Banking Tips for Non-Residents in the UAE
UAE is a country that everyone seeks to explore at least once in their lives. Apart from tourism, the country offers immense investment opportunities and business setups to make it an economic hub.
Whether you are a resident of the UAE or have a business, you will need a bank account. But if you are a non-resident and need a bank account, opening one in the UAE is now easier.
Being a non-resident, if you are looking forward to a bank account opening in Dubai, then you need to learn about your options, the local banks available, and the list of documents to ensure that you don’t make a mistake.
Check out this blog and learn some crucial banking tips for non-residents in the UAE.
Understand the Types of Accounts Available
Being a non-resident, note that you won’t have many account options available to open. Also, not all banks offer bank account openings in Dubai, so you need to choose a bank first.
There are only two account types available:
Savings Account: Like all savings accounts, it offers interest on your deposits, and you can enjoy the basic banking services with your debit and credit card. However, no checkbook will be available. It is relatively easier to open.
Current Account: Current accounts are usually used for businesses and thus come with stricter requirements. You need a higher minimum threshold and more rigorous documentation.
Documents required
For a bank account opening in Dubai, you need some key documents, which have been discussed below:
Valid Passport: The Bank will require a copy of your passport with your personal information and visa pages.
Proof Of Income: The Bank will require your proof of income for which you need to open the bank account. They might also ask for your bank statements for the last six months.
Proof of Address: They will require proof of address in your home country and also in UAE. For non-residents, a letter explaining the non-resident status is required.
CV: A detailed CV stating your personal and professional history might also be required.
If you are from a sanctioned or high-risk country, a more elaborate process will be followed for bank account opening in Dubai.
Choose the Right bank
Regarding bank account openings for non-residents, not all banks in the UAE offer banking services. Some of the reputed banks that cater to non-residents are:
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First Abu Dhabi Bank
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Dubai Islamic Bank
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Mashreq
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Abu Dhabi Islamic Bank
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HSBC
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Emirates NBD
Choosing one of these is a challenging task and you need to consider multiple factors to select the right one for your needs.
Explore Interest Rates and Other Factors
Before choosing any of the banks discussed above, shop around and learn the interest rates offered by the different banks.
Enquire about their customer service, online banking options, annual fees and other additional benefits before deciding.
Minimum Balance Requirements
Once your account has been opened, you will be required to maintain a minimum balance in your account. The minimum balance threshold differs bank-wise and depending on your account type. It can vary from AED 3000 to AED 100000. In case of failure, the bank may charge a monthly fee.
You should learn about the minimum balance requirement before bank account opening to check if the requirement aligns with your financial situation.
Set for automatic transfers from other bank accounts to maintain the balance in the account.
Mobile and Online Banking
Today, mobile and online banking has become the right arm of banking, offering easy money transfers, checking account balances, facilitating bill payments, etc. It is especially useful for non-residents who may not have regular access to physical branches.
So, before choosing a bank, learn whether their online banking services are user-friendly and offer a wide range of services to help you manage your finances remotely.
Endnote
While the options for opening a bank account in Dubai are limited, one must always be vigilant and thoroughly explore the available options before choosing one. Assess your needs, research the banks, and inquire whether they offer online banking services, have competitive interest rates, and have reliable customer service.
If needed, take a professional's help to go through the process.
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