How to Open a Bank Account in Dubai?
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Opening a Bank Account in Dubai
Different Types of Bank Accounts in the UAE
Savings Account :
People with regular incomes can open a savings account to save money regularly and have instant access to funds for their short-term requirements. A savings account offers a modest interest rate and can also operate as a salary account. It carries the facility of a debit card and a chequebook. A savings account helps you grow your money over time.
Current Account :
A current account is designed for those who undertake frequent banking transactions without having any savings purpose. A current account typically offers zero or negligibly low interest rates on deposits.
Investment Accounts :
Several banks in the UAE offer a host of investment services for their customers. These accounts usually operate under an investment agreement with the duration of contracts ranging between one to ten years. A fixed fee may be charged to manage an investment account with the assurance of some minimum returns for investors.
Offshore Accounts :
Foreign nationals from all over the world choose to live and work in the UAE. The global financial hub Dubai is a magnet for expats. So most banks offer the facility of offshore banking accounts for individuals with a valid UAE residence visa. This facilitates the easy movement of funds across countries safely and securely with relatively lower taxes.
Requirements and Eligibilities to Open a Bank Account in Dubai
A valid passport with copies of your passport photographs
A no-objection letter from your employer or sponsor
Some of the other documents that various banks may require for resident expats are:
A copy of your visa and the Emirates ID
A document with your employer’s name and salary details
A recommendation letter from another bank
#Note : Different types of bank accounts may have different minimum balance requirements. Please check the same with the concerned bank officials.
How to Open a Bank Account in Dubai?
The procedure to open a bank account in Dubai is fairly simple. Please gather & organize all the documents listed above and visit the local branch of the concerned bank.
You can pick an account type based on your needs and requirements. Do note that you are required to be physically present at the bank to sign your application form in front of the bank’s executives.
Another convenient option is to request the bank to send its representatives over to your home or office. As soon as the formalities are completed, you can expect the bank account (for residents) to be activated in a few hours.
How to Open a Bank Account in Dubai for Non-Residents?
A valid passport (as proof of identity)
Proof of address (bank statements or utility bills)
Recent (last six months) bank statements as proof of funds
Valid documents to confirm your income sources
A CV with personal information and work experience details
Procedure to Open a Non-Resident Bank Account
Visit the local branch of the concerned bank during the working hours.
Submit copies of the requisite documents along with the signed application form.
You will receive an official email from the bank (after the processing and approval) to confirm the bank account number and provide the banking instructions.
A debit card will be delivered to the registered address within 3 to 5 working days.
How to Apply for a Bank Account Online in the UAE?
Most local banks in the UAE require your physical presence to open a bank account. However, certain major financial institutions such as Citibank or HSBC may permit you to open an online account in the UAE if you have an address and residency in the USA or the UK (as the case may be). Your account will be based in your home country but you will not have access to branches, ATMs, and bank tellers in the UAE.
You can open an online bank account by visiting the official website of the concerned bank. Please fill out and submit the online application along with the necessary documents.
How Long Does it Take to Open a Bank Account in Dubai?
The procedure to open a bank account in Dubai is fairly quick, seamless, and systematized. Generally, the entire process is completed within a day or two. However, it may take much longer for certain types of accounts. For instance, it takes two to four weeks to open a corporate bank account for a business.
Frequently Asked Questions on Opening a Bank Account in Dubai
What are the bank fees involved in an account?
There are different types of fees involved in opening a bank account in the UAE. This includes the minimum balance fees, account servicing fees, ATM fees, routine transfer fees, overdraft fees, bank statement fees, and foreign transaction charges (if any).
How much money do I need to open a bank account in Dubai?
The standard salary requirement by most banks to open a savings or current account in Dubai is AED 3,000 per month. However, this amount can vary depending on the bank you choose.
Can a foreigner open a bank account in Dubai?
Foreign nationals, expat workers, and new arrivals are permitted to open a bank account in Dubai. However, they need to visit the bank in person and sign the documents in the presence of the bank’s officials.
What is the minimum amount to open a bank account in Dubai?
Most banks in the UAE specify a certain minimum balance to open a savings or current account. The country’s central bank has set a penalty of AED 25 for customers who fail to meet this requirement. However, a few banks do not have any minimum balance or salary requirements.
How can I get a chequebook in the UAE?
Customers can get a chequebook immediately upon opening a bank account in the UAE. The first checkbook is usually given free of cost and the banks charge around AED 26 for subsequent checkbooks.
How to check the bank balance with the account number?
To check the bank balance, you can download the mobile banking app on your smartphone. Sign into your account and navigate to the account information section to get an up-to-date status of your bank account. You can also check your bank balance by logging in to your net banking account on the bank’s official website.
