Best Banks for Expats in Saudi Arabia (2025): Al Rajhi, SNB, or STC Pay?

When you land in Saudi Arabia, you have three immediate priorities: Get a SIM card, find an apartment, and open a bank account.

Without a bank account, you are paralyzed. You cannot receive your salary, you cannot pay your rent via the mandatory Ejar system, and you definitely cannot transfer money back home to your family.

But the banking landscape in 2025 is confusing.

Should you go with the giant Al Rajhi because their ATMs are everywhere?
Or SAB (Saudi Awwal Bank) because you used HSBC back home?
Can you just live off STC Pay and skip a real bank entirely?

I have lived here for years, stood in the long queues, dealt with frozen accounts, and tested almost every banking app.

Here is the ultimate, no-nonsense guide to banking in the Kingdom for expats—covering fees, credit cards, loans, and the dreaded "Account Freeze."

Chapter 1: The "Big Three" Banks (Pros & Cons)

Most companies in Saudi Arabia will push you to open an account with a specific bank for payroll purposes. However, you usually have a choice. Here is how the top contenders stack up.

1. Al Rajhi Bank (The "People’s Choice")

If you walk into any mall in Riyadh, Jeddah, or Dammam, you will see the blue Al Rajhi logo. It is the largest Islamic bank in the world by assets.

The Good:
- ATM Network: You can find an Al Rajhi ATM in the middle of the desert. They are everywhere.
- The App: It is fantastic. Fast, English-friendly, and rarely crashes.
- Remittance: Their "Tahweel Al Rajhi" centers are specifically designed for expats sending money to India, Philippines, Pakistan, and Egypt.
The Bad:
- Crowds: Because it is so popular, the branches are a nightmare. Expect to wait 1-2 hours if you need to visit in person.
Verdict: Best for most expats who want convenience and don't mind crowds.

2. SNB (Saudi National Bank) – Formerly NCB

This is the "Corporate" choice. If you work for a large multinational or a government project (like NEOM), your colleagues likely use SNB.

The Good:
- Service: Generally less chaotic than Al Rajhi.
- QuickPay: Their remittance service is excellent and integrates directly into the main app.
The Bad:
- The App: The interface is a bit clunky compared to Al Rajhi.
Verdict: Best for professionals with higher salaries who want a calmer banking experience.

3. SAB (Saudi Awwal Bank) – Formerly SABB/HSBC

If you are a Western expat (UK, US, Europe), this is often your home.

The Connection: SAB was historically associated with HSBC. If you have an HSBC account back home, you can often link them to view your global balance (Global View).
The Good:
- English Support: Their customer service generally speaks the best English.
- Credit Cards: They offer some of the best travel-rewards credit cards.
Verdict: The #1 choice for Western expats or those earning 20,000+ SAR/month.

Chapter 2: The Digital Revolution (STC Pay vs. Urpay)

In 2025, the line between "Bank" and "App" is blurry. Many expats now use digital wallets for 90% of their daily lives.

STC Pay

This was the first "Unicorn" fintech in Saudi.

Why you need it: It is the easiest way to split bills with friends or send money internationally.
The Card: They issue a Visa card (Digital or Physical) that works everywhere (Groceries, Uber, Amazon).
Cashback: Usually 0.5% on purchases.
Transfer Fees: Often runs promos (e.g., 5 SAR fee for international transfers).

Urpay (by Al Rajhi)

The challenger that is stealing the crown.

The Killer Feature: 1% Cashback on almost everything. If you spend 5,000 SAR a month on rent/food, Urpay gives you 50 SAR back. STC Pay usually gives less.
Verdict: Use Urpay for spending (to get the 1%), and STC Pay for splitting bills with friends.

Chapter 3: Opening Your Account (The "Nafath" Era)

Years ago, opening an account meant bringing a letter from your boss and waiting 3 weeks. Now, it takes 10 minutes on your couch.

