Who Can Open a Bank Account in Saudi Arabia?

Opening a bank account in Saudi Arabia is accessible to various individuals and entities, including Saudi nationals, residents, expatriates, and businesses. Eligibility requirements and documentation differ depending on the applicant’s status.

»MORE: Learn more about Bank Accounts

1.3.1 Saudi Nationals

Saudi nationals can open bank accounts with minimal documentation requirements, making the process quick and straightforward. Typically, they only need to provide:

• Valid Saudi National ID Proof of citizenship is essential and often the only identification document required.

• Proof of Residency A recent utility bill or lease agreement confirming the applicant’s address is typically sufficient.

Saudi citizens can access a broad range of accounts, from basic current accounts to specialized investment accounts. Many banks offer tailored products that cater to different life stages and financial goals, such as personal savings plans, educational savings, and retirement funds.

1.3.2 Expatriates

Expatriates are permitted to open bank accounts in Saudi Arabia, though they must meet certain requirements. Generally, the documents required for expatriates include:

• Iqama (Resident Permit) Serves as the primary identification document for expatriates.

• Passport and Entry Visa Used to verify the applicant's entry and legal residency status.

• Proof of Employment Most banks require a letter from the employer, a salary certificate, or a copy of the work contract, especially if the account will receive salary deposits.

• Proof of Address A recent utility bill or rental agreement is commonly requested.

Some banks may also require a minimum salary threshold to open specific types of accounts, such as credit accounts or those offering loan facilities. For expatriates, salary accounts tied to employment are common, with many employers requiring that salary accounts be opened with specific banks. 

Additionally, temporary residents on business or visit visas typically do not qualify for standard bank accounts but can access prepaid or temporary financial services for their stay.

1.3.3 Minors

In Saudi Arabia, minors can open bank accounts under the supervision of a parent or legal guardian. These accounts are generally designed to teach children financial responsibility and to encourage early saving habits. Requirements for opening a minor’s account include:

• Parent/Guardian Consent and Documents Requires the guardian’s valid ID and a signed consent form.

• Birth Certificate and Minor’s Iqama (if applicable) Used to verify the minor’s identity and age.

Minor accounts typically function as savings accounts with limited access until the minor reaches adulthood. 

Some banks offer educational resources and financial literacy programs for young account holders.

1.3.4 Companies and Businesses

Businesses operating in Saudi Arabia are required to open corporate bank accounts to manage their financial transactions, payroll, and other business-related expenses. Documentation requirements for corporate accounts generally include:

• Commercial Registration Certificate Verifies that the company is legally registered in Saudi Arabia.

• Tax Identification Number Ensures compliance with local tax laws.

• Memorandum of Association (for LLCs) For limited liability companies, this document outlines the company's structure, ownership, and governance.

• Power of Attorney for Account Signatories Designates specific individuals authorized to manage the account on behalf of the company.

Corporate accounts often include specialized services like payroll processing, invoicing, and merchant accounts, which support the unique needs of businesses in the Kingdom. The bank may conduct additional background checks to verify the legitimacy and financial stability of the business.