Personal accounts: Saudi Arabia

Updated 6 October 2026

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A personal account in Saudi Arabia is opened at local banks supervised by the Saudi Central Bank. The key condition is a Saudi residence permit: with it the bank opens an account on standard terms, often online through the national digital identity. Non-residents without residence rarely get personal accounts. The riyal is pegged to the US dollar at 3.75 riyals per dollar. Accounts are opened in riyals and dollars.

Who gets an account and how

• Employees: a salary account is opened after the residence permit is issued; by law salaries are paid into a bank account.
• Premium residency holders, including the property owner category from 4 million riyals, about $1.07 million, on the same terms as residents.
• Investors and company directors with residence obtained through the company.
• Students at Saudi universities, with a study residence permit, for stipends and expenses.
• Non-residents: in exceptional cases at the bank's discretion.

Premium residency

This status lets you live in Saudi Arabia without an employer sponsor, own property and do business. There is a permanent option for a one-off fee of 800,000 riyals, about $213,400, and an annually renewable one for 100,000 riyals, about $26,700, plus categories for talent, entrepreneurs, investors and property owners from 4 million riyals. With this status the bank opens an account as for an ordinary resident.

Transfers abroad

There are no currency controls, and the riyal converts freely to dollars. Transfers abroad go through the bank with a stated purpose, and the bank may ask for documents on large sums. Many people use banks' mobile apps for salary transfers to family.

What you need

• passport and Saudi residence permit;
• a national address confirmed by the postal service;
• a salary certificate from the employer or income documents;
• a Saudi phone number registered in your name;
• tax number of your country of residence for the tax information exchange form.

Taxes and deposit protection

• There is no personal income tax in Saudi Arabia, and deposit interest is not taxed.
• The Depositors Protection Fund guarantees up to 200,000 riyals, about $53,300, per depositor per bank.
• Information exchange. Saudi Arabia sends non-residents' account details to their country of tax residence.

What happens to the account when you leave

The account is tied to the residence permit. If it expires or you leave for good, the bank restricts operations and may freeze the account. So before leaving, money is transferred and the account closed, or arrangements are made with the bank in advance.

How opening works

1. Residence permit and digital identity.
2. Choosing a bank and currency: riyals, dollars or both.
3. Application online or at a branch.
4. Review of income and address documents.
5. Card, online banking and instant domestic payments.

Why banks refuse

• No valid residence permit.
• Source of large funds not proven.
• Sanctions risk by nationality or counterparties.
• The phone number or address is not registered to the applicant.
• The residence permit expires within months and has not been renewed.
• The account's purpose and expected inflows do not match income.

What we do

Murblz specialists help obtain premium residency or residence through a company, choose a bank, prepare documents and the source-of-funds explanation, and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property

FAQ