Opening bank accounts
The banks of the United Arab Emirates and the financial system of the country as a whole are famous for their really high level of security, as well as an increased level of customer service. These reasons explain why foreigners often seek to open a bank account in this country.
Advantages of the UAE banks
Banks in Dubai and other emirates of the United Arab Emirates offer customers a number of advantages, in particular:
- high level of confidentiality;
- stability and security;
- low maintenance costs;
- stable national currency;
- plenty of offices;
- convenient online service.
The banks of the United Arab Emirates use a special Hawala system that controls financial transactions (It exists and operates outside of, or parallel to “traditional” banking or financial channels.). People use it mostly for transferring wages to foreign employees.
In the United Arab Emirates banks, you are able to open a multi-currency account in euros, dollars, pounds sterling, etc. Most banks do not even charge an additional fee for opening them and a service fee. But make sure to check this information with the specialists beforehand.
How to open an account for a non-resident
If 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 personal use or for doing business, it is important to understand that there are certain restrictions for foreigners in this matter. In most cases, non-residents are allowed to open only a savings account in the banks of the emirates. To find out more information it is better to consult the specialists.
To open an account, you will need to go through the identification procedure and collect the necessary documents. If all of the stages of the procedure are completed successfully, the bank issues a credit card. To issue a debit card, you need to make a deposit in the amount of the minimum or maximum balance (depending on the requirements of a particular bank of the emirate).
Note! Checkbooks are issued only to individuals who live in the territory of the United Arab Emirates and offshore companies, provided that the individual or director 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;
- a letter of no objection from employer or sponsor;
- proof of residence in the Emirates.
As for the service fee, in most cases, the United Arab Emirate banks do not charge it. Instead, the client pays for the Internet banking service. Each bank has its own rate for this. For example, at Noor Bank, it is AED 500 (USD 137, JPY 866) per year.
Note! Residents and non-residents are able to open a privileged account. To do this, you need to meet 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 currency into the account.