Want to Start a Bank Account in the UAE from Abroad? Read this & Clear Your Confusions Instantly! 

By Dhruva Bhatt - 21 Jun 2022 Last Updated: 04 Jul 2022
Want to Start a Bank Account in the UAE from Abroad? Read this & Clear Your Confusions Instantly! 

You'll be full of questions, doubts, and excitement if you're getting ready to begin your long-term journey or life in the UAE. Setting up your bank account and securing access to money are two things you don't want to leave to chance. In this post, we'll look at how easy it is to open a bank account in Dubai from the United Kingdom, as well as which banks would best fit your needs.

The UAE's economy is the most diverse in the Gulf Cooperation Council and the second largest in the Arab world (after Saudi Arabia), which means it has a well developed banking industry. Both Dubai and Abu Dhabi (the country's two major cities) are important economic hubs, so no matter where you stay, you'll have lots of banking options. You will not be disappointed, whether you require a non-resident bank account in Dubai or anything to support your long-term stay there.

Thus in this blog, Dhanguard will extensively discuss the specifics of an International Bank Account in the UAE from abroad. So without any further ado, let’s learn!

Is it Possible to Open a Bank Account from a Different Country?

The United Arab Emirates is a unique country in that its residents make up only about 15% of the population. Because expatriates make up the bulk of persons living, working, and banking in the UAE, the economy and financial systems are well-equipped to deal with international workers opening bank accounts

  • If you can handle it, it's well worth it because you'll arrive knowing that your money is safe and secure and that you'll have access to it right away.

  • It will be difficult to open an account from outside the nation, as many accounts require a signature in the presence of a bank officer. 

  • Alternatively, you can open an account remotely by granting legal authority to a financial advisor to act on your behalf. 

  • This solution is not accepted by all banks, so call first to confirm. 

  • Another option is to utilize an online bank account, such as Ally Bank, which allows you to access your money from anywhere in the world (no access to a physical office is an obvious drawback).

Thus in today’s blog, Dhanguard will extensively discuss how to start a Bank Account in UAE from abroad. So without any further ado, let’s learn!.

Non Residents Bank Account Opening in UAE

You can still create a non-resident bank account in Dubai if you are residing or visiting the UAE and do not intend to apply to become a resident. 

  1. A passport, a letter from your job, your UAE identification card, a copy of your visa, and a local utility bill indicating your address are the basic documentation required for opening an account.

  2. If you have a valid residency permit, this should be an easy process, and you should be able to walk out of the bank with your account open and ready to use.

  3. Although most of these documents are unavailable to non-residents, most banks can still create accounts for non-residents due to the large number of expats residing in the UAE.

  4. Background and financial checks will most likely take longer, but with a little patience, you'll be up and running in no time.

Read More: Savings Account Charges in UAE – What you should be aware of?

Which Bank Should You Pick?

For long term stays in the UAE, it's worth considering opening an account with a national or local bank to gain more access and control over your money.

The following are some of the most well-known banks in the UAE:

  • Dubai's Emirates National Bank (Emirates NBD) - 250 branches and ATMs

  • FAB (First Abu Dhabi Bank) has more than 100 ATMs and branches.

  • The Abu Dhabi Commercial Bank (ADCB) has 11 ATMs and branches in the UAE.

  • DIB (Dubai Islamic Bank) has ten ATMs and branches.

  • The Abu Dhabi Islamic Bank (ADIB) has over 700 ATMs and 80 branches around Dubai.

In Dubai, you'll also discover some well-known international banks:

  • HSBC has a total of 67 ATMs and 10 branches.

  • Standard Chartered Bank has 14 ATMs and five branches across the country.

  • Citibank has two locations and 48 ATMs.

  • The Emirates NBD Standard Current Account comes with a complimentary debit and credit card, and it may be opened in any authorized foreign currency. You can also access pre-approved overdraft services with this account, which comes with an easy-to-use mobile app. 

  • The FAB Personal Current Account could be a suitable option if you desire an account that can be more customizable to your needs. To apply, you must be a resident, but you will receive a free MasterCard debit card as well as access to premium lounges at select airports.

  • The ADCB Current Account is ideal for those who want to move their money freely, with free internal transfers, a mobile app, and a variety of online banking choices. If you prefer cash, the FGB Current Account will appeal to you. With FGB, you'll be able to get cash fast and conveniently thanks to unlimited cash withdrawals and access to a large number of partner ATMs. It is suitable for those who want more access to their money.

  • The DIB Al Islami Current Account enables bill payment for DEWA or SEWA (water and electricity) services, as well as a free chequebook, if you want your bank to help you organize your life.

Charges of the Bank

While many of your selected bank's ATMs will be free, one of the most significant costs to be aware of is the minimum balance restrictions. Several of the following accounts have a minimum balance of around AED 3,000. Allowing your account to fall below this amount can result in significant costs, so keep an eye on your account balance and familiarize yourself with your bank's charge system.

It is not difficult to open a bank account in Dubai or any other emirate in the UAE as long as you have all of the necessary documents. Because of the significant non-Emirati community in Dubai and Abu Dhabi, banks are accustomed to dealing with foreign citizens seeking to open a non resident bank account. 

Documents Required to Start an International Bank Account in UAE

The following documents are required to create a personal bank account in the UAE as a non-resident:

  1. A photocopy of your passport that includes the UAE entry page

  2. An original copy of a reference letter from your bank in your country of origin or any other country where you have a personal or corporate account.

  3. A curriculum vitae that has been updated (CV)

  4. Original copies of your personal bank statements from the last six months from anywhere in the world or from your native country

Conclusion

If you need assistance in making this critical decision, our team has experience opening non-resident accounts for both personal and corporate purposes in a city with a plethora of local banks and a growing international presence. We can provide you with a full comparison and work on your behalf to generate the mentioned documents as well as perform any financial transactions you require. We have time available for you to talk with us on which companies are the best fit for the sector based on their attributes. Please do not hesitate to contact us if you would like to chat with 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 or get in touch with our Experts by visiting our Branch Office. 

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

By Dhruva Bhatt

21-Jun, 2022

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