Introduction
Welcome to our comprehensive guide on opening a bank account in Dubai. Whether you're a resident or a non-resident, we've got you covered with detailed information on the entire process. From choosing the right bank to understanding the specific requirements, we provide a step-by-step overview to ensure a smooth experience.
Opening a Bank Account in Dubai as a Resident
Choose the Right Bank
Dubai offers a plethora of banking options, including Emirates NBD, Mashreq Bank, HSBC, Standard Chartered, Citibank, and more. If you're opening a salary account, consider your company's affiliated bank for quicker salary crediting.
Selecting the Account Type
Decide between a Current Account and a Savings Account based on your financial goals. A Current Account is ideal for salary transactions, while a Savings Account is designed for saving and limited transactions.
Document Submission
To open a resident account, prepare the following documents:
- Copy of passport with residence visa
- Original passport for validation
- Sponsor’s letter of no objection
- Additional documents for salary account: salary certificate, contract copy, appointment letter, or recent pay slip
Opening a Bank Account in Dubai from Overseas
Yes, non-residents can open a bank account in Dubai with certain criteria. The process involves document verification, and non-residents receive a debit card instead of a chequebook.
Required Documents for Non-Residents
Prepare the following documents:
- Employment, income, and tax details
- Valid proof of identity (passport, driving license, or National ID)
- Proof of address (utility bill or bank statement)
Additional documents may be required based on local laws and bank policies.
Corporate Bank Account in Dubai
Opening a corporate account involves specific requirements and documentation, with the presence of a director and shareholder being essential.
Document Checklist for Corporate Account
Submit the following documents:
- Residency visa and passport of the shareholder
- Emirates ID copy of the shareholder
- Passport copy of the director
- Business plan, corporate documents, and Memorandum & Articles of Association
The bank conducts background checks and interviews before opening the corporate account.
Minimum Balance Requirements
Monthly average balance requirements vary, ranging from AED 25k to AED 500k, depending on the bank type. Check with your chosen bank for precise figures.
Frequently Asked Questions
Cost of Opening a Bank Account
There's no fee to open a bank account in Dubai.
Chequebook Costs
The first chequebook is usually free, with additional fees for subsequent requests varying among banks.
Minimum Salary Requirement
The minimum salary to open a bank account is AED 3000.
Recommended Banks in the UAE
Popular choices for savings accounts include Emirates NBD Smart Saver, ADCB Active Saver, and CBD eSaver.
Services After Opening an Account
Enjoy access to ATM/debit card, 24-hour ATM facility, bill payment, and a first free chequebook. Active account holders can also pay for Salik and traffic fines in Dubai.
Tourists Opening Bank Accounts
Some banks allow tourists to open accounts with limited services, subject to certain restrictions.
In conclusion, opening a bank account in Dubai is a straightforward process with diverse options to suit individual needs. Choose the right bank, understand the account types, and ensure you have the necessary documents for a seamless experience. For those exploring account closure, refer to our step-by-step guide on closing a bank account in Dubai.
