things you need to know before opening a bank account in dubai
- Author- Rose Mary
- Publish Date-
Dubai is one of the most beautiful and popular and luxurious cities of the United Arab Emirates (UAE). It is filled with so many things and is known as a Business hub of Western Asia and a famous tourist destination. Getting a bank account here is half as simple as it sounds. hence to make it even more easier here are all the things you need to know before opening a bank account in Dubai. Etihad UAE Visa makes sure that not only do you get the right information but will also help you get the visas on time as per the requirements.
This is a place where you can enjoy the structure of the buildings as well as shop from the malls. You will find a rich Arabic culture and city that follows a rich tradition but everyone is welcome to explore and enjoy Dubai. Financial planning and saving must come to your mind, traveling to a whole new country and looking out for financial plans come in our way. If you are planning to go to Dubai and are confused about how to open a Bank account for a non-resident citizen here you will be able to find the answers. Is it possible for a non-resident citizen to open a bank account? Yes, it is but there is a different way through which you can open.
READ ALSO: Etihad UAE Visa Types
How to Open a Bank Account In Dubai For Non Resident
Some of the banks in Dubai only allow non-residents to open savings accounts.
Also as a non-resident, you will not receive a checkbook, you will receive a debit card that you can use while withdrawing or depositing the money.
Different banks ask for different documents but these are some that you will be required
- A copy of your passport with the UAE stamped page
- Updated CV
- Bank statements from your previous bank account usually ask for a 6 months statement.
- Your visa if you are a new arrival
- Your Emirates ID card
- A document that talks about your salary or a person who has sponsored you.
- A minimum amount every month will be asked to be in your account.
These are two important things that you should know while opening an account in Dubai. Most banks in emirates ask from the non-residents
- To have a monthly balance of $USD 100,000.
- The applicant should be present to open the account.
READ ALSO: Etihad UAE Visa Policy
Requirements for Opening a Bank Account In UAE
- To open a bank account you have to deposit a certain amount in the initial stage, it increases from AED 0 to 3,000, or in some banks it's different so before that keep aside the money before you are planning to open an account.
- Rate of interests some banks offer manageable interest rates on the saving accounts. So look for which bank is offering how much interest and plan.
- Keep a plan for minimum balance in your account. banks usually keep AED 100 to AED 25k, some accounts don't require a minimum balance
- Different charges are applied in different bank accounts. Some banks charge zero every month. Therefore it is good to manage.
- Benefits are also offered by the banks. It can be like offering a debit card or a checkbook. Some of them also provide free phone banking or online banking.
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Opening a Bank account in Dubai for Expats
Some banks in UAE like HSBC and ADCB and others offer discounts and rewards on using the free debit card and also you can check for the facilities before choosing to open a savings
Also, look for options if the banks are ready to provide the credit card; it also depends upon how much you save so the bank might offer you a card that goes with your lifestyle and the savings in your bank account.
Although it's always good to look for other options.
There are some options as well in which you can look to open a bank account in
- Royal Bank of Canada
These are some local banks that ex-pats can look for.
- First Gulf Bank
- Abu Dhabi Commercial Bank
- Emirates National Bank of Dubai
There are twenty local banks in the UAE from which you can choose to open an account.
Can Nonresidents have a Bank Account in UAE?
Whether it is a visitor or a nonresident citizen banks must ask for that person to be physically present to open the account because the bank must ask for your signature on the documents and applications.
Now that you all about the things you need to know before opening a bank account in Dubai, you can now prepare all the necessary documents and get the bank account opened.