The Saudi Central Financial institution (SAMA) has introduced new pointers for native banks on opening financial institution accounts for expatriates and guests in Saudi Arabia.
SAMA has additionally up to date the principles for including a Customer ID when opening a checking account.
All banks should now create an digital file for each non-Saudi resident (pure individual). This file should embrace:
➤ Full title (as written within the passport, residency allow “iqama,” or customer ID)—listed on this order of language precedence: Arabic, English, or Latin.
➤ If the title is in one other language or alphabet, it ought to match the spelling on the entry visa issued by Saudi embassies or consulates.
➤ Nationality of the individual.
➤ Iqama or Customer ID quantity and its expiration date.
➤ Nationwide handle (for expatriates) or residential handle in Saudi Arabia and nation of origin (for guests).
➤ Contact info, corresponding to your telephone quantity or e mail.
➤ Employer info, if relevant.
Approval of Customer ID for Financial institution Accounts
SAMA has confirmed that the Customer ID, issued by the Ministry of Inside, is now an official identification doc for guests in Saudi Arabia.
You should use this ID to open a checking account, so long as you observe the financial institution’s laws for doing so. You may as well confirm the Customer ID on authorised digital channels.
Guidelines for Freezing or Closing Accounts
SAMA requires banks to shut expatriate financial institution accounts as soon as the expatriate leaves Saudi Arabia for helpful causes.
Banks should additionally freeze any account when the holder’s ID card expires.
This is applicable to:
🔹 GCC residents utilizing their nationwide ID playing cards,
🔹 Expatriates utilizing their residency permits (iqama) or customer ID playing cards, and
🔹 Diplomats utilizing diplomatic playing cards.
