The rapid evolution of the UAE is not new to anyone; even around 40 years back, UAE didn’t have even its currency, but now it is a global financial hub. In GCC, the banking sector is considered one of the most significant assets in the UAE. It merges around the US $450 billion deposits and US$700 billion assets.
Hence, all factors make up the boosting power of a unique banking system that is well known for its economic stability and effective customer services worldwide. Many expats (jobholders, investors or foreign investors) seek to open their bank account in UAE. Upon meeting the eligibility criteria, one is allowed to open his/her banking account. Expats can get a wide range of benefits such as
- Confidentiality
- Stability, reliability and safety
- Convenience in withdrawal
- Convenience in the deposit of funds
- Attractive rate of interests
However, few restrictions on financial instruments and services for non-residents and residents in the UAE should need to take care of.
Why do you need a bank account in UAE?
- Making Life Easier
- Keeping the Funds Safe
- For Earning Interest
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Types of bank accounts in the United Arab Emirates.
There are many types of banking accounts that vary in terms of conditions and services they provide.
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Savings Account
These are deposit accounts with a financial or a bank institution on which the holder of the report can earn modest interest rates.
There is a limit for the withdrawal per month from a savings account. The limitation depends on the bank.
Accountholder in saving account has to keep a certain amount in its performance every month. Some banks have a zero balance policy, so this condition doesn’t applicable to those saving accounts.
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Current Account
Current account owns quite a popularity among companies, business people, firms and other public enterprises who mostly have higher regulars transactions amount with the banks or financial institutions.
These accounts do not have any withdrawal limit. Current charges include deposits, withdrawal and contra transactions.
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Fixed Deposit
Fixed deposit is a financial tool by banks or financial institutions to provide account holders with a high-interest rate until the pre-managed or determined date of maturity.
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Salary Account
A salary account is a bank account where your salary is transferred.
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Business Accounts
Every business system needs a banking structure for the management of funds. These accounts are used for tracking business owned money, payroll and cash balance.
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Features of bank Account in the UAE
Banks in the UAE offer various eminent benefits and features with bank accounts. Here are a few of them.
- Debit and Credit Card Facility
- Cheque Book Facility
- Flexible Funds Transfer
- Loan/Credit Facility
- Competitive Interest/Profit Rate
- 24/7 Customer Service
Eligibility Criteria for opening a bank account
The applicants are required to meet specific eligibility criteria for opening a bank account in the UAE. HERE is the list of all requirements.
- Minimum Income: Applicant must have a specific minimum limit of monthly income to apply for a bank account in the UAE. Every bank has its minimum limit requirements.
- Residence: some banks only allow UAE residents to open a bank account. In case you are a UAE resident, you have to provide proof of your residency for opening a bank account in the UAE.
- Age Limit: mostly, there is no requirement for a specific age, but the minimum age must be 21 years.
- Salary Transfer: Condition of salary transfer is not compulsory in every case of banks. Only a few banks might allow only those people to open a bank account in their bank, which will also transfer their salary to a report.
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How to Open a Bank Account in the UAE?
There are typically three different ways to open a bank account in Dubai and other emirates, online banking, phone banking and branch application.
- Branch Applications: You can visit your nearest branch of a specific bank for opening an account. You need to carry the required documents and fill up a form (application).
- Phone Banking: Many banks provide you with the option to open your account through phone banking just by calling on the number of customer care. You can get this number from the official website of the bank.
- Online Banking: opening an online account is another option for the applicant. You can visit the official website of your chosen bank, and you can use their online user-friendly banking portals for getting your to account opened.
The process might take 2-4 working or business days.
Required documents to open a bank account.
- Address and Identity Proof
- Valid Passport ((original and copies) a
- Required number of passport size photographs
- UAE residence Visa (original and copy)
- Emirates ID card
- Recent receipt of utility payment or rental contract (signed) for confirming the address
2. Employment-Related Documents.
- Document showing the name of the employer and the amount of salary
- No-objection letter from the employer or sponsor
3. Other Documents
- Recommendation letter from another bank (if already have an account)
- Trade License (in case of business accounts)
Recommended top banks in UAE
https://www.emiratesnbd.com/en/
https://www.adcb.com/en/personal/
https://www.mashreqbank.com/en/uae/personal
https://www.bankfab.com/en-ae/personal
https://rakbank.ae/wps/portal/retail-banking
https://www.bankfab.com/en-ae/personal
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How to get a credit card
Before applying for a credit card, take notes of the following points.
- Analyse your expenses.
- What are the benefits you are looking for?
- Are you confident you will be paying your dues every month?
- Are free-for-life cards always the best?
- Find the entire list of banks in the UAE here.
- Understand the interest rate.
- Understand what the perks mean
After understanding all the above points, compare and contrast various banks credit cards facilities and analyse which one is not suitable.
After finalising which bank credit card options are most suitable for you, then follow the following steps.
- Go to their official online website.
- It is unnecessary to get a credit card from a bank in which you already have a saving or salary account.
- Consult the customer service provider of the bank you want a credit card from. (Number will be mentioned on the website)
- Fill out an online application.
- They will provide you with all the necessary details and will guide you with complete steps.
- They will provide a contract to sign; make sure to read every point before signing a contract.
- After finishing all the work, submit your online application.
- After a few days, you will receive your card.
Ishwa Junaid