The UAE (United Arab Emirates) has a strong banking sector that is legislated by a central bank established in 1980. The UAE banking system has been defined as stable due to the banks’ resilient capital levels and liquidity buffers. Banks in the UAE are mainly deposit-funded. Also, their strong capital levels provide large, loss-absorbing support.
Benefits of choosing a bank account in Dubai
Having a bank account in Dubai offers tremendous benefits for the corporate as well as for individual sectors. Having a personal bank account in Dubai opens up a gate of opportunities, and eases your trading or services needs internationally and locally.
Here is a summary of the advantages you will enjoy when you open a bank account in Dubai:
- Banks in Dubai offer full privacy of your personal information.
- Easy and credible transfer of capital in and out of Dubai.
- Stable and secure online and phone banking system
- Access to global banks and their services
- Virtually all types of currency exchange options are available
- Access to the facility for personal, business, and car loan
- Credit card with unrestrained purchase options
- Satisfactory interest rates
- Multiple currency accounts
How to open a personal bank account in Dubai, UAE
A personal bank account is an account for use by an individual for that person’s personal needs. A personal bank account in Dubai relates to one’s account at the bank that is used for non-business purposes.
Requirements for Opening a Bank Account in the UAE
Along with your passport and a no-objection letter, different banks will require other documents for resident accounts. These can include your visa if you are a new arrival to the UAE and your Emirates ID card. You’ll also require a document that states your employer or sponsor and your salary, and proof of address. Banks may also need a letter of recommendation from another bank.
To open a personal bank account in the UAE as a non-resident, the following documents are mandatory:
- copy of your passport with the UAE entry page
- a copy of a reference letter from your bank where you have a personal account from your country of origin or any other country
- profile of the applicant (CV)
- a copy of the last six months of your personal bank statements from anywhere around the globe
A resident or non-resident in Dubai is also eligible for a personal bank account. The majority of the banks in Dubai UAE allow non-residents to open only a Savings Account and not a Current Account. Non-residents are not able to obtain a cheque book. However, non-residents will be provided with a debit card to withdraw money. As a non-resident will also be subject to a minimum or maximum balance.
To open a non-residential bank account in the UAE, you will need to follow a process to verify your identity. You will also need to submit some documents to the bank administrators.
To open your personal bank account in Dubai, get golden visa or open your company in Dubai IFZA (International Free Zone Authority) for example, please contact your Damalion expert now.
