A Guide to Opening a Bank Account in Dubai

The process of “Open a Bank Account in Dubai” is pretty straightforward and requires minimum effort. Like any other financial institution, the banks in Dubai also require the submission of some necessary documents, with the minimum amount defined as deposited money for opening a new bank account. In this blog, we will help you discover all the policies and steps that are required by a user to follow while opening a business, current, and savings account in Dubai.

Open a Bank Account in Dubai

The procedure behind in opening a new account in the city is fairly simple. It is easy for both a salaried employee and a businessman to open their respective bank accounts. But the only thing that they are required to keep in mind is that a salaried employee is not bound to keep any sort of minimum balance in their account. Whereas a businessman or someone who is opening a personal account is supposed to always keep a minimum balance in their accounts.

Requirements for Open a Bank Account in Dubai

If you are an individual who is residing in the city, then the following steps will help you to open a new bank account easily in Dubai.

• Pick your Preferred Bank

There are various options of banks available for a user to choose from such as Mashreq Bank, Citibank, HSBC, Emirates NBD, etc. Therefore, if a user is hoping to open a salaried account, then they are advised to first confirm the same with their companies and check for their association. This acts as an added advantage for the user, as they can then withdraw their salary as soon as it gets credited to their account. Whereas, if one opens the same account in some other bank that is not associated with your organisation then you might face a bit of difficulty while withdrawing your money the same day. In case you are in search of opening a business or a personal bank account in Dubai, then a user is required to maintain a minimum balance to open a bank account in Dubai. As now, they’re a penalty charged on the same if a user fails to maintain the same by the Central Bank of UAE.

• Choose Your Account Type

Once, a user is done selecting the bank that they wish to open their account, they are required to choose the kind of account they want to open. The two types of bank account are a savings account and a current account.

• • Savings Account

This type of bank account is best suited for those users who wish to save their money for dealing with assets and even meeting any unexpected situations. This type of account delivers limited transactions. You will also some banks that do not even share a debit card with their customers for the purpose of safely securing their money for the future.

• • Current Account

This type of account is best suited for users who indulge in a lot of salary transactions. This bank account helps you to cover the monthly expenses. This type of account helps the user to withdraw their money at any point in time in the day.

• Collect all the Relevant Documents

Whether you are an owner of a savings account or a current account. A user is required to submit these necessary documents.

• • Transcript Visa
  • User’s Salary Certificate
  • ID proof for Emirates
  • Copy of user’s original passport along with its copy.

Users should be aware that it is important for them to have an Emirates ID card while applying for opening a bank account in Dubai. But it is also true that getting a card may take a little longer. Therefore, in such situations, the user is advised to use a copy of their registration form instead.

Open a Bank Account in Dubai for Non-Residents

If you are wondering whether or not you can open a bank account in Dubai for non-residents. Then, the answer to this question is, yes! A non-resident can also open a bank account provided they choose to open a savings account and meet the specific criteria listed by the bank. The bank normally tends to first check their documents properly and when verified, helps them to open their bank account. Also, the bank does not issue them a chequebook and offer the user a debit card.

• Documents Required for Submission by a Non-Resident

After knowing what documents, a resident of Dubai does is supposed to have. Here is the list of documents that are required by a non-resident to have to open a bank account in Dubai.

• • Transcript bills for all utilities of the user.
  • Account Statements of the previous bank
  • A recommendation letter from the user’s original bank
  • A brief history of the user
  • A brief about the professional activities of a user
  • The educational background history of the user
  • Lastly, a passport

Open a Cooperate Bank Account in Dubai

It is true that the functions that are performed while opening a bank account differ from one bank to another. But it is also true that the one thing that is common in all the banks for you to have been the presence of their directors & shareholders. Therefore, below is the way mentioned through which a user can open a business account in the city. The first step is for the user to fill in the application form by mentioning all the necessary details (company details to be précised). These details should mention everything about the company i.e., the details of the client, the details of the supplier. Attached to this application form, a user is also supposed to submit the following documents.

• Documents Required for Open a Cooperate Bank Account

• • Shareholders Residency visa
  • Shareholders Passport copies
  • Shareholders Emirate ID card copy
  • Directors Passport copy
  • A brief about the kind of business the user is running.
  • A brief about the source of their funds.
  • All the existing contracts
  • A recommendation letter from the user’s business partner.
  • A blueprint of the user’s business plan
  • All the necessary documents related to the corporate
  • A Memorandum

1. Once the user’s application gets approved, the bank then verifies all the information related to the management team of your company along with their financial projections.
2.  As soon as the background clearance is done, the bank then sets up an interview with its users.
3. Once the user clears their interview successfully, the bank finally opens the corporate bank account in Dubai of its users.

Balance Required to Open a Corporate Bank Account

A corporate account holder’s monthly balance average totally depends on the kind of bank a user chooses for themselves. But on average the banks in the city require the user to at least maintain a minimum of AED 50K – AED 500K. Also, it is recommended for the user to cross-check the facts with their banks and precisely hear the figure that is required for you to maintain.

How Can Tourists Open a Bank Account in Dubai?

A tourist too gets the service of open a bank account in Dubai. Not all but there are some banks that allow such offers to the tourists. But it is certain that a tourist can only open a savings account with minimum service options in their hands, which are pre-decided by banks. Even then there are various options of banks available to tourists to choose from. Tourists who are visiting the side of old Dubai can manage to get their hands on the banks available even there.

Other Bank Charges

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