- Official Approval: The Saudi Central Bank (SAMA) has adopted the “Visitor ID” as a valid document for opening bank accounts in the Kingdom.
- Financial Inclusion: The decision enables banks to serve new customer segments, particularly visitors, and enhances their banking experience.
-
Regulatory Updates: Part of ongoing updates to banking account rules to support digital transformation and financial inclusion.
The Saudi Central Bank (SAMA) has officially approved the use of the “Visitor ID” as an accepted document when opening bank accounts in Saudi banks. This update comes as part of SAMA’s revised banking account rules, which aim to expand accessibility and improve banking services for diverse customer groups.
What is the “Visitor ID”?
The Visitor ID is issued by the Saudi Ministry of Interior as an official identification document for visitors residing in the Kingdom.
Its authenticity and compliance with regulatory requirements can be verified through approved digital platforms, ensuring security and transparency.
Impact on Customers and Banks
-
New opportunities for visitors to open and operate bank accounts while in Saudi Arabia.
-
Improved customer experience for non-residents accessing banking services.
-
Enhanced financial inclusion, as more customer segments gain access to the formal financial system.
Continuous Regulatory Updates
This approval reflects part of SAMA’s regular updates to banking account rules designed to:
-
Align with global and local regulatory developments.
-
Support the Kingdom’s digital transformation initiatives.
-
Simplify account opening and operation procedures.
-
Strengthen the overall customer experience.
العربية (Arabic) To read the article in Arabic, click here
