In a bold move to enhance financial inclusion and improve the visitor experience, the Saudi Central Bank (SAMA) announced that visitors to Saudi Arabia can now open bank accounts using their official “Visitor ID”, issued by the Ministry of Interior.
This new policy allows banks to verify Visitor IDs through authorized digital platforms, bringing Saudi Arabia’s banking system closer to international standards. It marks a major leap toward the Kingdom’s Vision 2030 goals of digital transformation and financial openness.
Why It Matters
Access for Non-Residents: Visitors, business travelers, and pilgrims can now open accounts without an Iqama (residency permit).
Boost to Tourism & Business: Simplifies transactions for international visitors, reducing cash dependency.
Digital Identity Expansion: Reflects the government’s broader strategy of linking fintech innovation to national e-services.
Alignment with Global Practices: Mirrors policies in countries like the UAE, Singapore, and the UK for short-term account access.
As Saudi Arabia continues to attract global investment and record visitor growth, this decision strengthens the country’s financial infrastructure—making it easier for tourists, entrepreneurs, and partners to engage with the local economy.
What We Know — Confirmed Details
Official Announcement by SAMA
The Saudi Central Bank (SAMA) has formally approved the use of the Visitor ID (issued by the Ministry of Interior) for opening bank accounts in the Kingdom. (Sama)
The change is part of a periodic review of account regulations, ensuring that banking rules keep pace with technological and market developments. (Sama)Verification via Digital Platforms
The Visitor ID will be authenticated through authorized digital platforms (such as government systems) rather than relying purely on paper documents. (Saudi Press Agency)Drivers & Strategic Goals
Expand financial inclusion: bring more customer segments into the formal banking ecosystem. (Arab News)
Improve visitor experience: lower friction for tourists, pilgrims, and short-term business visitors. (Arab News)
Support digital transformation: this aligns with Saudi Arabia’s broader push toward e-government, fintech adoption, and cashless payments. (Arab News)
Align with global practices: adopt norms seen elsewhere for non-resident or limited-term account access. (ID Tech)
Scope & Limitations (What’s Known So Far)
While the framework is clear, certain operational details remain under each bank’s discretion:The Visitor ID must be valid and verifiable. (Argaam)
Banks must still follow their existing account-opening rules and compliance checks (KYC, AML) — the change is about identification, not a waiver of controls. (Sama)
The change is intended for new consumer segments (i.e. those without residency permits) rather than replacing existing rules for residents. (Arab News)
Official Sources & Press Release
The announcement is live on SAMA’s website under “News” as of 28 September 2025. (Sama)
Saudi Press Agency also published the update. (Saudi Press Agency)
What We Don’t (Yet) Know — Open Questions
These gaps are critical if one is planning operations, advising clients, or building related products.
Unclear Area | Why It Matters | Possible Hypotheses / Risks |
|---|---|---|
Account features | Will visitor-based accounts support full banking services (credit cards, loans, foreign transfers) or be restricted to deposits/transactions? | Many jurisdictions limit nonresident accounts to basic payment functions. |
Duration / Validity | Will the account expire when the Visitor ID does? Can it be extended? | It’s likely tied to the life of the Visitor ID; renewal may require fresh checks. |
Bank-to-bank variation | Each bank may have different acceptance thresholds, fees, or additional requirements. | Some may impose minimum balances, extra documentation, or restrict account types. |
Risk & compliance controls | How will fraud prevention, AML/KYC, and identity verification be handled at scale for visitors? | Robust automated screening will be needed; banks may place tighter limits or higher scrutiny. |
Cross-border & international usage | Will these accounts permit international transfers, multi-currency use, or integration with global platforms? | Possibly limited at first; expansion may depend on regulatory comfort. |
Adoption timeline | How quickly will major banks roll this out (local vs international banks)? | Some early adopters, but full rollout may take months as systems adapt. |
Strategic Implications — What This Signals
This is more than just a regulatory tweak. It’s a forward-leaning move with impact across sectors.
For the Kingdom
Tourism & Pilgrimage Ecosystem
With easier access to banking, pilgrims (Hajj/Umrah), tourists, and international visitors will have a smoother experience—less cash dependency, easier donations, better integration into Saudi’s digital economy.Attracting Global Business Visitors
Entrepreneurs, consultants, and short-term project teams can operate more fluidly without needing to juggle banking across borders—or wait for lengthy onboarding.Accelerating Digital Economy Goals
Ties into broader infrastructure: digital identity (Absher, Nafath), open APIs, fintech innovation, digital payments networks.Competitive Edge in Region
Sets a precedent in the GCC: other countries (UAE, Qatar, Kuwait) may look at this as a benchmark. In fact, media has already drawn comparisons with UAE’s more restrictive visitor account policies. (Gulf News)
For Businesses & Investors
Fintech & Banking Partnerships
Opportunity for fintechs to offer visitor-oriented products (travel wallets, seamless onboarding, cross-border remittances) in partnership with Saudi banks.Payments Infrastructure Growth
Higher transaction volumes, more users in the mobile payment ecosystem, deeper adoption of digital wallets and QR-based payments.Cross-Border Banking Strategies
Foreign banks may be more incentivized to enter Saudi market or partner with local players to service nonresident clients.Risk & Compliance Innovation
Growth of risk-scoring models, identity verification technologies (biometrics, AI, fraud detection) will become more crucial.