The Saudi Central Bank (SAMA) has updated its banking regulations to allow visitors to open bank accounts using their Visitor ID, an official document issued by the Ministry of Interior. This move is designed to improve the visitor experience, support financial inclusion, and accelerate digital transformation in Saudi Arabia’s banking sector, aligning with the goals of Vision 2030.
SAMA approves visitor ID as valid document for bank accounts
The Saudi Central Bank has officially authorized banks in the Kingdom to accept the “Visitor ID” for opening new bank accounts. This ID, issued by the Ministry of Interior and verifiable through authorized digital platforms, serves as a legitimate form of identification for visitors, including tourists, business travelers, and pilgrims.This regulatory update means banks can now onboard new customer segments who previously faced barriers due to limited identification options. The “Visitor ID” is linked to the government’s Absher platform, allowing seamless digital verification, which reduces reliance on physical documents.
SAMA enhancing visitor experience and supporting vision 2030
SAMA emphasized that this decision enhances the overall experience of visitors during their stay by enabling them to open bank accounts quickly and easily. With bank accounts tied to their Visitor ID, visitors can use local mobile wallets and engage in digital payments, significantly reducing the need to carry cash.This step aligns with Saudi Arabia’s Vision 2030, which prioritizes the development of the tourism sector and promotes a digitally-enabled economy. By facilitating access to banking services for visitors, the Kingdom aims to attract and accommodate the millions of travelers it welcomes annually
Regulatory update aimed at financial inclusion and digital transformation
SAMA clarified that the adoption of the Visitor ID for bank account opening is part of a periodic regulatory review designed to keep banking policies current with market and technological developments. The update aims to:
- Simplify account opening and operational procedures for banks and customers
- Promote financial inclusion by expanding banking access to new user groups
- Support ongoing digital transformation initiatives within the banking sector
By integrating this regulatory change, SAMA continues to ensure the Kingdom’s financial system evolves in step with technological advancements and customer needs.
SAMA’s impact on banking and payment ecosystem
The approval of the Visitor ID as a valid identification document bridges a key gap in the financial ecosystem for non-residents visiting Saudi Arabia. With this, visitors can:
- Open local bank accounts under simplified requirements
- Utilize mobile wallets and digital payment services more easily
- Enjoy safer and more convenient financial transactions without cash dependency
This will not only benefit visitors but also strengthen the Kingdom’s move toward a cashless economy and enhance the overall efficiency of its banking and financial services.