Saudi Arabia
activeFeaturedNeobankBusiness banking
- HQ
- London
- Fee
- Free personal
Barq
Riyadh SAMA e-wallet. Barraq Finance Company. Explicitly not a bank account.
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6.7Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. Barq is not a bank. The money sits with Barraq Finance Company (e-wallet, not a bank).
If it fails?
Not a SAMA bank deposit. SAMA e-wallet rules apply. Barq’s own copy says this is not a bank account.
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Wallet SKU — confirm live
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
6.7
/10 · Mixed
Barq is Barraq Finance Company, a SAMA e-wallet. Decision 26/M SM/1445. The privacy policy names a closed joint-stock company in Riyadh, not a bank. One million users in 21 days is a launch stat, not a balance-sheet. Keep salary at a SAMA bank. Use Barq as a wallet.
What it is
Ahmed Alenazi, ex-stc Pay, launched Barraq then rebranded to Barq in 2024. Unified number 7029786717. Directories file it as a Saudi neobank. This desk files it as an e-wallet. stc Pay is the comparable object, not Al Rajhi.
Best for: Saudi residents who want a licensed wallet and already keep salary at a SAMA bank.
Last checked 2026-08-28. Not advice.
What it does well
- +Named SAMA e-wallet
- +Copy says it is not a bank
- +Launch distribution was real
- +Visa
What to watch
- −Not a bank
- −Not a deposit-insurance object
- −Monthly transfer caps on wallets
- −Super-app heat is not a charter
Who holds the money
The account
- Platforms
- iOS · Android
- Account types
- SAR e-wallet · Visa
- Partner bank
- Barraq Finance Company (SAMA e-wallet)
- Minimum balance
- SAR 0
- Lowest monthly fee
- Wallet SKU — confirm live
- Who can open
- Saudi residents
- Availability
- Saudi Arabia
How money actually moves
- Who holds the cash
- E-money / stored-value — not a bank deposit
- How money moves
- In-app ledger
- Built for
- Personal · Travel
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- Barq lists a physical card and a virtual card on visa, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
Not a SAMA bank deposit. SAMA e-wallet rules apply. Barq’s own copy says this is not a bank account.
Who holds the money: Barraq Finance Company (e-wallet, not a bank)
- SAMAE-wallet — Barraq Finance Company (Decision 26/M SM/1445). Not a bank · Saudi Arabia
Fees
- Monthly
- Wallet SKU — confirm live
- FX markup
- International transfers are a product — spread exists
- ATM
- Card-dependent
Features
- –IBAN
- –Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- SAR e-wallet
- Local + international transfers
- Visa cards
- Marketplace adjacency
- SAMA e-wallet licence
Score
- Safety25%
- 5.8
- Fees20%
- 7.4
- Features15%
- 7.6
- App15%
- 8.0
- Global15%
- 5.4
- Support10%
- 6.2
Change log
Full logLicence
SAMA e-wallet — Barraq Finance Company
Decision 26/M SM/1445. Own copy: not a bank account. Keep salary at a SAMA bank.
Available in
Straight answers
FAQ
01Is Barq a bank?
Barq holds a banking-style licence (SAMA). Still read the legal entity on the statement, not the app icon.
02How is money protected?
Not a SAMA bank deposit. SAMA e-wallet rules apply. Barq’s own copy says this is not a bank account.
03Where is Barq available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with Barq.
04Card and wallets?
Barq lists a physical card and a virtual card on visa, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
05Can I open Barq remotely?
Residency and KYC are gated. An App Store listing is not proof you can onboard from your country.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
Alternatives
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