How to open a bank account in Al Rajhi Bank

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

April, 2024

Last contact

October, 2024

Last update

July, 2024
  • founded in 1957, one of the largest Islamic banks in the region;
  • the bank opens savings (deposit) and current accounts;
  • the bank opens accounts for local companies only, as well as personal accounts;
  • account opening requires a personal visit of the beneficiary(ies) to Saudi Arabia;
  • in general, there are no restrictions on payments to / from the RF, but much may depend on the amount / destination / source of origin of funds;
  • main available currencies: SAR, USD, EUR;
  • no minimum balance requirement on the account – it is necessary to deposit at least SAR 1* into the account within 90 days after opening;
  • the bank issues bank cards (for personal accounts) and checkbooks (for corporate accounts);
  • fee for transfer to a foreign bank – from SAR 50* (~ USD 13,5);
  • Internet bank in English;
  • account opening time – about 1-2 weeks

*These are approximate tariffs / requirements, as they may ultimately differ depending on the client’s chosen service program at the bank

GSL rating
rating
Beginning of cooperation
April, 2024
Last contact
October, 2024
Last update
July, 2024
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General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1957
History
The Bank was founded in 1957. In 2006, it changed its name to its current name. The Bank has a well-developed base in the Kingdom of Saudi Arabia through a wide network of over 511 branches
Personnel
There are English-speaking staff
Bank’s shareholders
Abdullah Al-Rajhi - 2,179%; Riyad Capital Co (Investment Management) - 0,6453%; SNB Capital Co. - 0,3830%; State Street Global Advisors Ltd. - 0,1140%; Sjunde AP-fonden - 0,1029% etc.
Confidentiality
Judicial Cooperation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements
    Minimum requirements

    0
    Minimum balance, €
    N/A
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum account balance requirement - must deposit at least SAR 1 into the account within 90 days of opening
    Transactions permitted per month
    No restrictions on the number of transactions
    Initial deposit of funds, €
    No down initial deposit
    Minimum turnover, €/year
    No restrictions on minimum turnover
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    12
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for transfer to a foreign bank - from SAR 50 (~ USD 13,5)
    Incoming transfer, €
    The bank does not charge a fee for incoming transfer
    Distant access to the account
    Internet bank in English
    Financial products
    The Bank operates under the following segments: Retail, which includes individual customer deposits, credit facilities, customer debit current accounts (overdrafts), fees from banking services and remittance business; Corporate, which includes deposits of Very Important Person (VIP), corporate customers deposits, credit facilities, and debit current accounts (overdrafts); Treasury, which incorporates treasury services, Murabaha with Saudi Monetary Agency (SAMA) and international Mutajara portfolio, as well as Investment Services and Brokerage, which includes investments of individuals and businesses in mutual funds, local and international share trading services and investment portfolio
    Credit/debit cards
    The bank issues bank cards (for personal accounts) and checkbooks (for corporate accounts)

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Account opening requires a personal visit of the beneficiaries to Saudi Arabia
    Required
    For a legal entity:
    License (MISA License); Articles of Association (Memorandum and Articles of Association); Commercial Registration (CR); VAT Certificate; Completed bank form forms for the company and owner; Copies of current contracts with counterparties; Office lease agreements, cash flow chart, ownership structure chart, etc.
    For natural person (directors / shareholders / beneficiaries / attorneys):
    Proof of identity (passport) + local ID; Proof of address in SA not older than 3 months; Bank statements for the last 6 months; Local cell phone number linked to ID
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Saudi Arabia

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
    3 500
    N/A
    N/A
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