Whether you’re planning to move to Dubai for work, toset up a companyor make an investment,having a UAEbank accountwill be crucial to navigating your relocation. You are likely to have a number of questions regarding setting up your bank account in the UAE, namely the documentation required, whether non-residents are permitted to open UAE bank accounts and what types of accounts are available to you.Keep reading to discover everything you need to know about bank account opening in the UAE.
Requirements for opening a bank account in the UAE for resident expats
With expatriates comprising the majority of the Emirati population, there are pathways for foreigners to open a bank account in the UAE. There is acritical distinctionthat will determine where you can bank and what types of accounts you can open. That isyourresidencystatus in the UAE.
The question of residency will determine your ability to access different suites of financial products. Most banks will require you topresent your passport(along with copies of your passport photo) and ano-objection letter from either your employer or the person sponsoring your visa. The second of theserequirements implies that you have residency. Residency enables you to open an international or offshore UAE bank account.
Along with your passport and the no-objection letter we just mentioned,different banks will require other documents for resident expat accounts. These can include:
- Visa and Emirates ID card
- A document naming your employer or sponsor
- Your salary
- Proof of address (utility bill or rental agreement)
- A letter of recommendation from another bank
- A minimum amount every month
Can a non-resident open a bank account in the UAE?
The short answer to this question is yes, non-residents can open a bank account in the UAE. There are a series of options for you to consider, but it is of note that most banks in UAEonly allow non-residents or tourists to open savings accounts. This restriction implies that current accounts or other services are only open to residents. While as a non-resident, you will not receive a cheque book, non-resident accounts do receive debit cards that you can use to withdraw or deposit funds at ATMs.
A caveat to non-resident accounts for UAE banks is that many institutions willrequire a minimum balance or even enforce a maximum balanceyou can carry in your account at a time. Some banks will allow their non-resident account holders tochoose the currencyfor the money in their account, whether it be dirhams (AED) or another major currency. For those not interested in having to exchange dirhams for GBP, dollars, or another currency, this option can be attractive.
To open a bank account in the UAE as a non-resident, you will need the following documents:
- Copy of your passport with the UAE entry page
- An original copy of a reference letter from your bank where you have a personal/corporate account from your country of origin or any other country
- An updated curriculum vitae (CV)
- An original copy of the last six months of your personal bank statements from anywhere around the globe or your home country
Can I open a bank account in the UAE from abroad?
Applicants, whether expatriates or visitors,must be physically presentto confirm the opening of the account as a bank officer must witness you sign the application and other documents. In some cases, you canenlist the help of a financial advisor like us at Europe Emirates Group to serve as your representative to help you open your account remotely.
If you need help in making this crucial decision,our team has expertise in opening UAE bank accountsfor both personal and corporate purposes. We can offer you adetailed comparisonand work toprepare the listed documentsyou need on your behalf, as well as process any financial transaction you need. We make bank account opening in the UAE a smooth and stress-free process.Get in touch todayto take the first step.
