Open Bank Account in Dubai

Open Bank Account in Dubai

Dubai’s position as a global business hub is undisputed. Thousands of local and international companies are operating in this tiny emirate of UAE and their numbers are increasing day by day. Investors from different parts of the world are always ready to invest in this business-friendly jurisdiction. Millions of foreigners are also working as employees in these corporations. Due to extensive investment and job opportunities, large numbers of foreigners are residing in Dubai and they easily outnumber local Emirati citizens. All these investors and employees need to open bank account in Dubai to repatriate money to their families in their native countries and to fulfill other tasks. 

In order to facilitate these foreigners, there are several local and international banks present in Dubai. All these banks provide different facilities to their customers. As there are various types of banks present in Dubai, so the opportunities are immense for local and foreign residents to open bank account in Dubai. 

Why to open bank account in Dubai

Reasons for why to open a bank account in Dubai UAE:

1. You can receive salary from your employer (or send salary to your employee as a company owner)
2. You can send money in your home country without any delay. 
3. It’s easy and secure to pay online bills (DEWA, internet, phone etc.)
4. You can do online shopping and avail discounts. 
5. You can always check status of your account. 

Types of Banks in Dubai

There are several types of banks present in Dubai. The understanding of working of these banks is helpful to know the type of bank that is best suited for a customer to open his/her bank account. Following are the main types of banks that allow to open bank account UAE.

• Commercial banks are present in Dubai in large number. There are locally established banks as well as branches of foreign banks that are providing such services in Dubai. 
• Investment banks are also present in Dubai for opening bank account. These banks don’t accept deposits in case of maturity less than two years. 
• Islamic Banking is the latest concept in different parts of the world including Dubai. Several local and foreign Islamic banks are operating in Dubai. These banks are allowed to carry out commercial, investment and financial services in Dubai and UAE. Dubai Islamic Bank and Abu Dhabi Islamic Bank (ADIB) are the two most famous Islamic banks in Dubai. 

Main banks in Dubai

There are several national and international banks operating in Dubai. Interested persons can open their account in any of these banks according to their requirements.

 

• Most famous local banks in Dubai include: Emirates NBD (National Bank of Dubai), FGB (First Gulf Bank), NBAD (National Bank of Abu Dhabi) and ADCB (Abu Dhabi Commercial Bank). There are several branches and ATMs of all these banks present in Dubai. These and other national banks in Dubai provide several incentives in order to attract more customers. 
• HSBC (10 branches), Standard Chartered Bank (5 branches) and Citibank (2 branches) are most important international banks operating in Dubai. These banks are preferred by those dealing in multiple currencies. 

Points to know for Dubai bank account opening

There are several requirements if you don't know how to open a bank account in Dubai. Few of these requirements are general that are applicable on all types of accounts. Others are specific that may vary from bank to bank or account type. 

• Current/checking account in Dubai can only be open by a resident of UAE. 
• Few banks allow the opening of saving accounts by non-residents. 
• There is also a minimum account/balance limit set by few banks in Dubai. Others may allow opening and maintaining a bank account without any minimum account limit. 
• Presence of applicant in Dubai is necessary on most of the occasions to open a bank account. It is because you need to sign your application and other documents for bank account opening in front of a bank officer. 

You need to submit several documents as a foreign resident for bank account opening in Dubai. There are several additional documents needed as compared to that required by citizens of Dubai and UAE. 

• The use of IBAN (International Bank Account Number) is now mandatory for all electronic payments within and outside UAE. 
• Documents required for Dubai bank account opening
• Few important documents required by foreigners to open bank account in Dubai include:
• passport with residency (original and copy), 
• no-objection letter from the employer/sponsor, 
• copy of visa, 
• Emirates’ ID card, 
• Utility payment/signed rental contract etc. 

Procedure to open bank account in Dubai

You have to submit all these and other documents for bank account opening. You also need to provide important information to your interested bank according to their requirement. This information is needed in order to confirm the details of the customer and to send relevant information regarding your account. You will also be required to submit minimum bank account opening amount in the bank. 

Description

Like all other business jurisdictions, opening bank account is extremely important in Dubai. For this purpose, there are several types of banks and bank accounts are present here.