Saudi Gazette report

JEDDAH — The Saudi Central Bank (SAMA) has instructed the local banks that they are required to open bank accounts for expatriates, who are holders of Saudi passports, only after obtaining the approval of the Ministry of Interior through the Central Bank.

With regard to adding a visitor's ID document for opening an account, the updated bank account rules stipulate that all banks are required to create an electronic record for non-Saudi resident natural persons. This record should include at least the following information: The full name as written in the passport, residency permit (iqama), or visitor's identity document, in order of language priorities (Arabic, English, or Latin). If the name is in a language or alphabet other than those mentioned, the name shall be written according to what is stated in the entry visa issued by the Saudi embassies and consulates.

The information shall also include nationality, number of iqama or visitor ID and expiry date, national address in the case of expatriates, or residential address in the Kingdom and visitor's country of origin in the case of visitor, contact information, and employer, if applicable. It indicated that for those holding five-year residency cards issued to certain tribal members, the full name, residency card number, and expiry date must be recorded.

The Saudi Central Bank recently announced the approval of using the Visitor ID for opening bank accounts in accordance with banks' account opening rules. The Visitor ID, issued by the Ministry of Interior, serves as an official identification document for visitors to the Kingdom, and it can be verified through authorized digital platforms.

SAMA required banks to close expatriate accounts upon their final departure and freeze their accounts upon the expiry of their ID cards. These documents include national ID cards for citizens of Gulf Cooperation Council countries, residency permits or visitor ID cards for expatriates, and diplomatic cards for diplomats.