Because opening a bank account in Saudi Arabia can take several weeks, ex-pats who have recently relocated to the country should budget for a few weeks’ cash to cover daily expenses. You can withdraw cash from any ATM using an international bank card, but expect to be charged up to SR 30 for the transaction. For larger purchases (above SR 30), you will also be able to use an international credit or debit card.
Just as important as household bills and food shopping, though, is having enough money for comics and sweets! So it can be a good idea to open a bank account for your children, which is an excellent way to teach them about finances and money management skills such as:
- Budgeting: Having the ability to make decisions about how to spend their money teaches youngsters the repercussions of their actions, such as not having enough money to buy something they want.
- Security: Children learn to understand the necessity of keeping their PINs and passwords to themselves in an increasingly cashless culture.
- Saving: Assisting youngsters in setting and meeting short and long-term savings goals teaches them the value of money and should help them make better decisions later in life.
Opening a bank account for your children is an excellent way to teach them about finances and money management skills
The advantages of opening a bank account for a young person are many and varied, and, of course, there is one big advantage for parents – if they run a little short before payday they can arrange a loan from their offspring. But watch those interest rates because the young people of today can be incredibly savvy!