UAE Non Resident Bank Account Opening Explained! Read Now and Start Yours.

The United Arab Emirates (UAE) is an international business hub and a popular destination for expatriates seeking financial opportunities. Non-residents, including international business owners and investors, often find opening a bank account in the UAE beneficial. Having a bank account will be essential for managing the movement of a portion of your life, whether you're moving to the United Arab Emirates for work, starting a business, or making an investment. In this complete guide, we will explain the procedure of opening a non-resident bank account in the UAE, focusing on one of the prominent banks in the region - Emirates NBD.

Is it Possible to Open a Bank Account abroad in the UAE?

The bulk of Emiratis are expats. Hence, there are ways for foreigners to obtain bank accounts. The most straightforward answer is Yes, but a crucial differential will impact where you can bank and what kinds of funds you can open if you are a resident of the UAE.

Why is residence a critical consideration when deciding whether to set up a line of financial products? 

That's because most banks demand that you produce your passport, copies of your passport photo, and a statement from your employer or the party sponsoring your visa stating that they have no objections to you opening an account.

The second of these prerequisites means you must be a UAE resident to create a foreign or offshore bank account. You'll discover, though, that some financial products are only available to locals.

Why Open a Bank Account in the UAE as a Non-Resident?

Before delving into the specifics, it's essential to understand the advantages of having a UAE bank account as a non-resident:

• Facilitates Business Operations: For entrepreneurs and international business owners, having a UAE bank account simplifies financial transactions related to business operations in the region.

• Investment Opportunities: The UAE provides various investment opportunities in real estate, stocks, and bonds. A local bank account makes it easier to manage these investments.

• Tax Efficiency: UAE's tax-friendly environment makes it attractive for non-residents looking to minimize their tax liabilities.

• Secure Banking: UAE banks offer robust security measures and sophisticated banking services, ensuring the safety of your funds.

• Convenience: A local bank account streamlines everyday financial transactions, such as paying bills and purchasing.

Who can Open a Non-Resident Bank Account?

UAE provides both corporations and individuals with non-resident bank accounts. Business setup in Dubai is necessary to open a corporate bank account. Under a person's name, a personal account can be opened.

You must travel to the UAE to apply for an account to open one as a real person.

All nationals may apply, except those from specific nations that the UAE has sanctioned or prohibited, such as :

•  Afghanistan

•  Iran

•  Libya

•  Mali

•  Myanmar

•  Korea, North

•  Palestine

•  Russia

•  Syria

•  Ukraine (restricted regions)

•  Venezuela

•  Zimbabwe

Additionally, a few nations pose a high risk, Such as CHINA. Nationals of such countries are free to apply, although extra paperwork and a more extended approval procedure may be needed.

Conditions for Opening a Bank Account in the United Arab Emirates

Some Conditions for Opening a Bank Account in the United Arab Emirates are as follows:

• Various banks will want additional documentation for resident expat accounts besides your passport and the no-objection letter we just stated. 

• If you are a recent immigrant to the UAE, these may include your visa and Emirates ID card (or a copy of your application if you are still awaiting it). 

• A document stating your job or sponsor, your pay, and proof of your address in the form of a utility bill or rental agreement are also required. 

• Banks may also ask for a letter of recommendation from another bank; you can get one from the bank you use in your home country or country of origin.

Can I open a bank account in Dubai without a resident visa?

Many choices are available if you have yet to consider moving to the UAE:

• Only non-residents or visitors are permitted to open savings accounts at most banks in Dubai. 

• Thus, the limitations suggest that current accounts or other services are only available to locals. 

• While non-resident accounts do not have a chequebook, they include debit cards that can be used to withdraw or deposit money at ATMs. 

• There is a warning for non-resident accounts with UAE banks: many organizations will impose a maximum or minimum balance requirement on your account.

• Some financial institutions let non-resident account holders select whether to have their money in dirhams (AED) or another significant currency. 

• This choice may be alluring to people who don't want to convert their dirhams for pounds, dollars, or other currencies.

