Monday, January 5, 2015

FAQ 011: Opening a Bank Account in Saudi Arabia

In KSA, you can earn profit on your savings by selecting an appropriate bank, take loan, and get instant visa cards, free life insurance and optimum rates on car leasing just with a little market research. Here, in this article, I have tried to compare different Banks in Saudi Arabia with reference to all above mentioned factors which can cut some money from your expense.

Question 1 – Opening a Bank Account in Saudi Arabia: I have an account here in SABB and someone from the bank came to my office today for the Credit Card. I need a cheapest card with least annual fees. Which Credit Card do you suggest? Also please if you can describe the process of any purchase made on my CC and convert it into 6 months or 12 months installments. How much would be the interest rate, as I can’t find any clear description on their website.
Answer by Steve: I personally researched about it 6 months ago and went for SAMBA Panda Card. They do not charge any annual fee. Please check details in this link “Opening Bank Account in SAMBA Bank

Question 2 – Opening a Bank Account in Saudi Arabia: Please elaborate: "open account in this bank only if you want to get SAMBA Panda Credit Card with zero annual fee" how we can avail this?
Answer by Steve: Open account, transfer your salary in it and apply for samba panda card and KHALLAS!
Visitor: I already have samba panda card as well as the account. Transfer of the salary, however, is limited to the banks specified by the company.
Answer by Steve: So do you want to get "Zero Annual Fee" feature? Just spend more than SR 8,000 in one year through this card to get this feature.
Visitor: Yeah, this is what I am targeting for. Although the sales rep said it will be 3/4K but officially it is 8k)
Answer by Steve: You know about Sales Reps, they were not even aware of this feature when I went to them. I read it on the website of SAMBA Bank. Even website is not properly updated.

Question 3 – Opening a Bank Account in Saudi Arabia: What are the documents required for opening the current account in Saudi Hollandi Bank?
Answer by Steve:

  1. Letter of introduction from Employer. Sample Letter of Introduction to open bank account in Saudi Arabia is available in this link.
  2. Iqama
  3. Copy of Passport

Question 4
My account is connected to my workplace address. If I apply for credit card, how will I receive it? I suppose the credit card provider calls before handing it over, but the thing is my contact number has long been out of service. What is the procedure for applying for a credit card and is it necessary to apply ONLY through the bank where you have your account? One other question: is it possible to use your debit card for internet banking and making internet purchases without the use of a credit card?

Answer by Steve
Credit Cards are delivered to you personally. They can contact you on your mobile phone. If you want to apply in the same bank where you have an account, you will have to visit the branch. If you are applying for other bank's credit card, you will have to get 3 months bank statement and visit the respective branch for the other requirements. All banks do not offer internet purchasing from debit card but some banks do.

Banks in Saudi Arabia
  1. AlRajhi Bank
  2. Reactivate Frozen Bank Account in Saudi Arabia
  3. SADAD Payment System in KSA
  4. List of Banks in Jeddah, Saudi Arabia
  5. List of Banks in Riyadh, Saudi Arabia
  6. Do Not Pay Government Fee through Agents


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