If you have recently moved to Dubai and are looking forward to setting your financial resources in order to get your hands on city walk apartments for sale. In that case, you’ll be happy to know that all banks have a pretty similar method of opening a bank account in Dubai. Generally, the bank will require you to submit some paperwork and documentation, along with a specific amount of cash to be credited to your new account. Here’s what you should know regarding opening a current, fixed deposit and saving account.
How to open a bank account in Dubai?
The procedure for opening a Dubai bank account is quite easy. If you work in a corporation as an employee or own a company, you can set up an account conveniently. The only distinction is that you don’t usually have to hold a minimum balance in a payroll account. It is a basic pattern for a personal or company account to hold a pre-decided balance still.
What are the criteria to open a bank account for residents?
You can open a bank account in Dubai if you are a citizen, following the procedure described below:
Select the bank
Several banks are selected from in Dubai, such as Emirates NBD, Mashreq Bank, HSBC, Citibank, Standard Chartered, etcetera.
That being said, it’s wise to ask the organisation about the bank they deal with if you plan to open a payroll account. Opening an account with the corporate bank is easier so that you can receive your paycheck immediately after it is credited. Alternatively, you might need to wait for any with other banks.
Certain banks might ask you to retain a minimum deposit if you open a personal or business bank account in Dubai. A penalty of AED 25 has recently been set by the Central Bank of the United Arab Emirates (UAE) in the event of a fall underneath this limit.
Select the account type
Decide if you want to open a current account or a savings account while you are trying to open an account with a bank in Dubai:
For payroll transactions, a current account is primarily used. This lets you offset urgent monthly costs, helping you to borrow cash if you need it.
A savings account is the best fit for those who wish to save money for investments and cope with any unexpected conditions. It’s designed for small withdrawals, with some banks not even giving account holders debit cards so that the money stays secure.
Submit the documents
You have to provide the following information, whether it is a savings account or a current account:
- A Copy of a Visa
- A Certificate of Salary
- Emirates ID Card Copy of the original passport
- Note: It can often take a few weeks to get an Emirates ID, so if you don’t have one yet, but the request is under process, use a copy of your Emirates ID registration form instead.
What are the criteria to open a bank account overseas?
Wondering if a foreigner is willing to open a Dubai bank account? The response is yes; non-residents will open a Dubai bank account as long as specific conditions are met.
That being said, rather than a cheque book, they can only open savings accounts in Dubai, which indicates that they are issued a debit card. Prior to setting up an account, the bank would check the applicants’ records.
List of documents overseas must submit
The following are the documents that a non-resident must give in in order to open a bank account in Dubai:
- A transcript of bills for utilities
- Statement of account/letter of recommendation from the original bank of the consumer
- The applicant’s brief CV, specifying career activities and educational history
- A valid visa
What minimum salary requirement in order to open a bank account?
The minimum wage for opening a Dubai bank account is AED 3000. You can conveniently open a current or savings account in Dubai if your income suits these criteria.
Which is the best bank in Dubai?
Although many banks around the region can help you build a robust financial backup, several individuals prefer savings accounts in Dubai. This includes the Smart Saver Account of Emirates NBD, the Active Saver Account of ADCB and the CBD eSaver Account.
These were some of the most important things you need to know about opening a Dubai bank account. When you have made ample savings, you can search for luxury villas for sale in Dubaito live a happy and prosperous life.