Last updated: 18 October 2026
The best bank in Saudi Arabia for most expats is Al Rajhi Bank: it opens accounts digitally for Iqama holders, has a branch route for new arrivals, and its Tahweel service sends money to more than 200 countries. Saudi Awwal Bank (SAB) is the better pick if you already bank with HSBC, Riyad Bank if you want to hold US dollars, euros or pounds, and Alinma if you want a fully Islamic bank with transfer perks for affluent expats. Below you will find the top 5 compared, the four new digital banks, the full list of banks in Saudi Arabia, and the SAMA rules on fees and expired Iqamas that every expat should know.
Best Bank in Saudi Arabia for Expats: Quick Answer
There is no single winner for every reader, so match the bank to your situation. This is how we would choose based on real expat experience in KSA:
| Your situation | Best choice | Why |
|---|---|---|
| Just arrived, Iqama not issued yet | Al Rajhi Bank | Publishes a branch route with passport, work visa and company letter |
| You send money home every month | Al Rajhi Bank or STC Bank | Tahweel Al Rajhi covers 200+ countries; STC Bank publishes its Western Union fees |
| You already have an HSBC account abroad | SAB | Global View and Global Transfer link SAB to HSBC in 16 countries |
| You want savings in USD, EUR or GBP | Riyad Bank | Second account in those currencies from the app or Riyad Online |
| You want a fully Islamic bank with premium perks | Alinma Bank | Expats Affluent tiers waive or halve transfer fees |
| You want an app-only account | STC Bank or D360 Bank | Licensed digital banks with no branch network |
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What Expats Need From a Bank in Saudi Arabia
Many expats in Saudi Arabia pick the first bank HR mentions and only discover the gaps when they try to send money home or their Iqama renewal runs late. Before you compare names, know what actually matters here:
- Salary under WPS: employers pay wages into a Saudi bank account, and the payment is tracked through the Wage Protection System. If your pay is late, our guide on what to do when your employer is not paying your salary explains the complaint route.
- A mada debit card: mada is the national card network for shops, ATMs and online payments. Issuing and renewing a mada card is free under SAMA rules.
- SADAD bill payments: electricity, traffic fines, government fees and many rents are paid through SADAD inside your banking app.
- Digital onboarding: most banks verify Iqama holders online through Nafath or the national single sign-on that uses your Absher login.
- A good remittance route: what matters is the full cost: the fee plus the exchange rate the app shows before you confirm.
- Iqama status: your bank account is tied to your Iqama, and an expired Iqama leads to a freeze (rules below).
Top 5 Banks in Saudi Arabia for Expats (2026)
When long-term expats argue about the best bank in Saudi Arabia, these five come up again and again. We looked at what each bank publishes on its own website in October 2026: account opening for Iqama holders, transfer routes, app features and anything aimed at foreign residents.
1. Al Rajhi Bank: Best Overall for Most Expats
Al Rajhi is the bank most expats name first, and for good reason. It is a fully Islamic bank, its ATMs are easy to find well outside the big cities, and its remittance service is built around the corridors expats use most.
- Account opening: Al Rajhi offers digital account opening for Iqama holders. New arrivals still waiting for an Iqama can open an account in a branch with a passport valid for six months, the 90-day work visa, a letter from the employer and proof of a temporary address in Saudi Arabia (Al Rajhi After Arrival page).
- Tahweel Al Rajhi: Tahweel sends money to more than 200 countries through the app, urpay, ATMs, payment terminals and branches. The fee and rate appear on screen before you confirm. For other options, see our comparison of the best money transfer services in Saudi Arabia.
- Foreign currency: foreign currency accounts are listed among its products alongside the standard SAR current account.
Best for: first-time arrivals, workers who send money home every month, and anyone who wants a fully Sharia-compliant bank.
2. Saudi National Bank (SNB): Best for Corporate Payroll
SNB was formed in 2021 by the merger of the National Commercial Bank (NCB) and Samba, which is why older guides still list those two names. It is one of the largest banks in the Kingdom and a common payroll bank for large employers, government-linked projects and multinationals.
- QuickPay: SNB’s international transfer service sits inside the AlAhli mobile app. Add and activate your beneficiary a day or two before your first transfer, because new beneficiaries can face lower limits at first.
- Same-bank salary: if your employer pays through SNB, an SNB account usually receives the salary faster than a transfer from another bank.
- Branch network: a large footprint across all regions, useful when you need a stamped letter or a card replaced in person.
Best for: employees whose company already runs payroll through SNB.
3. Saudi Awwal Bank (SAB): Best for HSBC Customers
SAB was named Best bank in Saudi Arabia in the Euromoney Awards for Excellence 2026, and Global Finance gave it its Best Bank in Saudi Arabia title in 2025. HSBC is a major shareholder, and that link is the real reason expats choose it.
