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.
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.