Changing or Closing Your Account
Learn how expats in Saudi Arabia can switch or close bank accounts, update salary transfers, and transfer funds abroad efficiently.
Expats in Saudi Arabia may need to change or close their bank accounts when switching jobs, finding better banking services, or returning home. The process is straightforward but involves specific steps, especially for salary updates and international fund transfers.
How to Switch Banks in Saudi Arabia
Switching banks requires selecting a new institution, updating documentation, and reconfiguring salary transfers with your employer.
Choose a New Bank Research expat-friendly banks that meet your needs, such as lower fees, better loan terms, or advanced online banking. Popular options include Saudi National Bank (SNB), Al Rajhi Bank, and SAB.
Submit Updated Documents Similar to opening an account, switching banks requires an Iqama (residency permit), proof of employment, and proof of address. Preparing these documents helps streamline the account-opening process.
Update Your Salary Transfer Notify your employer of your new bank details for salary transfer updates. Some employers in Saudi Arabia work with specific banks, so confirm that your new bank is compatible with your company’s payroll system.
Closing an Account and Transferring Funds Abroad
Closing an account, especially when leaving Saudi Arabia, involves a few essential steps to ensure a smooth process.
Pay Off Any Outstanding Balances Settle any charges, loans, or overdrafts. The bank may not allow you to close the account if there’s an outstanding balance.
Notify the Bank Visit the bank or contact customer service to start the closure process. Some banks may ask you to complete a formal closure request form.
Withdraw or Transfer Remaining Funds Move any remaining funds to your new domestic account or transfer them internationally. For international transfers, consider exchange rates and fees, which may vary by bank and destination.
Collect Your Account Closure Confirmation Obtain written confirmation that your account is officially closed. Request a final statement with any fees or charges related to the closure for your records.
Transferring Funds Abroad
If you’re leaving Saudi Arabia permanently, it’s a good idea to transfer any remaining funds to an international account ahead of time. This prevents last-minute issues with transfer timelines, fees, and exchange rates, ensuring your funds are safely accessible when you return home.