How to open a bank account in Dubai: A quick guide
If you have just moved to Dubai and want to bring your finances in order, you’ll be glad to know that the process of opening a bank account in Dubai is fairly straightforward. Typically, every bank requires you to submit the essential documents and the minimum amount of money to be deposited in your new account. Whether you need a personal, salary or corporate account, this guide will walk you through how to open an account in Dubai easily.
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.
Choosing the Right Bank In Dubai
Dubai has many banks to choose from, such as Emirates NBD, Mashreq Bank, HSBC, Standard Chartered, Citibank, etc. When selecting a bank, consider the following factors:
- Branch and ATM accessibility – Choose a bank with branches and ATMs near your home or workplace.
- Account features – Check for minimum balance requirements, withdrawal limits and penalties.
- Fees and charges – Look into maintenance fees, wire transfer charges and ATM usage costs.
- Additional benefits – Some banks offer perks such as free withdrawals from other ATMs, Air Miles or financial advisory services.
- Salary transfer compatibility – If you are an employee, ask your company which bank they use for salary transfers. Using the same bank can ensure quicker access to your salary.
Types of Bank Accounts in Dubai
When you want to open an account with a bank in Dubai, decide which type to open:
- Current Account: A suitable choice for daily transactions, including bill payments and fund transfers. This account usually comes with a chequebook but does not earn interest.
- Savings Account: This type of account is better suited to those who want to save money for assets and deal with unforeseen circumstances. These accounts are meant for limited transactions, and some banks do not even offer debit cards to account holders to keep their money secure.
- Joint Account: A shared account typically used by spouses or business partners. To open a Dubai bank account online or in a branch as a joint account, both applicants must be present in the UAE and provide valid residence visas.
- Salary Account: A dedicated account for employees to receive monthly salaries. Generally, no minimum balance is required, but a salary certificate is needed to open one.
Requirements to Open a Bank Account in Dubai
The requirements to open a bank account in Dubai vary depending on your residency status and the type of account.
For Residents
To open an account in Dubai, residents must provide the following documents:
- A valid passport copy (original required for verification).
- Emirates ID (or Emirates ID application form if newly arrived).
- A letter of no objection (NOC) from the employer or sponsor.
- A salary certificate (for a salary account).
- Some banks may require a minimum balance to be maintained.
For Non-Residents
Thinking about opening a bank account in Dubai as a foreigner? Well, non-residents can open a Dubai bank account with ease as long as they meet the bank’s criteria! They will be given a debit card instead of a chequebook. The bank will also verify the applicants’ documents before opening the account.
If you are a non-resident and want to open an online bank account in Dubai or in person, you will need:
- 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. If you’re applying for a joint account, the documents for both applicants must 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).
- Submit these documents along with the duly filled application form:
- The residency visa and passport of the shareholder
- A copy of the Emirates ID of the shareholder
- A copy of the passport of 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 10k to AED 500k. Make sure to check with the bank to know the precise figures.
For a complete overview, you can check out 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 long does it take to open a bank account in Dubai?
The process can take 1–3 business days for personal accounts, while corporate accounts may take 2–4 weeks due to additional verification steps.
How to open a salary account in Dubai?
To open a salary bank account, you will need a salary certificate. If you don’t have a salary certificate, you can present one of the following documents:
- Contract copy or appointment letter
- A payslip less than three months old
- A recent statement of account where your salary is transferred
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 3,000. 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?
You will likely receive the following services once you’ve opened a bank account.
- 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.
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 closing a bank account in Dubai.
Looking for Sharia-compliant banking? Multiple Islamic Banks in Dubai combine modern financial services with faith-based principles.
