High absorption buffers stabilize Saudi Arabia’s financial system.
Four types of Saudi banks exist:
Real Estate Banks.
Thirty regulated banks have 18 international and 12 local branches. Bank assets reach US$630 billion, according to multiple sources.
In Saudi Arabia, the official currency is Saudi riyal (SAR). Ten SAR is 2.66 US Dollars, or in euro is 2.45. That is 219.65 Indian Rupees or almost 19.32 Chinese yuan.
How to choose a bank in Saudi Arabia
When choosing a bank in Saudi Arabia, several factors must be considered.
Reputation and stability
Choosing the best bank in Saudi Arabia means finding one with a solid reputation and stability. This way, you can trust that your finances are in good hands.
Products and services
Choose a bank based on account needs. Basic accounts like savings and checking are standard, while full-service banks offer advanced options like credit cards, loans, and investments.
Size of the bank
Most Saudi Arabia banks offer their services at reasonable fees. Fees vary greatly depending on the bank so you can explore them accurately.
If you want to grow your money in a savings account or other savings vehicle, seeking higher interest rates is essential to optimize your savings efforts. One strategy to accomplish this is to compare the rates multiple banks offer.
When choosing a bank, it’s essential to consider client support and your financial needs. Look for a bank with helpful tools and features that fit your requirements and preferences.
Considering these factors, you can narrow your options and choose a bank that meets your financial needs.
The banking system in Saudi Arabia
Saudi Arabia has around 30 local and foreign banks, giving expats several banking alternatives. In 2019, four Saudi banks—NCB, Al Rajhi Bank, Samba Bank, and Riyadh Bank—held 57% of sector assets.
The Saudi Arabian Monetary Authority (SAMA) governs the whole financial industry. Saudi Arabia’s central bank. Thus, it maintains exchange rate stability and smooth operations. It also issues Saudi Rial, the country’s currency.
Saudi Arabia has many foreign banks, including:
Emirates NBD, First Abu Dhabi Bank, Deutsche Bank, HSBC, Standard Chartered Bank, BNP Paribas, and the Industrial and Commercial Bank of China.
Most big cities and expat communities have bank branches on main streets or in malls. All Saudi banks provide English and Arabic services.
List of best banks in Saudi Arabia
You have several alternatives in Saudi Arabia, and which one you choose depends on your requirements and interests.
Here are some of the best banks in Saudi Arabia that you should consider:
The big banks in Saudi Arabia
Standard Chartered Bank
Industrial and Commercial Bank of China.
Saudi Online Banking Mobile Apps
Saudi Arabia money transfers abroad
There are alternatives to banks for making international money transfers, some of which may be more cost-effective and time-efficient than others.
Traditional Saudi Arabia banks may charge exorbitant fees if you wish to transfer money abroad or use your debit card abroad.
If you wish to avoid banks, utilize:
Bank Charges in Saudi Arabia
Saudi Arabia’s SAMA has limited banking costs. To compete, several banks decrease tariffs. Online transactions cost less than branch transactions. Saudi banks must post these fees on their websites and in branches.
Fees typically include:
Account opening fees: None.
Monthly minimum balance penalty: Usually none.
GCC bank ATMs in Saudi Arabia: SAR 10.
New checkbook: SAR 10.
Bank check cancellation: SAR 10.
Standing order creation: SAR 10-15.
Local bank transactions via SARIE: SAR 7-25.
Lost ATM card: SAR 30.
Branch-requested account statements: SAR 25-50
Dishonored or returned check: SAR 50-125.
Balance certificate: SAR 25.
Proof of indebtedness certificate: SAR 75.
How can I open a bank account in Saudi Arabia
To establish a bank account in Saudi Arabia, you need:
To choose a bank.
Opening a bank account is an option both online and in person.
You need to get all the documents that are required.
For more information:
How to find a cash machine in Saudi Arabia
Talk to anyone who may have traveled or worked in Saudi Arabia. You will find that some of your friends or family know the nearest bank branches. Ask around and find opportunities among your contacts. An easy tool for doing that is any map app. Below is, for example, a Google Maps search for “ATMs near Riyadh.”