Guide to Opening a Bank Account in the UAE

Opening a bank account is the heart of the best financial planning discussion. This can be one of the crucial and most effective moves that one can make to manage their finances in an outstanding way. Banks in the UAE offer different types of bank accounts, including savings accounts, current accounts, fixed deposit accounts, investment accounts and more to their customers. Based on their financial preferences, one can open a bank account and get the most out of the provided banking services.

All the bank account types have certain requirements. In this post, we will take you through the documents required to open a bank account, followed by the eligibility criteria and the process for the same. Let us first go through the things you need to keep in mind before opening a bank account in the UAE.

Things to Keep in Mind When Opening a Bank Account in the UAE

Here is the list of things you must consider when opening a bank account in the UAE.

1. Initial Deposit

The minimum deposit requirement is the first thing you must check when planning to open a bank account in the UAE. All the bank accounts in the UAE have their own requirements. The initial deposit for most of the bank accounts ranges between AED 0 and AED 3,000. Make sure you check the amount and consider if you will be able to keep that money aside just to keep your bank account active.

2. Interest Rates

Most banks in the UAE offer interest rates on the balance maintained by the account holders in their bank accounts. However, some bank accounts come with a minimum balance requirement that must be met by the account holders to be eligible to earn interest. Make sure you get a reasonable amount of interest on the average monthly balance requirement. This helps you earn through your funds and grow your savings in no time.

3. Documents Required

All banks in the UAE have their own precise list of documents to be submitted by the applicants to complete the account opening process. Before applying for your chosen bank account, make sure you go through this list. This helps you organise the documents required for opening a bank account and complete the application process without any hassle.

4. Minimum Monthly Balance

After opening a bank account, the important thing is to keep an eye on your minimum monthly balance. Some banks have no such requirements for the account holders, but if you have a bank account with the one that does, make sure you meet the same while managing all your bills and other dues. By maintaining the minimum monthly balance, you can also earn a good amount of interest on your account balance.

5. Schedule of Fees and Charges

Banks in the UAE charge fees and additional charges such as cash withdrawal fees, monthly account fees, outward transfer fees and more. Make sure you go through the schedule of the same before opening an account with your chosen bank. This saves you from paying extra money for availing of the banking services. 

6. Additional Benefits

There are various other benefits that the banks in the UAE offer with savings bank accounts. These benefits include free cash withdrawals, online banking facilities, free chequebook, free debit card, and more. Another thing that the banks offer is the opening and operating a bank account in multiple currencies. This helps you make international transactions without any hassle. Make sure you compare the benefits and features of multiple bank accounts before you choose the one to open. Other benefits that you can consider are investment options, complimentary credit cards, retail discounts, and more.

Documents Required for Opening a Bank Account

Usually, the list of documents is the same for all banks in the UAE. However, some banks may ask for some additional documents based on their eligibility criteria. Here is the list of standard documents that you need to provide when opening a bank account in the UAE.

Types of Applicants

Documents Required for Opening a Bank Account

Mandatory Documents

  • Emirates ID
    Note: The applicants who do not have the Emirates ID can provide a copy of the Emirates ID registration form.
  • Passport with a valid residency visa – Original and a copy

Additional Documents for Salaried Applicants

  • Salary Certificate/Salary Slips to verify your income
    Note: You can get the salary documents from your company’s HR department.
  • Appointment Letter – showing the designation and monthly income.

Additional Documents for Self-Employed Applicants

  • Original and a copy of the trade license
  • Share certificates
  • Certificate of registration
  • Company Memorandum and Articles of Association
  • Utility bills to verify the address (of the last three months)
  • Copies of existing contracts and agreements of the company 
  • Reference letter from business partners
  • Original and copies of the passport for all the shareholders and authorised signatories
  • A copy of the passport with a residency visa page for one of the shareholders

Additional Documents for Non-Residents

  • Utility bills (for the last three months)
  • A reference letter from the previous bank (from the bank you already have/had an account with)
  • Personal bank account statements (for the last six months) from the applicant’s country of origin
  • Details of the source of incoming funds

Eligibility Criteria for Opening a Bank Account in the UAE

The requirements for opening a bank account in the UAE may vary for different banks. Here are the standard eligibility criteria that one needs to meet for opening a bank account without any hassle. 

  • The age of the applicant must be 18 years or above.
  • The applicant must be a UAE resident.
  • The applicant must have a valid passport.
  • The applicant must meet the minimum balance or income requirements of their chosen bank account.

To check the eligibility criteria of your chosen bank account, you can visit our website and go to the bank accounts section. In this section, you can check the types of bank accounts that your chosen bank offers, along with their detailed features, benefits and eligibility criteria.

How to Open a Bank Account in the UAE?

Here are a few simple steps to open a bank account in the UAE.

1. Visit the Chosen Bank’s Online Portal

If you are a new banking customer, you can visit the bank’s website to apply for a bank account. On the other hand, if you are an existing customer, you can simply log in to your internet banking account.

2. Explore Your Bank Account Options 

Explore the available bank account options and choose the one based on your financial preferences. Make sure you consider all the things mentioned above to make the right choice of account.

3. Fill the Online Application Form

Once you know the type of bank account you want to open, fill in the application form and provide all the required details such as name, mobile number, email address, residential address and more based on the required fields in the form.

4. Provide the Required Documents

Next, you need to provide the documents required for opening a bank account. You can upload these documents on the bank’s online banking portal or request a bank representative to collect the same from your registered residential address. 

5. Submit the Application

Next, you need to submit your application with a filled out form and all the documents required for opening a bank account attached to it. Once done, wait for one of the bank representatives to get back to you. The bank may take up to two working days for opening a bank account. They will provide your account details by sending an email to your registered email address or via SMS sent to your registered mobile number. The welcome kit from the bank will be delivered to your doorstep. The procedure may vary from bank to bank.

The Bottom Line

Now that you know all the requirements for opening a bank account, go ahead and open one for yourself today. You can always visit our portal to explore your options and check out the features and benefits of different bank accounts. Give us a call if you need any assistance. Our financial experts will take you through the best bank accounts in the UAE and help you choose one based on your financial preferences.

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