Whether you are moving to a new place or transferring your funds to a different bank, knowing how to close a bank account in Dubai will help you avoid any unnecessary hassles in the long run. Read on to know about the requirements, process and other details about closing a bank account in Dubai.
How to close a bank account in Dubai?
While there are many different banks in Dubai which follow their own processes and systems, generally there are certain standard procedures involved to close an account with a bank in the UAE.
Requirements to close a bank account in Dubai
The documents required for closing a bank account in Dubai and other emirates include:
- A valid Emirates ID and passport
- Any cards associated with your account
- Any cheque books (used/unused) associated with your account
Process to close a bank account in Dubai
- Make sure to pay off outstanding loans and charges before closing the account
- Request for all your credit cards to be cancelled and make any outstanding payments on these
- Ensure you transfer all the funds – either withdraw money in cash or transfer funds to another account (if you have)
- Visit the bank with valid documents
- Fill a bank account closure form
- Submit the cheque books
- Wait for the confirmation. It may take between three-five working days
- Request for a clearance or no liabilities letter.
Are there any charges for closing your bank account?
No, you can close your bank account in Dubai for free.
What could happen if I have left my account open in Dubai?
If you leave an inactive account open, you could incur maintenance charges and costs.
If I want to open a new account in Dubai, what will be the procedure to do so?
Follow this procedure to open your account in a Dubai bank.
That brings us to the end of the procedure of closing a bank account in Dubai. Authorised by the Central Bank of the UAE, this process also applies to all the banks in the UAE.