Closing a Bank Account in Saudi Arabia
The Ministry of Interior advises expatriates to close their bank accounts before departing Saudi Arabia to prevent potential misuse for illicit activities like terror financing. Here’s the procedure for closing a bank account:
General Procedure
Regardless of the bank where your account is held—whether it’s Al Rajhi Bank, NCB, SABB, or SAMBA—the process for closing a bank account remains consistent. Follow these steps:
Visit the Bank Branch:
- Head to the respective bank branch in person.
Required Documents:
- Ensure you bring the following documents:
- Credit Card Clearance.
- Car Lease Clearance.
- Loan Clearance.
- Original Iqama.
Credit Card Clearance
- If your bank account is linked to a credit card, you’ll need to settle any outstanding balances associated with it.
- After payment, expect a waiting period of a few weeks to obtain credit card clearance.
Car Lease Clearance
- If you’ve leased a car from the bank, you have two options:
- Transfer the lease to another individual.
- Pay off the outstanding amount to the bank.
Loan Clearance
- The bank won’t close your account until you’ve paid off the entire loan amount.
- Obtain a loan clearance letter from the bank once the debt is settled.
Final Exit Visa and Bank Account Closure
Despite the recommendation to close accounts before departure, expatriates can still obtain a final exit visa without closing their bank accounts.
Conclusion
Prioritize the closure of your bank account before leaving Saudi Arabia to comply with regulatory guidelines and prevent potential misuse.