In a major step toward enhancing financial inclusion and improving the visitor experience, the Saudi Central Bank (SAMA) has approved a regulatory update that allows visitors to the Kingdom of Saudi Arabia to open and access banking services nationwide using a “Visitor ID”. This development marks a significant milestone for the Kingdom’s financial landscape, aligning with broader goals of economic diversification and digital transformation under Vision 2030.
Whether you’re a tourist exploring Riyadh’s modern skyline, a business traveler attending a conference in Jeddah, or a pilgrim visiting the holy cities of Makkah and Madinah, this change simplifies how you can manage your finances during your stay.
What’s New: Visitor ID for Banking
Previously, non-residents and visitors without local residency documentation faced limitations when trying to access banking services in Saudi Arabia. Most banks required a residency permit (Iqama) or specific documents that many tourists and temporary visitors simply didn’t possess. This often meant relying on cash or foreign bank cards with higher fees and restrictive usage.
That changes with SAMA’s approval of the Visitor ID — an identity document issued by the Saudi Ministry of Interior, verified through official digital platforms. Now, visitors can use this ID to open bank accounts, subject to each bank’s account opening rules.
This is more than a bureaucratic tweak: it’s a strategic move toward creating a visitor-friendly financial ecosystem that supports tourism, business travel, and international commerce.
Why This Matters for Visitors
Opening a local bank account with a Visitor ID provides several practical advantages:
1. Safer & Convenient Money Management
Visitors no longer need to carry large amounts of cash — a common safety concern while traveling. With a local bank account, they can make digital payments, transfer funds, and use debit cards easily at retailers, hotels, restaurants, and transport services across the Kingdom.
2. Lower Transaction Costs
International payment cards often incur higher foreign transaction fees and less favorable exchange rates. A local account helps reduce these costs, making purchases and money transfers cheaper and more predictable.
3. Access to Digital Banking
Saudi banks offer modern digital banking platforms that support online transfers, mobile payments, bill payments, and even contactless QR payments. This aligns with broader trends toward cashless economies and digital financial inclusion.
4. Financial Inclusion for Pilgrims and Tourists
Saudi Arabia annually welcomes millions of pilgrims for Hajj and Umrah, along with a growing number of tourists thanks to new visa initiatives. Allowing banking access with Visitor ID ensures these visitors can manage funds, pay for services, and even receive remittances securely — boosting their overall experience.
What Banks Need to Do
Banks operating in Saudi Arabia must update their Know Your Customer (KYC) and account opening procedures to accept the Visitor ID as valid identification. This includes integrating verification processes via approved digital platforms that authenticate the Visitor ID.
While each bank still applies its internal rules, many are expected to embrace this change rapidly as part of broader digital transformation strategies — especially in retail and consumer banking.
Broader Impact on the Financial Sector
This move is part of a larger regulatory and technological shift in Saudi Arabia’s banking sector aimed at modernization, digital innovation, and inclusivity. The Kingdom continues to pilot initiatives like open banking frameworks and digital financial services that encourage fintech growth and competition.
By enabling visitors to open accounts, SAMA is also encouraging banks to expand their product offerings — from mobile wallets and payments to savings accounts and international transfers — tailored to both residents and non-residents.
Boosting Tourism & Economic Growth
Saudi Arabia’s tourism sector is rapidly expanding, supported by initiatives like the “Visa by Profile” program that simplifies the tourist visa application process and attracts more international visitors.
Combining easier visa issuance with accessible banking services enhances the overall travel experience, making the Kingdom more competitive as a global destination for tourism, business, culture, and leisure.
Challenges and Considerations
While this update marks notable progress, there are still challenges ahead:
- Bank Participation: Not all banks may roll out Visitor ID account services immediately, so communication and customer support will be key to visitor awareness.
- Verification and Security: Ensuring robust digital verification to prevent fraud or misuse is a priority, especially when opening accounts for non-resident users.
- Digital Literacy: Some visitors may need guidance on using digital banking services, mobile apps, and online payments.
Despite these challenges, the benefits far outweigh the hurdles, and early adoption by financial institutions will set a strong precedent for inclusive financial services.
A Step Toward the Future
Allowing visitors to open bank accounts using a Visitor ID is more than a convenience — it symbolizes how Saudi Arabia is embracing digital transformation and global connectivity. It reflects a forward-looking agenda where financial services serve not just residents, but anyone who comes to engage with the Kingdom’s economy, culture, or religious heritage.
This initiative promotes ease of travel, supports economic growth, and opens new opportunities for cross-border financial engagement — all key pillars of the Kingdom’s Vision 2030 agenda.
Conclusion
The ability to open a bank account in Saudi Arabia using a Visitor ID marks an important step in supporting international visitors and strengthening the Kingdom’s global connectivity. These accounts provide convenience, secure transactions, and easier financial management during your stay.
However, for individuals planning long-term investments or business setup in Saudi Arabia, understanding banking procedures, regulatory requirements, and financial compliance becomes even more critical.
At Arab Dreams, we specialize in supporting entrepreneurs and companies with corporate banking assistance, business formation, regulatory compliance, and ongoing financial services. If you are planning to establish a business presence in Saudi Arabia, our experienced team is ready to guide you through every step of the process with clarity and confidence.
