Basically, it’s simple and straightforward, and thankfully, almost all international banks have locations in and around the city. Apparently, a bank account is essential to living in Dubai as most of the day-to-day transactions or transferring funds are carried out digitally. Research the different options available for a bank account opening Dubai compare rates, packages, and offers, and choose the bank that suits your needs best. From International banks namely Citibank or HSBC to other renowned local banks like ADCB, Emirates NBD, Mashreq Bank, etc. a wide choice of selection is open to you.
There is something unique about Dubai since only about 15 percent of its population are UAE citizens. Expats make up the bulk of residents, workers, and bankers in the UAE, which ensures that the banking and economic systems are prepared to deal with foreigners opening bank accounts. It is absolutely worth doing if you can manage it because you will have peace of mind knowing your money is protected and secure.
Opening an account from a foreign country
Many accounts will require a signature in the presence of a bank officer, so opening an account from outside the country will not be easy. A financial advisor can also act on your behalf if you give them the legal authority to do so. Our banking experts will be of much assistance to you in this regard. Contact us for any assistance, suggestions, or guidance.
Non-Residents and Residents – Opening a Bank Account in Dubai
Those who live in or visit the UAE, but do not wish to apply for residency, can still open non-resident bank accounts in Dubai. Documentation needed for an account opening includes your original passport and a couple of copies of the passport, a letter from your employer, your valid UAE identification card, a copy of your visa, and a local utility bill with your address. Having your residence permit will simplify the process, so you should walk out of the bank with an account in hand. Several of these documents are not accessible to non-residents, yet due to a large number of expatriates in Dubai, you will get the facility to open an account. Financial and background checks would take a while, however.
For ex-pats working in Dubai, it is advisable that you find out what bank your employer uses. It’s best to bank with the bank your company uses, so your salary reaches you the same day it’s credited. Your salary will be reflected in your account, only at least in the next two working days with other banks.
A minimum balance is required by certain banks in order to open an account. Don’t assume that all banks have this policy. Minimum balances can be avoided unless you have a compelling reason to use a particular bank. But, opening a salary account with a zero-balance facility will be easy with the bank your employer uses. The specific procedures and requirements may differ from one bank to another. Banks, so it’s best to check their requirements in advance with your chosen bank. A standard current and savings account comes with an ATM card and a checkbook couriered to you or can be collected from the bank. You should sign up for free online banking when you apply with most Dubai banks. Using the internet to manage your finances is easy and secure.