Account Opening Rules

Outgoing Transfers and Sold Checks Banks are not allowed to render outgoing transfer and sold check service except to customers maintaining accounts therewith. Customer number is sufficient in the Express Transfers System as a substitute for bank account for customers of this service only, provided that the bank, upon the initiation of membership, obtains the personal data of customers on a special form designated for this service and uses a separate file. In addition, the bank must obtain the customer specimen signature and valid ID certified by both the customer and the bank employee pursuant to these Rules. Customer Number should be based on the ID number. Moreover, the Transfers System should be subject to regulatory procedures for accounts, such as freezing, verification of the ID validity and customer’s name, and limits placed on concerned customers. Membership account shall also be linked to transactions monitoring systems. 14.2 Incoming Transfers and Purchased Checks Incoming transfers and purchased checks may be accepted in the following cases: - If the transfer or check is made or issued from an account with the bank to a natural or juristic beneficiary account in one of the branches of the same bank, the transfer or check may be paid in cash to the beneficiary or his/her legal agent. - If the transfer or check is from a local bank to another local bank, then payment shall be from the account of transferor to the account of the transferee. - If the transfer is coming from outside Saudi Arabia in the personal name of the beneficiary, money transferred shall be paid through a bank account only. 15. Time Period for Opening the Bank Accounts This rule has been added pursuant to the circular No. (75362/67), Dated 27/12/1440H, corresponding to 28/08/2019G . Banks shall open bank accounts for natural and juristic persons, for whom no approvals from bank’s concerned departments are required, within one business day if they meet all bank requirements and within two business days for those who need approvals. The applicant must be informed in writing of any missing or additional requirements upon application. 200. Rules for Opening Accounts for Natural Persons 200.1 Natural Persons Residing in Saudi Arabia Natural persons are allowed to open accounts and use services provided by banks operating in Saudi Arabia pursuant to conditions regulating such services, as follows: