Learn everything about opening a bank account in Dubai
Whether you live or are on a working visa, opening up a bank account in Dubaiis essential for your financial transactions and savings. It won’t be much of a complication for you to open a bank account here. Provided you need to meet certain requirements that will be used for documentation.
However, when it comes to residential bank account opening, the procedures involved are a little simplified compared to non-residential account opening. For instance, the majority of banks in Dubai permit non-residents to open a savings account only.
Still, there are plenty of other banking options from which the non-residents could choose from.
So to understand the standards and procedures included for opening up an account for a bank in Dubai, just give a read to this blog.
Opening a Personal Bank Account for Non-Residents
The primary purpose of a personal bank account is to utilize the account for an individual’s own needs. However, opening a personal account for non-residents is accompanied by certain limitations. Your choices regarding banks are limited so as the features that they provide.
For starters, non-residential account holders won’t be able to attain cheque book but will be provided with a debit card for initiating withdrawals. Plus, non-residents are subjected to maintain a specified minimum or/and maximum balance depending upon the bank.
Despite these limitations imposed, the banks have made their features decent enough to meet all your banking needs. With one limitation there is certainly another alternative option that is applied to make banking for non-residents easy.
Moving forward let us give you the exact terms & conditions that a non-resident must follow for opening a personal bank account.
Terms & Conditions for non-residents to open a personal bank account
- The presence of the applicant is compulsory for account opening in Dubai.
- Photocopy of the applicant’s passport along with the UAE entry page.
- A personal profile of applicant (CV including the applicant’s professional experience).
- An original letter of bank reference from the applicant’s company or personal bank account in origin country or anywhere in the world. (Requirements differ from a bank to bank).
- A document informing about the incoming source of funds.
- An original bank statement of the latest 6 months from the applicant’s origin country or anywhere in the world. (If the applicant happen to have a corporate account only then the bank statement of latest six months accompanied with legal documents validating applicant’s ownership or share in the company).
- A monthly average balance for opening a non-residential personal account. This balance may differ depending upon various banks.
Opening a Savings or Current Account for Residents
It is comparatively easier in terms of documentation for opening a residential bank account. However, it advisable to the applicant that in case of salary transfer, he or she should open an account in the company’s associated bank for quick salary credit.
So other than that the standard requirements of opening an account for residents are as follows –
- A photocopy of the applicant’s passport along with the original.
- A photocopy of the applicant’s visa page for proving UAE residential.
- A salary certificate.
- Emirates ID card or a photocopy of your registration form for Emirates ID (in case you have not received your card).
So these are the general standards that you have to abide by if you are thinking of opening a bank account in Dubai. If your documentation are complete then there is no interference in the procedure of opening bank account. You will be all set and can perform your banking task without any obstacle.