Open an Account in SAR - Saudi Riyal

Opening an account is very simple.

1. Send us your request to open an SAR account through the form on the left or via the account opening form. We will contact you to schedule a phone call to better understand your needs regarding SAR flows.
2. Following this exchange, we assist you with the administrative formalities to gain access to the services of one of our partners, selected based on your needs. We remain your sole point of contact for the entire client relationship.
3. Once access to the services is validated, you can request the opening of your Saudi Riyal account and any other eligible currency. The banking details of your SAR account are generally provided within a few minutes, and you can start receiving and making payments in SAR (Saudi Riyal).
4. If your business evolves and you have needs in other currencies, you can request the addition of an account in another currency at any time.

The Saudi Riyal (SAR) account for which we provide the details is not a bank account per se because the account-holding institution is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN associated with the account is unique. You thus have a guarantee of fund segregation in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please refer to the page on opening a Saudi Riyal (SAR) account for more information.

It may be useful for your SAR (Saudi Riyal) account to be located in France or, conversely, in another country, depending on your operational needs and the location of your clients. This is why we allow great flexibility in the location of currency accounts. The SAR (Saudi Riyal) account can be located in the following countries of your choice:

• France
• United Kingdom
• Belgium
• Netherlands

You can view the updated table of possible locations for SAR (Saudi Riyal) accounts here: account location

You can use this Saudi Riyal account to receive or store SAR for as long as you wish as long as your account is active. You are automatically notified by email each time a Saudi Riyal transfer is received in your SAR account. You can then freely reuse these SAR to make payments in SAR to your suppliers or convert your Saudi Riyals, benefiting from very competitive exchange rates. There is no obligation for account movement. 

Foreign currency payment collection systems like Adyen, Stripe, PayPal, Hipay, or internal systems of marketplaces like Amazon Pay are widely used by companies conducting international transactions. These systems are efficient, but if you do not have an account in the collected foreign currency, your revenues in that currency are automatically converted into euros at often very unfavorable exchange rates, and even when you have a bank account in the collected currency, this account often needs to be located in the country where the sale takes place, which can be complicated with a traditional bank. Some of our partners offer currency accounts compatible with most marketplaces and collection systems.

You can find all eligible currencies for currency account opening by visiting this page.

It is not possible to deposit checks or cash into your SAR (Saudi Riyal) account. Only bank transfers are accepted for transactions on the account. No bank card can be linked to the account at the moment.

Account statements listing all operations in Saudi Riyals are downloadable at any time from the online interface. These statements include maximum information on beneficiaries, the origin of funds, related exchange operations, to facilitate the work of your accounting department.

All account statements can be automatically integrated into your treasury software or ERP via MT940 files. You thus find all movements in SAR (Saudi Riyal) in your software, and you don't even need to connect to our online interface to obtain the updated balance of your SAR (Saudi Riyal) account. Our technical teams can also automate the processing of currency payment files provided by your TMS / ERP.