Account Opening Rules

Expatriates and Visitors in Saudi Arabia This rule has been amended according to the circular No.(42078428), Dated 10/11/1442H, corresponding to 19/06/2021G , and has been updated according to the circular No. (472021863), Dated 03/04/1447H, corresponding to 25/09/2025G . • Expatriate holding residence permit (Iqama): The bank may open bank accounts for expatriates holding residence permits (Iqama) after obtaining a copy of Iqama. Such Iqamas might be issued by the Passport Department against the applicable fees or free of charge, such as Iqamas issued to students of universities, students of military colleges, and students of institutes, who obtained scholarships or training approvals, or might be issued by the Protocol Affairs at the Ministry of Foreign Affairs or the like. In addition, the bank should obtain the expatriate’s address in Saudi Arabia as well as his/her address in his/her mother country. • Expatriate dependents (whose Iqamas include a statement indicating that they are dependents and are “not authorized to work”): The bank may open bank accounts for expatriate dependents whose Iqamas indicate that they are dependents and not authorized to work in Saudi Arabia. The bank shall comply with instructions related to expatriates’ bank accounts. If the bank suspects that the bank account is being used for illegal purposes or it finds out that the deposited funds are from the work of those dependents and not from their families, then the bank must inform the Saudi Arabia Financial Investigation Unit (SAFIU). - If the expatriate whose Iqama indicates that he/she is a dependent and not authorized to work in Saudi Arabia is a son/daughter of a Saudi mother but a Non-Saudi father, then he/she is allowed to open a salary account, provided that he/she submits official documents proving that his/her mother is Saudi. The requirements mentioned above shall also be fulfilled. - If the expatriate whose Iqama indicates that he/she is a dependent and not authorized to work in Saudi Arabia works for a licensed educational institution and wishes to open a salary account, then the bank account might be opened for him/her upon satisfying the following requirements: 1. Submitting a copy of Iqama. 2. Completing an account opening form by the customer for the purpose of receiving salary from the contracting institution. 3. Providing a written undertaking by the customer to notify the bank upon the expiration or termination of his/her contract. 4. Submitting a letter of employment from the general management of the educational institution contracting with the account applicant. Such letter should provide basic information about the expatriate and his/her salary and bonuses and should also state that he/she is currently employed by the educational institution by an “Ajeer” notice (work permit). Moreover, the letter should indicate that it is provided for the purpose of opening a salary account. Further, the following documents should be attached to the letter: a. A copy of the valid Ajeer notice issued in the expatriate’s name and verified by the contracting institution. b. A copy of the contracting institution’s license as issued by the supervising body. c. A copy of the validity certificate issued in the expatriate’s name by the supervising body and verified by the contracting institution. d. An undertaking to notify the bank upon expiration or termination of the account holder’s contract. 5. The bank account shall be valid for a period identical to the validity period of the account holder’s Iqama or Ajeer notice, whichever expires first. 6. The approval of compliance department for opening the bank account shall be obtained. - If the expatriate whose Iqama indicates that he/she is a dependent and not authorized to work in Saudi Arabia is a minor (under the age of 15 years), then his/her account shall be operated by the main, sponsoring expatriate residing in Saudi Arabia. However, if the main expatriate is a woman and her husband is her