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Banking Average Salaries in Saudi Arabia 2023

How much money does a person working in Banking make in Saudi Arabia?

Average Monthly Salary
18,300 SAR
( 219,000 SAR yearly)

All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Banking in Saudi Arabia typically earns around 18,300 SAR. Salaries range from 5,720 SAR (lowest average) to 37,300 SAR (highest average, actual maximum salary is higher).

Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Banking domain in Saudi Arabia exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst25,400 SAR
Assistant Bank Branch Manager20,300 SAR
Assistant Bank Manager28,300 SAR
ATM Manager23,700 SAR
ATM Service Technician6,470 SAR
Bank Accounts Analyst9,290 SAR
Bank Accounts Collector5,870 SAR
Bank Accounts Controller12,500 SAR
Bank Accounts Executive18,400 SAR
Bank Accounts Manager21,200 SAR
Bank Auditing Manager20,700 SAR
Bank Branch Manager28,000 SAR
Bank Branch Operations Coordinator13,200 SAR
Bank Clerk5,570 SAR
Bank Client Service Associate8,060 SAR
Bank Collector5,810 SAR
Bank Compliance Specialist15,100 SAR
Bank Manager34,400 SAR
Bank Operational Risk Manager33,200 SAR
Bank Operations Head35,700 SAR
Bank Operations Officer14,000 SAR
Bank Operations Specialist21,300 SAR
Bank Process Manager18,000 SAR
Bank Product Manager 22,600 SAR
Bank Programme Manager22,200 SAR
Bank Project Manager27,700 SAR
Bank Propositions Manager24,300 SAR
Bank Quantitative Analyst17,600 SAR
Bank Regional Manager36,000 SAR
Bank Regional Risk Officer17,600 SAR
Bank Relationship Manager26,200 SAR
Bank Relationship Officer11,400 SAR
Bank Sustainability Analyst19,900 SAR
Bank Teller6,160 SAR
Banker11,500 SAR
Banking Business Analyst17,800 SAR
Banking Business Development Officer11,400 SAR
Banking Business Planning Executive24,100 SAR
Banking Data Analyst20,300 SAR
Banking Product Manager21,700 SAR
Banking Reference Data Manager19,300 SAR
Banking Regulatory Compliance Officer20,600 SAR
Banking Risk Analyst18,000 SAR
Banking Technical Analyst9,050 SAR
Bankruptcy Coordinator12,600 SAR
Bill and Account Collector6,080 SAR
Blockchain Analyst14,300 SAR
Blockchain Architect18,100 SAR
Blockchain Auditor15,900 SAR
Blockchain Compliance Analyst16,300 SAR
Blockchain Consultant16,900 SAR
Blockchain Trade Facilitator14,000 SAR
Budget Analyst16,600 SAR
Capital Risk Manager34,000 SAR
Cards Marketing Manager21,900 SAR
Cash Management Manager31,700 SAR
Check Processing Manager23,200 SAR
Chief Blockchain Officer19,200 SAR
Commercial Vault Associate16,400 SAR
Corporate Banker13,100 SAR
Corporate Dealer18,700 SAR
Credit Analyst13,600 SAR
Credit and Collections Manager23,300 SAR
Credit Card Fraud Investigator17,700 SAR
Credit Portfolio Manager31,900 SAR
Credit Risk Analyst19,900 SAR
Credit Risk Associate19,600 SAR
Cryptocurrency Accountant11,300 SAR
Cryptocurrency Adviser21,800 SAR
Cryptocurrency Analyst16,200 SAR
Cryptocurrency Compliance Manager20,000 SAR
Cryptocurrency Trader17,700 SAR
Digital Banking Manager24,600 SAR
Digital Currency Analyst17,200 SAR
Direct Bank Sales Representative12,000 SAR
Exchange Control Consultant17,600 SAR
Executive Account Analyst16,400 SAR
Financial Bank Planning Consultant22,400 SAR
Financial Banking Analysis Manager24,500 SAR
Financial Banking Assistant8,710 SAR
Financial Banking Systems Manager24,700 SAR
Foreign Exchange Manager26,200 SAR
Fraud Analyst18,000 SAR
Fraud Detection Associate12,800 SAR
Fraud Detection Manager27,300 SAR
Fraud Detection Supervisor15,400 SAR
Internal Bank Audit Manager31,500 SAR
Internal Bank Auditor16,600 SAR
Internal Private Banker12,900 SAR
International Banking Manager34,700 SAR
Investment Banking Analyst24,500 SAR
Loan Analyst17,800 SAR
Loan Area Manager22,000 SAR
Loan Audit Team Leader20,600 SAR
Loan Branch Manager20,200 SAR
Loan Business Development Officer10,800 SAR
Loan Clerk6,270 SAR
Loan Collection and Recovery Manager20,800 SAR
Loan Collection Manager21,000 SAR
Loan Collector5,630 SAR
Loan Examiner7,440 SAR
Loan Officer6,360 SAR
Loan Processing Manager18,200 SAR
Loan Processor7,530 SAR
Loan Quality Assurance Auditor18,500 SAR
Loan Quality Assurance Manager20,400 SAR
Loan Quality Assurance Representative13,500 SAR
Loan Review Manager20,200 SAR
Loan Team Leader17,900 SAR
Loans Manager23,400 SAR
Mortgage Advisor12,200 SAR
Mortgage Collection Manager20,400 SAR
Mortgage Collector5,640 SAR
Mortgage Credit Analyst9,080 SAR
Mortgage Credit Manager18,900 SAR
Mortgage Development Manager21,500 SAR
Mortgage Document Reviewer8,010 SAR
Mortgage Funding Manager23,600 SAR
Mortgage Operations Manager30,100 SAR
Mortgage Payment Processing Clerk6,590 SAR
Mortgage Processing Manager20,700 SAR
Mortgage Processor8,040 SAR
Mortgage Quality Assurance Auditor16,900 SAR
Mortgage Quality Assurance Manager19,200 SAR
Mortgage Servicing Clerk6,160 SAR
Mortgage Servicing Manager19,400 SAR
Mortgage Underwriter7,090 SAR
Online Banking Manager29,300 SAR
Open Banking Strategist18,100 SAR
Payment Processing Clerk5,910 SAR
Personal Banker12,200 SAR
Personal Banking Advisor 12,500 SAR
Phone Banker8,300 SAR
Private Banker13,200 SAR
Reconciliation and Investigation Specialist13,700 SAR
Tax Officer10,500 SAR
Teller6,060 SAR
Trade Officer7,060 SAR
Trade Product Manager20,000 SAR
Trader8,310 SAR
Treasury Operations Officer16,200 SAR
Wealth Management Advisor26,700 SAR

