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How to open a bank account and apply for a credit card in the UAE

March 20 , 2021 by: Ishwa Junaid

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

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?

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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.

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.

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.

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.

A salary account is a bank account where your salary is transferred.

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.

Photo by Eko Pramono on Pixabay

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.

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.

  1.  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.
  2. 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.
  3. Age Limit: mostly, there is no requirement for a specific age, but the minimum age must be 21 years.
  4. 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.

Photo by Eko Pramono on Pixabay

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.

  1. 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).
  2. 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.
  3. 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.

  1. Address and Identity Proof

     2.  Employment-Related Documents.

      3. Other Documents

Recommended top banks in UAE

https://www.emiratesnbd.com/en/

https://www.adcb.com/en/personal/

https://www.dib.ae/

https://www.mashreqbank.com/en/uae/personal

https://www.bankfab.com/en-ae/personal

https://www.adib.ae/

https://rakbank.ae/wps/portal/retail-banking

https://www.cbd.ae/

https://www.bankfab.com/en-ae/personal

Photo by Steve Buissinne on Pixabay

How to get a credit card

Before applying for a credit card, take notes of the following points.

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.

 

Ishwa Junaid

 

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