Open PSE Account from Saudi Arabia: Complete OFW Guide for Filipino Workers in KSA

TLDR: OFWs in Saudi Arabia can open a PSE account entirely online through COL Financial or Philstocks without visiting a Philippine embassy or consulate. You need a valid Philippine passport, a Philippine home address, and a TIN number. Fund your account via bank wire from Saudi riyal accounts, through GCash using your Philippine SIM, or using Wise for lower transfer fees.

Saudi Arabia is home to the largest concentration of Overseas Filipino Workers in the Middle East — over 800,000 according to the Department of Migrant Workers as of 2025. Yet most Filipino workers in the Kingdom do not realize they can invest in the Philippine Stock Exchange while living in Riyadh, Jeddah, or Dammam. This guide covers exactly how OFWs in Saudi Arabia can open, fund, and manage a PSE brokerage account with no branch visits, no notarization, and no embassy trips required.

For a general overview of the entire process, start with our PSE Account OFW Guide which covers brokers, documents, and funding methods for all countries.

Can OFWs in Saudi Arabia Open a PSE Account?

Yes. Saudi Arabia imposes no restrictions on Filipino residents owning foreign stocks. Unlike some Middle Eastern countries that require employer sponsorship for financial accounts, the PSE account opening process is governed entirely by Philippine regulations as confirmed by the Bangko Sentral ng Pilipinas (BSP). The three requirements are the same as for any OFW: Filipino citizenship, a Philippine residential address, and a valid government-issued ID.

The key advantage for OFWs in Saudi Arabia: you earn in Saudi riyals (SAR), which is pegged at a fixed rate of PHP 14.13 to SAR 1 as of May 2026. This means your savings do not suffer from the same exchange rate volatility that affects OFWs in countries with floating currencies. When the Philippine peso weakens against the US dollar — as it has from PHP 54 to PHP 57 per USD between early 2024 and May 2026 — your riyal earnings effectively buy more PSE stocks at lower peso prices.

Which Broker Should OFWs in Saudi Arabia Choose?

Two brokers are optimized for OFWs in the Kingdom:

For a detailed comparison of all five OFW-friendly brokers including BPI Trade, BDO Nomura, and First Metro Sec, read our PSE Broker Comparison guide.

Step-by-Step: Open a PSE Account from Saudi Arabia

Step 1: Choose Your Broker

Start with COL Financial for the lowest fees (0.25% commission) or Philstocks for the most modern app and zero monthly fees. Both accept OFW applications online — you never need to visit a branch or embassy.

Step 2: Prepare Your Documents from Saudi Arabia

You need three documents, all of which you already have or can get online:

• Philippine passport — scan the data page in color at 300 DPI minimum
• Proof of Philippine address — use your family’s home address in the Philippines with a scanned utility bill (electric, internet, or bank statement under your or your family’s name)
• TIN number — if lost, request it from the Bureau of Internal Revenue (BIR) online portal. OFWs are exempt from filing income tax returns in the Philippines but still need a TIN for PSE account opening

Saudi iqama (residence card) is not required for PSE account opening, though some brokers may request your employment contract as proof of OFW status.

Step 3: Submit the Online Application

Go to COL Financial or Philstocks and select the “OFW” or “Non-Resident Filipino” application option. Upload your scanned documents. Applications are typically processed within 24 hours for COL Financial and 1-3 business days for Philstocks.

Step 4: Fund Your Account from Saudi Arabia

This is the step where Saudi-based OFWs face the most questions. Here are the five working methods:

The most practical method for most OFWs: maintain your Philippine SIM for GCash OTPs, then use InstaPay from GCash to your broker’s partner bank. A PHP 5,000 deposit costs just PHP 25 and arrives instantly. For better exchange rates on SAR to PHP conversions, use Wise (formerly TransferWise) which offers mid-market exchange rates and lower fees than traditional bank wires. For larger amounts, a SWIFT transfer from your Saudi bank (Al Rajhi, NCB, SABB, or Riyad Bank) costs SAR 25-50 on the Saudi side plus PHP 200-500 on the Philippine receiving side.

