SAMA’s directive instructs all Saudi banks to accept the Visitor ID as a valid form of identification in accordance with existing account-opening rules. The ID will be authenticated through authorised digital platforms, enabling banks to verify identity electronically rather than rely solely on traditional documents.
By recognising the Visitor ID, SAMA seeks to bring new consumer segments into the financial fold—tourists, business travellers and pilgrims—and to streamline how visitors engage with the banking system. The move is framed as part of a periodic regulatory review designed to adapt banking rules to evolving market and technological trends.
Under the updated regime, a visitor holding the ID may present it at banks to open consumer accounts, subject to compliance with banks’ standard due-diligence checks. SAMA emphasised that the change does not override individual banks’ policies, meaning account features or eligibility conditions may vary institution to institution.
The central bank said its decision supports three strategic objectives: facilitating procedural ease in account opening, promoting financial inclusion, and aiding the Kingdom’s broader drive toward digital transformation in financial services. The change aligns with the goals of Vision 2030, which emphasises innovation, economic diversification, and enhanced visitor experience.
Some Saudi banks will likely integrate the new procedures with existing systems tied to the government’s Absher platform, where the Visitor ID is already managed. That would reduce the friction of manual verification, enabling near-instant checks against state databases. At the same time, banks must remain vigilant about anti-money laundering protocols and “know your customer” compliance, especially when onboarding non-resident customers.
Analysts observing the change note that allowing visitors entry-level access to banking could strengthen the Kingdom’s cashless economy by broadening usage of mobile wallets, digital payments and interbank transfers among a larger user base. It may also enhance visitor convenience and security by reducing dependence on cash during stays.
Critics flag a few risks: some banks could restrict certain services to accounts opened on Visitor ID, and the validity of such accounts may be tied to the duration of the visitor’s authorised stay. Moreover, banks must calibrate their risk frameworks to manage potential exposure from non-resident accounts.
In regional context, Saudi Arabia’s move may put pressure on other Gulf economies to examine similar liberalisation of banking access for non-residents. For example, while several UAE banks maintain visitor or non-resident accounts, those offerings typically require extensive documentation and are less universally accepted.
Topics
Saudi Arabia