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Scared of Hefty Minimum Salary Requirements for Bank Accounts in UAE! Read More

It's vital to open a bank account if you're establishing a business or simply want to protect your finances. Also choosing the right bank as per your requirement is extremely necessary so that you can regulate your hard earned money with ease, thus the process of selecting a bank and starting a bank account can be tedious at times. 

Thus in this blog, Dhanguard will provide you with the most useful advice on how to open a bank account in Dubai based on your pay. So without any further ado, let’s learn!

Along with a wide array of services provided, Dhanguard also helps with Mainland, Offshore and Freezone Business Account opening as well

What Is the Minimum Salary Requirement to Open a Bank Account in Dubai, UAE?

The minimum annual income needed to create a bank account in Dubai, United Arab Emirates varies depending on the bank, however it is normally around AED 3,000. It's important to bear in mind that a lot of banks provide new customers with sign up bonuses as well as other advantages if they qualify and satisfy their account requirements. In order to find out if your preferred bank has any deals, it is worthwhile to check with them.

Which are the best Banks in Dubai with Lower Salary Requirements?

Here is an overview of the main bank accounts which have the minimum salary requirements, together with information about their features, advantages-

ADIB Current Account

Minimum Salary required- AED 3,000

The minimum salary requirement to open an ADIB Current Account is AED 3,000 and there is no burden to maintain a minimum balance in the account of the account holder.

Benefits and Features of ADIB Current Account

Online Banking

ADIB provides its customers with a mobile and online banking facility that allows them to quickly and easily open a bank account and access their account information.

Eligibility

All UAE citizens and expats are qualified to register an ADIB Current Account.

Debit Card

ADIB Current Account provides account holders with a debit card at no cost.

Chequebook 

Account holders of ADIB Current Account are provided with a complimentary chequebook.

Teller Transactions

ADIB Current Account holders may use any number of free, unlimited teller transactions.

E-Statements 

ADIB Current Account provides free monthly e-statements to account holders to make it simple for them to keep track of their accounts.

Simple Transfers

Account holders of ADIB Current Accounts can send money to another party quickly and easily using online and mobile banking platforms.

Read More: Why Dubai can be Your Best Option for Making Investments? Read Now!

Emirates NBD Salary Account

Minimum Salary required- AED 3,000

Customers of Emirates NBD can choose from a variety of bank accounts. The bank account comes with an AED 3,000 minimum salary requirement for account holders.

Benefits and Features of Emirates NBD Salary Account

Multiple Currency Options

The Emirates NBD Salary Account can be opened and used in a number of different currencies, including AED, USD, GBP, and others.

Simple Transfers 

Through online and mobile banking platforms, account holders of the Emirates NBD Salary Account can send money with ease.

Eligibility

All nationals and foreigners living in the UAE are eligible to open an Emirates NBD Salary Account.

Minimum Monthly Balance

Emirates NBD Salary Accounts are required to maintain a minimum monthly balance of AED 3,000.

Online Banking 

Emirates NBD provides its clients with a mobile and online banking site that enables them to open a bank account and access their information with only a few mouse clicks.

RAKBANK RAKmore Salary Transfer Account

Minimum Salary required- AED 5,000

The minimum salary criterion for candidates for the RAKBANK RAKmore Salary Transfer Account is AED 5,000. This bank account is another well-known salary account in the UAE.

Benefits and Features of RAKBANK RAKmore Salary Transfer Account

Credit Card

Subject to qualifying requirements, RAKBANK RAKmore Salary Transfer Account holders are provided with a complimentary credit card.

Chequebook

A free chequebook is provided to account holders of the RAKBANK RAKmore Salary Transfer Account.

Easy Transfers

Through online and mobile banking platforms, owners of RAKBANK RAKmore Salary Transfer Accounts can send money quickly.

Domestic Transfers

Account users of the RAKBANK RAKmore Salary Transfer Account are allowed to send money home for free using their bank account.

Cash Withdrawals

RAKBANK RAKmore Salary Transfer Account members are entitled to three complimentary cash withdrawals per month from ATMs that are not affiliated with RAKBANK.

Online Banking

Owners of RAKBANK RAKmore Salary Transfer Accounts have access to their account information at any time by logging into the online and mobile banking platforms.

What to keep in mind before opening a Bank Account in Dubai?

  • Even though you'll frequently be charged for each withdrawal if you've recently moved to the UAE, it should be simple for you to get any cash you require from nearby ATMs. They can cost up to AED 25.

  • It is simpler to shop using a credit or debit card, and merchants in the UAE accept a variety of card brands, including Visa, Mastercard, American Express, and China Union Pay. On the other hand, it's advisable to use cash for some transactions, such as quick taxi rides or modest purchases.

  • Many businesses may give you a little cash advance to cover living expenses and essentials like your home's rental deposit.

  • Theoretically, you may open an account with a bank in the UAE before you arrive. But the minimum balance requirements for these accounts are substantial. Therefore, it makes sense to hold off on opening a bank account until you are really in the UAE and have received your resident visa's passport stamp.

Conclusion

You can start looking for a job that will enable you to satisfy this criterion now that you are aware of what the minimum salary is to open a bank account in Dubai, United Arab Emirates. Meanwhile be rest assured that our experts will help you in making a smarter choice while selecting the best Bank Account for you. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to check out our website or visit our head office as well.

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Frequently Asked Questions

Yes, a foreign entity can open business account in the UAE. The registration of any organisation in the UAE is generally an easier and cost-effective way.

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.

Every bank has a unique internal procedure and timetable for opening accounts. For an LLC or a Free Zone company, obtaining a bank account in the UAE normally takes 2 to 4 weeks.

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