Opening bank accounts

The banks of the United Arab Emirates and the financial system of the country are well-known for their high level of security, as well as an increased level of customer service. These aspects explain why foreigners often seek to open a bank account in this country.

Advantages of UAE banks

Banks in Dubai and other emirates of the United Arab Emirates suggest to customers several benefits, in specific:

• High level of confidentiality;
• Stability and safety;
• Low maintenance costs;
• Stable national currency;
• Quantity of offices;
• Convenient online service.

The banks of the United Arab Emirates use a unique Hawala system that regulates financial transactions. Entities use it primarily for transferring wages to foreign employees.

In the United Arab Emirates banks, you can open a multi-currency account in euros, dollars, or pounds sterling. Most banks don't charge an additional fee for opening them or a service fee. It is advisable to be made aware of these details with specialists beforehand.

How to open an account for a non-resident?

Suppose you are not a resident of the United Arab Emirates, but at the same time, you need to open an account in the country for private use or for doing business. In that case, it is essential to understand that foreigners have particular restrictions. In most cases, non-residents can only open savings accounts at emirate banks. To find out more information, it is better to consult specialists.

You must complete the identification procedure and provide the necessary documents to open an account. The bank issues a credit card if all stages of the process are completed successfully. To issue a debit card, you need to deposit the amount of the minimum or maximum balance.

Note! Checkbooks are issued only to people who live in the territory of the United Arab Emirates and offshore companies, provided that the individual or head of the company has a resident visa.

Basic documents for opening an account

To open an account in Dubai or another emirate, you will need to provide the following package of documents:

• Original or copy of active visa;
• A copy of the passport;
• A salary certificate or pay stub;
• A letter of no objection from an employer or a sponsor;
• Proof of residence in the Emirates.

Banks in the United Arab Emirates do not charge a service fee, in most cases. Instead, the client pays for the Internet banking service. Each bank has its own specific rate for this. For example, at Noor Bank, it is AED 500 (USD 137, JPY 866) per year.

Note! Residents and non-residents can open a privileged account. To do this, you must complete the only requirement - to deposit an amount of AED 367,300 (USD 100,000, JPY 636,420) or the equivalent of this amount in another fiat currency into the account.