The UAE has long served as a central destination for foreign investors and job seekers for excellent reasons. Safeguarding and managing one’s financial assets in the economy ranks among the foremost priorities for residents. However, achieving this objective hinge on opening a bank account in Dubai.
While residents must adhere to specific eligibility criteria when applying for an account, non-residents can also establish a bank account in the UAE. Nonetheless, physical presence is mandatory to open a bank account in Dubai. Furthermore, as a non-resident, your choices may be constrained regarding available benefits and the selection of local banks.
Nevertheless, Dubai’s most esteemed institutions extend options to facilitate non-residents in opening UAE bank accounts, alleviating significant concerns. The following blog will explore how to Open a Bank Account in UAE For Non-Residents.
What are the advantages of Bank Accounts in UAE for Non-residents?
A bank account statement becomes essential whether your relocation pertains to personal or business motives. Banks and financial institutions provide various service options to their customers, including non-residents. Here are some of the characteristics and advantages of opening a Bank Account in UAE For Non-Residents.
Telephone Banking
Non-residents can take advantage of telephone banking services, enabling them to conduct various transactions over the phone. Everyday tasks such as fund transfers, commerce, and special requests like ordering chequebooks and scheduling payments can all be conveniently managed through this service.
Internet Banking
Non-resident bank accounts can be managed seamlessly through online banking. This digital platform allows for the execution of everyday transactions. Account holders can access their accounts by logging in with their unique user ID and password. They can effortlessly transfer funds to friends, family, and other recipients. Additionally, online banking offers the flexibility to invest in various financial instruments such as fixed deposits, recurring deposits, mutual funds, etc.
Debit Card
Non-resident bank account holders in the UAE have a complimentary debit card. This debit card can be utilised for online transactions, ATM cash withdrawals, and online shopping on various e-commerce platforms. With access to over 20 million retail outlets worldwide, the debit card offers a wide range of shopping opportunities.
Electronic Statements (E-Statements)
Banking services extend the convenience of E-Statements to non-resident customers. This service lets customers easily access and download their bank statements via the online banking portal. E-Statements are generated periodically and sent to non-resident customers via email. These statements are crucial in tracking transactions and maintaining control over expenses.
Fund Transfers
Non-residents can swiftly transfer funds to friends, family members, and other recipients. This can be accomplished by logging into their bank account via the mobile app or online portal, making fund transfers effortless. Additionally, this service allows them to schedule fund transfers for future dates or initiate immediate transfers.
Customer Support
Banks globally and in the UAE are dedicated to delivering effective customer service. Customers can contact the support team anytime to seek assistance with their transactions. While some banks offer round-the-clock support, others operate within standard business hours. Additionally, IVR support and automated chatbots are accessible around the clock to assist customers.
Multi-Currency Options
Non-resident individuals engage in transactions involving both foreign currencies and their home currency. Banks offer foreign exchange (forex) services to cater to their needs. Non-resident bank accounts can be operated in multiple currencies, offering the flexibility to conduct immediate transfers in their preferred currencies.
Account Setup Procedure
UAE banks facilitate the opening of bank accounts for non-residents. Prospective applicants can visit the official website and complete the required details per the bank’s instructions. Documents can be uploaded online as part of the application process. After approval, the welcome kit and official bank instructions will be dispatched to the provided mailing address.
Deposit Requirements
Banks require non-resident account holders to adhere to specific initial deposit or minimum balance requirements. The exact amount varies from one bank to another and will be outlined in the instructions provided to customers.
Setting Up Instructions
Non-resident bank account holders can establish standing instructions on their accounts. These standard instructions include bill payments, scheduling recurring deposits, automating investments into deposit funds, configuring automatic payments for utility bills, rent, phone recharges, metro card top-ups, and other financial transactions.
How to Open a Bank Account in the UAE for Non-Residents
Foreigners seeking to open a bank account in Dubai can do so within two categories: personal and corporate or business accounts.
To open a personal bank account in the UAE as a non-resident, you will need to provide the following essential documents:
Personal Account Requirements:
- A copy of your passport, including the page displaying the immigration stamp indicating your entry into the UAE.
- A copy of your most recent curriculum vitae (CV) detailing your professional background.
- The original reference letter from your current bank, where you hold a personal or corporate account in your home country or elsewhere.
- A bank statement covering the past six months.
- A copy of your most recent utility bill as proof of your current residence.
Note: In addition to the documents listed above, you may also be required to furnish comprehensive information about the sources of your incoming funds. Furthermore, several local banks in the UAE mandate that non-resident personal account holders maintain a specified average monthly balance.
Documents Required to Open a Corporate Bank Account in the UAE as a Non-Resident
For a corporate account, non-residents must provide a comprehensive set of documents, which typically include:
- Information about all shareholders in the company.
- Your company’s Articles of Association (AoA) and Memorandum of Association (MoA).
- A copy of your trade/business license or the company incorporation certificate.
- Detailed information about your company’s corporate structure.
- Documentation confirming ownership of the company.
- A description of the business activities your company is involved in.
- Information regarding the business experience of the company shareholders.
- Documents evidencing the source of funds and investments for the company.
It’s worth noting that some of the documents mentioned above may need to undergo verification by the Ministry of Foreign Affairs in the UAE.
The UAE strictly adheres to the Know Your Customer (KYC) policy, which applies to all individuals and entities opening bank accounts in the country.
Key Considerations
When applying for a bank account in the UAE as a non-resident, there are several essential points to keep in mind:
- Account Type: Non-residents are typically eligible for savings accounts in the UAE but may be unable to open current accounts.
- Visa Requirement: Applicants must possess a visit or transit visa for the UAE.
- In-Person Visit: Non-residents must visit the bank in person to open an account; online applications are not typically available.
- Minimum Balance: Some non-resident accounts may require maintaining a minimum balance; checking the specific requirements before choosing a fund is essential.
- Initial Deposit: Certain non-resident accounts may necessitate an initial deposit.
- Debit Card: Banks provide debit cards with non-resident accounts that can be used internationally; however, be aware of any associated charges for international card usage.
Opening a bank account in the UAE is straightforward and hassle-free, with numerous benefits to attract applicants. In addition to savings accounts, non-residents may also be eligible for offshore business accounts to facilitate smooth business transactions. Ensuring you have all the necessary documents will ease the account opening process. Feel free to contact Shuraa Business Setup, where our team of experts is ready to assist you with any inquiries.
