Saudi Arabia is going through a major change in the digital world. And the financial sector is at its forefront. This is noticeable in the rising trend of online banking simplifying accessibility.
Due to the increasing usage of the internet and phones, plenty of people have chosen to opt for online banking as it is more convenient. As of 2023, almost 94% of Saudi’s population has shifted to cashless transactions.
According to the Saudi Central Bank, cashless transactions will become the most popular method for quick and safe transactions.
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This blog will help you understand the requirements and process of online bank account opening in Saudi Arabia.
Bank Accounts Types
All banks are offering their customers various types of accounts. You will need to choose an account based on your needs. Accounts have different qualification requirements, so speak with a consultant to understand which accounts you are eligible for.
Read about the bank accounts below -
- Ladies Account
- Current Account
- Savings Account
- Children Account
- Offshore Account
- Investment Account
- Time Deposit Account
Requirements for an Online Bank Account Opening in KSA
Before you open a bank account online in Saudi Arabia, you need to make sure that you meet the requirements set by the authorities. The Saudi Arabian Monetary Authority (SAMA) is the central bank that monitors banks nationwide. The requirements are mentioned below -
- 18 years and above
- Active Absher Account ( Absher is an e-platform by the Ministry of Interior that offers services to residents and citizens)
- Saudi’s National ID / Iqama
- You need to be located in the country
- Address Proof. If you don’t have an address in the country, then create one through the Saudi Post.
How to Open an Online Bank Account in Saudi Arabia?
The process of opening an online bank account in Saudi Arabia can seem time-consuming. as it takes a few weeks. The duration will depend on the type of bank account you wish to open.
Follow the general process mentioned below to ensure success in opening a bank account in KSA.
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Selecting a Bank
Choosing a reliable bank is essential. When choosing a bank, make sure it matches your requirements. Check the client reviews, costs, services and proximity. Check out the terms and conditions, fees, interest rates, limitations etc.
Make a well-thought-out choice.
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Choosing an Account Type
Banks offer their clients multiple account options. Choose the one which fulfils your financial needs. Once you have selected an account, fill out an application form and submit the documents for opening your online bank account in Saudi Arabia.
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Adding Funds to Your Bank Account
Banks require the applicant to deposit funds in their account. This is the initial deposit. The initial deposit ensures the activation of the account. It can be done online, by cheque or by cash. Your chosen bank will guide you through this step.
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Collecting Account Information
Collect the account information from the bank. Once the process is completed, the bank will send the account details either to your email or your home address. The information will include -
- Account Number
- Name of Bank Holder
- Routing Number (if applicable)
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Start Online Banking
The last step is to activate your online banking through your mobile or laptop. Once your account is registered you will receive an e-card that you can use for transactions. It is just like a regular debit card, except it is only available online. The online banking activation does not take too long.
Documents Required to Open A Bank Account in Saudi Arabia
Opening an online bank account in Saudi Arabia requires you to submit certain documents. Some of the documents mentioned below are general and applicable to all types of bank accounts whereas the other documents are specific to certain accounts.
- Parents' Original Passport and Copy (if applicable)
- Company Registration Certificate (if applicable)
- Letter of Approval from Parents (if applicable)
- Memorandum of Association (if applicable)
- Articles of Association (if applicable)
- Business License (if applicable)
- Passport Size Photographs (6)
- Proof of Source of Income
- Proof of Address
- Passport Copy
- Visa Copy
While creating a bank account the employees will tell you about the exact documents you are required to submit. You can also speak to a consultant to understand the requirements in a better manner.
How can we Help you?
Our experts at Commitbiz have deep knowledge about the best banks and services in Saudi Arabia. Speak with us to know how to avail the best services for your company. We will assist you with the online bank account opening in Saudi Arabia in a hassle-free way.
Is it safe to open a bank account online in Saudi Arabia?
Yes, it is generally safe to open a bank account online in Saudi Arabia. Banks in the country adhere to strict security protocols and encryption standards to protect your personal and financial information. Additionally, the Saudi Arabian Monetary Authority (SAMA) regulates and supervises banks to ensure the safety and security of online banking services.
How long does it take to open a bank account online in Saudi Arabia?
The timeline for opening a bank account online in Saudi Arabia can vary depending on the bank's internal processes and verification procedures. In many cases, you can complete the online application and submit the required documents electronically within minutes. However, the overall processing time, including account verification and activation, may take a few days to a week. Some banks offer expedited processing for certain account types or customers, so it's recommended to inquire about any available fast-track options if you need your account opened urgently.
Can I open an online bank account in Saudi Arabia as a foreign resident?
Yes, many banks in Saudi Arabia offer online account opening services to both residents and non-residents. However, specific requirements may vary between banks. Make sure to check with the bank you're interested in for their eligibility criteria.
How secure is the online bank account opening process in Saudi Arabia?
Banks in Saudi Arabia adhere to strict security protocols to safeguard customers' personal and financial information. They utilise encryption techniques and advanced security measures to protect data during the online account opening process. Additionally, many banks offer multi-factor authentication to ensure the identity of the applicant. However, for added safety, it's advisable to use secure internet connections and avoid sharing sensitive information over unsecured networks.