Having a bank account is a necessary condition to lead a modern healthy life. This is further applicable to foreigners who plan to move to different countries. In a country like the UAE, there are many tasks, such as renting a house that requires you to pay in advance, and you need a bank account.
If you have just moved to the UAE, then you may have strolled on the beach, visited several shopping malls, and tasted the bazaar. But soon, the reality will undoubtedly bite people, and you will need to open a bank account. Therefore, please choose a bank and have your documents ready. Call your bank of choice and ask them to forward the agent to set up the bank account and collect the relevant documents.
Tips: Make sure the bank has an ATM next to your home or office, so you don’t have to go too far to withdraw Dh100. However, there are a few things you need to consider before you make a call directly.
There are around three types of banking systems in the United Arab Emirates, all of which operate under the UAE Central Bank. Each bank requires different documents to open an account. Therefore, for any inquiry, you must visit the bank’s website or keep in touch with customer service.
- Are you a resident? Do you work as an employee in the company?
- You are a resident; do you have your own business?
- Are you not a resident?
- Residents working for company employees-salary transfer
Ask your company about the bank they are affiliated with or work with. It is usually best to deposit money with your company bank so that your salary will reach your bank on the same day as the loan is credited. Other banks will take at least two business days to transfer your salary is reflected in your account. As with any vague bureaucratic process in the UAE, our recommendation is to save every file you own along with a copy (including multiple passport pictures) when your agent visits you. This way, if there is an accident, you will have all the required files.
The basic requirements for opening a savings account or current account are:
- Original and photocopy of your passport
- A copy of the visa page proving that you are a UAE resident
- Salary certificate (you need to get it from the office personnel department)
- Some banks may require you to provide a UAE ID, but as it takes time to obtain a UAE ID, many banks are not convinced. They will only ask you for a copy of the Emirates ID registration form you completed when you applied.
Residents working for company employees-no pay transfer
Some banks require you to have an amount, which will be the opening balance and maintain a minimum amount in your account. You should look and shop around because not all banks do this. Unless you have a reason to want to use a particular bank desperately, you can avoid the minimum balance.
Some banks in the UAE require you to maintain a minimum balance of AED 3000. The bank has in the past charged fees below this minimum amount, but since then A full charge of DH25 has been set.
The basic requirements for opening a savings account or current account are:
- Original and photocopy of your passport
- A copy of the visa page proving that you are a UAE resident
- Salary certificate (you need to ask the company personnel department
- Some banks may require you to provide a UAE ID, but as it takes time to obtain a UAE ID, many banks are not convinced. They will only ask you for a copy of the Emirates ID registration form you completed when you applied.
Non-resident account
Most banks in the United Arab Emirates allow non-residents to open only savings accounts and not current accounts. Due to which, you will not be eligible to request a checkbook, but you will receive a debit card to withdraw funds. As a non-resident, you will have to maintain a minimum and maximum balance limit. The bank may decide to conduct a background check before allowing you to open a bank account.
The basic requirements for opening a savings account are:
- Original and photocopy of your passport
What to expect after opening an account After opening a bank account, you will get:
- UAE Dirham Savings or Current Account Interest rate (some provide annual interest rate starting from 0.25%)
- Free International ATM / Debit Card
- Access your account by phone (landline or mobile phone) and online 24-hour ATM
- Access to branches and ATM networks and bill payment facilities-phone, Dewa, Salik, transportation fines and other bills