Opening a Bank Account in Dubai

Opening a Bank Account in Dubai

Dubai has a world-class financial system that is famed for its unrivaled customer service. In general, opening a bank account in Dubai is a fairly simple and uncomplicated process, and the bulk of foreign banks are conveniently located around the city. There are many options to pick from, including well-known international banks like Citibank and HSBC, as well as local banks like Mashreq Bank, Dubai Islamic Bank, and Emirates NBD.

No maintenance Fees
Competitive rate of interest
Instant account opening

Deciding on the bank

The first step in opening a bank account in Dubai is to choose between a Current Account and a Savings Account. A current account is mainly used for salary transactions. It allows you to withdraw money whenever you need it and assists you in meeting your monthly expenses. A savings account is a preferable solution for individuals who want to save money for assets and to deal with any unforeseen situations. If you wish to start a salary account, however, you need ask your employer which bank they use. It's always a good idea to register a bank account with your firm so you can get your paycheck as soon as it's credited.

Required documents to open a bank account in Dubai

  • Original passport, along with a few scanned copies
  • A salary certificate from the respective company
  • Valid Emirates ID Card
  • Valid UAE residence visa

If you've recently moved to Dubai, receiving an Emirates ID can take a few weeks, so don't worry if you haven't received yours yet. Many banks in Dubai will accept a copy of your Emirates ID registration form instead. It's usually a good idea to contact your preferred bank ahead of time to double-check what they require, as procedures and regulations will likely vary.

Available services after opening a bank account in Dubai

Most banks in Dubai will arrange for a courier to deliver your ATM card and checkbook to you. Another benefit is that most Dubai banks provide free internet banking; all you have to do is sign up when you apply. Savings accounts provide varying rates of interest based on the amount deposited, with some paying as much as 0.2 percent per year.

Opening a bank account in Dubai as a non-resident

Dubai, as one of the world's top tourist destinations, makes it simple for non-residents to open a bank account. However, most banks in Dubai only allow non-residents or tourists to open savings accounts. They will be given a debit card, instead of a checkbook. Debit cards are issued to non-resident accounts that can be used to withdraw or deposit money at ATMs.

Opening a corporate bank account in Dubai

Dubai is one of the world's most important business centers. Dubai banks provide hassle-free and customer-friendly services to investors. While the prerequisites for opening a corporate account in Dubai differ per bank, both the director and shareholder must be present. The monthly average balance requirement varies depending on the type of bank you choose. However, the majority of the banks in Dubai require a minimum amount of AED 50k to AED 500k.

Documents Required for opening a corporate bank account in Dubai

  • A completed application form, as well as relevant corporate records
  • The shareholder's residency visa and passport
  • A copy of the shareholder's Emirates ID
  • A copy of the director's passport
  • A comprehensive CV
  • Utility Bill
  • Company Business Documents
  • Corporate Bank Statement
  • Personal Bank Statement
  • Corporate Document for Proof of Ownership
  • Business Plan

Aside from the documents listed above, the bank may need the applicant organization to submit other documents for opening of a corporate bank account at its discretion.

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TERMS AND CONDITIONS POLICY

Welcome to Crypto & Properties

These terms and conditions outline the rules and regulations for using Crypto & Properties's Website.

Crypto & Properties is located at: P.O. Box 283240, Office 504 – 505, Burlington Tower, Business Bay, Dubai, - 283240, United Arab Emirates

By accessing this website we assume you accept these terms and conditions in full. Do not continue to use Crypto & Properties's website, if you do not accept all of the terms and conditions stated on this page.

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The following organizations may link to our Website without prior written approval:

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We will approve link requests from these organizations if we determine that:

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These organizations may link to our home page, to publications or to other Web site information so long as the link:

(A) Is not in any way misleading;

(B) Does not falsely imply sponsorship, endorsement or approval of the linking party and its products or services

(C) Fits within the context of the linking party's site

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Approved organizations may hyperlink to our Web site as follows:

By use of our corporate name; or By use of the uniform resource locator (Web address) being linked to; or By use of any other description of our Web site or material being linked to that makes sense within the context and format of content on the linking party's site.

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We shall have no responsibility or liability for any content appearing on your Website. You agree to indemnify and defend us against all claims arising out of or based upon your Website. No link(s) may appear on any page on your Website or within any context containing content or materials that may be interpreted as libelous, obscene or criminal, or which infringes, otherwise violates, or advocates the infringement or other violation of, any third party rights.

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