10 Best Bank Accounts in Saudi Arabia For Financial Wellness

Choosing a reliable bank account is crucial for residents, expatriates, and tourists in Saudi Arabia. A good bank account ensures the safety of your money, provides easy access to funds, and offers various features to manage your finances effectively. And, today we’re here with a list of the best bank accounts in Saudi Arabia.

Best bank accounts in saudi arabia.

Choosing the right bank account is crucial not just in Saudi Arabia but also in other Gulf countries. If you’re also exploring banking options in the UAE, check out the best savings accounts in the UAE to find secure and high-yield options.

By the end of this article, you will have a better understanding of the banking landscape in Saudi Arabia and be well-equipped to make an informed decision about your banking needs.

Top Banks For Opening an Account in Saudi Arabia

Bank Name Best For Unique Offering
Saudi British Bank International transfers Free instant global transfers
Al Rajhi Bank Branch and ATM access Largest network in Saudi Arabia
National Commercial Bank Diverse services Remittance and foreign currency accounts
Saudi Fransi Bank Quick account setup Instant debit card issuance
Samba Financial Group Customer service Varied credit card benefits
Alinma Bank Online banking User-friendly, smooth experience
HSBC Global services Free instant global transfers
Riyad Bank Online/mobile banking Investment and saving accounts
Bank Aljazira Shari’ah-compliant High profit rate on savings
Arab National Bank Personalized services High-net-worth solutions

1. Saudi British Bank (SABB)

The Saudi British Bank (SABB) is best known for its quick and free international money transfers, thanks to its Global Transfer feature. This service allows customers to send money abroad instantly without any fees.

For those comparing international banking services, you might find the best bank accounts in Qatar & Bahrain to be beneficial in understanding regional offerings.

SABB also offers a wide variety of credit cards, each with its special benefits and deals. Whether you want travel rewards, cashback, or other perks, SABB has a credit card to meet your needs and preferences.

Saudi british bank in saudi arabia
  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy to start and maintain your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 300, so you can choose an account that fits your budget.
  • Customer service: You get 24/7 phone banking and live chat support, so help is always available whenever you need it.
  • Online and mobile banking: You can enjoy easy-to-use online and mobile banking services, making it simple to manage your money from anywhere.
  • Branches and ATMs: With many branches and ATMs across the country, you can easily find a location to do your banking or get cash.
  • International services: You can use the Global Transfer feature to send money to HSBC accounts worldwide instantly and for free, making international transfers quick and easy.

2. Al Rajhi Bank

Al Rajhi Bank stands out for its extensive network of branches and ATMs across the country, ensuring you can easily access its services wherever you are. You will also benefit from their excellent Internet banking facilities, which make performing numerous government transactions both efficient and convenient.

Alrajhi bank in Saudi Arabia
  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy for you to start and maintain your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 200, so you can choose an account that fits your budget and needs.
  • Customer service: With 24/7 phone banking and live chat support, you can always get help whenever you need it.
  • Online and mobile banking: You get access to comprehensive digital banking services that follow Islamic banking principles, making it easy and ethical to manage your money.
  • Branches and ATMs: You can benefit from the largest network of branches and ATMs in Saudi Arabia, ensuring you always have access to banking services and cash.
  • International services: Use our remittance services to send money to over 200 countries, making international transfers simple and convenient for you.

3. National Commercial Bank (NCB)

National Commercial Bank (NCB) is ideal for you if you need a wide range of banking services for both personal and business needs. You will also appreciate their numerous branches and ATMs spread across the country, ensuring easy access to their services no matter where you are.

NCB Saudi Arabia
  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy to start and maintain your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 300, allowing you to choose an account that fits your budget.
  • Customer service: With 24/7 phone banking and live chat support, you can get help whenever you need it.
  • Online and mobile banking: Enjoy comprehensive digital banking services with a user-friendly interface, making it simple to manage your finances from anywhere.
  • Branches and ATMs: With an extensive network of branches and ATMs across the country, you can easily access banking services and withdraw cash wherever you are.
  • International services: Take advantage of remittance services and foreign currency accounts, making international transactions and managing multiple currencies convenient for you.

4. Saudi Fransi Bank

Saudi Fransi Bank is perfect for you if you want a quick account opening process with instant debit card issuance. You will also benefit from their excellent customer support, ensuring that all your banking needs and concerns are promptly addressed.

Saudi Fransi bank
  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy to open and maintain your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 200, so you can pick an account that fits your budget.
  • Customer service: Enjoy 24/7 phone banking and live chat support, so you can always get help whenever you need it.
  • Online and mobile banking: Use comprehensive digital banking services with a user-friendly interface, making it simple to manage your money from anywhere.
  • Branches and ATMs: With a wide network of branches and ATMs across the country, you can easily access banking services and withdraw cash wherever you are.
  • International services: Benefit from remittance services and foreign currency accounts, making international transactions and managing multiple currencies convenient for you.

