SAUDI ARABIA: The Saudi Central Bank (SAMA) has introduced a new measure allowing visitors to the Kingdom to open bank accounts using a “Visitor ID.” This initiative is part of Saudi Arabia’s ongoing efforts to enhance financial inclusion and improve accessibility to banking services for temporary residents. The Visitor ID, issued by the Ministry of Interior, serves as an official document that can now be used in place of traditional residency permits, removing one of the main barriers that visitors previously faced when attempting to access financial services.
According to SAMA, the recognition of the Visitor ID ensures that account openings are secure, legitimate, and compliant with financial regulations. The document can be verified through authorised digital platforms, streamlining the process and reducing the need for in-person paperwork. This aligns with Saudi Arabia’s broader push toward digital transformation across sectors, particularly in banking, where the integration of secure digital verification methods has become a central focus of reform.
The change is expected to benefit a wide range of visitors, from business professionals and investors to those visiting family in the Kingdom for extended periods. By enabling account access, visitors can now more easily manage their finances, conduct transactions, and participate in Saudi Arabia’s growing digital economy. This move is also likely to enhance the ease of doing business in the country, supporting Saudi Arabia’s Vision 2030 goals to create a more dynamic and attractive economic environment.
Financial analysts view the measure as a step toward strengthening Saudi Arabia’s image as a global financial hub. It demonstrates a commitment to modernisation while still maintaining robust security standards in line with international best practices. By expanding financial accessibility, the Kingdom not only empowers visitors but also signals its readiness to embrace a more open and interconnected banking landscape, further supporting its role in global commerce and investment.
