As an expatriate in Saudi Arabia, you’ll find that local financial institutions offer a variety of banking services tailored to your needs. Here’s a detailed overview of banking services for expatriates in Saudi Arabia.
Current Accounts
Most Saudi Arabian retail banks provide an assortment of accounts for everyday use. These range from standard individual accounts to specialized accounts for students, youths, and families. Many current accounts come equipped with a checkbook, although they might require a minimum balance.
Savings Accounts
A number of banks offer savings accounts that can be accessed via online banking platforms. While these accounts usually don’t offer check facilities, they do permit account holders to maintain close-to-zero balance levels. Savings accounts in Saudi Arabia typically yield higher profits compared to current accounts.
Loans and Overdrafts
It’s quite straightforward for customers in Saudi Arabia to secure personal loans for a variety of purposes such as car purchases, home acquisition, or debt consolidation. Most banks also offer short-term and long-term overdraft facilities.
Mortgages
Following the recent opening of Saudi Arabia’s property market to expatriates and foreigners, many banks now provide mortgage loans to eligible first-time buyers. However, the mortgage sector in Saudi Arabia is still developing, so potential applicants are encouraged to explore various options before finalizing any agreement.
Investments
A wide array of investment options is available in most retail banks in Saudi Arabia, including funds, bonds, shares, and insurance-linked pension plans. Additionally, several investment banks operate under the governance of the Capital Markets Authority, such as BNP Paribas, JP Morgan, KKR, Société Générale, and UBS. However, be aware that minimum balance requirements are applicable for investment banking services.
Digital and Online Banking
Most banks offer internet banking services, providing a more convenient way for customers to manage their finances.
Mobile Banking
Leading banks in Saudi Arabia have mobile banking applications, enabling customers to access their accounts and conduct transactions via their smartphones or tablets. There are also exclusive mobile-only banks.
Business Banking
If you’re doing business in Saudi Arabia, you’ll need appropriate business bank accounts. However, banking solutions for independent companies are generally limited to account services.
Money Transfer
Numerous banking providers in Saudi Arabia facilitate easy money transfers between different countries, thanks to their partnerships with correspondent banks. Certain banks, such as Arab Bank, even allow customers to send money abroad directly from ATMs.
In summary, the banking sector in Saudi Arabia is well-equipped to cater to the financial needs of expatriates. With a broad spectrum of services from current and savings accounts to mobile and online banking, expats can manage their finances conveniently and efficiently. Further rules and regulations can be found on the Central Bank of Saudi Arabia.