Opening a bank account in Dubai for a foreigner includes several stages and requires the provision of a certain package of documents. The process may vary slightly depending on the bank you choose, but the basic steps remain the same for all.
Step-by-step instructions for opening an account in the UAE
- Preparation of a documentation package. It is necessary to collect a complete case, which usually includes a passport, UAE resident visa, Emirates ID (or confirmation of application for it), an account statement or letter of recommendation from another bank, proof of residence in the Emirates, as well as additional documents confirming sources of income .
- Visit to the bank. With all prepared documents, you must personally visit the selected financial institution to apply for opening an account.
- Waiting for verification. After submitting the application, an inspection is carried out, which can take from several days to 2-3 weeks.
- Making a deposit. Some branches may require you to make an initial deposit into your account once it has been approved.
- Receiving Banking Instruments. After successful registration and making a deposit, the client receives access to his personal account, as well as bank cards, checkbook.
Features of the Dubai banking system
- KYC system. All organizations strictly adhere to the Know Your Client procedure, which means the need to provide extensive information about themselves and their financial transactions.
- Checkbook is a popular method of payment in Dubai, especially when renting real estate and paying for utilities.</li >
- Conditions for Russians. Foreigners with a resident visa can open both current and savings accounts, and the conditions for registration may vary.
- Lack of exchange controls, restrictions on international transactions.
- Possibility of receiving interest exceeding the inflation rate .
- Free service provided that the conditions for a minimum monthly balance or regular top-ups are met.
Before opening an account, it is recommended to contact the bank to clarify the list of required documents, terms of service, as well as consider consulting with a financial advisor from the Dubai Estate PRO agency to select the optimal banking product.