How to Open Bank Account in Saudi Arabia

Current Accounts
Cash is preferred over checks. However, utility companies and other major service providers accept checks for regular payments. Direct debits can also be arranged with the bank to cover regular payments, but one must make sure that instructions are correctly carried out. The layout of checks in Saudi Arabia is similar to that of United Kingdom and America. Moreover, the information shown on personal checks include the name of the bank, the branch, name of the client, date, and other pertinent information. On the other hand, current accounts pay little or no interest on account balances and the account holder must have substantial balance to earn interest.

Savings Accounts
Savings account offer lower interest rates but allows easy withdrawal of funds anytime. Furthermore, savings account holders are given a passbook where they can track down the history of their transactions. Various types of savings accounts are available and offer different interest rates depending on the amount deposited. There are other banks that yield high interest rates but require substantial amount deposited to qualify for higher interest rates.

Application Procedure
In Saudi Arabia, the application process is simple and brief. One would just need to visit the bank of choice along with the required documents, an application form completely filled out, and a choice of account services like for instance a choice between a checkbook versus an ATM or how statements will be received.