Summary: For customers of Saudi National Bank, direct investment in cryptocurrencies is not available through their online banking portal. However, SNB account holders can still transfer Saudi Riyals (SAR) from their bank accounts into regulated Bitcoin and crypto exchanges to buy and sell digital assets.
For investors looks for a safe way to get started, we recommend the Binance platform. They are licensed, regulated and offer fee-free SAR deposits via bank transfer, debit card, credit card and other methods. With Binance, users have the freedom to trade across an extensive selection of more than 350 cryptocurrencies.
Best Exchange for Saudi National Bank (SNB)
Platform Highlights
- Instant and free Saudi Riyals (SAR) deposits from Saudi National Bank (SNB).
- Trade 350+ crypto assets with low fees starting at 0.1% per trade.
- Largest and most trusted Cryptocurrency exchange in the world with 100 million users.
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Can I Buy Bitcoin with Saudi National Bank?
Yes, Saudi National Bank allows its customers to transfer Saudi Riyals (SAR), US Dollars (USD), and other currencies from their bank accounts to any Bitcoin or cryptocurrency exchange regulated by the Saudi Arabian Monetary Authority (SAMA).
However, Saudi National Bank doesn't directly offer any services or products for buying or selling Bitcoin and digital currencies on its online banking platform. So, customers need to use a regulated external exchange to buy or sell crypto with their SNB accounts.
How to Buy Bitcoin and Crypto with SNB
The simplest method to purchase digital currencies using a Saudi National Bank account is through a regulated exchange that accepts deposits from Saudi National Bank. After evaluating over 20 platforms, we suggest Binance due to its instant SAR, USD, and other currency deposits for trading over 350 cryptocurrencies at industry-leading rates.
Here's an easy 4-step guide to help you begin:
- Sign Up: Register an account on Binance and complete the identity verification process.
- Deposit Funds: Select the Saudi Riyals (SAR) as your currency and choose the coin you wish to buy.
- Transfer Funds: Deposit funds from your bank account using a bank transfer or another appropriate method.
- Purchase Crypto: Click 'Buy', and the tokens will be instantly credited to your account.
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Is Saudi National Bank Crypto-Friendly?
Yes, Saudi National Bank shows a positive attitude towards cryptocurrencies in Saudi Arabia. They permit customers to transfer funds into approved digital currency trading platforms. The bank has also expressed interest in potentially offering crypto-related services to its clients. This consideration aligns with the growing trend of businesses in the region starting to accept crypto as a mode of payment.
What is Saudi National Bank (SNB)
Saudi National Bank (SNB), formerly known as the National Commercial Bank (NCB), is one of the largest banks in Saudi Arabia. It was established in 1953 as the first bank in the country and has since played a pivotal role in the development of the Saudi economy. The bank provides a wide range of financial services, including retail banking, corporate banking, investment banking, Islamic banking, and asset management.
In addition to serving the local population, Saudi National Bank has a strong presence in the international market, with branches and representative offices in various countries. The bank is known for its strong capital base, advanced technology infrastructure, and commitment to providing innovative financial solutions to its customers.
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Bottom Line
In conclusion, while Saudi National Bank does not directly facilitate the buying and selling of cryptocurrencies through its online banking portal, it does permit customers to transfer funds to regulated cryptocurrency exchanges like Binance.
Binance offers a secure, user-friendly platform for trading over 350 digital assets with fee-free deposits in Saudi Riyals and other currencies. As the bank continues to show a positive attitude towards cryptocurrencies, the future may see further integration of crypto-related services for its clients in line with regional trends.
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Author
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
