UAE offers many advantages for those looking to open a bank account. But before you start banking in the UAE, you should know how to open bank account in UAE.
You will have plenty of benefits when you open a bank account in Dubai or other Emirates. These include low taxes, a stable political environment, and a well-regulated banking system.
The process of online bank account opening in UAE is very straightforward. Opening an account in person is not too complicated either.
However, there are a few things you’ll need to keep in mind. Such things include the documents required and the fees associated with opening and maintaining an account.
In this Dbd guide, we’ll walk you through everything you need to know about how to open a bank account in UAE. Whether you’re a resident, expat, or tourist, you will find this guide helpful.
What are the requirements for opening a bank account in UAE?
When opening a bank account in UAE, the first thing is to gather the required documents.
The specific documents needed will vary depending on various factors. The bank you choose, your type of account, and your residency status are factors.
Residents of the UAE can open current accounts, savings accounts, and specialized accounts from several best banks in the country. They can gain access to the account from all branches and ATMs from anywhere in the country.
Related info: Check out this Dbd guide on – best bank in UAE, which covers everything from the best banks for ex-pats to the best Islamic banks in UAE.
List 1. Documents required for residents
These are the documents required to apply for a bank account if you are a UAE resident:
- Original passport or Emirates ID
- Proof of address (utility bill, lease agreement, etc.)
- Minimum deposit (varies by bank)
- Salary statements / Appointment Letter / Contract Copy
- Utility bills
List 2. Documents required for non-residents
A non-resident person will be able to set up a savings account by submitting the following documents:
- An application form that is filled up online or in person
- Your original passport with certain visa validity
- Proof of address (if you have one)
- Minimum deposit (varies by bank)
- Sponsor’s letter of no objection
How to open bank account in UAE?
There are two ways of opening a bank account in your chosen bank. They are online account opening and in-person.
You can open a new account from any branch in Abu Dhabi, Dubai, or any other Emirate. However, it may not be possible to open accounts for all banks from the online method.
Most banks also provide a mobile app for managing money, completing transactions, and online services.
Your needs will be fulfilled no matter which method you choose to open your account. Just make sure you open an account in a trusted bank recognized by the Central Bank of the UAE.
See also: Want to open zero balance account in UAE? Check out this Dbd guide on – best zero balance account in UAE, which covers everything from the best banks to the requirements.
Method 1. Online bank account opening in UAE
If you wonder, “can I open an account online?” you will be happy to know that you can. You may be able to open a bank account without having to visit a branch at all.
Online banking is the quickest and most convenient option, as you can do it from your own home. Here are some of the steps you need to follow to open a bank account online.
- Choose a bank and go to their website to open an account online.
- From there, you’ll need to fill out an application form and submit the required documents. Some banks also offer mobile apps where you can upload your documents and open a savings or a current account.
- Once your application has been approved, you’ll be able to start using your account right away.
You must note that you must visit a branch if you want a debit card.
Method 2. Opening a bank account in UAE from a branch
If you prefer to open your account in person, you will need to visit a branch of your chosen bank. It is also helpful to people who are not familiar with using mobile apps or desktops.
Tell the teller that you’d like to open an account when you arrive at the branch. They will then provide you with the forms for resident or non-resident accounts.
After that, fill out the forms and submit the required documents. Ask the employees in the bank if you need help.
The bank will process your application and open your account after you have submitted it.
How to open a bank account in Dubai from abroad?
An offshore bank account is a bank account held in a country other than yours. Offshore accounts are often used to diversify one’s portfolio and protect assets.
Another country’s residents can open a bank account in Dubai from abroad. To do this, you will need to contact the bank you wish to open an account with and inquire about their process.
You will be asked to provide your passport details, proof of income, and other documentation during the inquiry. You may also be required to make an initial deposit to the bank.
Once you have gathered the required documents, you can submit them to the bank. The bank will then process your application and open your account.
Every bank has a different policy regarding offshore account holders. So make sure to ask about the specific requirements of the bank you are interested in.
What are the popular types of bank accounts in UAE?
There are different types of bank accounts. Here are some of the best bank accounts in UAE.
- Savings account
A basic saving account offers interest on your deposited amount. The main purpose of this account is to help you save money.
- Current account
A transactional account allows you to deposit and withdraw money as needed. This account is for businesses with a higher monthly limit of withdrawals and cheque deposits.
- Fixed deposit account
It is an account where you can deposit a lump sum of money for a fixed period. This account offers higher interest rates as compared to savings and current accounts.
- Special accounts
Many banks have their own schemes for individuals or businesses who meet certain criteria. These accounts offer exclusive services, facilities, and benefits. ADCB Active Saver Account, Mashreq Happiness Account, and CitiBest Dollar Account are some examples.
Maintaining your UAE bank account
Once you have a UAE bank account, it’s important to maintain it in good standing. This means keeping your account balance above the minimum required amount, making regular deposits, and avoiding fees or charges.
If you’re a tourist, you may need to close your account before leaving the country. But if you’re a resident, you can keep your account open as long as you like.
It’s important to familiarize yourself with the fees associated with your account to avoid them. These fees can vary depending on the type of account you have, as well as the bank you’re using.
The most common fee is associated with maintaining a minimum balance each month. You may also be charged additional fees for using special types of accounts. Mashreq bank, “Schedule Of Charges, https://www.mashreqbank.com/en/uae/personal/service-charges?activeKey=category8″
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- Check this list of Dubai Islamic Bank ATM’s & branches in UAE, where you can find the nearest branch or ATM to you.
- List of First Abu Dhabi Bank (FAB) branches & ATMs in UAE
- Check out this list of Emirates NBD branches & ATM’s in UAE, where you can find the nearest ATM or branch to you.
FAQs on bank account in UAE
Can I open a bank account in UAE from abroad?
Yes, you can open a bank account in UAE from abroad. To do this, you must contact the bank you wish to open an account with and provide the necessary documents.
Can I open bank account online in UAE?
Yes, you can open bank account online in UAE. You can visit the bank’s website or download the mobile banking app to open an online account.
How long does it take to open bank account in Dubai?
It usually takes around one day to several weeks to open bank account in Dubai. The processing time is longer for certain types of accounts.
What is the minimum salary required to open bank account in UAE?
There is no minimum salary required to open bank account in UAE. However, you may need to maintain a minimum balance to avoid fees.
It is not difficult to open a bank account in Dubai, whether online or in person. However, you’ll need to remember the required documents and associated fees.
If you’re a resident, you can keep your account open as long as you like. But if you’re a tourist, be sure to close your account before leaving the country.
Whatever your situation is, be sure to know the requirements for an online bank account opening in UAE before getting started.
About the author
Mohamed Yousuf is a personal financial advisor based in the UAE. He helps people save money, shop smarter, and manage their finances. He has over a decade of experience as a financial adviser and is committed to helping his clients reach their financial goals. He is also actively involved in the community, volunteering his time to help those in need.