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

• 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