The United Arab Emirates is an international financial, business, and tourist center with a well-developed banking system, which includes local and central foreign banks. Almost all of them have branches in one of the largest emirates of the country — Dubai. The variety of banking products and impeccable service distinguish banks in the UAE. Not only citizens of the UAE and the Persian Gulf countries, or foreigners with resident status, but also citizens of other countries who do not have a resident visa can open a personal bank account. We will tell you more about how to open an account in Dubai for an individual.
What Are the Benefits of Opening an Account in the UAE for an Individual?
The stability of political life and the economy, the absence of crises, low inflation, and a stable exchange rate of the Emirates (dirham) national currency create ideal conditions for the safe placement of earning money in the country’s banks. The decision to open an account in the UAE for individuals who are citizens of other states is encouraged by the following:
- The high ratings of international agencies confirm the reliability of banks operating in the Emirates.
- High level of confidentiality of any information about accounts opened in UAE banks.
- Free account maintenance provided you replenish it regularly and maintain a minimum monthly balance, which is not the case in most European countries.
- One of the lowest in the world costs of banking transactions, and the efficiency of their implementation is thanks to advanced technologies.
- The possibility of opening a multi-currency account, the absence of currency control, and restrictions on withdrawing funds.
- The excess of interest on deposits over the inflation rate, which for the last 5 years has ranged from 2 to 2%.
- The availability of convenient Internet banking, which is well protected from hackers.
In addition, UAE banks are loyal to foreigners who want to open an account, including non-residents.
What Types of Accounts Can Be Opened in the UAE for an Individual?
In banking institutions in the United Arab Emirates, foreign citizens can open the following types of accounts for individuals:
- Current Account, with the possibility of daily banking operations without restrictions. This account is accompanied by a debit card and a checkbook (if it is opened in dirhams), and if desired, you can also link a credit card. There are two types of current accounts:
- settlement or debt;
- salary — the bank sets the minimum amount of monthly replenishment for this account.
- A Savings Account with withdrawal limits, a higher interest rate than a current account, and the option to open a debit card.
- An investment account opened under an agreement with a bank for 12 months or more. It provides for a minimum yield of 3-7% and a ban on withdrawing money within the period established by the agreement.
How to Choose a Bank to Open an Account in Dubai for an Individual?
About 50 banks operate in the UAE, representing all 7 emirates, including Dubai. Naturally, it is difficult for a citizen of another country who does not live in the UAE to choose a suitable banking institution. You need to know the following:
- Which banks work with foreigners without UAE resident status.
- Requirements for a particular bank to open personal accounts.
- Interest rates and restrictions on transactions, minimum balance requirements in different banks.
- The loyalty of staff towards foreigners. In some cases, choosing the right bank and a loyal manager with a mentality close to you is necessary, which will reduce the likelihood of a refusal.
- List of offered banking products and other nuances.
Therefore, to choose a bank, it is better to contact specialists who are well acquainted with the banking system of the UAE.
How to Open an Account in Dubai for an Individual?
The procedure for opening an account by foreigners in banks in Dubai and other emirates provides for the sequential passage of the following stages:
- Choice of a banking institution.
- Applying to open an account, along with a package of documents. The applicant must personally visit the bank to confirm his identity, leave an original signature and pass an interview.
- Passing the KYC procedure to check the due diligence of the client.
- The bank decides to approve the application or refuses to open an account.
What Documents Are Needed to Open a Personal Account?
To open an individual account in the UAE with citizenship of another country, it is necessary to submit to the bank, along with the application, the following papers:
- International passport (original) and a copy of all pages. If you don’t have a resident visa, a mark on entry into the UAE must be affixed to the passport.
- The applicant’s residence visa and Emirates ID, if available.
- Certificate-consent of the management of the UAE company to open an account by its employee if he received the status of a resident based on an employment agreement.
- An extract on the state of the account and the movement of funds on it for the last 1-2 quarters from the previous bank or the one in which the applicant is serviced at the time of submission of documents.
- Utility bill: it must contain the address and name of the applicant, which is necessary to confirm the place of his residence.
Different banks may require additional documents, such as a curriculum vitae, resume, employment agreement, or salary certificate. Therefore, the list of documents should be clarified in advance.
How Long Does It Take to Open an Account in Dubai for an Individual?
It will take 1 to 7 days for a foreign citizen to open a personal bank account in Dubai and other emirates of the UAE, depending on the availability of a resident visa and correctly collected and legalized documents. Additionally, preparing, legalizing documents, and issuing a debit card by the bank may take another 1-2 weeks.
What Is the Difference between Opening an Account in Dubai for a Resident and a Non-Resident of the UAE?
Residents of the UAE can open an account in Dubai for an individual in any bank in the emirate and foreigners without resident status — only in certain banking institutions. In addition, individuals with a resident visa:
- Can open an account of any kind, including a current one, while the Current Account is not available for non-residents.
- Provide fewer documents and get bank approval faster (within 1-2 days).
- Can apply remotely through the mobile application of Mashreq and Emirates NBD banks.
- Get the best conditions for using the account: no withdrawal restrictions, the ability to issue a checkbook or get a loan, and the bank doesn’t limit the minimum balance when opening a savings account.
The bank may require a non-resident to purchase additional investment products when opening a Savings Account.
If you want to enjoy all the benefits of the Emirates banking system, get a resident visa. Dynasty Business Adviser specialists will help you to do it at the optimal time in the most affordable way.
Can an Individual Open an Account in Dubai Independently?
The procedure for opening an individual’s account in a UAE bank is much more straightforward than when opening a corporate account. To open a personal account in Dubai on your own, you need to be well-versed in the UAE banking system’s peculiarities, understand the legislation and traditions of this country, and be fluent in English. But even in this case, without the experience of communicating with bank employees, it will not be easy to achieve a positive result immediately. It is better to seek help from specialists. Dynasty Business Adviser Lawyers can help you in the following:
- Choosing the right bank and properly preparing all the documents.
- Organizing a meeting with a loyal manager.
- Advising on how to answer the manager’s questions correctly before visiting the bank.
- Supporting when visiting the bank and acting as your interpreter.
- Taking care of the delivery of debit, credit card, and checkbooks.
- Learning how to use Internet banking.
If you want to open an account in Dubai for an individual in the shortest possible time, without any problems, extra hassle, and wasting time, please contact our company.