Everyone who wants to visit the Emirates or become a lucky holder of Dubai Golden Visa will find useful information on how it is generally accepted to carry out banking operations in this country. To avoid all sorts of inconveniences, you will need to open a bank account in Dubai.
It is quite easy to do. We will tell you about all the details of opening a personal bank account for those who live in the UK, as well as the best place to do it in this article.
According to the Immigrant Invest website, it is necessary to submit a standard package of documents to open a Dubai bank account, including a letter of employment, a UAE identification card, a copy of the visa, and a utility bill for the address of residence.
The UAE is a country with huge economic potential. The level of development of its economy is quite comparable with that of Saudi Arabia. As a consequence, there are now a lot of banking institutions in the Emirates. Dubai and Abu Dhabi are not only the largest agglomerations of this state, but also the most important centers of economic development. According to the information provided by Immigrant Invest specialists, a foreigner staying in any of these cities has a sufficient choice of banks for profitable cooperation. Therefore, by signing a contract with the right institution, you can not worry about the safety of your money.
Opening an account for those who are abroad
According to information recently provided by Zlata Erlach, an expert at Immigrant Invest, there is a small percentage of UAE citizens who were living in the UAE at the beginning of 2022. The vast majority of its residents are temporary residents. That is why the banking sector in the country is so well adapted to foreigners, who find it quite easy to choose a suitable bank. It is very useful, because any owner of UAE bank account can be sure in safe keeping and uninterrupted access to his money. More information on these issues can be found at https://immigrantinvest.com/blog/open-bank-account-uae-en/.
According to Zlata Erlach, it will be more difficult to open a bank account in the UAE for those who are outside the country, since many documents require signing directly at the bank. However, it is possible to do these procedures remotely if you delegate your financial manager to act on your behalf. The best way to obtain an account remotely for those who are abroad is online access through Ally Bank. This account will allow you to conduct transactions with your money from anywhere.
Bank account in Dubai for residents and foreigners
If you are staying in the United Arab Emirates but are not a resident, you are allowed to open a non resident bank account in Dubai. To do this, all you have to do is to present:
- a letter from the organization where you are employed;
- UAE-issued identification card;
- a copy of your visa document;
- document of payment of utility bills at the place of residence.
Register process is greatly simplified if you have a residence permit. Not all residents can provide the documents listed above. However, due to the large number of non-residents living in the UAE, banks try to satisfy as many applications for account creation as possible. As noted by an expert on the investment program of St. Lucia Zlata Erlach (company Immigrant Invest), verification of your personal information in this case will be a little longer.
The most suitable banks
If you have decided to live in the UAE for a long time, you should take serious care of the contract with the right bank in order to profitably and quickly conduct the necessary monetary transactions. According to Zlata Erlach, a reputable expert of the agency Immigrant Invest, the most well-known, reliable banks in this country are the following:
- First Abu Dhabi Bank;
- Emirates National Bank of Dubai (ENDB);
- Abu Dhabi Islamic Bank;
- Abu Dhabi Commercial Bank and many others.
In addition to national banks in Dubai, there is also a large network of international financial institutions. The most famous of them include:
- Standard Chartered Bank;
All of the above-mentioned organizations have many branches and ATMs in the UAE. You can open a regular Dubai bank account at ENDB. Then, you will receive a free credit or debit card, and you can put money on any of them, both in local and foreign currencies. For ease of use, the bank also offers to install an application on your smartphone. Each user has the opportunity to create a personal FAB account in the system and use it to make the necessary calculations.
Most ATMs provide free services to customers. However, you will still have to deal with fees in the UAE. Immigrant Invest specialists say that the most common of them refers to the minimum balance. Some banks set the limit on the availability of funds in an account of at least 300 AED, which in British currency translates to just over 600 pounds sterling.
If you have less money in your account, you may have a sharp increase in costs, so it is worth constantly monitoring the amount in the account to avoid unprofitable commissions. Banks offer easier and more favorable requirements. to Dubai residents. Therefore, foreigners can move to Dubai for permanent residence in order to run a successful business.