Saudi Arabia has emerged as a major destination for expats—professional expatriates, entrepreneurs, and families moving to Riyadh, Jeddah, or the Eastern Province. With increased relocation, expat-friendly banking has become crucial. The right bank account can make a big difference in daily life, remittances, savings, and even family support abroad. Here’s your guide to the best banking options for expats in Saudi Arabia, covering account types, fees, accessibility, and tips for hassle-free banking.
1. Know What Expats Need in a Saudi Bank Account
Before jumping into banks, let’s identify what expats typically value:
- Multi-currency access & global remittances (especially to Asia, Europe, home countries)
- HELOC or salary transfer options for monthly living expenses
- Online & mobile banking in multiple languages
- Low-cost ATM withdrawals abroad and minimal hidden fees
- Debit/credit card support for international shopping and travel
- Quick account setup with Iqama and employer documents
- Customer support in English or Arabic
2. Top Saudi Banks for Expats
2.1 Al Rajhi Bank
- Pros: Largest Islamic bank in Saudi with Shariah-compliant accounts and widespread reach.
- Account Types: Al Rajhi offers multi-currency savings and checking accounts with good online banking.
- Remittance Features: Low-cost international transfers; ties with Western Union.
- Fees: Generally low fees; some monthly maintenance for foreign-currency services.
- Account Setup: Requires Iqama, Saudi mobile number, and employer letter—typically open in 1–2 days.
2.2 Saudi British Bank (SABB)
- Pros: Joint venture with HSBC—expat-friendly services and great online portal.
- Account Types: Ranging from basic current accounts to premium savings and youth accounts.
- Global Access: HSBC network gives international ATM access and easier remittance to Europe/UK.
- Fee Structure: Monthly maintenance ~SAR 25–35; waivable with salary credit.
- Account Setup: Quick processing with employer sponsorship and Iqama.
2.3 Riyad Bank
- Pros: State-owned, solid reach outside major cities like Qassim or Eastern Province.
- Account Options: Salary accounts with debit cards; multi-currency possible.
- Remittances: Reasonable fees and online transfers.
- Language Support: Full-service in English plus Arabic.
- Cons: Fewer branches compared with Al Rajhi and SABB.
2.4 Alinma Bank
- Pros: Digital-first orientation and extensive mobile banking features.
- Islamic Compliance: Follows Shariah law for all products.
- Fees: Competitive; many online services are free.
- Customer Support: English and Arabic.
2.5 Banque Saudi Fransi (BSF)
- Pros: Strategic alliance with Paris-based Crédit Agricole—good European remittance service.
- Account Types: From classic current accounts to premium with credit card offers.
- Remittance & Cards: Strong credit/debit card benefits for Europe and US travel.
- Cons: Slightly higher account maintenance fees.
3. Comparing Fees, Services, & Access
| Bank | Monthly Fee | International ATM Fee | Online Banking | Remittance Cost | Multi-Currency Options |
|---|---|---|---|---|---|
| Al Rajhi | SAR 10-20 | 2–5% + fixed SAR | Excellent | Low | Basic |
| SABB | SAR 25-35 | SAR 25 per withdrawal | Excellent | Moderate | Yes (GBP, USD, EUR) |
| Riyad | SAR 15-30 | 2–5% + fixed SAR | Good | Low | Limited |
| Alinma | SAR 10-20 | 2–4% | Excellent | Low | Basic |
| BSF | SAR 30-40 | SAR 20-30 | Good | Moderate | Yes |
- International ATM Fees: Most banks add a percentage on international withdrawals.
- Remittance Costs: SABB & BSF tend to offer better FX spreads for major currencies.
- Online Experience: Al Rajhi, SABB, and Alinma lead for multilingual full-service digital banking.
4. Opening Your Saudi Bank Account: Step-by-Step
- Select Your Bank
Choose based on your currency usage, fees, travel needs, and branch accessibility. - Prepare Documents
- Valid passport
- Iqama (Saudi residency permit)
- Employer letter with contract & salary details
- Saudi mobile number & local address proof
- Visit Branch or Apply Online
Most banks prefer in-person visits, though some like Alinma allow digital account activation. - Choose Account Type
- Salary account: Generally basic, low-fee, auto-salary deposits
- Savings account: May offer higher interest and some multi-currency features
- Foreign currency account: Ideal for long-term remittance planning
- Receive Debit Card & Set PINs
Expect ATM/debit cards in 1–3 days, with e-banking and SMS activation. - Explore Online Banking Features
Set up bill pay (e.g., utility companies), domestic & international transfers, e-wallets, etc. - Test Remittance & ATM Withdrawals
Conduct small test transaction to verify speed and fee transparency.
5. Multi-Currency & Digital Bank Solutions
- Foreign-Currency Sub‑Accounts
Banks like SABB and BSF allow you to open USD/EUR/GBP accounts linked to your Riyal account—ideal for sending money abroad or saving in stable currencies. - Multi‑Currency Debit Cards
SABB & BSF offer multi-currency cards allowing you to spend globally without high foreign exchange fees.
6. Tips to Optimize Expat Banking
- Combine Accounts Smartly: Open salary account in Riyal, use multi‑currency sub‑accounts or fintech for overseas expenses.
- Automate Transfers: Set recurring transfers to savings or remittance plans for disciplined saving abroad.
- Buy a Credit Card: Expat-friendly banks offer credit cards with travel perks; this boosts credit scoring.
- Enable SMS Alerts: Crucial for transaction monitoring and fraud prevention.
7. Dealing With Problems & Customer Support
- If no English support at your branch, visit city branches like SABB’s diplomatic zone or Riyad’s expat service desks.
- For lost Iqama or OTP issues, contact your employer or sponsor immediately.
- For remittance delays, check if the electric fund transfer option is available (Fawri+).
8. Is Digital-Only Banking a Better Choice?
Digital banks like STC Pay, Tamara, and Geidea are gaining popularity for quick setup and easy payments. But they often:
- Are wallets—not full bank substitutes
- Come with spending limits
- Need linked bank accounts for cash transfers
9. 🇸🇦 Perks & Compliance for Expats
- Salary Protection: Many banks offer fee waivers and credit features tied to continuous salary credit.
- Transfers to Home Country: For countries like Pakistan, India, the Philippines, lower fee remittance corridors may apply.
- Iqama Renewal Ease: Maintaining active salary account ensures smoother Iqama renewals.
- Local Bill Pay: Link Form E water, electricity, and government fees directly to your bank.