Betterhelp business service company in Saudi Arabia brought the important update for Saudi visitors. The Kingdom of Saudi Arabia has recently given a gift to Travellers expanded banking access for foreign internationals or visitors. The Saudi Central Bank’s new regulation allows visitors and business travellers to open a bank account with their Visitor ID at selected banks across Saudi Arabia. This update removes the previous geographic restrictions and makes financial transactions easier for millions of people visiting Saudi Arabia (KSA) annually.  

Whether you’re exploring investment options, attending events or conferences, or simply enjoying Saudi tourism, a local bank account helps make daily transactions easier. Keep reading this article to find out what documents are required to open the bank account, which banks accept Visitor ID, what features these accounts provide, and how this change affects your experience in Saudi Arabia.

What Document You Need to Open Bank Account in Saudi Arabia (KSA)

To open a bank account in Saudi Arabia as a visitor, you need a few documents. Opening a bank account requires your passport, Visitor ID and identity verification through Nafath. These government-approved digital platforms to verify your identity and legal status in the Kingdom of Saudi Arabia.  

Several major banks in Saudi Arabia now allow Visitor ID for opening bank accounts. Saudi National Bank (SNB), Al Rajhi Bank, Riyad Bank, and Arab National Bank have launched services for non-resident travellers. While each bank might have slightly different requirements, the main process will be generally the same of all the banks.  

The process of opening a bank account across the country can take anywhere from same-day approval to three business days, depending on the bank and the process of your paperwork. Some banks allow you to open a bank account instantly using their mobile banking. Also, you can visit the nearest branch. Getting your documents ready and verified.

What Are the Features and limits of Visitor ID bank accounts

• Visitor ID accounts offer useful features for short to medium-term stays. 
• Visitor ID accounts will provide Debit Card and POS payment across Saudi Arabia. 
• Mobile banking  allows you to check your balances, transfer funds, and manage your account using your smartphone.  
• Integrating digital payments allows you to use mobile wallets and payment platforms so that you can pay restaurant bills, transport, or shopping online compared to using cash.  

However, Betterhelp business setup company in Saudi Arabia got information from Saudi Central Bank that Visitor ID accounts have KYC limits as part of Anti-Money Laundering compliance measures. Transaction limits typically set individual transfers between SAR 50,Thousand and SAR 100 Thounsad, although the specific amounts can differ by bank. There may also be restrictions on monthly transaction volumes, and account balances cannot go over SAR 500,000 to SAR 1,000,000. Visitor ID account will be active as long as your Visitor ID is valid. Visitor ID validity is usually valid till the duration of your visa, which can be differ but normally lasts up to one year. When your Visitor ID expires, you have to renew it or close the account and you can transfer the remaining funds elsewhere.

Why Kingdom of Saudi Arabia Took That Decision for Travellers Can Open Bank Accounts Across Saudi Arabia (KSA)

Visitor ID Account is a big step forward to attract international Travellers. Visitor ID accounts help very much for financial management during your stay. The process is very easy, and the features are suitable for both professionals and visitors.  

Also if you are looking for a business setup in Saudi Arabia or need help with financial compliance, it’s important to know about transaction limits and necessary documents, and the long-term strategies. For more information you can easily reach Betterhelp business service company in Saudi Arabia. 

Betterhelp has expertise in assisting individuals and companies with financial management and regulatory compliance in the Kingdom of Saudi Arabia. Whether you’re opening your first visitor account or setting up a full business presence, you’re just one call away from achieving your goals.