Online Banking for International Bank Accounts in UAE – An Effortless Experience

Opening a bank account in the United Arab Emirates is simple, quick, and secure. The UAE's comprehensive banking system provides a wide range of banking products, and as a financial centre in the Middle East, it attracts a large number of foreigners as well as local individuals who want to open a bank account. As with high street banks, offshore banks will usually offer the option of opening an account in person or online. If you open an account online, you will usually have to submit verified electronic copies of official documentation.

The majority of people who want to register a business bank account in UAE are interested in the online banking system. For example, a bank does not issue a chequebook to an offshore company or a non-resident; instead, the client has just one choice for operating his bank account, which is internet banking.

Online banking is a unique tool for managing bank accounts from anywhere in the world these days. This online banking system is extremely beneficial to businesses who conduct international business and need to move payments from one account to another anywhere in the world. It is crucial to note that the UAE's online banking systems are a highly secure means to do business and safeguard clients from fraud.

As a result, if you open a bank account in the UAE, one of the key advantages of the online banking system is that you may manage your account from anywhere in the world.

Opening a Bank Account in UAE for Foreign Company or Non-Residents Person.

A non-resident has certain limitations while opening a bank account in the UAE. They might only be allowed to open a savings account. Moreover, the non-residents are not liable to get a chequebook. However, they are provided with a debit card to access their funds. Additionally, the non-residents might also be asked to maintain a minimum or maximum account balance depending on the bank.

Following are the documents required by the non-residents for opening an online bank account in the UAE.

Corporate Bank Account for Foreign Company

• Certificate Of Incorporation
• Memorandum and Article of Association
• Passport copies of all the partners (Original passport will be seen of the signatory only)
• Share Certificate, in case of share percentage, is not mentioned in MOA or AOA
• Passport Copy of the ultimate beneficiary (If any)
• In case of corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping
• Company structure tree diagram on Company Letterhead
• CV of all the partners
• Company profile or business profile
• Any other document to verify the record, the bank may request for.

Note all documents required to be attested and notarized by the nearest UAE Embassy / Consulate from the country of origin and Ministry of Foreign Affairs in UAE.

Non-Resident Personal Bank Account

• Passport copy of the entry page
• 6 months bank statement from the home country
• Bank Reference letter
• Utility bill
• The client needs to invest in some products like investment, bonds, insurance (minimum USD 500) and with this, he can get a zero-balance account.

Or

Maintain An average balance of AED 200,000

• Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.
• If you are from a country where the official language is not English, it’s best to get all of your documents translated.
• The applicant, whether an expatriate or visitor, must be physically present to confirm the opening of the account because a bank officer must witness your signing of the application and other documents. In some cases, you can enlist the help of a financial advisor to serve as your representative to help you open your account remotely. 

Key Benefits of Online Banking

In today’s global world, banking is not limited to the basic banking hours.  The need to make payments or view your bank account can arise anytime, especially for those who travel a lot. Hence Internet banking brings you an array of benefits to meet your banking needs. Online Banking offers you the comfort of banking at any time, from anywhere in the world. With Internet Banking you can conveniently manage your payments, finances and keep an eye on your account whenever you please. The Internet banking services are available 24/7. There are range of services in online banking which one can enjoy without any worries as it is highly secure and reliable.

Main features of Online Banking are:

Easier Access

Online banking makes your banking experience effortless so that you can spend time banking and not figuring out options. That’s why the user interface in online banking is made simple and user-friendly, so that you can access your account and other features with ease.

Transfer money

You may need to do a rapid money transfer to a client or vendor, or you may need to transfer money from one account to another. Instead of sending a registered cheque and waiting for it to clear, you may securely transfer the money online.

Simpler Viewing

There’s no need to look all over the place for the information you need. Online banking provides you a consolidated view of all your accounts, finances and cards at a single glance.

Smarter Navigation

For a quicker access to the most used features like payments, transfers and more, online banking provides you with quick links. Enjoy smarter navigation for a better internet banking experience.

Services Available

• View details on Accounts and Credit Cards.
• Check Account and Card statements along with Balance Inquiries.
• Transfer funds between Accounts locally and internationally.
• Make bill payments from your Account or Credit Card
• View information on Products, Foreign Currency and Investment Deposit Rate inquiry.
• Request for Demand Draft, Manager's Cheque and Telegraphic Transfers
• Online self-registration.
• Standing Order for Payments.
• Auto recharge for Payments.
• Online Savings Account Opening.
• Address change.
• Travel Request.

Conclusion

Many industries, including the banking industry, have benefited greatly from technological advancements. The spread of online banking can be seen in many nations throughout the world. The United Arab Emirates (UAE) has emerged as one of the region's and the world's most significant economies. In the United Arab Emirates, online banking has been used for many years, and the number of internet banking users has steadily increased. Among all the advantages and benefits that e-banking provides, the convenience it provides to consumers over traditional physical banking remains a critical aspect as banks progress toward digitalization. For non-residents and Foreign Companies, the online banking becomes much more significant as they are not issued chequebooks and the only option left to them is of internet banking.