Opening a personal account in a UAE bank in 2023
A foreigner can easily open a bank account in the UAE, if they are in this country and have a resident visa. There is one nuance: on the basis of a visa only a savings account can be opened. When you need a current one, you must first obtain a residence permit. If you require remote opening of a personal bank account in the UAE in 2023, you can not do without a financial intermediary (eg, use the services of IT-OFFSHORE experts).
Features of opening a personal account in the UAE
According to the UAE legislation, applicants for opening an account should come to the bank to confirm their identity and sign documents. It is possible to do without a visit to the UAE, if you make a banking transaction in a major international bank that operates in the territory of the UAE (CitiBank, HSBC), then visit the local branch, collecting a bunch of certificates. An alternative option is to hire a financial officer who will visit the bank in the UAE on your behalf.
Almost all banks in the UAE require you to show:
- Emirates ID card - if you haven't already, you must provide a copy of the paper that proves you applied for it.
- A certificate showing the employer or sponsor who is paying for the stay.
- Salary of the applicant.
- Proof of address - rental agreement or payment of a utility bill.
- A letter that confirms no objection from the employer or person who is sponsoring the visa.
All of these requirements automatically imply that the applicant must have a residence permit. Only then a current account can be opened. If you do not have a residence permit (e.g. a tourist wants to open an account), only a savings account is available, and its opening requires more time.
What you should know
- Many banks require a foreigner to have a certain amount in the account (from $800 to $ 1500). The amount depends on the financial institution and the services provided to that client. Account holders must ensure that the amount does not fall below the minimum, otherwise they risk a fine.
- The bank may have a monthly maintenance fee. It usually ranges from $7.
- Some banks offer free accounts for foreigners who make more than $1361.
- Many transactions can only be made by visiting the bank in person, so we recommend choosing an institution that is close to home or where you work.
- Some banks charge very high fees for wire transfers.
Where to open an account in the UAE
It is beneficial for a foreigner to open an account with an international bank:
- HSBC is a large international organization that operates in 63 countries and provides a wide package of financial services. Customers who choose to open a personal account with HSBC get access to credit cards and mortgages. They can also quickly and easily transfer money abroad (21 currencies are supported) and trade through an online platform on exchanges in the USA, Hong Kong and the UK.
- CitiBank - has been operating in the UAE since 1964. It has 4 branches, 2 smart centers, three Citigold halls and a network of 39 ATMs. Customers who decide to open a personal account with CitiBank offer a convenient online account, free access to money through its ATMs anywhere in the world. If the money is withdrawn in another country, the exchange is done automatically.
- Standard Chartered is a representative of an international bank that has a 150-year history. It has been operating in the UAE since 1958. The client who decides to open a personal account with Standard Chartered offers various banking products, including deposits, loans, insurance, fast and easy service.
If interested in local institutions, we can recommend Abu Dhabi Commercial Bank, Dubai Islamic Bank, NBD.
How to open a bank account in the UAE
To quickly and easily open a personal bank account in the UAE in 2023, contact IT-OFFSHORE experts.