Procedures for opening a bank account in the UAE 2023 … Every citizen, worker, resident or expatriate in the United Arab Emirates must open a bank account through which all various transactions will be carried out. The type of account that the customer wishes to open can be specified as a savings account, a current account, or credit and current accounts are usually interest-free, in contrast to a savings or credit account.

Anyone can open a bank account in the UAE, provided that all required documents and papers are submitted. To open a bank account, you must first go to the bank where you will open the account, and then submit all the required papers and documents.

Procedures for opening a bank account in the UAE 2023

Dubai has many residents as it is considered one of the best tourist countries and contains the best luxury amenities.

It also has the best banks through which accounts can be opened for Dubai residents to keep money and not lose it?

In addition to the fact that on most accounts there is a profit that is distributed at specific intervals according to the bank’s system.

Through the following, we will learn about the procedures for opening a bank account in the Emirates, Dubai, for non-residents in the country:

• The customer chooses a bank that allows opening an account for residents, then goes to the nearest bank branch.
• The average monthly balance of the customer must not be less than 10 thousand US dollars, and this percentage varies from one bank to another.
• Any of the banks requires that the customer submit a bank account statement for at least six months from the bank located in the country to which the customer belongs. The account statement must be original.
• In the event that the customer is the owner of a company, he must present the documents proving his ownership of the company and participation in it.
• The customer must also be in Dubai to open an account with the bank.
• A copy of the customer’s passport must also be submitted along with the other documents, namely: a recent utility bill, the customer’s personal CV, and the original copy of the bank reference letter.
• The customer must submit a letter approving the transfer of his monthly salary.
• The bank requires the customer to bring an approval letter from the business owner to open an account with the bank if the customer is a citizen of the United Arab Emirates.

Read also: What are the best UAE banks for opening a personal account or a company account?

Documents required to open an account in the UAE for citizens

To open a bank account in the UAE for citizens in the United Arab Emirates, the following papers and documents must be submitted:

• A copy of the passport or a family book.
• There is a minimum deposit balance, which varies from bank to bank.
• Submit a no-objection letter from the employer or a statement of wages.

To open a bank account in the UAE for residents, the following papers and documents must be submitted:

• A copy of a valid green card.
• a copy of the passport.
• Obtaining a non-objection letter or salary receipt from the employer.
• A copy of the identity card.
• The minimum balance related to the deposit, as it differs from one bank to another.

UAE banking services

Many banks in the Emirates share many of the services they provide, with several differences between them, which many seek to create and open a bank account in the Emirates, and the most important of these services are:

• SMS alerts.
• Receiving and transferring services from abroad.
• An international ATM card in addition to a debit card.
• Phone banking.
• Master Card or international visa.
• Providing immediate money receiving and transfer services within the country.
• Also provide a free monthly electronic account statement.

Read also: Loans at Emirates NBD 2023

Advantages of opening a bank account in the UAE

A customer who has a current account with a bank in the UAE enjoys many advantages that he can benefit from in different ways, and the advantages include the following points:

• In the event that the customer opens a current account in one of the UAE banks, he will receive a free direct debit card that is recognized in all countries of the world.
• He will also be able to obtain the card through the bank.
• Banks in the UAE offer all their banking services on mobile phones for free.
• So that the customer can conduct any banking transaction from anywhere without the need to go to a bank branch.
• If the customer wants to open an employee account in an entity and has a fixed monthly income, the bank does not require a minimum balance to open the account, as he will transfer his salary directly to the bank.
• The bank also provides a text message service through which customers can be informed of the latest updates on their accounts.
• They are also notified if a bank transaction occurs on their account.
• In the recent period, banks have started to provide all their banking services and transactions on the Internet, so that customers can know all the procedures of physical transactions.

How to choose the right bank

The customer must choose the appropriate bank in which he will open an account and deposit his money in it. There are some criteria that the resident must take into account when choosing the appropriate bank, and the criteria include the following:

• The customer must know all the services provided by the bank in addition to the rewards and benefits that accompany the services.
• Knowing the minimum deposit in the bank, the minimum monthly salary for the customer, or registering the company in the list of bank companies to open an account or obtain financing.
• Profits and interest rates offered by the bank, fees required to open an account with the bank, and any other fees added for conducting banking transactions.
• The extent of customer service response and the solutions provided through it, whether they are useful or not.
• You must also know the means of contacting customer service, whether by phone, text messages or via the Internet.
• The customer chooses the bank in which there are many ATMs scattered around his home or his work, and he must know the opening times of work in the bank’s branches.

Read also: Opening an account in the National Bank of Fujairah in the UAE

What are the most important banks in the UAE?

There are many banks through which a bank account can be opened for expatriates or Emirati citizens, which offer many different services, the most important of which are:

• Bank of Fujairah, Dubai Islamic Bank, Commercial Bank of Dubai.
• Noor Bank.
• HSBS Bank.
• Citibank.
• Ajman Bank.
• Ras Al Khaimah Bank.
• Emirates NBD Bank.
• Arab Bank.
• First Abu Dhabi Bank.
• Emirates Islamic Bank.
• Abu Dhabi Islamic Bank.
• Umm Al Quwain Bank.
• Abu Dhabi Commercial.
• Al Hilal Bank.
• Mashreq Bank.
• Sharjah Islamic Bank.
• Samba Bank.
• CBI Bank.
• United Arab Bank.

Types of bank accounts in the UAE

Among the types of accounts in UAE banks:

• Current account: It meets the daily needs of the customer. It is possible to open a free current account, but with conditions such as that your monthly salary is not less than 5000 dirhams.
• Savings Account: The account offers a variety of features such as monthly benefits, e-statements, touch points and many more.
• Salary Account: It is the account into which your monthly salary is pumped upon the request of companies and many more such as commercial accounts, investment term deposits, e-commerce account and digital money transfers.

Here we have provided everything related to Procedures for opening a bank account in the UAE 2023, you can also learn by visiting our website about the most important international banks and ways to open accounts in them.

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