5. Samba Financial Group

Samba Financial Group is an excellent choice for you if you value efficient customer service and quick account opening procedures. You will also enjoy their good credit card options, which come with various benefits to suit your financial needs and lifestyle.

  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy for you to start and maintain your account without a large initial deposit.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 200, so you can choose an account that fits your budget and save on unnecessary costs.
  • Customer service: With 24/7 phone banking and live chat support, you can always get help whenever you need it, ensuring your questions and concerns are addressed promptly.
  • Online and mobile banking: Enjoy comprehensive digital banking services with a user-friendly interface, making it simple and convenient to manage your finances from anywhere at any time.
  • Branches and ATMs: With a wide network of branches and ATMs across the country, you can easily find a location to access banking services or withdraw cash whenever you need it.
  • International services: Benefit from remittance services and foreign currency accounts, making it easy to send money abroad and manage multiple currencies, meeting all your international banking needs.

6. Alinma Bank Saudi Arabia

Alinma Bank is ideal for you if you appreciate exceptional customer service and user-friendly Internet banking. Their personal banking services are specifically designed with your convenience in mind, ensuring a smooth and pleasant banking experience.

Alinma Bank Saudi arabia
  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy for you to open and maintain your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 200, so you can choose an account that fits your budget and financial needs.
  • Customer service: Enjoy 24/7 phone banking and live chat support, ensuring you can get help whenever you need it.
  • Online and mobile banking: Use comprehensive digital banking services that follow Islamic banking principles, making it simple and ethical to manage your money from anywhere.
  • Branches and ATMs: With a growing network of branches and ATMs across the country, you can easily access banking services and withdraw cash wherever you are.
  • International services: Take advantage of remittance services to selected countries, making it easy to send money abroad when needed.

7. HSBC

HSBC is perfect for you if you need global banking services with easy international transfer options. It is especially suitable for expatriates seeking reliable international banking services, ensuring you can manage your finances seamlessly across borders.

HSBC
  • Minimum balance requirement: You need to maintain a minimum balance of SAR 5,000 for most accounts, ensuring you have a substantial starting point for your banking needs.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 500, allowing you to select an account that best fits your budget and financial situation.
  • Customer service: Enjoy 24/7 phone banking and live chat support, so you can always get assistance whenever you need it, providing peace of mind and convenience.
  • Online and mobile banking: Use comprehensive digital banking services with a user-friendly interface, making it easy to manage your finances from anywhere, anytime.
  • Branches and ATMs: While there is a limited network of branches and ATMs in Saudi Arabia, you benefit from an extensive global presence, making international banking more accessible.
  • International services: Take advantage of the Global Transfer feature for instant, fee-free transfers to HSBC accounts worldwide, making international money transfers quick and cost-effective.

Also, check:
HSBC Premier Account UAE (Features, Pros & Cons)
HSBC Savings Account UAE – Benefits & Features Review
HSBC E-Saver Bank Account – Features and Benefits

8. Riyad Bank

Riyad Bank (Our favorite) is ideal for you if you want comprehensive online and mobile banking services. You will also benefit from their wide range of investment and saving accounts, designed to help you grow and manage your finances effectively.

Riyad Bank Saudi Araba
  • Minimum balance requirement: You only need to maintain a minimum balance of SAR 1,000 for most accounts, making it easy to open and keep your account active.
  • Monthly fees: Monthly fees vary from SAR 0 to SAR 300, allowing you to choose an account that fits your budget and needs.
  • Customer service: Benefit from 24/7 phone banking and live chat support, ensuring you can get help whenever you need it.
  • Online and mobile banking: Enjoy advanced digital banking services with a user-friendly interface, making it simple and convenient to manage your finances from anywhere.
  • Branches and ATMs: With an extensive network of branches and ATMs across the country, you can easily access banking services and withdraw cash wherever you are.
  • International services: Take advantage of remittance services and foreign currency accounts, making it easy to send money abroad and manage multiple currencies effectively.

9. Bank Aljazira

Bank Aljazira is perfect for you if you are looking for Shari’ah-compliant banking products and services. You will also benefit from their competitive profit rate on a savings account, ensuring you get the most out of your savings while adhering to Islamic banking principles.

