How to open a bank account in Saudi National Bank (SNB)

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 1953, the largest bank in Saudi Arabia;
  • 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 RF, but much may depend on the amount / destination / source of origin of funds;
  • main available currencies: SAR, USD, EUR, CNY, etc.;
  • no minimum balance requirement on the account – it is necessary to deposit at least SAR 1* into the account within 90 days after opening;
  • issuance of bank cards (for personal accounts) and checkbooks (for corporate accounts) is possible;
  • fee for transfer to a foreign bank – from SAR 50* (~ USD 13,5);
  • Internet banking in English

*Example tariffs / requirements are given, as they may ultimately differ depending on the client’s chosen service program with 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
1953
History
National Commercial Bank was founded by Salim Ahmed Bin Mahfouz and partners in Jeddah in 1953 on the basis of a currency exchange office opened in 1939. In 1999, the Saudi government acquired a 50% stake in the bank from the founder's family
Personnel
There are English-speaking staff
Bank’s shareholders
Public Investment Fund (Investment Company) - 37,06%; State Street Global Advisors Ltd. - 0,1136%; UBS Asset Management (Singapore) Ltd. - 0,1080%; Sjunde AP-fonden - 0,1029%; Amundi Asset Management SA (Investment Management) - 0,0440% 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 balance requirement on the account - 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 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 through the following segments:
    Retail, which provides banking services, including loans and current accounts in addition to Shariah compliant products, to individuals and private banking customers;
    Corporate, which provides banking services, including conventional loan products and Shariah compliant financial products, to small businesses, medium and large enterprises and companies;
    Treasury, which provides a range of treasury and correspondent banking products and services, including money market and foreign exchange, to the Group's customers, in addition to carrying out investment and trading activities and managing liquidity, market and credit risk;
    Capital Markets, which provides wealth management, asset management, investment banking and equity brokerage services, and
    International, which includes banking services provided outside Saudi Arabia
    Credit/debit cards
    Issuance of bank cards (for personal accounts) and checkbooks (for corporate accounts) 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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