One thing you don’t want to leave accidentally is opening a bank account in Dubai and providing access to money.
The UAE has a diverse economy in the Gulf Cooperation Council. It is the second-largest economy in the Arab world (after Saudi Arabia), which results in a well-developed banking sector. Both Dubai and Abu Dhabi (the country’s two largest cities) are major economic centers.
Opening A Bank Account in Dubai For Non-Residents
Whether you are opening a bank account in Dubai for non-residents or something to keep your life there longer, you won’t be disappointed.
Can a Foreigner Open Bank Account in Dubai, UAE?
The UAE is a unique country in that its citizens only make up about 15% of the population.
The majority of employees who live, work, and bank in the UAE are immigrants, so the economic and banking system is well-positioned to handle foreign workers who open bank accounts.
It’s worth it if you can do it because you know your money is safe and you will have access to it from day one.
Opening an account abroad is not easy because many stores require a signature in front of a bank officer.
Are You Opening A Bank Account in Dubai Without Residency Visa?
If you haven’t considered moving to UAE yet, there are several options to consider. Unless you are a resident, you will not receive a checkbook. Non-resident accounts get issues with a debit card.
You can use it to withdraw or deposit money at an ATM. One explanation for non-resident bank accounts in the UAE is that many institutions require a minimum or even maximum balance that you can have on your account immediately.
Some banks allow non-resident account holders to choose the currency for the money in their history, whether dirhams (AED) or another primary currency. This option can be attractive for those who are not interested in exchanging dirhams for British pounds, dollars, or other currencies.
What are The Benefits of Opening A Bank Account in Dubai, UAE?
UAE has one of the better jurisdictions. The government offers many benefits when opening a bank account in Dubai for non-residents.
Some of the services are-
- UAE government deposit guarantee was limitless
- UAE handles financial uncertainty in a better way than any other country.
- Also, UAE has one of the best jurisdictions.
- UAE offers a high level of financial security and an excellent banking system
Once your non-resident bank account opens, you will get the online banking and debit card.
What are The Requirements When Opening A Bank Account in Dubai for Non-Residents?
Most of the UAE banks only allow foreigners to open a savings account and not a checking account. So you won’t be able to ask for a checkbook, but you will receive a debit that you can use to withdraw money.
As a non-resident, you are subject to minimum and maximum balances. The bank may decide to do a background check before you can open a bank account.
The UAE allows immigrants without residency visas to open savings accounts only. It is unusual to accept checkbooks with this account. In contrast, most banks issue ATM cards so that consumers can withdraw money while awaiting their residence visas.
The need for opening a UAE bank account as a non-resident vary by bank.
But in general, here are the documents you need to provide:
- Passport stamped for entry into the UAE (original and copy);
- Passport photo;
- complete application form;
- Proof that your residence visa or Emirates ID card is processed;
- Documents with business setup in UAE complete details
- letter of recommendation from the previous bank;
- a letter without objection from your sponsor or employer.
- As a non-resident, you will have to maintain a minimum or maximum balance. Be aware that spectators are often high, and penalties for diving the scales are heavy.
Opening a savings account takes longer than opening a bank account in Dubai on a residence visa. Don’t expect instant access to your savings account.
Also Read: What Are The Golden Rules Of Money In 2021
What are the Problems that Foreigner can solve while opening a bank account, UAE?
Some of the people face issues in their own country for the opening bank account. So here is the list of points that solves when you are opening a bank account in Dubai, UAE.
- You get a reliable banking system that your residence country does not have.
- If you come from such country that has restrictions on international transfers
- If you want to make long-term savings and earn income.
- Also, if you cannot manage the foreign currency from your own country.
There are many more such shortcomings that you can solve when opening a bank account in Dubai, UAE.
Where To open Non-residents bank account in Dubai, UAE?
Although UAE is home to seven different emirates, for banking, there are three emirates.
- Abu Dhabi
All banks come under the UAE central government regulation, but not all banks are present in every emirate.
Some of the Banks are-
- Emirates NBD – Approx. 250 ATMs and branches
- ADCB – 11 ATMs and branches
- ADIB – Around 700 ATMs and 80 branches across Dubai
- DIB – Around 10 ATMs and branches
- FGB – Around 14 ATMs and eight branches
- FAB – Around 100 ATMs and many branches
International banks in Dubai:
- HSBC – 67 ATMs and 10 branches
- Citibank – 48 ATMs and two branches
- SCB – 14 ATMs and five branches
Bank Account Opening Charges
While many ATMs at the bank of your choice in the country are accessible, one of the essential fees you need to be aware of is the minimum balance requirement.
The minimum balance for some of the above accounts is around 3,000 United Arabic Dirhams (AEDs), which is about £ 628. Leaving your account less than this amount can result in high costs.
Therefore, it’s a good idea to keep track of your account balance and find out your own bank’s billing system.
Opening a bank account in Dubai from the UK won’t be difficult as long as you have the proper documents. The large non-emirate population living in Dubai and Abu Dhabi means banks are already used to foreigners looking to open non-Dubai bank accounts.
The process is also getting more accessible and faster for residents. The more significant challenge is to move all your belongings and negotiate the airport, taxis, and trains that will get you there.
Instead, contact 1st Move International and let them use their expertise and experience to make your move hassle-free and easy.
Essential Things To Consider For opening an Account in UAE?
- Some of the UAE banks ask for the fees as well as the minimum requirement. The minimum requirements are very high, somewhere around 25 AED per month approx. if you choose the bank that charges fees.
- No fee bank accounts are optional for the ex-pats who have a specific salary, like more than 5000 AED. Those who earn less than this will have to pay monthly fees. If you choose a bank, then make sure to check all these points before opening a bank account in Dubai, UAE.
- Suppose you use another ATM which do not associate with your bank. They will charge you a fee.
- You have to perform many banking transactions in person. Therefore select a bank that is nearby to you.
- Some bank charges high fees for electronic transfers.
Note that if you are opening a bank account in Dubai for non-residents, you will remain for tax purposes in the country where you will spend most of the year. It means that if you receive any income from a UAE bank account, you may still have to pay taxes.
You must deposit a minimum of 5000 USD. You can access almost any bank in Dubai where you open an account online.
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