details: +962 6 560 4040.
There are no major UK or USA banks with a presence in Jordan.
Accounts and Services for Expats
Most banks in Jordan offer accounts and services specifically aimed at expats. These include:
- Non-resident bank accounts: These accounts are designed for expats who do not live in Jordan but require a local bank account. They often offer similar features to regular bank accounts, such as online banking and debit cards.
- Foreign currency accounts: These accounts allow expats to hold foreign currency in their bank account, which can be useful if they need to make international transactions.
- International money transfers: Most banks in Jordan offer international money transfer services, which can be useful for expats who need to send money to their home country or other international destinations.
- Credit cards: Many banks in Jordan offer credit cards with a range of benefits, such as cashback or air miles.
Typical Bank Opening Hours in Jordan
Most banks in Jordan are open from Sunday to Thursday, from 8:30 am to 3:00 pm. Some banks may also be open on Saturdays.
Areas of Concern
One area of concern for expats regarding the banking system in Jordan is the high fees and charges associated with banking services. It is important to carefully review the fees and charges associated with any banking services before opening an account.
Opening a Bank Account
The process for opening a bank account in Jordan as an expat is relatively straightforward. Here are the steps you need to follow:
- Choose a bank: Research and choose a bank that offers the services you require.
- Visit the bank: Visit the bank branch with your passport and other required documents.
- Provide documentation: Provide the bank with the required documentation, which typically includes your passport, residency permit, and proof of address.
- Complete application form: Complete the bank’s application form and provide any additional information required.
- Fund the account: Deposit funds into the account to activate it.
- Receive account details: Once your account is activated, the bank will provide you with account details, such as your account number and online banking information.
In summary, Jordan has a well-developed banking system with a range of local and international banks offering accounts and services specifically aimed at expats. It is important to carefully review the fees and charges associated with banking services before opening an account. The process for opening a bank account as an expat is relatively straightforward, requiring documentation such as a passport, residency permit, and proof of address.