Banking in Bahrain
Bahrain is a regional financial hub with a well-developed banking sector. Opening an account is mandatory for employed expats due to the Wage Protection System (WPS).
Opening a Bank Account
Required Documents:
- Valid passport (with residence visa)
- CPR card (Central Population Registry)
- Proof of address (tenancy agreement or utility bill)
- Employment letter or salary certificate
- Initial deposit (varies by bank, typically BHD 50-200)
- Reference letter (some banks)
Process:
- Visit bank branch in person with documents
- Complete application forms
- Account typically activated within 5-10 working days
- Receive debit card and online banking access
Popular Banks for Expats
| Bank | Strengths |
|---|---|
| HSBC Bahrain | International network, expat-friendly |
| Citibank | Global transfers, premium services |
| National Bank of Bahrain | Largest local bank, extensive network |
| Ahli United Bank | Regional presence, good rates |
| BBK (Bank of Bahrain and Kuwait) | Local expertise, multiple branches |
| Arab Bank | Strong regional presence |
| Ila Bank | Digital-only, mobile banking |
Wage Protection System (WPS)
Since 2019, all employers must pay salaries through WPS to employee bank accounts. This means:
- You must have a local bank account to work legally
- Salaries credited directly to your account
- Protection against delayed or unpaid wages
- Record of employment and income
Account Types
- Current Account: Daily transactions, no interest (Islamic banking)
- Savings Account: Interest-bearing options available
- Multi-currency Account: Useful for international payments
- Fixed Deposits: Higher returns for locked funds
Banking Hours
Most banks: Sunday-Thursday, 7:30 AM - 2:00 PM
Some mall branches have extended hours.
International Transfers
Options:
- Bank wire transfers (SWIFT)
- Western Union / MoneyGram
- Wise (TransferWise) - competitive rates
- Remitly, WorldRemit
Costs: Bank transfers typically BHD 5-15 per transaction. Online services often cheaper for smaller amounts.
Important Notes
- No remittance tax: A proposed 2% tax on expat remittances was rejected by the Shura Council
- Islamic banking: Many banks offer Sharia-compliant products
- Credit cards: Available after establishing banking relationship
- Loans: Possible for residents with stable employment
Pro Tips
- •Open bank account quickly after arrival - needed for salary payment
- •Bring all documents to avoid multiple visits
- •Consider HSBC or Citi if you have accounts with them elsewhere
- •Use Wise for competitive international transfer rates
- •Set up online banking immediately for convenience
Have questions about banking in Bahrain?