Saudi Arabia’s central bank (SAMA) has introduced updated regulations for banks to follow when opening and managing accounts for expatriates and visitors. These new guidelines aim to strengthen verification, ensure regulatory compliance, and protect account holders.
New Rule Changes at a Glance
- Stricter approval requirements for expats with Saudi passports
- Formal recognition of Visitor ID as valid for account opening
- Mandatory electronic records for all non‑Saudi account holders
- Freezing or closing of accounts when IDs expire or holders depart
SAMA’s Rules for Expats Holding Saudi Passports
Under the updated guidelines, banks may only open accounts for certain expatriates who hold Saudi passports after obtaining approval from the Ministry of Interior via SAMA. These cases may be treated with additional monitoring and risk controls by the bank.
Opening Accounts with Visitor ID
SAMA now recognises the Visitor ID (issued by the Ministry of Interior) as an official ID that can be used to open bank accounts, provided the bank follows its internal procedures for opening accounts and verifying identity.
Mandatory electronic record for every non‑Saudi natural person (examples of required fields):
- Full name (as in passport, iqama, or visitor ID) — language priority: Arabic, English, Latin.
- If the name uses another alphabet, spelling must match the entry visa issued by Saudi embassies/consulates.
- Nationality.
- Iqama or Visitor ID number and expiration date.
- National address (for expatriates) or residential address in Saudi and country of origin (for visitors).
- Contact information (phone/email).
- Employer information, if applicable.
For holders of five‑year residency cards (issued to some tribal members), banks must record the full name, residency card number, and expiry date.
Approval of Visitor ID for Bank Accounts
The Visitor ID—now an official identification document—can be used to open accounts and can be verified on approved digital channels operated or authorised by banks and government systems.
Rules for Freezing or Closing Accounts
SAMA requires banks to:
- Close expatriate accounts when the expatriate departs Saudi Arabia for beneficial reasons.
- Freeze accounts when the holder’s ID card (Iqama, Visitor ID or GCC national ID) expires.
This applies to:
- GCC citizens using national ID cards.
- Expatriates using residency permits (iqama) or Visitor ID cards.
- Diplomats using diplomatic cards.
Why These Changes Matter
The updated policies aim to reduce fraud, improve accuracy of banking records, and make account management for non‑Saudi clients more secure and traceable—supporting Saudi Arabia’s broader digital transformation and financial inclusion objectives.
What Expats & Visitors Should Do
- Check that your Iqama or Visitor ID is valid before applying for an account.
- Ensure your name spelling matches the entry visa or passport records.
- Provide complete contact and address details as required by the bank.
- If you hold or previously held a Saudi passport, expect extra scrutiny and possible need for special approval.
- If your ID expires or you plan to leave Saudi Arabia, prepare for account freezes or closures—settle balances or notify your bank in advance.
