Al Rajhi Bank overview
Al Rajhi Bank is one of the largest Islamic banks in Saudi Arabia and operates under a licence regulated by the Saudi Central Bank (SAMA). The bank is publicly listed on the Saudi Exchange (Tadawul) and offers fully Sharia-compliant products, meaning no interest is charged or paid on any account. Expats in the Kingdom can open current and savings-equivalent (Mudarabah) accounts, access a broad ATM network, and use the bank's digital channels for day-to-day banking.
What to compare across Saudi Arabia bank accounts
GCC retail banking has its own quirks compared with European or North American norms. When you compare Al Rajhi Bank with other providers, run through this checklist before deciding:
- -Salary transfer rules. Many GCC banks require a monthly salary transfer above a stated threshold to waive fees or unlock perks. If you are self-employed, a freelancer, or on an investor visa, check whether the account accepts non-salary funding.
- -Minimum balance. Some accounts levy a fee if the balance drops below a published minimum. Confirm the threshold and how it is measured (average vs end-of-month).
- -International transfer charges. Compare both the explicit fee and the exchange-rate spread. The cheapest cross-border path is often a dedicated remittance provider funded from the local account.
- -Card network and rewards. Check which network the debit or credit card runs on (Visa, Mastercard, Mada in KSA) and which rewards or cashback actually apply to spend outside the country.
- -Onboarding requirements. Confirm the list of documents (residence permit, passport, proof of address, salary certificate) so you do not turn up missing one.
- -Branch and ATM coverage. Digital-first banks save fees but rely on partner ATMs for cash. If you handle a lot of cash, check the network.
- -Support hours and channels. A bank you can reach by chat at 2am behaves very differently from one with call-centre hours only.
How GCC retail banking works for expats
All retail banks in Saudi Arabia are supervised by the country's central bank. The supervision sets capital requirements, consumer-protection rules, and anti-money-laundering controls - it does not endorse any specific product. To verify a bank's licence, look it up on the central bank's public register (linked in the Official sources section below).
Expat onboarding in the region typically requires an active residence permit, a passport, and a proof of address. Some account tiers also ask for a salary certificate from your employer or proof of source of funds for self-employed applicants. Account-opening flows have moved largely online, but a small number of products still require a branch visit - check Al Rajhi Bank's own onboarding page for the current process.
Deposit insurance and consumer-protection arrangements vary by country. Confirm what cover applies in Saudi Arabia before holding large balances at any single institution.
Al Rajhi Bank quick facts
Source: editorial review. Confirm current terms on the bank's own website.
| Minimum balance | See Al Rajhi Bank schedule of charges for current minimums |
| Monthly fee | See Al Rajhi Bank schedule of charges |
| Card type | Mada debit card issued as standard; credit cards available subject to eligibility |
| Salary transfer required | Not mandatory to open an account, but some product tiers and fee waivers are linked to salary transfer |
What stands out
- +Regulated by SAMA, providing a well-established regulatory framework for depositors
- +All products are Sharia-compliant, which suits expats who require or prefer Islamic banking
- +Extensive branch and ATM footprint across Saudi Arabia, including smaller cities and towns
- +Al Rajhi Mobile app supports Arabic and English and covers transfers, bill payments, and card controls
- +Mada debit card is widely accepted at point-of-sale terminals across the Kingdom
- +International remittance is available in-app and through branches to a wide range of countries
- +Salary transfer accounts can unlock preferential product access such as personal finance facilities
Things to know
- -Customer service wait times at branches can be long during peak hours, particularly at the start of the month
- -Some account features and fee structures differ depending on whether a salary is transferred to the account
- -Expats will need a valid Iqama (residency permit) to complete the account opening process
- -English-language support, while available, may be less consistent at some branch locations compared to the app experience
- -Mudarabah account profit rates are variable and not guaranteed, which is standard for Islamic deposit products
- -Certain premium or investment products may require a higher account tier or minimum balance
Opening a Al Rajhi Bank account
- Check eligibility. Confirm you hold a valid Iqama. Expats on visit visas are generally not eligible to open a personal account.
- Download the Al Rajhi Mobile app or visit a branch. Al Rajhi Bank offers digital account opening through its app for eligible customers. Alternatively, visit any branch with your documents.
- Prepare your documents. You will typically need your Iqama, a valid passport, and a Saudi mobile number registered in your name. Check the official Al Rajhi Bank website for the current document checklist.
- Complete identity verification. In-app opening uses Absher and Nafath for digital identity verification. Branch applications involve in-person verification by a bank representative.
- Choose your account type. Select a current account for day-to-day transactions or a Mudarabah account if you want profit-sharing on your balance. Staff or the app will explain the differences.
- Activate your Mada card. Once the account is open, a Mada debit card will be issued. Activate it via the app or an Al Rajhi ATM before first use.
Al Rajhi Bank fees
Fees can change. Confirm current pricing on the bank's own schedule of charges.
| Fee | Amount |
|---|---|
| Account maintenance fee | See Al Rajhi Bank schedule of charges |
| Mada card annual fee | See Al Rajhi Bank schedule of charges |
| Credit card annual fee | See Al Rajhi Bank schedule of charges; varies by card tier |
| Local ATM withdrawal (Al Rajhi ATMs) | See Al Rajhi Bank schedule of charges |
| Other bank ATM withdrawal within Saudi Arabia | See Al Rajhi Bank schedule of charges |
| International ATM withdrawal | See Al Rajhi Bank schedule of charges |
| Domestic transfer (Sarie / RTGS) | See Al Rajhi Bank schedule of charges |
| International wire transfer | See Al Rajhi Bank schedule of charges; fee structure may vary by destination and channel |
| Returned cheque fee | See Al Rajhi Bank schedule of charges |
| Account statement (paper, branch-issued) | See Al Rajhi Bank schedule of charges |
Frequently asked questions
- Where do I check Al Rajhi Bank's licence?
- Look up Al Rajhi Bank on the Saudi Central Bank (SAMA) - Licensed Entities. The link is in the Official sources section below.
- What documents are usually required to open a bank account in Saudi Arabia?
- Banks in the GCC typically request a valid government-issued ID (Emirates ID, National ID), a passport copy, proof of address, and may ask for a salary certificate or recent payslip. Exact requirements vary by bank and account type - confirm on the bank's own website.
- Can I open a Al Rajhi Bank account online?
- Onboarding options vary by bank and product. Check Al Rajhi Bank's own website or app for the current application flow.
Official sources
Verify Al Rajhi Bank's licence status on the Saudi Central Bank (SAMA) - Licensed Entities.