UAE is an international business hub, and there’s no wonder if you have visited Dubai and planned to stay a bit longer. Chances are you might have no bank account there and started wondering how to open a bank account in UAE as a foreigner.
If so, you are at the right place in today’s guide we are about to share the complete step-by-step guide to opening a bank account in UAE.
Can a Foreigner Open a Dubai Bank Account From Abroad?
It’s hard to open a bank account as a foreigner when you are not physically in the Emirates. It’s because you need to fulfill certain requirements of opening a bank account such as showing the UAE number or Emirates ID. Banks also require applicants to sign documents in person due to anti-money laundering regulations. And this won’t be possible until you are physically in the UAE.
However, certain big banks such as HSBC might offer you to open a Dubai bank account from abroad. For this, you have to request them to open your bank account as an Expat while you are not physically there.
Another option could be that, you could hire a financial advisor who can help you fulfill all the requirements and will act as your representative in Dubai. Chances are you might be able to open your bank account remotely and without any physicall presence.
In all cases, if you have a residence visa for Dubai, the process is much easier. Many banks allow residents to open accounts online.
Requirements of Opening a Bank Account in UAE for Expats:
The requirements for opening a bank account in UAE for expats depend on whether you’re a resident or non-resident.
Here’s a breakdown:
| Resident Expats | Non-Resident Expats |
| Valid Passport (with at least 6 months validity) | Valid Passport (with at least 6 months validity) |
| Emirates ID (or application proof) | Proof of Address (e.g., utility bill, bank statement from home country) |
| Residence Visa | Proof of Income (e.g., salary certificate, bank statement) |
| Proof of Employment (e.g., employment contract, salary certificate) | Reference Letter from another bank |
| Passport-sized Photographs | In some cases, you also need a No-Objection Certificate from the employer or sponsor. |
| Passport-sized Photographs |
Remember, you might need all the above mentioned required documents to open your bank account in UAE or just a few of them. It all depends on what type of account you choose to open and where.
Choose the Right Account Type:
Now, is the time to choose what type of account you want to open.
A general rule of thumb is to go for the type of account and bank that suits best your personal requirements. For instance, following are the bank accounts an expat or businessman can opt for.
Current Account:
Current accounts are the most common type of account in the UAE. It is the main account for your day-to-day banking. You can use it to pay your bills, make purchases using a debit card, and withdraw cash at ATMs. Imagine it as a digital wallet you can access easily. Current accounts usually come with debit cards, which you can use to make payments instead of carrying around cash. You should compare current accounts to find the one that best suits your needs.
Savings Account:
Savings accounts are a good option if you want to grow your money. This account type is intended to help you build up funds and earn interest. Although interest rates are lower in the UAE than in other countries, savings accounts can be an important tool to help you achieve your financial goals. Savings accounts are a great way to encourage people to save. Savings accounts have limitations on the frequency of withdrawals, as opposed to current accounts which allow easy access.
Business Account:
The business account is designed specifically for businesses, allowing them to separate their finances from personal accounts. Businesses can benefit from this. Business accounts, for example, allow multiple signatories. This means that authorized individuals can manage and access the account along with the business owner. Business accounts also facilitate international transactions. This is important for businesses that operate internationally. Some business accounts come with merchant services that allow businesses to accept payments by card directly from customers. Business accounts usually have higher minimum balances than personal accounts.
Bank Charges and Other Considerations:
Unlike any other national or international bank, UAE also charges a small fee as their service cost. It includes statement fees, transaction fees, or overdraft balance fees.
Here is the general breakdown of a few of them.
Minimum balance fees
In Dubai, many banks charge a fee monthly if your average account balance falls below a specific amount. The amount of the fee will vary depending on your bank and account type. To avoid these fees, it’s crucial to keep the required minimum balance. They can quickly eat up your savings.
Alternatively, you can also open a zero-balance account that has no minimum balance requirements.
Routine Transfer Fees
These fees apply to transfers of money within the same financial institution. Some banks offer a limited number of transfers for free per month while others charge a fee on every transfer. Understanding these fees will help you to manage your banking more efficiently.
ATM Fees
ATM fees can be divided into two categories:
- The bank that owns your ATM will charge you withdrawal fees. You may be charged an additional fee if you withdraw money from an ATM not owned by your bank.
- Balance inquiry fees. Some banks charge a fee to check your account balance on an ATM.
Foreign Transfer Fees
These fees are charged when you send money from your Dubai account to another account. These fees can be a combination:
- Bank’s fee: Your Dubai bank will charge you a fee for the processing of your international transfer.
- Charges by the correspondent bank: If the bank of the recipient is not located in Dubai, the intermediary bank may charge additional fees.
Open your Bank Account in UAE as a Foreigner:
Now, you have the complete info of what are the legal requirements, account types, and bank charges of opening a bank account in UAE. It’s time to learn the process.
So, all you need is;
- First of all, choose your preferred bank and account type to open your bank account. If you are still confused about it, you can reach out to us and we will give you a personalized suggestion according to your requirements.
- Next, fill out the application form available on the bank website (make sure to add correct information and don’t mislead or misguide)
- Its time to compile all the required documents as mentioned above or suggested by the designated bank and attach them with the application. Your application will get rejected if you don’t comply with the documents. So, be mindful.
- Don’t forget to double check all the given information and click on submit button.
- Now wait, until your documents get approved and you will be given the login credentials.
Final Thoughts:
To conclude, the process of opening a bank account in UAE depends on which bank you choose. However, the above-mentioned guide is a general breakdown of the steps you need to go through.
If you need any kind of assistance in opening a bank account, you may reach out to us using our Contact Us page or comment below.
