Bank Account Opening
Whether you’re planning to move to Dubai for work, to set up a company or make an investment, having a UAE bank account will be crucial to navigating your relocation.
Bank Account Opening in the UAE
You are likely to have a number of questions regarding setting up your bank account in the UAE, namely the documentation required, whether non-residents are permitted to open UAE bank accounts and what types of accounts are available to you. Keep reading to discover everything you need to know about bank account opening in the UAE.
Strategic Planning
Leadership Development
Operational Efficiency
Change Management
Requirements for opening a bank account in the UAE for resident expats
With expatriates comprising the majority of the Emirati population, there are pathways for foreigners to open a bank account in the UAE. There is a critical distinction that will determine where you can bank and what types of accounts you can open. That is your residency status in the UAE.
The question of residency will determine your ability to access different suites of financial products. Most banks will require you to present your passport (along with copies of your passport photo) and a no-objection letter from either your employer or the person sponsoring your visa. The second of these requirements implies that you have residency. Residency enables you to open an international or offshore UAE bank account.
Along with your passport and the no-objection letter we just mentioned, different banks will require other documents for resident expat accounts. These can include:
- Visa and Emirates ID card
- A document naming your employer or sponsor
- Your salary
- Proof of address (utility bill or rental agreement)
- A letter of recommendation from another bank
- A minimum amount every month
Can a non-resident open a bank account in the UAE?
The short answer to this question is yes, non-residents can open a bank account in the UAE. There are a series of options for you to consider, but it is of note that most banks in UAE only allow non-residents or tourists to open savings accounts. This restriction implies that current accounts or other services are only open to residents. While as a non-resident, you will not receive a cheque book, non-resident accounts do receive debit cards that you can use to withdraw or deposit funds at ATMs.
A caveat to non-resident accounts for UAE banks is that many institutions will require a minimum balance or even enforce a maximum balance you can carry in your account at a time. Some banks will allow their non-resident account holders to choose the currency for the money in their account, whether it be dirhams (AED) or another major currency. For those not interested in having to exchange dirhams for GBP, dollars, or another currency, this option can be attractive.
To open a bank account in the UAE as a non-resident, you will need the following documents:
- Copy of your passport with the UAE entry page
- An original copy of a reference letter from your bank where you have a personal/corporate account from your country of origin or any other country
- An updated curriculum vitae (CV)
- An original copy of the last six months of your personal bank statements from anywhere around the globe or your home country
Can I Open a Bank Account in the UAE from Abroad?
While expatriates and visitors must generally be physically present in the UAE to open a bank account, as a bank officer must witness your signature on the application and other documents, there are alternative solutions. In certain cases, you can enlist the help of a financial advisor, like Europe Emirates Group, to serve as your representative and assist you in opening an account remotely.
If you need assistance in making this important decision, our team at Europe Emirates Group has extensive experience in opening UAE bank accounts for both personal and corporate needs. We provide a comprehensive comparison of banking options, prepare the necessary documentation on your behalf, and handle any required financial transactions. We ensure that the process of opening a bank account in the UAE is smooth and stress-free. Reach out to us today to get started.
