Opening a bank account

How to open a bank account in the UAE

Benefits of a bank account in the UAE

Having a bank account in the UAE comes with several benefits:

1. Convenience: manage your finances easily with online and mobile banking services.
2. Security: your money is safe in a bank account in the UAE as banks in the UAE are known for their stability and strong regulatory framework.
3. Global access: most banks in the UAE offer international debit and credit cards, giving you global access to your funds.
4. Range of services: banks in the UAE offer a wide range of services including loans, credit cards, investment products, etc.

Types of accounts and cards available banks in the UAE

1. Current accounts: for everyday transactions.
2. Savings accounts: to earn interest on your deposits.
3. Investment accounts: to invest your money in various financial instruments.
4. Offshore accounts: for international banking services.
5. Debit cards: to withdraw money and make payments.
6. Credit cards: to make purchases and pay later.

Banking in the UAE

The UAE has a well-developed banking sector with both local and international banks offering a wide range of services. The Central Bank of the UAE regulates the banking sector and ensures its stability.

Do you need a bank account in the UAE?

Yes, having a bank account in the UAE is essential for both residents and expatriates. It will help you manage your finances, receive your salary and make payments.

Documents required to open a bank account in the UAE

1. Valid passport: with the UAE residence visa (for expatriates).
2. Emirates ID: for residents of the UAE.
3. Salary certificate: from your employer.
4. Proof of address: utility bill, rental agreement or a letter from your employer.

Before you open a bank account in the UAE

1. Research different banks: compare the services, fees and benefits offered by different banks.
2. Check your credit report: ensure that you have a good credit history.
3. Prepare the required documents: gather all the necessary documents mentioned above.

Types of bank accounts in the UAE

Current accounts

A current account is a transactional account that allows you to make deposits and withdrawals frequently. It usually comes with a cheque book and a debit card.

Savings accounts

A savings account is a deposit account that earns interest. It is suitable for individuals who want to save money and earn interest on their deposits.

Investment accounts

Investment accounts are suitable for individuals who want to invest their money in various financial instruments like stocks, bonds and mutual funds.

Offshore accounts

Offshore accounts are suitable for individuals who want international banking services and access to global financial markets.

How to open a bank account in the UAE as an expat

1. Choose a bank: research and select a bank that offers services suitable for expatriates.
2. Visit the bank: visit the selected bank with all the required documents.
3. Fill the application form: complete the application form provided by the bank.
4. Submit the required documents: provide all the necessary documents to the bank.
5. Deposit the minimum balance: deposit the minimum balance required to open the account.
6. Wait for approval: the bank will review your application and documents. Once approved, your account will be opened.

Requirements for opening a corporate account in the UAE

1. Trade license: a valid trade license issued by the relevant authority.
2. Memorandum and articles of association: for the company.
3. Board resolution: authorizing the opening of the bank account.
4. Passport copies: of all the shareholders and directors.
5. Company stamp: for official documents.

Mobile banking in the UAE

Most banks in the UAE offer mobile banking services that allow you to manage your finances, make payment, and transfer money using your smartphone.

Opening a corporate bank account in the UAE

1. Choose a bank: research and select a bank that offers corporate banking services.
2. Visit the bank: visit the selected bank with all the required documents.
3. Fill the application form: complete the application form provided by the bank.
4. Submit the required documents: provide all the necessary documents to the bank.
5. Wait for approval: the bank will review your application and documents. Once approved, your corporate account will be opened.

How to open bank accounts for children in the UAE

1. Choose a bank: select a bank that offers accounts for minors.
2. Visit the bank: visit the selected bank with all the required documents.
3. Fill the application form: complete the application form provided by the bank.
4. Submit the required documents: provide all the necessary documents to the bank.
5. Deposit the minimum balance: deposit the minimum balance required to open the account.
6. Wait for approval: the bank will review your application and documents. Once approved, the account will be opened.

What to do if you have a refusal on opening a bank account in the UAE

1. Ask for the reason: ask the bank for the reason for the refusal.
2. Correct the issue: if possible, correct the issue and reapply.
3. Consider other banks: apply to another bank if you are unable to correct the issue.

Choosing a bank account in the UAE

1. Consider your needs: choose an account that suits your financial needs.
2. Compare fees and charges: compare the fees and charges of different banks.
3. Consider the customer service: choose a bank with good customer service.

Banking services in the UAE

Credit cards

Banks in the UAE offer a wide range of credit cards with various benefits like cashback, rewards and travel privileges.

Car loans

Car loans are available for both new and used cars. The loan amount, interest rate and repayment period vary depending on the bank and your eligibility.

Personal loans

Personal loans are available for various purposes like travel, education, home renovation, etc.

International money transfers in the UAE

Most banks in the UAE offer international money transfer services with competitive exchange rates and low fees.

Managing your bank account in the UAE

1. Monitor your account: regularly check your account balance and transactions.
2. Set up alerts: set up SMS or email alerts for transactions and low balance.
3. Use online and mobile banking: use online and mobile banking services to manage your account, make payments and transfer money.

Closing an account in the bank in the UAE

1. Visit the bank: visit the bank where you have the account.
2. Clear any outstanding dues: pay off any outstanding dues like loans or credit card balances.
3. Submit a request: submit a request to close the account.
4. Return the cards and cheque books: return any cards and cheque books associated with the account.

Bank account charges

1. Account maintenance fees: most banks charge a monthly or quarterly account maintenance fee.
2. ATM withdrawal fees: some banks charge a fee for ATM withdrawals.
3. Overdraft fees: if you overdraw your account, the bank may charge an overdraft fee.

Changing banks or closing a bank account in the UAE

1. Open a new account: open a new account in another bank if you want to change banks.
2. Transfer your funds: transfer your funds from the old account to the new account.
3. Close the old account: follow the steps mentioned above to close the old account.

Bank accounts for minors

Some banks in the UAE offer bank accounts for minors. These accounts are usually opened by the parents or guardians of the minor.

Opening a bank account in the UAE is a relatively simple process. However, it is essential to choose the right bank and account type that suits your needs. Additionally, ensure that you have all the required documents before you visit the bank to open the account.