Having a bank account will be essential for managing the movement of a portion of your life, whether you're moving to the United Arab Emirates for work, starting a business, or making an investment. Where you commit to banking depends on a variety of things. What aspects should you take into account while choosing the best bank for you if you're currently abroad? Here are the specifics you need to manage the process of identifying the ideal home for your finances, including the number of branches, the advantages of saving, income requirements, the amount of paperwork required, and other noteworthy common factors.
Is it Possible to Open a Bank Account abroad in the UAE?
The bulk of Emiratis are expats, hence there are ways for foreigners to obtain bank accounts. The simplest answer is yes, but there is a crucial differential that will impact where you can bank and what kinds of accounts you can open. You are a resident of the UAE in that capacity.
Why is residence an important consideration when deciding whether to set up a line of financial products? That's because the majority of banks demand that you produce your passport, copies of your passport photo, and a statement from your employer or the party who is sponsoring your visa stating that they have no objections to you opening an account.
The second of these prerequisites means that you need to be a resident of the UAE in order to create a foreign or offshore bank account. You'll discover, though, that some financial products are only available to locals.
Conditions for Opening a Bank Account in the United Arab Emirates
-
Various banks will want additional documentation for resident expat accounts in addition to your passport and the no-objection letter we just stated.
-
If you are a recent immigrant to the UAE, these may include your visa and your Emirates ID card (or a copy of your application, if you are still awaiting it).
-
A document stating your job or sponsor, your pay, and proof of your address in the form of a utility bill or rental agreement are also required.
-
Banks may also ask for a letter of recommendation from another bank; you can simply get one from the bank you use in your home country or country of origin.
Can I open a bank account in Dubai without a resident visa?
There are many choices available to you if you haven't thought about moving to the UAE yet.
-
Only non-residents or visitors are permitted to open savings accounts at the majority of banks in Dubai.
-
Thus, the limitations imposed suggest that current accounts or other services are only available to locals.
-
While non-resident accounts do not have a cheque book, they do include debit cards that can be used to withdraw or deposit money at ATMs.
-
There is a warning for non-resident accounts with UAE banks: many organizations will impose a maximum balance or minimum balance requirement on your account.
-
Some financial institutions let non-resident account holders select whether to have their money in dirhams (AED) or another significant currency.
-
This choice may be alluring to people who don't want to convert their dirhams for pounds, dollars, or other currencies.
Requirements for Non-Residents to Open a Bank Account
What should you anticipate when applying for a non-resident bank account for both yourself and your businesses? You should be aware of the following. The following documents are required in order to open a personal bank account in the UAE as a non-resident:
-
A copy of your passport that includes the UAE entry page
-
A genuine copy of a letter of recommendation from your bank, whether it be in your home country or any other country, where you have a personal or business account.
-
Your CV that has been updated
-
An original copy of your personal bank statements for the previous six months, from your home country or anyplace else in the world.
Important Considerations
-
There are two other important considerations about non-resident bank accounts. First, non-residents must maintain an average monthly balance of $100,000 USD with the majority of Emirati banks. The federal government chose to place stringent rules on its financial sector, despite the fact that they may seem excessive. Last but not least, the UAE requires the applicant to be present to open the account.
-
Regarding a corporate bank account, there are different rules for business accounts, and you will need to have the Ministry of Foreign Affairs authenticate some of your documentation. In addition to identity documents, evidence of address, an explanation of your organizational structure, and the certificate of incorporation or company license, banks may occasionally ask for forecasts of your firm's future sales and transactions.
-
It is best to have all of your documents translated if you are from a nation where English is not the official language. To ensure that all banks continue to adhere to international norms, the Central Bank of the United Arab Emirates required a Know Your Customer (KYC) policy. You might be questioned about transactions before or after opening the account by bank tellers or other agents.
The UAE's Major International Banks
Which financial institutions can you find in the United Arab Emirates? Here are a few names that you might come across while you search for a potential banking partner, including both domestic and international powerhouses.
-
Citibank,
-
HSBC,
-
Standard Chartered,
-
Royal Bank of Canada are a few alternatives for foreign bank accounts in the United Arab Emirates (RBC)
Local banks in UAE
Popular with both residents and foreigners alike are local banks in the UAE, such as
-
ADCB (Abu Dhabi Commercial Bank)
-
Dubai Islamic Bank
-
Emirates NBD (National Bank of Dubai)
-
FGB (First Gulf Bank)
If you want to work with a local partner, you can pick among 20 local banks in the United Arab Emirates. The major international banks' entry into the Emirati market has prompted local players to provide alluring new bank account offers for UAE citizens and foreigners.
Conclusion
Our team has experience opening non-resident accounts for both personal and business use, so contact us if you need assistance making this essential choice in light of the abundance of local banks and the growing international presence. On your behalf, we may create the listed documents you require, provide you with a thorough comparison, and handle any necessary financial transactions. You can speak with us at any time to determine which businesses, depending on the characteristics they offer, are the best fits for the industry. Don't hesitate to get in touch with us right away if you want to talk to one of our financial consultants. Thus, we hope this blog provided you with insightful information. For more information on other related aspects, feel free to check out our website as well.