- Global View and Global Transfer: link your SAB account to your HSBC accounts, see their balances in SAB Online and the SAB app, and move money between them, up to SAR 1,000,000 a day. Supported HSBC countries include India, the UK, the UAE, Malaysia, Singapore, Indonesia, Oman, Qatar and Bahrain (16 in total).
- Credit cards: SAB issues several co-branded cards; our review of the SAB noon Visa credit card covers one popular option.
- Service in English: long-term expats often rate SAB’s English-language service well, particularly for premium accounts.
Best for: anyone with an HSBC account at home, and professionals who want premium banking.
4. Alinma Bank: Best Fully Islamic Bank for Affluent Expats
Alinma is a fully Sharia-compliant bank with a strong app and a package written specifically for non-Saudi residents. On its Expats Affluent Banking page (October 2026):
- Diamond tier: fee-free domestic and international transfers through alinma Express and SWIFT.
- Platinum tier: 50% off domestic and international transfer fees through alinma Express and SWIFT.
- Savings: an annual return of up to 2.25% on balances up to SAR 1 million.
- Credit card offer: free issuance with no annual fee for cards issued from 1 to 31 October 2026.
Alinma does not publish the salary needed for each tier on that page, so ask a branch before you move your salary. If Islamic banking matters to you, our guide to Islamic finance vs conventional banking explains how murabaha and ijara products work.
Best for: higher earners who want a fully Islamic bank and lower transfer costs.
5. Riyad Bank: Best for Holding USD, EUR or GBP
Riyad Bank is a strong option if you want to keep part of your savings outside the riyal without opening an account abroad.
- Online opening: Riyad Bank’s current account page says all National ID and Iqama holders can apply, verifying through the national single sign-on with an Absher account. You need an active Absher account and a registered national address; the mada card is delivered to that address within seven working days.
- Second account in another currency: existing customers can open a second current or savings account in US dollars, euros or pounds sterling from Riyad Online or the Riyad Mobile app.
- Coverage: long-established branches and ATMs across the main cities.
Best for: expats saving in a foreign currency and frequent travellers.
Top 5 Banks Compared
| Bank | Best for | Online opening (as published) | Sending money abroad | Stands out for |
|---|---|---|---|---|
| Al Rajhi Bank | Most expats, remittances | Yes, for Iqama holders; branch route for new arrivals | Tahweel, 200+ countries | Fully Islamic, wide ATM reach |
| SNB | Corporate payroll | Branch; app onboarding varies | QuickPay in the app | Large branch network |
| SAB | HSBC customers | Branch; app onboarding varies | SWIFT; Global Transfer to HSBC | Euromoney Best bank in Saudi Arabia 2026 |
| Alinma Bank | Fully Islamic, affluent expats | Branch; app onboarding varies | alinma Express and SWIFT | Free (Diamond) or 50% off (Platinum) transfers |
| Riyad Bank | USD, EUR, GBP savings | Yes, with Absher and national address | SWIFT from the app | Second account in USD, EUR or GBP |
The best bank in Saudi Arabia for remittances is the one with the lowest total cost for your corridor. Fees for international transfers change often and depend on the country and amount, so compare the total shown in each app on the same day. For a quick sense of what your riyals are worth, use our SAR to PKR, SAR to INR and SAR to PHP rate tools.
Digital Banks in Saudi Arabia
Saudi Arabia now has four licensed digital banks. They have no branches, and everything from opening to cards happens in the app.
- STC Bank: grew out of stc pay, the wallet many expats already used for transfers home. SAMA allowed it to start banking operations in January 2025. Its fee page lists free current and savings account opening, Western Union transfers at SAR 25 to most countries, SAR 15 to Bangladesh, and free to Pakistan for SAR 375 or more (SAR 15 below that), plus local instant transfers at SAR 0.50 up to SAR 2,500 and SAR 1 up to SAR 20,000. All prices exclude VAT.
- D360 Bank: SAMA allowed it to start operations in December 2024. It is an app-only bank backed by the Public Investment Fund.
- Vision Bank: SAMA cleared it to start digital banking operations in September 2025.
- EZ Bank: licensed by the Cabinet in September 2025 with capital of SAR 2.5 billion (SAMA announcement). It was not yet open to customers when it was licensed.
Who can sign up, and with which Iqama type, is decided inside each app during onboarding, so download the app and try the sign-up before you plan to move your salary. For now, the best bank in Saudi Arabia for your salary is still usually a traditional one; a digital bank works well as a second account for transfers.
