How to Open a Bank Account in the UAE

If you want to know how to open a bank account in the UAE for non-residents, you must first be in the country. UAE law dictates that account holders must physically present themselves at the bank in order to confirm their identity and sign documents. The only way to open account and not be physically present is by banking with a large international institution that operates in the UAE, such as HSBC or CitiBank, and visiting your local branch. Dubai also allows the hiring of financial officers to be present in your behalf, but this is not accepted at every bank.

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There are 4 types of banks in UAE:

• commercial: locally established banks and branches of foreign banks that offer commercial banking services; provides money for commercial activity, distributing loans, and managing accounts of individuals and enterprises

• industrial: provides loans to individuals and businesses specifically for development purposes; can include a loan needed to start a business

• merchant/investment: engaged in the buying and selling of stocks

• Islamic: banks that adhere to Sharia laws and practices

Can I Open a Bank Account in the UAE?

Once you are in the UAE, opening a bank account as a non-resident is simple. There are few documents required and the process is straightforward. The most important document is your residence visa, which can take several weeks to obtain. Until you receive your residence visa, however, you can open a savings account.

Requirements to Open a Bank Account as a Non-Resident

The UAE allows expats without residence visas to open only a savings account. It is uncommon to receive a check book with this account. Instead, most banks will issue an ATM card so that users can withdraw money while they wait for their residency visa.

Requirements to open a bank account as a non-resident vary from bank to bank, but in general these are the documents you will need to provide:

• passport with the UAE entry stamp (original and copy);
• passport photo;
• completed application form;
• proof that your residency visa, or Emirate ID card, is being processed;
• document stating your employer’s name and salary details;
• letter of recommendation from previous bank;
• letter of No Objection from either your sponsor or employer.

As a non-resident, you may be subject to a minimum or maximum balance. Be extra aware of this as the amount is often high and the penalties for dipping below the balance are stiff.

The process of opening a savings account will take longer than opening a bank account with a residency visa. Do not expect to have access to your savings account right away.

Requirements to Open a Bank Account with a Residency Visa

Once you have your residency visa, you can open a personal bank account or a business bank account. A personal bank account is also called a current account. Like with the savings account, requirements vary from bank to bank, but the standard required documents to open a bank account are:

• your passport with your UAE residency visa (original and copy);
• your Emirates ID card (original and copy);
• documentation of residency in the UAE (this can be a rental agreement, utility bill, or letter of employment);
• and either a salary letter from your employer, an original trade license if you are self-employed, or your spouse’s labor card/work ID (original and copy) if you are on their sponsorship.

In addition to these documents, banks also require you to deposit a certain amount to open an account. On average, banks in the UAE will require between 3,000–5,000 AED (820–1,360 USD).

Setting up a UAE bank account is quick and easy. You should have access to the account within a few hours. If you do not want to leave your home, it is common for banks to provide financial representatives to make house calls in Dubai. Check with your intended bank if this is a service that interests you.

Requirements to Open a Business Bank Account

You can also open a business bank account in the UAE. This is required if you plan to open an onshore or offshore company. Be aware that some banks may require a high minimum balance and the account will be treated as ‘non-resident,’ and therefore have certain limitations. A bank account opened for a local company or a company from a free zone provides you all the benefits and can be opened in any UAE bank.

To open a business bank account in the UAE you must provide the following required documents:

• passport (with residency visa) of the company’s shareholder representative
• copy of the Emirates ID card of the shareholder representative
• passport copy of the company director
• information about the type of activities on the account
• disclosure of the source of funds
• existing contracts
• reference letters from business partners
• business plan
• full set of certified company incorporation documents:
• memorandum and articles
• certificate of incorporation
• shareholders registry
• company extract (from the official company’s registry)
• certificate of good standing

The director of the company or a major shareholder must be physically present when opening the business bank account. It is possible for a lawyer to do this on their client’s behalf, but not always.

Top Banks in the UAE

• Abu Dhabi Commercial Bank
• Dubai Islamic Bank
• Emirates National Bank of Dubai (NBD)
• Mashreq
• RAK Bank

Best International Banks in the UAE

• Barclays
• CitiBank
• HSBC
• Standard Chartered

Best Online Banks in the UAE

Although opening a UAE bank account online as a non-resident is not possible because of the need to physically go into the bank, these are the best UAE online banking options and apps:

• Abu Dhabi Commercial Bank
• Dubai Islamic Bank
• Emirates NBD
• Mashreq
• RAK Bank

Things to Know

• Some banks include both a bank fee and a minimum deposit. While minimum deposit are usually high, monthly maintenance fees are not. You can expect to pay around 25 AED (7 USD) per month if you choose to bank with a company that charges fees.

• Some no fee bank accounts in the UAE are only options for expats with a certain salary. Expats who earn more than 5,000 AED (1,361 USD) per month can sometimes expect no fees with their bank accounts, while expats making less than that amount may incur a monthly fee. Check with your specific bank for more details.

• You may be charged a fee to use an ATM not associated with your bank. Check with your bank for more details.

• All UAE banks offer Sharia-based accounts that follow Islamic laws and banking principles. These accounts earn no interest and have complicated arrangements for mortgages and loans.

• Keep in mind that many transactions can only be done in person at the bank. Expats may want to choose a bank that is near to their home or workplace. Some banks charge high fees for electronic transfers.

Source: Inernations.

internations.org/go/moving-to-the-uae…