The Prerequisites:

Valid Iqama.
Active Absher Account.
National Address: You must register your home address with Saudi Post (SPL) online. If you skip this, the bank app will reject you.
A Saudi Mobile Number: Registered under your Iqama.

The Step-by-Step Process:

Download the Bank App (e.g., Al Rajhi Mobile).
Select "Open New Account."
Enter your Iqama number and mobile number.
The Nafath Step: The app will show you a number (e.g., "45"). You must open the Nafath App on your phone, select "45", and scan your face. This is your digital signature.
Enter your financial details (Salary, Employer).
Done: Your IBAN is generated instantly. You can print the card at a "Self Service Kiosk" (24/7) found outside bank branches.

Chapter 4: The "Account Freeze" Nightmare

This is the most frustrating part of being an expat in KSA. Your bank account is legally tied to your Iqama Expiry Date.

The Scenario: Your Iqama expires on January 1st. Your company is slow and renews it on January 2nd.
The Result: On January 1st, your bank account freezes. Your card will decline at the grocery store. You cannot withdraw cash. Your standing orders (rent) will fail.

How to Fix It: As soon as you get the SMS that your Iqama is renewed:

Open your Bank App.
Go to Settings > "Update ID Expiry".
Verify via Nafath.
It unfreezes instantly. (Do not wait for the freeze! Set a reminder using our [Ultimate Guide to Your Saudi Iqama]).

Chapter 5: Sending Money Home (Remittance)

You are here to earn, right? So how do you get the money home?

Option A: Bank Remittance (Telemoney / QuickPay)

Pros: Secure, high limits (you can send 50,000 SAR at once).
Cons: Fees are usually 15-25 SAR per transaction. Exchange rates are "Okay."

Option B: Digital Apps (STC Pay / Urpay / Wise)

Pros: Better exchange rates. Lower fees (sometimes free during promos).
Cons: Lower daily limits (usually capped at 2,500 USD or 10,000 SAR per transaction).

My Strategy: I use Urpay for small monthly transfers to family (under 10k SAR). I use SNB QuickPay for large lump-sum savings transfers.

Chapter 6: Credit Cards & Loans for Expats

Can an expat get a Credit Card or a Car Loan? Yes, but it depends on your salary.

Credit Cards

Minimum Salary: Usually 5,000 SAR (for basic cards) to 10,000 SAR (for Platinum).
The "Salary Transfer" Rule: Most banks require you to transfer your salary to them to get a credit card.
The Benefit: You need a credit card for renting cars abroad or buying flight tickets on installments (Tabbby/Tamara).

Personal Loans

Can expats get them? Yes.
The Limit: Usually up to 15-20 times your monthly salary.
The Catch: If you leave the country permanently (Final Exit), you must pay off the loan completely at the airport, or immigration will not let you leave.

Chapter 7: Hidden Fees to Watch Out For

Saudi banking is mostly free, but there are traps.

Minimum Balance Fee: Standard accounts are free. But "Gold" accounts often require a minimum balance of 20,000 SAR. If you drop below that, they charge you 50-100 SAR/month.
SMS Fee: Some banks charge 10 SAR/year for SMS alerts.
International Withdrawal: If you use your Mada card at an ATM in Dubai or London, the fee is high (usually 25 SAR + 2.75% FX fee).

Final Verdict: Which One to Choose?

The "I just want it to work" Choice: Al Rajhi.
The "I want 1% Cashback" Choice: Urpay (linked to any bank).
The "I am a Western Expat" Choice: SAB.

My setup? I receive my salary in Al Rajhi (for the ATM network), but I immediately move my spending money to Urpay to get the cashback points.

Whatever you choose, just remember: Keep your Iqama valid. If your ID dies, your money sleeps.

(Now that your money is safe, you need to spend it wisely. Check our [Grocery Shopping Guide: Lulu vs Tamimi] to see where to get the best food deals in Riyadh).