Step 5: Start Trading While in Saudi Arabia

PSE trades Monday to Friday, 9:30 AM to 3:30 PM Manila time (PHT). In Saudi Arabia (UTC+3, AST), this translates to 4:30 AM to 10:30 AM Riyadh time — which overlaps with early morning hours before work hours begin at 8:00 or 9:00 AM in the Kingdom. Download your broker’s mobile app and place trades during your morning routine or during breakfast break. All trades are executed through the Philippine Stock Exchange (PSE) trading system.

For recommended stocks to buy as a first-time investor, read our PSE Blue Chip Stocks guide.

Tax Implications for OFWs in Saudi Arabia

Saudi Arabia imposes zero personal income tax, zero capital gains tax, and zero dividend tax on individual investors, as confirmed by the Saudi Arabia Capital Market Authority (CMA). This means:

• Your PSE stock dividends are taxed only by the Philippines (10% withholding tax for non-resident Filipinos)
• Your capital gains on PSE stocks are subject only to the Philippine stock transfer tax (0.6% on selling)
• You do NOT owe Saudi Zakat or income tax on your PSE investments

This makes Saudi Arabia one of the most tax-efficient locations for OFWs to build a PSE investment portfolio from abroad. For OFWs in other Gulf countries, see our PSE Account UAE Guide for Dubai and Abu Dhabi, or our PSE Account Singapore and Hong Kong Guide for Asian hubs.

For a comparison of PSE investing against other OFW investment options, see our Bonds vs Stocks guide.

Frequently Asked Questions

Can I use my Saudi iqama to open a PSE account?

No. PSE brokers require a Philippine passport and TIN number. Your Saudi iqama is not accepted as a primary ID for PSE account opening. However, some brokers may request your Saudi employment contract as supplementary proof of OFW status.

What is the best broker for OFWs in Saudi Arabia?

COL Financial is the best choice for most Saudi OFWs due to its low commission rate of 0.25%, zero monthly fees, and dedicated OFW enrollment form. Choose Philstocks if you prefer a modern mobile app with biometric login and email-based OTPs. Both accept applications entirely online with no branch visit required and have a PHP 5,000 minimum deposit (~SAR 355 as of May 2026).

How do I get a TIN number while in Saudi Arabia?

Visit the Bureau of Internal Revenue (BIR) online registration portal at www.bir.gov.ph. OFWs can register for a TIN remotely through the BIR’s eRegistration system. If you already have a TIN but lost the card, you can request a TIN verification slip online.

Can I fund my PSE account through Saudi remittance centers?

Not directly. Saudi remittance centers (like Al Rajhi Remit or Bayan Pay) send money to Philippine banks, not directly to brokerage accounts. Use these services to send money to your Philippine bank account or family member, then have them deposit to your broker’s settlement bank. Alternatively, use Wise to send SAR directly to your broker’s Philippine bank account with mid-market exchange rates.

What is the Saudi riyal to Philippine peso exchange rate?

As of May 2026, SAR 1 = approximately PHP 14.13. This peg has been stable for decades. A PHP 5,000 minimum deposit equals approximately SAR 355. A PHP 100,000 portfolio equals approximately SAR 7,080.

Can I trade on the PSE while on shift in Saudi Arabia?

Yes. The PSE opens at 4:30 AM Riyadh time, giving you a full 4-5 hour window before most office jobs begin at 8:00 or 9:00 AM. For OFWs in Saudi Arabia working 12-hour shifts, the mobile app allows quick trade placement during rest breaks.

Can my family in the Philippines open a PSE account on my behalf?

No, the PSE account must be opened in your own name as the OFW. Your family cannot open an account for you because the Know-Your-Customer (KYC) process requires your personal identification documents and your digital signature. However, your family can help by receiving mail or documents at your Philippine home address and assisting with the initial funding deposit to your settlement account once your account is approved.

Not financial advice: This article is for educational purposes only. Exchange rates, broker fees, and tax policies are subject to change. Verify current rates with your broker and tax advisor before making investment decisions. The stocks mentioned are for illustrative purposes only.

Last reviewed: May 2026