List of Banks in Saudi Arabia (2026)
According to the Saudi Central Bank (SAMA), there are 39 licensed banks in Saudi Arabia: 15 Saudi banks and 24 branches of foreign banks. Whichever you decide is the best bank in Saudi Arabia for you, it will be one of these. This is the full list of the 15 Saudi banks, with the older names you may still see on documents:
| # | Bank | Type | Note |
|---|---|---|---|
| 1 | Saudi National Bank (SNB, AlAhli) | Traditional | Merger of NCB and Samba, 2021 |
| 2 | Al Rajhi Bank | Traditional, fully Islamic | |
| 3 | Riyad Bank | Traditional | |
| 4 | Saudi Awwal Bank (SAB) | Traditional | Formerly SABB, the Saudi British Bank |
| 5 | Arab National Bank (ANB) | Traditional | |
| 6 | Alinma Bank | Traditional, fully Islamic | |
| 7 | Banque Saudi Fransi (BSF) | Traditional | |
| 8 | Saudi Investment Bank (SAIB) | Traditional | |
| 9 | Bank AlJazira | Traditional, fully Islamic | |
| 10 | Bank Albilad | Traditional, fully Islamic | |
| 11 | Gulf International Bank Saudi Arabia (GIB) | Traditional | |
| 12 | STC Bank | Digital | Operating since 2025 |
| 13 | D360 Bank | Digital | Operating since December 2024 |
| 14 | Vision Bank | Digital | Cleared to operate September 2025 |
| 15 | EZ Bank | Digital | Licensed September 2025 |
The 24 foreign bank branches include Emirates NBD, National Bank of Kuwait, National Bank of Bahrain, Bank Muscat, Deutsche Bank, BNP Paribas and J.P. Morgan Chase. Most of them serve companies rather than personal customers, so expats normally open their salary account with one of the Saudi banks above.
Documents You Need to Open a Bank Account
Under SAMA’s account opening rules, a bank can open an account for an expatriate on a copy of the Iqama, and it must record your address in Saudi Arabia and your address in your home country. Expect to provide:
- Valid Iqama (and passport, which most banks also ask for)
- A Saudi mobile number registered to your Iqama; see how to register a mobile number with your Iqama
- An active Absher account for digital verification; our Absher registration guide walks through it
- A registered national address in Saudi Arabia, plus your home-country address
- A salary or employment letter; some banks also accept your GOSI salary certificate as proof of wages
Family members on a dependent Iqama who are not allowed to work can also hold accounts under SAMA rules, though banks treat them as higher risk and may ask more questions.
How to Open a Bank Account Online in Saudi Arabia
- Pick your bank using the comparison above, then download its official app from the App Store or Google Play.
- Choose the option to open a new account and enter your Iqama number and date of birth.
- Verify your identity through the Nafath app or the national single sign-on with your Absher login, then confirm the code sent to your registered mobile number.
- Fill in your job, salary, national address and home-country address, then accept the terms.
- Receive your IBAN in the app, request your mada card, and send the IBAN to HR before your first payroll date.
If the app rejects you, the usual reasons are an expired Iqama, a mobile number registered to someone else, or no national address. Fix those first, or visit a branch with your documents.
Bank Fees in Saudi Arabia: What SAMA Caps
The SAMA Guide to Financial Institutions Services Fees (circular dated 22 December 2025, now in force) replaced the old Banking Tariff and sets the maximum fees banks and payment companies may charge individuals. Amounts exclude VAT where VAT applies.
| Service | Maximum fee |
|---|---|
| Opening a current account | Free |
| Issuing or renewing a mada card | Free |
| Replacing a lost or damaged mada card, or after three wrong PINs | SAR 10 |
| Additional mada card | SAR 10 |
| Card retained by an ATM | Free |
| mada purchase abroad | 2% of the amount |
| mada cash withdrawal abroad (outside GCC Net) | 3% of the amount, maximum SAR 25 |
| Local electronic transfer up to SAR 2,500 | SAR 0.5 |
| Local electronic transfer above SAR 2,500 up to SAR 20,000 | SAR 1 |
| Local electronic transfer above SAR 20,000 | SAR 7 same day, SAR 5 next day |
| International transfer to a bank abroad | SAR 50 online, SAR 75 in a branch |
| Account statement for the last 12 months | Free |
| IBAN certificate | Free |
These are ceilings, not prices: many banks charge less, and remittance companies and wallets set their own fees. The exchange rate is not capped, which is why the same transfer can cost more at a bank that charges a low fee. Travelling? Read our guide to using a mada card abroad before you go.
Sending Money Home: Bank App or Exchange App?
Based on real expat experience in KSA, the cheapest route changes by country and by amount. A bank app is convenient when your salary is already there; remittance apps and exchange houses often win on the rate for South Asia and the Philippines. Before each large transfer, compare two or three quotes on the same day for the amount the recipient actually receives. Our guide to the best money transfer services compares the main apps, and the rate tools above show the reference rate.
