Open a Bank Account in the UAE
You must first be in the UAE if you want to learn how to open a bank account there as a non-resident. According to UAE law, account holders are required to physically show up at the bank in order to verify their identification and sign paperwork. The only option to open an account without being physically present is to visit your local branch of a major international bank that conducts business in the UAE, such HSBC or CitiBank. Dubai also permits you to hire financial officers to attend on your behalf, but not all banks accept this.
There are 4 types of banks in UAE:
- Providing funds for commercial activity, disbursing loans, and maintaining accounts of individuals and businesses are commercial banking services provided by locally created banks and branches of foreign banks.
- commercial/investment: engaged in the buying and selling of stocks industrial: offers loans to people and businesses expressly for development objectives; this can include a loan needed to launch a firm.
- Islamic: financial institutions that follow Sharia principles
Requirements to Open a Bank Account with a Residency Visa
You can open a personal or corporate bank account once you have your residency visa. A current account is another name for a personal bank account. Similar to the savings account, each bank has its own requirements, although the following documents are typically needed to start a bank account:
required documents to open a bank account
- Your passport with a copy of your UAE resident visa,
- Your Emirates ID card,
- And proof of residency in the UAE (such as a lease agreement, energy bill, or employment letter);
- And a salary letter from your company, an original trade license if you work for yourself, or, if you are sponsored by your spouse, an original and a copy of their labor card or work ID.
In addition to these documents, banks also require you to deposit a certain amount to open an account. On average, banks in the UAE will require between 3,000–5,000 AED (820–1,360 USD).