Bank Accounts in Dubai for Foreigners: How to Set Up

The United Arab Emirates today is an oasis of stability and security at a time of recurrent economic and political downturns in European countries. Foreign entrepreneurs have long been fond of this country as a destination for doing business and saving their assets. 

Is it worth opening bank accounts in Dubai for foreigners?

Yes, it definitely is. Let us start with basic facts. Dubai is recognized by all international experts as a center of tourism, real estate, and finance. The banking system of the Arab Emirates in general is characterized by reliability, impeccable service, and many pleasant opportunities for customers. The high liquidity of funds in many banks is backed by government guarantees. Finally, it is Dubai, the most developed and active emirate of UAE, that hosts a great number of local banks and branches of foreign financial institutions to cater to all customers’ tastes.

Even against the background of the UAE capital Abu Dhabi, Dubai offers several undeniable advantages for opening a bank account:

1. the highest level of confidentiality of personal account data
2. reliability of financial institutions which are licensed to operate in the Emirate
3. the loyal attitude to foreign nationals.

How to choose the right bank for opening personal accounts in Dubai for foreigners?

It is quite a challenge to choose a bank on your own, as you might have already felt. Today in the UAE there are about fifty different banks with representative offices throughout the country. When you decide to compare them you are guided by certain parameters. Among many criteria, customers should consider the bank’s policy towards clients coming from particular countries and the chance of being able to communicate with the staff in one’s national language. 

Please note that if you have chosen a bank in Dubai to open a personal account for private purposes, it does not mean that you are guaranteed to become its client. To begin with, you have to compile a set of documents, then send them for verification. If the result of the compliance check does not satisfy the manager, who will deal with you, you may get refused. That is why it is important not only to choose the right bank but also to be lucky enough to be served by the manager, whose mentality will not be too different from yours and who will provide you with maximum assistance. Who can help you make such a beneficial arrangement?

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How to open bank accounts in Dubai for foreigners?

Opening personal bank accounts in Dubai for foreigners is easier than setting up corporate accounts if you compile your application portfolio thoroughly. The list of documents for private persons is much shorter. In fact, all you need is to provide the following papers:

1. Your valid passport. A copy of its pages including the one with a UAE visa stamp (will be taken in front of you by a bank officer).
2. A resident visa (if you have one).
3. Your account statement and/or a letter of recommendation from your regular bank. Some financial institutions in the UAE require both.
4. A letter from your director stating that there are no objections to you opening an account if you work in the UAE and have received a residency visa for this reason.

The list of required documents is bank-specific, and subject to change and you should take it easy if it is different from the one given above here.

On the day and hour of signing the papers, you need to visit the UAE in person, as opening an account (any type) on the Internet or over telephone is prohibited in the UAE.

Is there any difference in opening bank accounts in Dubai for foreigners who are UAE residents and non-residents?

Regardless of whether you have a resident visa or not, you can become a client of your favorite bank in the UAE. However, residents can become owners of a savings account or an expense account (for example, for salary payments), while non-residents will be offered only a savings account.  The interest rate is quite reasonable: under 1.5%. To visit Dubai for an in-person meeting with a bank officer, you can get a tourist visa. But in the future, you can manage your account via easy-to-use and reliable Internet banking. Besides, whenever you have any questions, you can resolve them over the phone.

If you do not reside in the UAE and prefer to phone your bankers in Dubai on your own, you should consider the following two prompts:

1. you need to have a sufficient level of spoken English or a good interpreter within easy reach
2. the days off in the UAE are Friday and Saturday, so you will be able to find out all the details only from Sunday through Thursday.

If you have a resident visa, you will receive (besides a debit card) a checkbook, which is a popular method of payment in the United Arab Emirates. When issuing checks, you should be sure that you have the right sum in your account at all times. This is because in case of the cheque bounce citing insufficient funds in a bank account, it is a criminal offence in the UAE.

If you are a non-resident private person, you will not receive a checkbook. But you can rely on your secured credit card unless your expenses never exceed the limit. The amount of this deposit serving as collateral on the account varies across different banks in the Arab Emirates.

Should one open personal bank accounts in Dubai for foreigners on their own or with the help of an expert?

Many foreigners, not wanting to go into the expense of hiring services of a law firm, prefer to do without an intermediary and go through the procedure of opening an account on their own. Indeed, it is not too difficult and, if you have enough time and meet all the requirements set for the bank clients and their documents, your efforts will be successful.

However, if you are not familiar with the legislation of this country, cannot stay in Dubai to wait for the submitted documents until they are verified, and are not sure that you can open a bank account in Dubai on your own, you should turn to the help of an expert.  

Employees of law firms:

1. arrange for you to meet with the right bank manager who will be interested in a long-term relationship
2. check all the necessary documents in advance, so that you will not have any problems during the meeting at the bank
3. prompt you on how to answer the questions, what to say and what not to say
4. act as interpreters if you don’t speak English well enough
5. teach you how to use Internet banking and tokenization
6. take care of courier delivery of bank cards, checkbooks, and other things
7. answer all your questions.

It is up to you to decide whether you want to open a personal bank account in Dubai on your own or seek help from a licensed firm. However, please note that the latter option will save your time, nerves and will definitely lead to a positive result. For help in opening bank accounts in Dubai for foreigners, start with booking a free private consultation with our expert. You can contact us via e-mail info@offshore-pro.info , on the phone, or in messengers given on this page.

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