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.
Procedure for closing your UAE Bank Account from Abroad is as follows:
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.
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.
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.
The Following are the things to Consider While Closing a Bank Account:
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:
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.
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.
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.
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The requirement for opening any bank account in the UAE vary from one bank to another. Although, the existence of a major director or shareholder is generally required.
A limited company should have a dedicated bank account because they have a separate legal entity.
The benefits of having business account includes tracking of the expenses, easy calculation of the tax liabilities as well as management of cash flow.
Yes you can open a business account in various major currencies of the world other than the UAE dirhams.
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