How to open a bank account in Saudi Alawwal Bank (SAB)

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
  • has been operating since 1959, is a member of HSBC group;
  • the bank opens savings (deposit) and current accounts;
  • the bank opens accounts for local companies only, as well as personal accounts;
  • opening a corporate account requires a personal visit of the beneficiary(s) to Saudi Arabia; personal accounts can be opened online;
  • in general, there are no restrictions on payments to/from RF, but much may depend on the amount/destination/source of origin of funds;
  • main available currencies: SAR, USD, EUR, GBP;
  • no minimum account balance requirement – it is necessary to deposit at least SAR 1* into the account within 90 days after opening;
  • issuance of bank cards (both for personal and corporate accounts) and checkbooks is possible;
  • fee for transfer to a foreign bank – from SAR 46* (~ USD 13);
  • Internet bank in English;
  • account opening time: about 2-3 weeks

*Example tariffs / requirements are given, 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
1959
History
Saudi Awwal Bank is one of the largest banks in the Kingdom and has a history in Saudi Arabia for over 90 years
Personnel
There are English-speaking staff
Bank’s shareholders
HSBC HOLDINGS PLC - 30,99%; Olayan Financing Co. - 20,34%; Hassana Investment Co. (Investment Company) - 5,305%; Riyad Capital Co (Investment Management) - 0,2758%; State Street Global Advisors Ltd. - 0,1123% 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, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum account balance requirement - it is necessary to deposit at least SAR 1 into the account within 90 days after 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 46 (~ USD 13)
    Incoming transfer, €
    The bank does not charge a fee for incoming transfer
    Distant access to the account
    Internet bank in English
    Financial products
    Банк предоставляет ряд банковских услуг, а также продукты, одобренные шариатом.
    Банк осуществляет свою деятельность в следующих сегментах:
    Розничное банковское обслуживание, которое в основном удовлетворяет банковские потребности персональных и частных клиентов, включая депозиты, текущие и сберегательные счета, личные финансы и кредитные карты;
    Корпоративное банковское обслуживание, которое в основном удовлетворяет банковские потребности коммерческих и корпоративных клиентов, включая депозиты, текущие счета, кредиты, финансы и другие кредитные услуги;
    Казначейство, которое в основном занимается рынками капитала, валютными операциями и торговлей финансовыми деривативами, а также
    Прочие, которые включают деятельность Банка по инвестициям в совместное предприятие и ассоциированную компанию.
    Кроме того, сегмент Казначейства занимается управлением рисками ликвидности, валютными рисками и рисками по специальным комиссионным ставкам, а также отвечает за финансирование операций Банка
    Credit/debit cards
    issuance of bank cards (both for personal and corporate accounts) and checkbooks is possible

    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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