Wednesday, February 19, 2014

Opening a Bank Account in Al Bilad Bank

Bank Account by Al Bilad Bank is unique in nature as far as Saudi Arabian Banking market is concerned. Although, worldwide there are better offers are available but in this market even this offer also seems to be very reasonable. In the bank account of this bank, if you keep deposit for more than SAR 20,000/-, you will get profit on the minimum amount maintained in the month. However, minimum amount to open the account is SAR 1,000/- I could not get on their website the profit rates which are paid to the account holders when they keep their minimum balance in a month for more than SAR 20,000/-.

Credit Card by Al Bilad Bank is a normal credit card in nature. Accounting Cycle for this credit card is 50 days. It means you can get credit period up to 50 days without any interest charge.

Customer Services: Fair

Requirements: to open bank account in Al Bilad Bank are same as other banks. You need to bring your;
  1. Valid ID (National Identity Card or Family Registration Card for Saudis, Iqama or passport for non-Saudis
  2. Completed current account opening form
  3. Letter of employment from the employer including the following details: monthly salary (basic and benefits) position, grade title, date of joining, employment contract expiry date. Sample Letter of Introduction to open bank account in Saudi Arabia is available in this link.

My Personal Suggestion is that you should open bank account in this bank only to avail the benefit of profit at a minimum balance of SAR 20,000/-. Otherwise, there are better banks in the market.

Enjaz: You can send money to your home country very easily using Enjaz Service. Enjaz is connected with the Al Bilad Bank and amount can even be transferred using online banking. All the branches of Enjaz have western union facility. 


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