Bank of Baroda UAE offers a wide range of banking services to its customers, with this list including savings and current accounts, credit cards, loans, investments, deposits, money transfers, and foreign exchange services.
Opening a bank account in the UAE is fairly easy, quick and reliable. The robust banking system offers a wide variety of banking products and being a financial hub in the Middle East, it attracts a lot of expats in addition to local citizens to open a bank account in the UAE. Here, you can open a bank account in just a few minutes, meaning you can easily apply for a bank account online in the UAE or visit a branch to get an account instantly.
The UAE has a strong and secure banking system with resilient capital buffers regulated by the Central Bank established in 1980. With more than 50 local and international banks, there are different types of bank accounts that a customer can choose from to fulfil his/her needs. The article will guide you through the online bank account opening process in UAE, documents required and the type of banking products that are helpful to you.
There are primarily four types of banks in the UAE that operate under careful vigilance of the Central Bank of the UAE.
All the banks in UAE operate in Arabic and English language, offering easy services to individuals from across the globe. There are around eight fully functional Islamic Banks that offer Shariah-Compliant services and follows Islamic banking laws and principles for generating profits. Banks in the UAE provide global standards services, with financing reports and global accounting.
Banks in the UAE have simplified the account opening process. As an individual, you have the choice of either visiting the local branch or opening a bank account through the bank’s website. Application for any type of bank account in UAE follows two simple basic steps; firstly, the applicant has to fill a bank account opening form, followed by submitting the required documents. The process can be a little different for expats than it is for the locals.
The residents of UAE can easily apply for opening all kinds of bank accounts online.. Usually, it takes two working days for opening a bank account online in the UAE. The residents will have to make sure that all the relevant documents are available at the time of opening a bank account. Here’s a list of documents required to open a bank account.
Note: Additional documents like utility bill, sponsor’s certificate, etc can be asked by the bank at its own discretion.
A non-resident has certain limitations while opening a bank account in the UAE. They might only be allowed to open a savings account. Moreover, the non-residents are not liable to get a chequebook. However, they are provided with a debit card to access their funds. Additionally, the non-residents might also be asked to maintain a minimum or maximum account balance depending on the bank. Following are the documents required by the non-residents for opening an online bank account in the UAE.
Banks in the UAE may levy charges and fees for operating and maintaining the accounts. Following is the list of basic charges and fees levied on a bank account in UAE.
|Account Opening Charges||AED 0|
|Minimum Balance Requirement||AED 3,000 to AED 5,000 (Depending on the Bank)|
|Fall Below Charges (When the minimum balance falls below the requirement)||AED 50|
|Using another local Banks ATM in UAE||AED 2|
|Supplementary Cheque Book||AED 25 (First Chequebook is free)|
|Account Balance Letter||AED 50|
|No Liability Certificate||AED 60|
|Cheque Bounce Fee||AED 100|
|Cheque Bounce Fee (to yourself)||AED 0|
|Account Closure Fee||AED 100|
Bank account opening in UAE is easy for both residents and non-residents, and with a large number of expats in UAE, the banking system has evolved to be responsive to customers’ needs. However, there are a few important things to know before opening a bank account in UAE.
It is advisable to do a thorough research and take feedback from the people around to make a worry free investment in the bank you choose to invest your finances.
Banks in UAE offer multiple products to their customers, and they can choose the type of account according to their financial needs. Following are some of the most common bank accounts in the UAE.
In case an individual wishes to discontinue an account, banks in the UAE take around five working days to close the account. The individual will have to submit an application to close the account citing where he/she wants the balance amount to be transferred. Prior to that, he/she will also have to clear the loan and credit card debts. The bank will then process the account closure and an amount of AED 100 (maximum) will be charged as an account closure fee.
Q1: How can I open a bank account in the UAE?
Ans: A bank account in the UAE can be easily opened by filling an application form online or visiting the nearest bank branch. An individual is required to carry all the required documents as per the bank’s criteria.
Q2: Can I open a bank account in foreign currency?
Ans: Banks in UAE accept funds in major foreign currencies like USD, GBP, EUR, etc.
Q3: What are the documents required for online bank account opening in UAE?
Ans: ID proof and address proof are required to open a bank account in the UAE. The passport acts as identity proof, while a resident visa or utility bill acts as address proof. Apart from these, the bank may ask for additional documents for verification at its sole discretion.
Q4: Do I need a Passport to apply for a bank account in the UAE?
Ans: Yes, a passport is a compulsory document required to open a bank account in the UAE.