Opening and having a bank account in the UAE state is mandatory for everyone whether he or she is an expatriate or an emigration. Overall, having a bank account within that country whether as a resident or a non-resident makes it easier to deal with financial transactions, the security in handling your money, and other banking services which can be acquired from the specific country.
It is also important for you to know how you can open an account with a bank in the UAE and this guide will assist in making the experience a very simple one.
Types of Bank Accounts In UAE
If you are going to open your bank account in the UAE then before any procedure it is necessary to know about the types of banks. Let’s have a look at the following with all types:
Personal Accounts
These include regular accounts for serving the business needs of the public and for accumulating one’s savings for day-to-day transactions with facilities for both resident and non-resident accounts.
Savings Accounts
They enable you to have an interest-earning account which at the same time assists you to save your cash. Even though they may have some conditions regarding withdrawal they pay higher interest rates.
Current Accounts
These accounts are generally employed for carrying out frequent transactions and provide services that include checkbooks and debit cards. They are favorable for anyone who wants to be in a position to use cash often.
Business Accounts
Tailored for ventures in operation in the UAE, these accounts provide specific options such as payroll Processing and business Loans among others.
There is also Islamic banking and conventional banking so one will be free to choose the kind of banking they regard as appropriate.
Requirements To Open Bank Account In UAE
When you decide to open your bank account in the UAE, you need some documents and it is important to fulfill their requirements as such bellow:
Residents:
- A current and valid passport with a UAE residency visa.
- Emirates ID.
- Utility bill or tenancy contract and any other document that can corroborate the applicant’s address.
- Companies were required to provide a salary certificate or a letter of no objection from the employer if any.
Non-Residents:
- A valid passport.
- A reference letter from your home bank or an introduction from a well-recognized organization in UAE.
- Others may demand a certain amount of minimum cash deposit for nonresidents may be higher.
How To Open Bank Account In UAE: Steps To Follow
Here’s a simple, step-by-step guide to help you open a bank account in the UAE:
Step 1
The first process therefore involves the conduct of a search about the various institutions that are involved in the provision of banking services in the UAE.
Some of these include fees associated with the accounts, the level of minimum balance that is needed for the account to be operational, the availability of the online banking services, and the general reputation of the bank. Selecting a good bank that will serve your needs is essential because it will determine your banking history.
Step 2
Ensure that you assemble all the necessary documents once you have selected the bank that you want to deal with. This comprises a passport, Emirates identification, proof of residence and any other documents the bank may require. This way, everything will be ready and the process will be carried out much faster.
Step 3
Go to the Bank or Fill the Application Online Many of the banks in UAE have an online or offline profile. If you like a more direct approach then you may wish to visit a branch. If you are computer literate and like to use the internet then, go for the online application through the link provided on the banks website.
Step 4
Filling out the Application form Depending on the process you choose you fill an application form at the bank or fill one online. This is to ensure that each of the details provided is correct and updated thus minimizing on time wastage.
Step 5
Submit Your Documents You should also enclose your application form for duly filled and signed passport photographs and all other necessary documents. It is at this stage that some of the banks may ask for an interview or any other relevant information.
Step 6
Waiting for confirmation Once the application has been submitted, the bank will review the papers submitted. The overall process of survey completion varies depending on the number of questions ranging from a few days to several weeks. It’s after approval that the user will be provided with his or her account information.
Step 7
Account Details If your application is granted you will furnish your account number, credit/debit card and any other particulars that may be considered appropriate to provide. After that you can begin using your new account for transactions.
Helpful Tips To Open Bank Account In UAE
Prepare in Advance: Some of the requirements included: ensuring that you have all your documents with you when beginning the process.
Maintain the Minimum Balance: Check whether it’s possible to avoid or minimize using your account by maintaining the minimum required balance.
Frequently Asked Question On How To Open Bank Account In UAE (FAQ’s)
Is it easy to open a bank account in the UAE?
Yes, it can be easy but if you provide proper documentation.
What documents are required to open a bank account in the UAE?
Some documents like your id card, passport copy, and other documents such as employment certifications required.
How much balance is required opening a bank account in the UAE?
Around 3 to 4000 USD is required to open a bank account in the UAE.
Can I open my bank account if I am not a job holder?
Yes, you can open easily by providing your own documents.
Conclusion
On the performance of banking in the UAE, it mustn’t be complex at all. With the help of this guide, you will be able to smoothly move through all these steps and receive all the financial services that are necessary for you in the new country. You have to start somewhere so gather the documents you need today and research the banks you need for your needs.
Here is a comprehensive guide on how to easily open an account so that you can freely enjoy your stay in the UAE.
