Easy Ways to Manage Banking in the UAE

People get plenty of financial investment options in the UAE. The country is quite lavish but costly in various means. And if you have recently moved to the UAE, you may have an idea of the lifestyle of people living there. You may have already hit the beach or run through the malls but have you thought about managing your finances in the country?

You can consider opening a savings account in one of the leading banks in the UAE. Savings account helps you keep your funds safe and secure while providing an attractive interest rate to increase your savings in no time. 

In this post, we will take you through the entire process you need to follow to set up your banking services. In addition, we will let you know how you can make the best use of your digital banking services.

How to Manage Your Banking Tasks in a Few Simple Steps?

You need to work smartly to manage all your banking tasks efficiently. Here is a proper structure that you can follow to choose a unique bank from the list of leading banks in the UAE.

1. Explore Your Bank Options

You must first explore the banking products and services offered by different banks in the UAE. You can visit our website to find the best-fit options or you can also visit your selected bank’s branch and meet with their banking representatives to know more about their services. 

2. Check the Available Bank Account Types 

Once you have chosen the bank, you must go through the bank account options they offer. Usually, banks in the UAE offer Savings, Current and Fixed Deposit accounts. The bank account type that you should choose totally depends upon your financial needs. The bank account types are different for users opening the same for personal or professional purposes. If you want to open a bank account for personal use, you can consider opening a savings account. 

Most savings accounts in the UAE come with minimum monthly balance or salary transfer requirements. Make sure you meet those requirements to successfully open a savings account. On the other hand, you can also choose to open a zero balance savings account in the UAE. There is no minimum salary or balance requirement in such bank accounts.

And suppose you are opening a bank account for business purposes, you can try opening a current bank account as they offer an excellent benefit of making unlimited daily and monthly transactions. Make sure you check the features and benefits of the chosen bank account. Check if you are getting a debit card, a chequebook, etc. or whether you will get monthly account statements or not. 

3. Open Your Chosen Bank Account

Once you have chosen the bank account, you would need to check the eligibility criteria for the same. Make sure you meet the criteria to open a bank account in one go. Contact one of your bank’s representatives and ask for the list of documents you need to provide for opening a bank account. Here is the list of some common documents required to open a bank account in the UAE.

  • Emirates Identification Card for identity verification
  • Latest photographs (passport-sized) 
  • Salary Certificate for salaried applicants
  • Original Passport for address verification
  • Applicant’s signatures

You can open a bank account both online and offline. To open a bank account online, you need to visit the bank’s website, fill out the application form and submit the same with all the required documents. On the other hand, if you want to open a bank account offline, you need to visit one of the bank’s branches. At the branch, you need to fill and submit the application form with the essential documents. 

Some banks in the UAE also allow their customers to apply for opening a bank account on their customer service helpline. They can place a request over the phone, and one of the bank’s representatives will collect their documents from home. You can also try doing the same if you have no access to the internet or can’t visit the bank’s branch due to some reason.

4. Activate Internet Banking

The best part about the banks in the UAE is that they offer online banking services to help account holders easily access their funds. With online banking, you have all the banking services right at your fingertips, and you can make both local and international transactions in minutes. 

To activate internet banking, you need to get a unique ID and password from your bank. And you need to log in to your online banking account using these credentials. These credentials are confidential for all the customers due to security purposes. 

Another good thing about an online banking account is that you can use the same to contact support, order a chequebook, replace your debit card and much more.

5. Download the Mobile Banking App

You can also use your bank’s digital banking services using their mobile app. All you need to do is go to one of the app stores and download your bank’s mobile app on your smartphone. Once done, you can configure it using your bank account details and use the same online banking ID and password to log in to the mobile app. 

With mobile banking, you can get almost the same banking services as you get on the internet banking portal. You can get easy access to your funds, quick money transfers, bill payments and much more. 

6. Set Up Standing Instructions

Once you have set up your current/savings account, you can activate automatic transfers to make easy bill payments, pay loan EMIs and other payments that you need to make on scheduled time. You can simply log in to your online banking or mobile banking portal to set up standing instructions on your bank account. This service helps you make automatic transfers without worrying about remembering them and paying on time manually. 

You Are All Set!

Now that you have activated digital banking services and set up automatic transfers in your savings account, you seem all set to perform banking tasks successfully. In case you need any further assistance, you can contact our support team. They will guide you through the process of opening a bank account and help you understand how banking services in the UAE work.

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