How to close your UAE Bank Account from Abroad?

By Sakshi Srivastava - 09 Dec 2021 Last Updated: 27 Jan 2022
How to close your UAE Bank Account from Abroad?

Before leaving the UAE, expats are usually advised to close their accounts with banks or financial institutions. However, there are times when expats return to their home countries without taking the time to close their bank accounts in the UAE. If the account holder is unable to return to the UAE, they must close the account online.

The UAE has a large expat population, and the Covid-19 pandemic has taken a toll on them when they have had to return to the Emirates due to lockdown, visa rejections, and so on. If you do not intend to return to the UAE in the near future, you may close the account. It is always necessary to visit the bank and provide the account closure request, but if you are abroad, you can contact your bank and resolve this issue.

Procedures for Closing your UAE Bank Account from Abroad

Procedure for closing your UAE Bank Account from Abroad is as follows:

Submit a Request to the Bank

The account holder is expected to visit the bank to perform certain account activities. However, if you are unable to visit the UAE, you may contact bank officials to explain your situation and why you are unable to visit the UAE. If your reason is valid, they may agree to your request. The account holder must send an official email from the registered email address to the bank's official email address, including your account name, account number, and bank branch information.

If not email, some banks might ask you to send a signed letter through fax as well. Or you can also check if any of your friends or family can deliver them a signed letter from you. 

Pay off your Debts

Check to see if any charges have been imposed after your account closure request has been processed. Some banks charge an account maintenance fee or a fee for failing to maintain a minimum balance. Check the amount and inquire with the bank about how to pay these fees. Typically, you should transfer these to your bank account, and the fees will be deducted accordingly.

In addition, some banks charge a small fee if you close your account within a year of opening it. Overall, go over all of the fees and make any payments that are possible for you based on the bank's instructions.

Receive an Account Closure Letter

The bank will process your closure request once the dues have been cleared. At the time of account closure, the account holder is usually required to submit the debit cards and unused cheque book to the bank. However, if you do not hand these over to them, the bank will deactivate them and you will no longer be able to use them for any purpose.

Banks generally take 3-5 business days to process and close an account closure application. When the account is closed, you will receive an official confirmation from the bank via text message or email. If you haven't received a message from the bank, contact them to inquire about the status of your account. Also, obtain a letter of account closure for future reference.

Things to be Considered while closing a UAE Bank Account from Abroad

The Following are the things to Consider While Closing a Bank Account:

  • Make certain that you do not include any passwords in the account closure request letter, as this has nothing to do with the closure of your account.
  •  Obtain and save a clear official confirmation from the bank regarding the account closure. It can be used as a reference in the future.
  • Before closing the account, ensure that all outstanding balances have been paid in full, and obtain an official confirmation of the same.
  • Though your debit cards and cheque books will be deactivated, it is recommended that you destroy them.
  • Before closing the account, make sure you haven't given anyone any cheques that haven't been cleared. If you write a check to someone and your account is closed before the check clears, you may be charged with a cheque bounce.
  • Withdraw all funds from the account before it is closed, but leave some for fees (if any)
  • Attach a copy of your ID to the account closure email.

What Documents you Require for closing a UAE Bank Account from Abroad?

Documents Required:

  1. A photo ID
  2. Debit and credit cards linked to the account
  3. Unused checks and a chequebook

How to close a Private Bank Account from Abroad?

The procedure for closing a private bank account in Dubai by a private individual is straightforward and without complications. It consists, in general, of the following stages:

  • Withdrawing funds from the account, completing all payments.
  • Completing the repayment of all loans and bank debts.
  • Creating a letter to close a bank account.
  • Obtaining written confirmation that the account has been closed.

When a bank account is closed, private individuals can either withdraw money or transfer available funds to another bank's account. If the account holder does not take any action, the bank may pay out the balance in the form of a cheque within 7 days.

Aside from the applicable regulations, which are intended to reduce red tape, the only required documents are the passport and the necessary account closing letter.

Bank accounts with zero balances are closed the day after the application is filed, and accounts with some balances are closed the day after the account is debited. After completing all of the steps, it is recommended that you obtain written confirmation of the complete account closure.

How to close a Corporate Bank Account from Abroad

The procedure for closing a corporate bank account in Dubai by legal entities is similar to that previously described. Among the required documents are the applicant's passport and the relevant company documents.

Closing newly opened corporate bank accounts in Dubai, UAE, has some peculiarities. In fact, if you close a bank account within the first six months or a year of its opening, you may be charged an additional service fee. The exact amount and other terms differ depending on the bank.

Conclusion

The applicable procedure for closing the UAE bank account is simple and is usually completed in the shortest amount of time possible. With Dhanguard our team offers complete assistance at all stages of bank account closure.

Please contact us if you have any further questions about how to close a bank account in Dubai, UAE. Our experts will provide you with all of the information you require.

Open business bank account online in Dubai, UAE. Compare and apply for business bank account from leading banks with Dhanguard.

By Sakshi Srivastava

09-Dec, 2021

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