How to close your UAE Bank Account from Abroad?
Before leaving the UAE, expats are advised to terminate their accounts with banks or other financial organizations. However, there are times when expats depart the UAE after completing their bank accounts. Account holders must terminate their accounts online if they cannot return to the UAE. Closing your UAE bank account is one of the most critical steps. Whether you're leaving Dubai, Abu Dhabi, or another Emirate, it's crucial to understand the procedure of shutting your UAE bank account and the repercussions for your financial affairs.
The bank will freeze the Account when there is activity, such as when there have been no incoming or outgoing transactions for a predetermined amount of time. When an account is at rest for six months, most banks in the UAE freeze it. After the Account has been frozen, they look at the fees assessed against the Account and ask the account holder to pay the fee to cancel or reactivate the Account. We will walk you through the stages of shutting your UAE bank account from abroad in this detailed guide, focusing on how to close your ADCB or DIB Account online.
Why Close Your UAE Bank Account?
You might wonder if closing your UAE bank account is necessary if you're leaving the country. While there isn't a legal obligation to close your Account, there are several reasons why it's a prudent move:
Avoiding Dormancy Fees:
Most UAE banks charge dormancy fees if your Account remains inactive for an extended period. Closing the Account prevents these charges from accumulating.
Credit History:
An open UAE bank account could affect your credit history even after you've left the country. Closing it ensures a clean financial slate.
Security:
An open bank account could be vulnerable to unauthorized access or fraud. Closing it enhances your financial security.
How to Close a UAE Bank Account from abroad?
If you have left the UAE and don't plan to return or have ceased business here, then you should follow this process.
The process for closing the UAE Bank Account from abroad is mentioned below-
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Call the bank and make a request: The account holder must visit the bank to perform certain operations on the Account. If you cannot go to the United Arab Emirates, you can contact the bank's representatives and explain why. If your reasoning is sound, they may grant your request. Your account name, account number, and bank branch information must be included in an official email sent to the bank's official email address from your registered email address. Some banks may require you to fax a signed letter rather than email it.
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Settle your Debts: Check whether any fees have been assessed after your request to close your Account has been processed. Some banks levy an account maintenance fee or a cost for failing to maintain a minimum balance. Verify the price and inquire with the bank about the available payment options. Typically, you must deposit these into your Bank Account, at which point the associated fees will be deducted. Additionally, some banks may levy a small fee if you close the AccountAccount within a year of account opening. Overall, review all the costs and pay them however you can, following the bank's instructions.
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Obtain the account closure letter: The bank will process your request for closure once the outstanding debt has been paid. At the time of account closure, the account holder often must provide the bank with their unused cheque book and debit cards. However, if you don't give them to them, the bank will deactivate them, and you won't be able to use them again for anything. Banks must process and close an account closure request within 3-5 working days. When the Account is completed, the bank will send you a text message or email with a formal confirmation of the closure. If you are still waiting to hear from the bank, contact them to determine how your Account is doing.
What should you remember while closing a Bank Account in the UAE from abroad?
Some key points to remember while closing a Bank Account in the UAE from abroad are aas follows:
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Ensure you don't disclose any passwords in the letter requesting the cancellation of your AccountAccount since that has nothing to do with it.
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Obtain an explicit official confirmation from the bank indicating the account closure and save it. It might serve as a future reference.
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Before shutting the AccountAccount, make sure all outstanding debt has been satisfied. Once the obligation has been met, you should obtain a formal confirmation of the closure.
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Although your debit cards and cheque books will be deactivated, destroying the cards and cheques is still advisable.
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Verify that you still need to issue somebody a check cleared before ending the AccountAccount. You could be charged with a cheque bounce case if you have written a review to someone and your AccountAccount is closed before it clears.
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Take out all of the funds in the AccountAccount before it closes, but keep a small amount for costs (if any)
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Along with the account closure email, include a copy of your I.D.
What are the Documents required to close the UAE Bank Account from abroad?
The Documents required for this process are mentioned below-
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Your Photo ID
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Your Debit and Credit Cards linked to the AccountAccount
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Your Unused Cheques or ChequeBook
Now, let's get into how to close your ADCB or DIB Account online from abroad:
How to close the ADCB Bank Account from abroad?
