You can manage your finances completely while on the go thanks to the ease of internet banking and smartphone apps. To safeguard your finances, you can also rely on the security and safety provided by your bank. This tutorial looks at the criteria and documents needed to start a current account in the United Arab Emirates. Here is information about bank account opening in Dubai.
What is a Current Account?
The most accessible and convenient kind of banking account is a current account, often known as a transaction account. In addition to using your debit card to pay for purchases, you may utilize online and mobile banking, set up direct debits for your payments, withdraw cash from bank ATMs, and much more. Current accounts come in various varieties. Some are basic, while others are only available to people making a specific amount of money each month and include extra features.
Who can Open a Current Account?
Bank account opening in Dubai has different criteria. To be qualified for a UAE current account, you have to:
- a minimum of eighteen years old
- possess a current visa for residency in the United Arab Emirates
You might want to open an overseas bank account beforehand if you’re moving to the UAE and don’t yet have your residency visa. This could fill the void until you get there and organize your documentation. Remember that this isn’t a real account.
Additional Requirements for Account Eligibility
In addition to the aforementioned, some accounts could have minimum wage requirements that must be met for you to be eligible for them. To avoid fees, you might also need to keep a minimum amount in your account.
Which Documentation is Required to Open a Current Account?
To apply for most current accounts, you must have at least one of the following:
- original passport (for every client)
- (Only for clients who are not nationals of the GCC) Residence visa
- Your card of identification from the Emirates
- Original work ID or labor card (available only to nationals of the GCC)
- Evidence of residency in the United Arab Emirates, such as a power bill, lease, title deed, or job contract
Additionally, if you’re applying for an account that requires a salary, you’ll need:
- your initial trade license, if you work by yourself
- A pay certificate (if you are employed by the government or the public sector)
- A letter of pay transfer (if you are employed by a private company)
In the UAE, is it possible to have a joint current account?
You certainly can. The procedure is the same as for sole accounts, but both of you must finish the application process and provide the necessary paperwork. However, a wage certificate or salary transfer letter is typically needed from only one application.
Is it possible to have multiple current accounts?
If you’d like, you can open more than one current bank account, but keep in mind that you will need to oversee them.
Non-Residents Bank Account In Dubai
You can open a bank account in the United Arab Emirates even if you are not a resident. You have several options to think about but keep in mind that the majority of UAE institutions only permit visitors or non-residents to create savings accounts. Current accounts and other services appear to be restricted to residents only, based on this limitation. In addition to debit cards that you can use to deposit or withdraw money from ATMs, non-resident accounts do not come with a checkbook. Bank account opening in Dubai is very easy for non-residents.
The following should be noted while opening non-resident accounts with UAE banks: many of these establishments have minimum balance requirements, or they may even impose maximum balance limits.
Certain banks let their non-resident customers select the currency that funds their accounts, be it dirhams (AED) or any other significant currency. This is a viable choice for people who don’t want to have to convert dirhams into pounds, dollars, or any other other currency.
The following paperwork is required for non-residents to open bank accounts in the United Arab Emirates:
- A duplicate of your passport containing the UAE entrance page
- An original copy of a letter of recommendation from your bank, if you have a personal or business account there or in any other nation.
- A current curriculum vitae
- An original copy of your bank statements for the last six months, from anywhere in the world or in your nation of origin
Conclusion
Bank account opening in Dubai for a bank official to witness your signature on the application and other documents, applicants—whether foreign nationals or tourists—must be present in person to verify the account opening. Sometimes you can open your account remotely by contacting a financial advisor, such as Europe Emirates Group, to act as your agent.
