Why Opening a Bank Account in Dubai Is Easier Than You Think

Dubai is among the most modern threads that one would like to visit. It’s a destination for people to live, find employment, and set up businesses. Fortunately, to open a bank account in Dubai cannot be as complicated as it looks. Even with the complex options of modern banking, it is possible to have your account set up within a few minutes.

In this article, you will learn how to open bank account in Dubai. You will get information on the available choices. We will also discuss some of the top banks such as Emirates NBD and address all the questions that you might be having.

Can Expats Open Bank Account in Dubai?

Indeed, expats can open an account with most of the various banks in Dubai. The banking system of Dubai commiserates the lives of international residents fully catering and providing numerous services for expats. Should you be visiting Dubai for business, work, or even emigration, you can get a personal or business account with any of the banks in Dubai.

The procedure for expatriates is, however, straightforward. The good thing is that as long as you satisfy the requirements and submit the necessary documents, you will be opening your account in only a few days. Some banks in UAE have designed their packages specifically for expatriates, thus making it easier to handle their money.

How to Open Bank Account in Dubai?

Getting a bank in Dubai is very effortless and anyone could get one within no time. Here’s a step-by-step guide to help you understand the process:

Step 1: Choose the Right Bank

First of all, you have to decide with what bank you are going to work, or in other words, choose the most suitable bank. Banks operating in this area that are renowned include, Emirates NBD, HSBC, Standard Chartered, and ADCB. Surprisingly, all these banks provide different services, look for the one that suits your need most.

For instance, if you are an expat, you should consider applying for Emirates NBD because it serves several expats in Dubai.

Step 2: Choose the Account Type

After this, one is supposed to decide on the kind of bank account they require. There are several options available, including:

• Personal accounts: These are the most suitable when used for routine operations and transactions.
• Savings account: A very good way of saving one’s money and at the same time getting an extra income in the form of interest.
• Business accounts: Ideal for any business person, especially one who is running his or her business.

Step 3: Fill Out the Application Form

After selecting the specific bank and the account type, what is required of you is to complete an application form. More employers enable you to complete the form online or in a branch of the bank together with your consent. The form is going to comprise some basic questions about yourself – Your name address and phone numbers.

Step 4: Submit the Required Documents

To open your bank account, you will need to provide a few documents, such as:

• Your passport
• Valid UAE visa or Emirates ID if you are existing in UAE
• Utility bill or any identification that contains the person’s address.
• A salary certificate (for nonresidents) or an employment letter (for residents)

Main Requirements for Opening a Bank Account in Dubai

A few formalities are required to open bank account in Dubai there and then. Here’s a list of the basic criteria:

Age Requirement

In case you plan to open bank account in Dubai you need to be not less than eighteen years old.

Residency Status

Hailing from the UAE or having a valid UAE visa is necessary to avail of this offer. Residents are not the only ones who can open accounts, although the procedure may differ within certain measures.

Required Documents

When signing up, you will be required to produce a passport, a UAE visa or Emirates ID, proof of residential address, and in rare cases proof of income.

These conditions are not very many and are general making it possible for any person to open bank account in Dubai.

Account Types Available in Dubai

When opening a bank account in Dubai, there are several types of accounts to choose from, including:

• Personal Accounts: These are general accounts, to which customers turn for basic banking transactions.
• Savings Accounts: It are operated by these accounts that you can deposit cash and accrue interest on the amount of money you have.
• Business Accounts: Anyone looking to manage his/her company’s finances can open a business account. I also looked at bank guides and found that, for instance, Emirates NBD provides business accounts for startup owners.

5. Process of Opening a Bank Account in Dubai for Expats

It is very easy to open bank account in Dubai for expatriates.

Here’s a quick recap of the steps:

• Step 1: Select the right bank, for instance Emirates NBD.
• Step 2: Choose the kind of account that will be most appropriate for you.
• Step 3: The application can be completed on the internet either on the website or at the bank.
• Step 4: Some of the documents you need to produce include your passport, Emirates ID, proof of income and proof of residence.

Opening a Bank Account as a Non-Resident

Non-residents are also free to take up a banking account in Dubai without much complication. Non-residents typically need to provide the following documents:

• A valid passport
• A UAE visit visa
• Residence proof in your home country
• Employment letter from home bank/bank that has known the customer for a long time

Is There a Minimum Balance Requirement to Open Bank Account in Dubai?

While there are banks that have placed standard to-meet conditions, some Dubai banks may demand a minimal deposit when you open an account with them. For instance, Emirates NBD lets you open an account with NO balance whatsoever, unlike other banks that would ask for a deposit before they open an account for you.

While opening your given account you should make sure to consult with your desired bank to find out the necessary minimum balance that must be maintained in the account. This way, you ensure that you have any fees that may be charged explained to you.

Online Bank Account Options in Dubai

Currently, many banks in Dubai provide online banking products, and therefore, you can open an account without physically moving to the bank. Here’s how you can open a bank account online in Dubai:

• Make it a standard rule to continue visiting the bank’s website and complete the application form.
• Upload the documents which have been listed as necessary here in digital format.
• Finish all the other procedures, if any like video verification.

Some banks have gone further to provide zero balance accounts on their online platforms such as Emirates NBD, to minimize your worries of opening an account and navigating ways of meeting the balance figures.

How to Open a Corporate Bank Account in Dubai

As an entrepreneur or business person, it is easy for you to open a corporate bank account in Dubai. These are almost the same as opening a personal account, though there are a few more rules regarding businesses. Here’s a quick overview of the process:

• Step 1: Select a bank (Emirates NBD and the other local banks are preferable).
• Step 2: Select which business account you want (there are current accounts and multi-currency accounts).
• Step 3: Ensure you have scanned and ready necessary legal papers for the business including the company registration certificate, trade license, and proof of ownership.

Hiring Business Setup Services in Dubai Services, for instance, Business Setup Experts DMCC is invaluable if you want to start a business in Dubai. They can assist you with company setup in Dubai or with the right bank account that fits the company.

How to Open Emirates NBD Account

It is quite easy to open an account with Emirates NBD. Here’s how you can do it:

• Either walk into any Emirates NBD branch or apply for an account online.
• Please, complete the application form and submit the supporting documents.
• Send in your documents and await confirmation.

Visa Cards: A Must-Have for UAE Residents

A Visa card is a perfect financial necessity for anyone living in Dubai. They include making payments for goods and services you want through the internet, buying things from the internet, and withdrawing cash from an ATM. Like any other bank, Emirates NBD also provides its Visa cards which include credit and debit.

• Types of Visa Cards: Credit cards, debit cards, and prepaid cards are available depending on the requirements you want to fulfill.
• Benefits of Visa Cards: With the use of Visa cards, there is security, and convenience together with availability to discounts and rewards.

FAQs

Can non-residents open bank accounts in Dubai?

Nonetheless, non-residents are allowed to open a bank account on presentation of the appropriate documents.

What documents are required for joint accounts?

Where there are joint accounts, the two people must produce their identification. 

Can you open multiple bank accounts in Dubai?

Yes, there are no limitations on the number of accounts you can have and all accounts are available.

Conclusion

As the evaluator above stated, open bank account in Dubai is not a big deal. Provided you take your time, it will only take you a few moments to create an account. Regardless of whether one is permanently working in Dubai as an expatriate or is a resident, or whether one owns a company, performing a banking operation in Dubai is not a problem at all.

If you are thinking of a business anywhere in the region, particularly in Dubai, do not hesitate to engage with Business Setup in Dubai service providers like Business Setup Experts DMCC for all your corporate registration needs in Dubai and many others.