GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / The Saudi Investment Bank (SAIB)

How to open a bank account in The Saudi Investment Bank (SAIB)

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

April, 2024

Last contact

October, 2025

Last update

August, 2025
  • founded in 1977, one of the largest banks in Saudi Arabia;
  • the bank opens savings (deposit) and current accounts;
  • the bank opens accounts for local companies only, as well as personal accounts;
  • opening an account requires a personal visit to Saudi Arabia by the beneficiary(ies);
  • 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 bank in English;
  • account opening time: about 1-2 weeks

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

GSL rating
rating
Beginning of cooperation
April, 2024
Last contact
October, 2025
Last update
August, 2025
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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
1977
History
The Bank commenced operations on March 16, 1977
Personnel
There are English-speaking staff
Bank’s shareholders
Hassana Investment Co. (Investment Company) - 25,60%; Yasser AlJarallah - 4,578%; State Street Global Advisors Ltd. - 0,1089%; Sjunde AP-fonden - 0,1003%; Dimensional Fund Advisors Ltd. - 0,0512% 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 Company operates through the following segments:
    Retail banking, which includes loans, deposits and other credit products for high net worth individuals and consumers;
    Corporate Banking, which includes loans, deposits and other credit products to corporate, small and medium-sized businesses and institutional clients;
    Treasury and Investments handles money market, investment and treasury services, investments in associates and related activities;
    Asset Management and Brokerage Services is engaged in dealing, managing, advising and custody of securities; and
    Other segment, which provides support functions, specialty loans and other management and control units.
    The Company also offers Shariah compliant banking products and services
    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
    Offers
    Obtaining an Iqama in Saudi Arabia. Service offer

    An Iqama is a long-term residency visa used by foreigners who wish to live and work in Saudi Arabia. In terms of its purpose, the Iqama is equivalent to a work vi...

    USD 5 280

    Buy
    Obtaining Premium Residency in Saudi Arabia. Service offer

    Premium Residency is a residence permit in Saudi Arabia that gives foreigners the right to live, work, and do business in the Kingdom of Saudi Arabia.

    USD 6 160

    Buy

    Banks of Saudi Arabia

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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    5 500
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    Arab National Bank
    5 500
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    Bank Aljazira (BAJ)
    5 500
    N/A
    N/A
    Riyad Bank
    5 500
    N/A
    N/A
    Qatar National Bank
    5 500
    N/A
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    Banque Saudi Fransi
    5 500
    N/A
    N/A
    Bank Albilad
    5 500
    N/A
    N/A
    Saudi Alawwal Bank (SAB)
    5 500
    N/A
    N/A
    Industrial and Commercial Bank of China (ICBC)
    5 500
    N/A
    N/A
    The Saudi Investment Bank (SAIB)
    5 500
    N/A
    N/A
    Saudi National Bank (SNB)
    5 500
    N/A
    N/A
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