Banking Jobs Pay Scale and Salaries in Saudi Arabia

Median and salary distribution Saudi Arabia Banking monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
18,900 SAR or more
10% of people earn
15,600 to 18,900 SAR
20% of people earn
8,490 SAR or less
65% of people earn
8,490 to 15,600 SAR
Minimum Salary
5,720 SAR
16,900 SAR
37,300 SAR

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Banking in Saudi Arabia range from 5,720 SAR (starting average salary) to 37,300 SAR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Banking is 16,900 SAR, implying that half of the workforce in Saudi Arabia earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Banking in Saudi Arabia earn less than 12,600 SAR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 20,800 SAR, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Banking in Saudi Arabia. The analysis revealed that roughly 65% of all reported salaries fell within the range of 8,490 SAR to 15,600 SAR. Approximately 20% of salaries were below the 8,490 SAR mark, while 10% ranged from 15,600 SAR to 18,900 SAR. Only 5% of individuals earned a gross salary of 18,900 SAR or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Banking in Saudi Arabia having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Banking in Saudi Arabia, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Saudi Arabia costs anywhere from 83,800 SAR to 251,000 SAR and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.

Salary and Compensation Comparison By Gender / Banking / Saudi Arabia

Salary comparison by gender Saudi Arabia Banking monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Banking in Saudi Arabia, the average difference between the salary of male and female employees is 13%.

19,600 SAR
17,200 SAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Saudi Arabia for all Careers

Salary comparison by gender monthly Saudi Arabia
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Average Annual Salary Increment Percentage / Banking / Saudi Arabia

How much are annual salary increments in Saudi Arabia for individuals working in Banking? How often do employees get salary raises?

Professionals working in Banking in Saudi Arabia are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Saudi Arabia Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Saudi Arabia / All Professions

Annual Salary Increment Rate Saudi Arabia
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in Saudi Arabia is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Banking / Saudi Arabia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Saudi Arabia Banking
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20% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 80% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
No Bonus

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.

What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

A graphics designer working for a graphics designing company.

A graphic designer in the marketing department of a hospital.

Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Banking / Saudi Arabia

110 SAR per hour

The average hourly wage (pay per hour) in Banking in Saudi Arabia is 110 SAR.This is the rate they get paid for every worked hour.

Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Banking in Saudi Arabia is 33 SAR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Abha17,300 SAR
Dammam18,000 SAR
Jeddah19,000 SAR
Khubar17,700 SAR
Mecca18,600 SAR
Medina18,300 SAR
Riyadh19,300 SAR
Tabuk16,600 SAR
Taif16,900 SAR

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Saudi Arabia is 7% on average across all career fields.

Private Sector
16,100 SAR
Public Sector+7%
17,300 SAR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Banking in Saudi Arabia?

A good and competitive compensation would range anywhere between 16,900 SAR and 20,800 SAR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Banking in Saudi Arabia ranges from 5,720 SAR to 12,600 SAR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.

What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

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