Requirements for Non-Residents to Open a Bank Account

What should you anticipate when applying for a non-resident bank account for your and your businesses? 

The following documents are required to open a personal bank account in the UAE as a non-resident:

1. A copy of your passport that includes the UAE entry page

2. A genuine copy of a letter of recommendation from your bank, whether in your home country or any other country where you have a personal or business account.

3. Your CV that has been updated

4. An original copy of your bank statements from your home country or anywhere else for the previous six months.

Important Considerations

• There are two other important considerations about non-resident bank accounts. First, non-residents must maintain an average monthly balance of USD 100,000 with most Emirati banks. The federal government placed stringent rules on its financial sector, even though they may seem excessive. Lastly, the UAE requires the applicant to be present to open the account.

• Regarding a corporate bank account, there are different rules for business accounts, and you will need to have the Ministry of Foreign Affairs authenticate some of your documentation. In addition to identity documents, evidence of address, an explanation of your organizational structure, and the certificate of incorporation or company license, banks may occasionally ask for forecasts of your firm's future sales and transactions.

• It is best to have all your documents translated if you are from a nation where English is not the official language. To ensure that all banks adhere to international norms, the Central Bank of the United Arab Emirates requires a Know Your Customer (KYC) policy. You might be questioned about transactions before or after opening the account by bank tellers or other agents.

How to open a Bank Account in the UAE for Non-Residents

Now, let's walk through the steps to open a non-resident bank account in the UAE, specifically with Emirates NBD:

Step 1: Determine Your Eligibility

Emirates NBD offers non-resident bank accounts to individuals who are not UAE residents but meet specific eligibility criteria. Typically, you must provide proof of identity, such as a passport and proof of your non-resident status.

Step 2: Choose the Type of Account

Emirates NBD offers a range of account types to cater to different financial needs. You can choose from current, savings, or fixed deposit accounts, depending on your objectives.

Step 3: Gather the Required Documents

To initiate the account opening process, you will need to gather the following documents:

• Passport copy with a valid UAE residence visa or visit visa

• Proof of address (utility bill or rental agreement)

• Bank reference letter from your home country

• Proof of income (such as employment contract or business documents)

• Emirates NBD account application form (available online or at a branch)

Step 4: Visit an Emirates NBD Branch

Once you have all the required documents, visit an Emirates NBD branch nearest you. The bank's customer service representatives will guide you through the application process.

Step 5: Complete the Application

Fill out the account application form, provide the necessary documentation, and pay any applicable fees. Emirates NBD may conduct a background check before approving your account.

Step 6: Activate Your Account

Once your account is approved, you will receive your account details and debit card. You can then activate your account and use it for your financial transactions.

Step 7: Manage Your Account Online

Emirates NBD offers robust online banking services, allowing you to manage your account, transfer funds, and access various banking services conveniently anywhere in the world.

The UAE's Major International Banks

Which financial institutions can you find in the United Arab Emirates? 

Here are a few names you might come across while searching for a potential banking partner, including domestic and international powerhouses.

• Citibank

• HSBC

• Standard Chartered 

• Royal Bank of Canada are a few alternatives for foreign bank accounts in the United Arab Emirates (RBC)

Local banks in UAE

Popular with both residents and foreigners alike are local banks in the UAE, such as:

• ADCB (Abu Dhabi Commercial Bank)

• Dubai Islamic Bank

• Emirates NBD (National Bank of Dubai)

• FGB (First Gulf Bank)

Conclusion

Opening a non-resident bank account in the UAE, particularly with Emirates NBD, is a straightforward process that can offer numerous benefits for international business owners and investors. By following these steps and providing the required documentation, you can access the UAE's dynamic financial landscape and take advantage of its many opportunities. Our team has experience opening non-resident accounts for personal and business use, so contact us if you need assistance making this essential choice in light of the abundance of local banks and the growing international presence. Thus, we hope this blog provides you with insightful information. For more information on other related aspects, visit our website or contact us.