Current Account

Open Current Bank Account Online in UAE

Current accounts, also known as checking accounts, are typically opened by business owners for their banking needs. 

Unlike savings accounts, which are meant for saving money, current accounts allow frequent money transfers for business transactions. 

 

If you run a business, you know the high volume of daily transactions, such as sales, purchases, salary payments, and manufacturing costs. A current account is designed to help you efficiently manage these transactions.

Types of Current Accounts in UAE

Let’s understand the 3 main types of current accounts:

  • Regular Current Account: These bank accounts offer basic features and services that help you manage your regular money. 
  • Islamic Current Account: These are Shariah-compliant accounts that follow Islamic banking principles. 
  • Premium Current Account: If you plan to maintain a high current account balance, you can get a premium account facility. These accounts come with various additional features as well.

 

Current Account in UAE

 

Which are the Best Current Accounts in UAE?

 

Mashreq Bank NEO Smart Account

You can comfortably open this current account online!

  • Minimum Balance Required- AED 3,000
  • Joining Bonus of up to AED 2,500 on transferring salary
  • Early Bird Cashback up to AED 350- for making transactions within the first 90 days of card issuance
  • Earn Salaam Points 

Apply Now

 

Al Hilal Current Account 

This is a Shariah-compliant, zero-balance current bank account.

  • Free e-statements
  • Free domestic and international money transfers
  • Instant current account opening
  • Get a Mastercard virtual and physical debit card 
  • Withdraw cash from ADCB ATMs for free

Apply Now

 

First Abu Dhabi Bank Personal Current Account

This is a non-salary transfer current bank account. 

  • FAB Mastercard debit card for free
  • Free access to select airport lounges for Platinum Mastercard debit card users
  • Complimentary first chequebook 
  • Open account in multiple currencies

Apply Now

 

First Abu Dhabi Bank One Account

It’s a zero-balance current bank account with features like-

  • Earn FAB rewards on your purchases
  • Complimentary Platinum Mastercard debit card
  • Free access to select airport lounges for Platinum Mastercard debit card users
  • Exclusive offers and discounts at particular premium retailers in the UAE

Apply Now

 

First Abu Dhabi Bank Etihad Guest Account

This is a premium current banking account with incredible rewards and exclusive benefits. 

  • No minimum balance required
  • Complimentary 4 local transfers per month
  • Free first international remittance each month
  • Complimentary first chequebook
  • Complimentary debit card

Apply Now

 

First Abu Dhabi Bank Elite Current Account 

No minimum balance is required for this multi-currency current account 

  • Complimentary chequebooks
  • First free international remittance every month
  • Complimentary Elite Gold Mastercard World debit card

Apply Now

 

First Abu Dhabi Bank Etihad Guest Elite Account

A zero-balance bank account that’s suitable for business and daily expenses

  • 4 free local fund transfers every month
  • Free chequebook
  • Get 1,000 Etihad Guest Miles as a bonus on your first salary transfer
  • Free first international remittance per month

Apply Now

 

HSBC Premier Account 

This is a multi-currency current bank account with a plethora of facilities 

  • Free fund transfer to Pakistan, the Philippines, India, and Egypt
  • No monthly charges
  • Free overdraft facility for up to 1 salary transfer multiple or AED 40,000
  • Complimentary chequebooks

Apply Now

 

HSBC Personal Banking Account 

This is one of the multiple-currency bank accounts that require salary transfers. 

  • Free cash withdrawal at any bank ATM in the UAE and 1 complimentary balance transfer at any bank’s ATM (each month)
  • Free international fund transfers on EGP, INR, or PKR
  • Complimentary chequebook
  • Free international Visa debit card
  • Free overdraft facility for up to 1 salary transfer multiple or AED 50,000

Apply Now

 

Open bank Account

 

Features and Benefits of Current Accounts UAE

Let’s understand the uses of current bank accounts through some of the standard features and benefits of current accounts in the UAE are-

  • No Transaction Limit: There is no limit on the number of transactions in a day (as per the sole discretion of the banks).
  • Ease of Payment: Enables the account holder to make a large & frequent number of transactions with banks systematically.
  • Multi-Currency Support: Offer the flexibility to hold balances in multiple currencies, allowing account holders to conduct transactions in various currencies without requiring currency conversion.
  • Frequent Transaction facility: Designed to cater to frequent transactions – transfer funds, cash, receives cheques, etc.
  • Overdraft Facility:The account holder can avail overdraft facilities when required. This means they can overdraw the balance in their bank account on a temporary basis, to plug the shortfall in funds. 
  • Cheque Book Facility:A lot of banks & financial institutions in the UAE offer the cheque book facility to the account holder for making their transactions easy.

How to Open a Current Account UAE?

  • You can easily get the best current bank account in UAE for your requirements via Policybazaar.ae. 
  • To open current bank account online, fill in the lead form and get directed to the current quotes page. 
  • In case of any confusion, our team of experts is there to help you out! 

Click on button below to open a current account. 

Apply Now

 

Eligibility Criteria to Apply for Current Account in the UAE

To open a current account in the UAE, you need to meet the following eligibility criteria-

  • Minimum Age: Most banks have a minimum age requirement of 21 years. However, this limit can vary for different banks. 
  • Nationality: Most banks allow UAE nationals and residents to open a current account in the UAE. 
  • Minimum Salary: Varies as per the bank

Documents Required to Apply for Current Account 

Here’s the list of the documents required to open a current account in the UAE —

  • Original and valid passport with a copy of the same
  • Emirates ID 
  • Residence visa copy
  • Salary certificate or reference letter (for salaried applicants)
  • Residence proof
  • Trade licence (for self-employed individuals)

Frequently Asked Questions

 

Q1: Who can open a Current Account in the UAE?

Ans: Anyone who meets the eligibility criteria and submit the documents mentioned above can open a current account in the UAE:

  • Sole Proprietors
  • Partnerships
  • Individuals
  • Limited liability Organizations
  • Joint Stock Organizations

 

 

 

 

 

Make sure, you contact the bank or visit their official website in order to understand their eligibility criteria before applying to the particular current bank account.

Q2: What are the important documents that I need to submit to open a current account?

Ans: You need to submit the following documents:

  1. Passport Copy
  2. Emirates ID Card
  3. UAE Resident Visa
  4. Salary Certificate/ Reference Letter
  5. Income Proofs
Q3: Can I open a Joint Current Account with my child who is below the age of 18?

Ans: Well, most of the banks in the UAE do not usually permit an opening a joint Current Account with a minor. However, you may still talk to the bank representative for options to fulfill your requirements.

Q4: What is the difference between a current and savings account?

Ans: A current account is designed for multiple daily transactions while a savings account is meant to make the money grow over time. 

Q5: Which bank is best for opening current account?

Ans: The best bank for a current account in the UAE depends on individual preferences such as banking needs, services offered, fees, and customer service quality. To determine the best fit, you can research and compare banks and their accounts.

Q6: Can you have multiple current bank accounts?

Ans: Yes, you can open more than one current bank account. 

Q7: How can you access the funds in your current account?

Ans: You can access funds using a debit card, online banking, ATMs, branch banking, and phone banking. 

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