Bank Al jazira
  • Minimum balance requirement: You only need to keep SAR 1,000 in most accounts, making it easy to open and maintain your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 200, so you can choose an account that fits your budget and financial needs.
  • Customer service: Enjoy 24/7 phone banking and live chat support, ensuring you can get help whenever you need it.
  • Online and mobile banking: Use comprehensive digital banking services that focus on Islamic banking principles, making it simple and ethical to manage your money from anywhere.
  • Branches and ATMs: With a growing network of branches and ATMs across the country, you can easily access banking services and withdraw cash wherever you are.
  • International services: Take advantage of remittance services to select countries, making it easy to send money abroad when needed.

10. Arab National Bank

Arab National Bank is ideal for you if you seek personalized banking services and strong relationship management. You will also benefit from their customized banking solutions designed specifically for high-net-worth individuals, ensuring your financial needs are met with tailored expertise and care.

Arab National Bank
  • Minimum balance requirement: You only need to maintain a minimum balance of SAR 3,000 for most accounts, making it accessible to open and manage your account.
  • Monthly fees: Monthly fees range from SAR 0 to SAR 300, allowing you to choose an account that fits your budget and financial needs.
  • Customer service: Enjoy 24/7 phone banking and the support of dedicated relationship managers, ensuring you receive personalized assistance whenever you need it.
  • Online and mobile banking: Use comprehensive digital banking services with a user-friendly interface, making it easy to manage your finances from anywhere at any time.
  • Branches and ATMs: With a wide network of branches and ATMs across the country, you can conveniently access banking services and withdraw cash wherever you are.
  • International services: Take advantage of remittance services and foreign currency accounts, making international money transfers and managing multiple currencies simple and convenient.

Key Considerations When Choosing a Bank Account

1. Minimum Balance Requirements

Understanding the minimum balance required to avoid fees is essential. Banks like Al Rajhi Bank and Saudi Fransi Bank have reasonable minimum balance requirements, making them suitable for most customers. However, some banks, such as HSBC and Arab National Bank, have higher minimum balance requirements, which may be more suitable for high-net-worth individuals or those with larger financial holdings.

It is important to note that failing to maintain the required minimum balance can result in monthly fees or other penalties. Therefore, it is crucial to choose a bank account that aligns with your financial situation and allows you to comfortably maintain the minimum balance requirement.

2. Monthly Fees

Be aware of monthly maintenance charges and their impact on your account. Some banks, such as Alinma Bank and Riyad Bank, offer accounts with low or no monthly fees. However, other banks may charge higher monthly fees, especially for premium or specialized accounts.

When considering monthly fees, it is essential to evaluate the benefits and services offered by the bank about the cost. Some banks may waive monthly fees if you maintain a certain balance or meet other criteria, such as setting up direct deposits or using their credit cards regularly.

3. Ease of Account Opening

A straightforward and quick account opening process is crucial. Saudi Fransi Bank and Samba Financial Group are known for their easy onboarding processes, allowing customers to open an account and receive their debit cards instantly.

In recent years, many banks have streamlined their account opening processes, offering online applications and video KYC (Know Your Customer) verification. This has made it more convenient for customers to open accounts without visiting a branch in person.

4. Customer Service

Responsive and helpful customer service is essential. Al Rajhi Bank, Saudi Fransi Bank, and Alinma Bank are recognized for their excellent customer service, providing 24/7 phone banking and live chat support.

When evaluating customer service, consider factors such as the availability of support channels, response times, and the helpfulness and knowledge of the support staff. Reading customer reviews and testimonials can provide valuable insights into the quality of customer service offered by different banks.

Responsive and helpful customer service is essential. Al Rajhi Bank, Saudi Fransi Bank, and Alinma Bank are recognized for their excellent customer service, providing 24/7 phone banking and live chat support.

If you’re also exploring banking options in other Gulf countries, check out the best bank accounts in Oman for a comprehensive comparison.

5. Online Banking Services (Mobile Banking)

Look for banks with robust online and mobile banking services for convenience. SABB, NCB, and Riyad Bank offer comprehensive digital banking solutions, allowing customers to manage their accounts, transfer funds, and pay bills easily through their websites or mobile apps.

With the increasing reliance on digital banking, it is essential to choose a bank that offers a user-friendly and secure online and mobile banking platform. Features like real-time transaction notifications, budgeting tools, and the ability to set up standing orders or recurring payments can greatly increase your banking experience.

6. Accessibility of Branches and ATMs

Having multiple branches and ATMs nearby ensures easy access to banking services. Al Rajhi Bank and NCB have extensive branch and ATM networks across the country, making it convenient for customers to withdraw cash, deposit funds, or seek in-person assistance when needed.

While digital banking has reduced the need for frequent branch visits, it is still important to have access to physical banking infrastructure, especially for complex transactions or when facing technical issues with online or mobile banking.

