A detailed guide on how to open a bank account in Dubai
If you have just moved to Dubai and want to bring your finances in order, you’ll be glad to know that the process to open a bank account in Dubai is fairly straightforward. Typically, every bank requires you to submit the essential documents and a minimum amount of money to be deposited in your new account. Here is everything you need to know about opening a current, savings or business account in Dubai.
HOW TO OPEN A BANK ACCOUNT IN DUBAI?
The process to open a bank account in Dubai is pretty simple. Whether you work as an employee in a company or have your own business, you can easily open an account in Dubai. The only difference is that, in a salary account, you generally don’t have to maintain a minimum balance. Contrastingly, you must maintain a pre-decided balance for a personal or business account.
WHAT ARE THE REQUIREMENTS FOR OPENING A BANK ACCOUNT IN DUBAI FOR RESIDENTS?
If you are a resident, you can open a bank account in Dubai following the process below.
CHOOSE THE BANK
There are many banks in Dubai to choose from, such as Emirates NBD, Mashreq Bank, HSBC, Standard Chartered, Citibank etc.
However, if you want to open a salary account, it’s best to ask your company about the bank they work with. It’s better to open an account in your company bank to collect your salary right after it’s credited. Otherwise, you may need to wait with other banks until the amount gets credited to your account.
If you are opening a personal or business bank account in Dubai, some banks may require you to maintain a minimum balance. The Central Bank of the United Arab Emirates (UAE) has set a penalty of AED 25 per month in case of falling below this limit.
However, please note that every bank charges different penalties for the fall below. For example, Standard Chartered charges AED 26.25.
PICK AN ACCOUNT TYPE
When you want to open an account with a bank in Dubai, decide whether to open a Current Account or Savings Account.
- A current account is mainly used for salary transactions. It helps you cover imminent monthly expenses, enabling you to withdraw money anytime you need.
- A savings account is better suited to those who want to save money for assets and deal with unforeseen circumstances. It’s meant for limited transactions, with some banks not even offering debit cards to account holders to keep the money secure.
SUBMIT THE DOCUMENTS
You must submit the following details to open an account:
- Copy of passport, including residence visa
- Original passport for validation
- Sponsor’s letter of no objection
The same documents are required for opening individual and joint accounts for Dubai residents.
To open a salary bank account, you will need a salary certificate. And if you don’t have a salary certificate, you can present one of the following documents:
- Contract copy or appointment letter
- A pay slip less than three months old
- A recent statement of account where your salary is transferred
HOW TO OPEN A BANK ACCOUNT IN DUBAI FROM OVERSEAS?
Wondering if a foreigner can open a bank account in Dubai? The answer is yes! Non-residents can open an account in Dubai as long as they meet specific criteria.
They will be given a debit card instead of a chequebook. The bank will also verify the applicants’ documents before opening the account.
LIST OF DOCUMENTS REQUIRED TO OPEN A NON-RESIDENT ACCOUNT IN DUBAI
Here is a list of documents required to open an account in Dubai for non-residents.
- Employment, income and tax details
- Valid proof of identity (this may include your passport, driving license or National ID)
- Proof of address, including a utility bill or a bank statement
Your selected bank may require additional documents subject to local laws, regulations and qualification status. And if you’re applying for a joint account, the documents for both applicants are to be provided.
HOW TO OPEN A CORPORATE BANK ACCOUNT IN DUBAI?
While the requirements for opening a corporate account vary from bank to bank, the presence of a director and shareholder is essential. Here’s how you can open a business account in Dubai.
- Fill out an application form, mentioning detailed company records (proof of business and information about clients and/or suppliers). Along with the form, these documents will be submitted.
- The residency visa and passport of the shareholder
- A copy of the Emirates ID of the shareholder
- A copy of the passport of the director
- Disclosure of the type of business activities and the source of funds
- Existing contracts
- Reference letters from business partners
- A comprehensive business plan
- The company’s corporate documents
- Company Memorandum & Articles of Association.
- The bank will verify information about your management team and financial projections if your application is approved.
- After they run the background checks, they will conduct an interview with you.
- Once this stage is completed successfully, they will open your corporate account.
HOW MUCH BALANCE IS REQUIRED TO OPEN A CORPORATE ACCOUNT IN DUBAI?
The monthly average balance requirement varies depending on your bank type. Mostly, banks in Dubai require a minimum amount of AED 25k to AED 500k. Make sure to check with the bank to know the precise figures.
For a complete overview, you can check our guide to opening a business account in the UAE.
FREQUENTLY ASKED QUESTIONS
WHAT IS THE COST OF OPENING A BANK ACCOUNT IN DUBAI?
You don’t have to pay any fee to open a bank account in Dubai.
HOW MUCH DOES A CHEQUEBOOK COST?
The first chequebook is free, whereas your bank will charge you an additional fee to request other chequebooks. The fee varies from bank to bank.
WHAT IS THE MINIMUM SALARY TO OPEN A BANK ACCOUNT IN DUBAI?
The minimum salary to open a bank account in Dubai is AED 3000. If your salary fits this requirement, you can easily open a Current or Savings Account in Dubai.
WHICH BANK ACCOUNT IS THE BEST IN THE UAE?
While several accounts nationwide can help you create a strong financial backup, many people prefer savings accounts in Dubai. These include the Emirates NBD Smart Saver Account, ADCB Active Saver Account and CBD eSaver Account.
WHAT TYPES OF SERVICES ARE AVAILABLE AFTER OPENING A BANK ACCOUNT IN DUBAI?
Once you’ve opened a bank account, you will likely receive the following paraphernalia.
- Access to ATM/debit card
- 24-hour ATM facility
- Bill payment facilities
- A first free chequebook
Once your account is active, you can pay for Salik as well as traffic fines in Dubai.
CAN TOURISTS OPEN A BANK ACCOUNT IN DUBAI?
With certain restrictions in place, some banks allow tourists to open bank accounts in Dubai. However, tourists only have access to limited services, as determined by the bank.
And on that note, we conclude our guide on how to open a bank account in Dubai. When it comes to choosing a bank, there are various options. For instance, if you live somewhere close to old Dubai, there are also various banks in Deira where you can open your bank account.
Looking to close your bank account in Dubai? Here’s our step-by-step guide to the procedure of closing a bank account in Dubai.