The process for closing the ADCB Bank Account from abroad is mentioned below-
Complete the Account Closure Form of Abu Dhabi Commercial Bank Account:
The Account Closure Form must initially be completed to close a bank account. You can obtain the account closure form from your local branch by visiting the location and correctly filling it out or downloading it from the bank's website. The branch manager or officer in charge must then receive it, sign it, and sign it again. Please note that all joint holders must sign the account closure form if there is/are any in your Account.
Attach your Know Your Customer (KYC) documentation:
The KYC documents, including a copy of your PAN, which also serves as your proof of identification and an explanation of address, must be attached to the account closure form by all account holders. It may also be necessary for the account holders to attest to these documents themselves.
Return your bank branch the remaining cheques, debit card and passbook:
You must hand up your Passbook, Debit Card, and any remaining Balance Cheque Leaves. Only when you have turned in all of these items will your application for account closure be accepted for processing.
Your request for the closing of a bank account will be processed:
If the banker confirms that the documents you submitted are accurate, you will be asked to withdraw the remaining funds from your Account and file a request to close it. Take the remaining money out of your Bank Account
Upon request, you have three options:
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Withdraw cash.
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Have the bank issue a check or demand deposit (D.D.) in your favour.
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Have the money transferred to another account so your AccountAccount can be closed?
You could quickly close your bank account following the preceding instructions. After your AccountAccount is terminated, banks often send an email or SMS to your registered email address and mobile.
How to Close Your ADCB Account Online
Abu Dhabi Commercial Bank (ADCB) offers a relatively straightforward process for closing your Account online, even if you're abroad:
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Contact ADCB Customer Service: Contact ADCB's customer service via phone or email. Inform them of your intention to close the Account. They will guide you through the process and provide the necessary forms.
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Complete the Required Forms: ADCB will typically email you account closure forms. Fill out these forms, providing all the requested information and signatures.
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Submit Supporting Documents: Depending on your circumstances, you may need to provide additional documents such as your passport copy, visa cancellation, and a letter of non-objection from your employer (if applicable). Ensure you have these ready for submission.
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Set Outstanding Balances: Before closing the Account, ensure that all outstanding balances, including loans, credit cards, and fees, are settled.
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Transfer Remaining Funds: Transfer any remaining funds in your ADCB account to your foreign bank account. You can do this through a wire transfer or any other method ADCB suggests.
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Confirm Closure: Once ADCB receives your completed forms and supporting documents, they will review and process your request. You will be notified when your Account is successfully closed.
How to Close Your DIB Account Online
Dubai Islamic Bank (DIB) also offers a relatively straightforward process for closing your Account online:
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Contact DIB Customer Service: Contact DIB's customer service team via phone or email. Express your intention to close the Account and request the necessary account closure forms.
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Complete the Forms: Fill out the provided account closure forms, ensuring that all required details are accurate and complete.
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Provide Supporting Documents: Similar to ADCB, DIB may request supporting documents, such as a copy of your passport, visa cancellation, and a no-objection letter from your employer (if applicable). Prepare these documents for submission.
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Precise Outstanding Balances: Ensure all outstanding balances, including loans and credit card dues, are settled before closing the Account.
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Transfer Remaining Funds: Transfer any remaining funds from your DIB account to your foreign bank account. DIB will guide you through the process.
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Confirmation of Closure: After submitting the completed forms and supporting documents, DIB will review your request and notify you once your Account is closed.
Can You Keep Your Bank Account If You Leave the UAE?
Even if you leave the country, you can keep your UAE bank account active. However, as previously said, it may not be recommended owing to potential inactivity penalties, credit history worries, and security concerns.
Conclusion
Closing your UAE bank account from abroad, whether with ADCB or DIB, is a manageable process when you have the proper guidance and support. At Dhanguard, we specialize in assisting individuals and businesses with their financial affairs in the UAE.
At some Banks, closing an account is straightforward but can often be challenging. It entirely relies on the bank's policies. Whatever the case, tell your bank the truth about it without causing any legal issues. We therefore hope that this blog gives you practical knowledge. Please feel free to visit our website or to call us for further details on other related topics.
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