Credit Score, Credit Cards and Loans
Every Saudi bank reports your credit cards, personal finance and buy now pay later plans to SIMAH, the Saudi Credit Bureau, and checks your SIMAH record before it approves new credit. Your history from home does not count here; it starts with your first Saudi card or loan.
- Before you apply for a card or loan, check your SIMAH credit report on MOLIM. Your first report is free if you have never generated one.
- Pay every card and instalment on time, including small BNPL plans; read how the BNPL limit in Saudi Arabia works.
- Most banks ask for salary transfer, a minimum period of service and a salary certificate for personal finance, so start with the bank that already receives your salary.
When Your Iqama Expires or You Leave Saudi Arabia
This is the rule that catches most expats out. Under SAMA’s account rules, updated by a circular dated 25 September 2025:
- 90 days after your Iqama expires, banks freeze all accounts and transactions of non-Saudi customers.
- Still allowed during a freeze: salaries, personal deposits, and incoming local and international transfers. Payments already set up before expiry, such as loan instalments and card repayments, continue.
- 180 days after expiry, the balance is moved to a unified account.
- On final exit, all accounts of expatriates must be closed. A balance under SAR 50,000 left behind can be transferred to you with the approval of the bank’s compliance department.
Check your Iqama expiry date well before it runs out, and push your employer to renew it on time. If it is already blocked, our guide to a frozen Saudi bank account explains how to get it working again. Leaving for good? Close your accounts as part of your final exit visa checklist.
Frequently Asked Questions
Which is the best bank in Saudi Arabia for expats?
For most expats, Al Rajhi Bank is the best all-round choice: it opens accounts digitally for Iqama holders, has a branch route for new arrivals still waiting for an Iqama, and runs Tahweel Al Rajhi for transfers home. SAB suits HSBC customers, Riyad Bank suits people who want to hold USD, EUR or GBP, and Alinma suits people who want a fully Islamic bank.
Which bank is best in Saudi Arabia for a salary account?
Any licensed Saudi bank can receive your salary under the Wage Protection System. In practice, the easiest choice is often the bank your employer already uses for payroll, because transfers between the same bank land faster. If you send money home every month, compare the transfer route of that bank against Al Rajhi Tahweel or STC Bank before you decide.
How many banks are there in Saudi Arabia?
According to the Saudi Central Bank (SAMA), there are 39 licensed banks in Saudi Arabia: 15 Saudi banks and 24 branches of foreign banks. The 15 Saudi banks include four digital banks: STC Bank, D360 Bank, Vision Bank and EZ Bank, which was licensed in September 2025.
Can I open a Saudi bank account before my Iqama is issued?
Yes, at some banks, but only in a branch. Al Rajhi Bank says new arrivals on a 90-day work visa can open an account in person with a passport valid for six months, the work visa, a letter from the employer and proof of a temporary address in Saudi Arabia. Online opening needs an Iqama.
Can expats open a bank account online with Nafath or Absher?
Yes, if you already have an Iqama. Al Rajhi and Riyad Bank both offer digital account opening to Iqama holders. Riyad Bank asks for an active Absher account and a registered national address; if you do not have both, you have to visit a branch.
What happens to my bank account when my Iqama expires?
Under SAMA rules, banks freeze the accounts and transactions of a non-Saudi customer 90 days after the Iqama expires. Salaries, personal deposits and incoming local and international transfers still reach the account. After 180 days the balance moves to a unified account. Renewing the Iqama and updating it with the bank lifts the freeze.
Do Saudi banks charge a monthly fee or minimum balance?
Under the SAMA Fees Guide that is now in force, opening a current account, issuing and renewing a mada card, statements for the last year and an IBAN certificate are free. Each bank sets its own rules for premium accounts, so read the fee schedule of the account you choose before you sign.
Does a Saudi bank check my SIMAH credit score?
Yes, before giving you a credit card, personal finance or buy now pay later limit, lenders look at your SIMAH credit record. You can see the same report yourself on MOLIM, the official SIMAH app, and your first report is free if you have never generated one before.
Do I need to close my bank account on final exit?
Yes. SAMA rules say all accounts of expatriates must be closed upon their final exit. Settle any card, loan or finance first. If a balance remains after you leave, a balance under SAR 50,000 can be transferred to you with the approval of the bank’s compliance department.
New to the Kingdom? Our guide to life in Saudi Arabia for expats covers the other first steps.
Sources: Saudi Central Bank (SAMA) Rulebook, Guide to Financial Institutions Services Fees and Account Opening Rules; SAMA news releases on EZ Bank, Vision Bank, STC Bank and D360; Euromoney Awards for Excellence 2026; official pages of Al Rajhi Bank, SAB, Alinma Bank, Riyad Bank and STC Bank, October 2026.