- How to Open Current/Savings Account
- How to Open Non-Resident Bank Accounts in Dubai
- How to Open Corporate Account
If you have just moved to Dubai and want to bring your finances in order, you’ll be glad to know that the process to open a bank account in Dubai is fairly similar for all the banks. The bank will usually ask you to provide certain details and documents, along with a minimum amount of money to be deposited in your new account. Here is everything you need to know about opening a current, savings and business account in Dubai.
HOW CAN I OPEN A BANK ACCOUNT IN DUBAI?
The process to open a bank account in Dubai is pretty simple. Whether you work as an employee in a company or you have your own business, you can easily open an account. The only difference is that in a salary account, you generally don’t have to maintain a minimum balance. For a personal or business account, it’s a common practice to always maintain a pre-decided balance.
WHAT ARE THE REQUIREMENTS TO OPEN A BANK ACCOUNT IN DUBAI FOR RESIDENTS?
If you are a resident, you can open a bank account in Dubai following the process outlined below:
CHOOSE THE BANK
There are many banks in Dubai to choose from, such as Emirates NBD, Mashreq Bank, HSBC, Standard Chartered, Citibank etc.
However, if you want to open a salary account, it’s best to ask your company about the bank they work with. It’s better to open an account in your company bank so you can collect your salary right after it’s credited. Otherwise, with other banks, you may need to wait for some time before the amount gets credited to your account.
If you are opening a personal or business bank account in Dubai, some banks may require you to maintain a minimum balance. Recently, the Central Bank of the United Arab Emirates (UAE) has set a penalty of AED 25, in case of falling below this limit.
PICK AN ACCOUNT TYPE
When you are looking to open an account with a bank in Dubai, decide whether you want to open a Current Account or Savings Account:
- A current account is mainly used for salary transactions. It helps you cover imminent monthly expenses, enabling you to withdraw money anytime you need.
- A savings account is better suited to those who want to save money for assets and to deal with any unforeseen circumstances. It’s meant for limited transactions, with some banks not even offering debit cards to account holders so that the money remains secure.
SUBMIT THE DOCUMENTS
Whether it is a Savings or Current Account, you need to submit the following details:
- A visa transcript
- A salary certificate
- Emirates ID Card
- Original passport with a copy
Note: Getting an Emirates ID can sometimes take a few weeks, so if you don’t have one yet but the application is being processed, use a copy of your Emirates ID registration form instead.
HOW TO OPEN A BANK ACCOUNT IN DUBAI FROM OVERSEAS?
Wondering if a foreigner can open a bank account in Dubai? The answer is yes, non-residents can open a bank account in Dubai as long as they meet specific criteria
However, they can only open savings accounts in Dubai, which means being given a debit card, instead of a cheque book. The bank will verify the applicants documents before opening the account.
LIST OF DOCUMENTS REQUIRED TO OPEN A NON-RESIDENT ACCOUNT IN DUBAI
Here is a list of documents required to open an account in Dubai:
- A transcript of utility bills
- Statement of account/letter of recommendation from the customer’s original bank
- A brief CV of the applicant, stating professional activities and educational background
- A valid passport
HOW TO OPEN A CORPORATE BANK ACCOUNT IN DUBAI?
While the requirements of opening a corporate account vary from bank to bank, the presence of a director and shareholder is essential. Here’s how you can open a corporate account in Dubai:
- Fill out an application form, mentioning detailed company records like proof of business and information about clients and/or suppliers.
- The residency visa and passport of the shareholder
- A copy of Emirates ID of the shareholder
- A copy of passport of the director
- Disclosure of the type of business activities and the source of funds
- Existing contracts
- Reference letters from business partners
- A comprehensive business plan
- The company’s corporate documents
- Submit to the bank and wait for their response.
- If your application is approved, the bank will verify information about your management team and financial projections.
- After they run the background checks, they conduct an interview with you.
- Once this stage is completed successfully, they will open your corporate account.
HOW MUCH BALANCE IS REQUIRED TO OPEN A CORPORATE ACCOUNT IN DUBAI?
The monthly average balance requirement varies depending upon the type of bank you choose. Mostly, banks in Dubai require a minimum amount of AED 50k to AED 500k. Make sure to check with the bank to know the precise figures.
WHAT IS THE MINIMUM SALARY TO OPEN A BANK ACCOUNT IN THE UAE?
The minimum salary to open a bank account in Dubai is AED 3000. If your salary fits this requirement, you can easily open a Current or Savings Account in Dubai.
WHICH BANK ACCOUNT IS THE BEST IN THE UAE?
While there are several accounts across the country that can help you create a strong financial backup, many people prefer savings accounts in Dubai. These include Emirates NBD Smart Saver Account, ADCB Active Saver Account and CBD eSaver Account.
WHAT TYPE OF SERVICES ARE AVAILABLE AFTER OPENING A BANK ACCOUNT IN DUBAI?
Once you’ve opened a bank account, you are likely to receive the following:
- Interest rate (varies from bank to bank, some even offer 0.2% annually)
- Access to ATM/debit card
- 24-hour ATM facility
- Access to branch
- Bill payment facilities
- A first free cheque book (exclusively for residents)
Aside from the services mentioned above, you can also access a lot of other facilities (under certain conditions):
- Car loans
- Personal loans
- Credit Card: Employees with a monthly salary of at least AED 5k (annual being AED 60k) can apply for a credit card.
WHAT ARE THE MISCELLANOUS BANK CHARGES?
Once you open an account in Dubai, you are likely to be liable for the following charges in certain scenarios:
Manager’s Cheque Issue Fee
Account Balance Letter
No liability certificate
Bounced Cheque Fee
Monthly minimum balance penalty
CAN TOURISTS OPEN A BANK ACCOUNT IN DUBAI?
With certain restrictions in place, some banks allow tourists to open bank accounts in Dubai. Tourists can only open savings accounts in Dubai and will only have access to a limited number of services, as determined by the bank.
When it comes to choosing a bank, there are various options. For instance, if you are living somewhere close to old Dubai, there are also various banks in Deira where you can open your bank account.
Looking to close your bank account in Dubai? Here’s our step-by-step guide to the procedure of closing a bank account in Dubai.