7. International Services

If you frequently transfer money internationally or travel abroad, consider banks like SABB and HSBC that offer services like international transfers and competitive exchange rates. These banks have a strong global presence and can facilitate seamless cross-border transactions.

Additionally, some banks offer multi-currency accounts or travel cards, which can be beneficial for those who frequently deal in foreign currencies or travel internationally.

8. Additional Features

Value-added services such as credit cards, personal loans, and insurance can be beneficial. SABB, Samba Financial Group, and Riyad Bank provide a wide range of additional features, allowing customers to access a variety of financial products and services through a single bank.

When considering additional features, evaluate your financial needs and goals. For example, if you frequently use credit cards for purchases, look for banks that offer cards with attractive rewards programs, cashback, or discounts on dining and entertainment.

9. User Experiences and Testimonials

Users have praised Al Rajhi Bank and Saudi Fransi Bank for their comprehensive banking services and excellent customer support. SABB has been recognized for its ease of international transfers and robust credit card offerings.

Positive Feedback

“I have been banking with Al Rajhi Bank for years, and their customer service is top-notch. They always go above and beyond to help me with any issues or questions I have.” – Ahmed, Riyadh

“SABB’s Global Transfer feature has made sending money to my family abroad so much easier and cheaper. It’s a game-changer for expatriates like me.” – John, Jeddah

These testimonials highlight the importance of customer service and the value of specialized features like easy international transfers for expatriates.

Challenges and Solutions

Some common issues reported by users include hidden fees and poor customer service at certain banks. To cross these challenges, it is essential to thoroughly review the terms and conditions, ask questions, and seek recommendations from other customers.

“I opened an account with the Bank because they offered a low minimum balance requirement, but I later discovered that they charge hidden fees for various services. It’s important to read the fine print and ask about any potential charges before opening an account.” – Fatima, Dammam

To avoid such issues, it is crucial to do your research, compare different banks and their offerings, and read customer reviews before making a decision. Don’t hesitate to ask bank representatives about fees, charges, and any other concerns you may have.

Bank Accounts for Tourists and Non-Residents

1. Options for Non-Residents

Opening a bank account as a non-resident or tourist in Saudi Arabia can be challenging. Some banks may require a valid residency permit or proof of employment in the country. However, there are alternatives like prepaid Forex cards and digital banking solutions that can help you manage your finances during your stay.

Prepaid forex cards, such as the Al Rajhi Multi-Currency Card or the SABB Travel Card, allow you to load multiple currencies onto a single card and use it for purchases and ATM withdrawals while traveling. These cards offer competitive exchange rates and can be a convenient alternative to carrying cash or opening a local bank account.

Digital banks and neo banks, such as Revolut or N26, offer another solution for non-residents and tourists. These banks provide multi-currency accounts and allow you to open an account using your foreign identification documents. However, it is essential to check the specific requirements and supported countries for each digital bank.

2. Digital Banks and Neo Banks

Digital banks and neo banks are recommended for their ease of use and multi-currency accounts. These banks offer advantages like lower fees, better exchange rates, and the ability to manage your account through a smartphone app. Some popular digital banks among expatriates and tourists include Revolut, TransferWise, and N26.

One of the main advantages of digital banks is the ability to open an account remotely without visiting a physical branch. This can be particularly useful for tourists or short-term visitors who may not have the time or documentation required to open a traditional bank account.

However, it is important to note that digital banks may have limited services compared to traditional banks, such as the absence of physical branches or the inability to deposit cash. Additionally, some digital banks may not offer services specific to Saudi Arabia, such as support for local bill payments or integration with the country’s payment systems.

Final Advice From the Author

Before opening an account, take the time to compare different banks and their offerings. Read the terms and conditions carefully, and don’t hesitate to ask questions about fees, charges, and any other concerns you may have. Consider your financial goals and needs, and choose a bank that aligns with them.

For expatriates, tourists, and non-residents, options like prepaid Forex cards and digital banks can provide convenient and cost-effective solutions for managing finances while in Saudi Arabia. However, it is crucial to research and compare these options thoroughly to ensure they meet your specific requirements.

Also, check: Best Bank Accounts in UAE – Based On Our Experience

FAQs

Which bank has the best online and mobile banking services in Saudi Arabia?

SABB, NCB, and Riyad Bank are known for their comprehensive and user-friendly online and mobile banking services.

Which bank is best for expatriates in Saudi Arabia?

SABB and HSBC are popular among expatriates due to their global banking services and easy international transfer options.

How can I avoid monthly fees on my bank account in Saudi Arabia?

To avoid monthly fees, choose a bank with low or no monthly charges, such as Alinma Bank or Riyad Bank. Alternatively, maintain the required minimum balance in your account to waive the fees.

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