Correspondent Banking: Canada–Saudi Arabia Relationship

There is no single official "corresponding bank of Canada in Saudi Arabia." Correspondent banking involves bilateral relationships where banks hold accounts (nostro/vostro) for each other to facilitate cross-border payments, trade finance, and currency exchange.

Major Canadian Banks with Saudi Presence

• Bank of Montreal (BMO) – Representative office in Riyadh; correspondent ties with Saudi banks
• Scotiabank – Longstanding Middle East network; correspondent relationships
• RBC – Correspondent banking via Riyadh rep office (closed 2020; relationships maintained)
• TD Bank – Correspondent ties; no physical Saudi presence
• CIBC – Correspondent arrangements

Major Saudi Banks Serving as Correspondents

• Saudi National Bank (SNB) – Formed 2021 merger of NCB & Samba; largest in Kingdom
• Al Rajhi Bank – World's largest Islamic bank
• Riyad Bank, Banque Saudi Fransi, Saudi British Bank (SABB) – HSBC affiliate
• Arab National Bank, Bank AlBilad, Bank AlJazira

How It Works

A Canadian importer paying a Saudi exporter: Canadian bank → SWIFT MT103 → Saudi correspondent (e.g., SNB) → beneficiary's account. Fees, FX spreads, and compliance checks (AML/KYC) apply at each step.

Finding the Right Channel

Businesses should ask their Canadian bank: "Which Saudi correspondent do you use for CAD/SAR or USD/SAR payments?" Relationships vary by currency, volume, and compliance profile.