Opening a bank account, specifically understanding how to open a bank account in Dubai, is a simple necessity once you have landed a job or started a new life in this vibrant city.
A majority of the population of Dubai is immigrants. Employers would normally send your salary to an account. Therefore, learning how to open a bank account in Dubai is crucial before you can start reaping the benefits of your hard work in the city.
The rules to follow are pretty simple here. The policy also does not vary much in the several banks that the city has to offer. This simple guide to opening a bank account in Dubai can hence be of great help to you.
Opening a Bank Account in Dubai
The requirements to open a new account in any of Dubai’s banks are straightforward. By following these simple steps and taking care of the prerequisites, you can easily own a current or savings account in Dubai.
Requirements for Opening a Bank Account in Dubai
- The primary requirement in the documents section is your passport as well as a few extra copies. Specifications on the number may depend on the bank you chose.
- If you are a new resident, you will also need a copy of your visa for the UAE.
- A letter of no objection from either or sponsor or your employer is also a must-have.
- The HR department in your organization can provide you with a document listing the specifications of your salary as well as the name of your employer. This document is required.
- You might also need an Emirates ID card. If you do not currently have one, the bank can also accept your application to get this card.
- The applicant also needs to confirm their address inside UAE. For this, you need a recent utility bill receipt or your rental contract.
- Some banks might also ask for a letter of recommendation from your previous bank in your home country.
- Gather as many of the documents listed above as you have access to.
- Make a call to the bank and get an appointment to meet a representative.
- Fill in the forms and sign the documents in the presence of the representative and deposit the Opening Account payment.
- You will have access to your new account in no time.
What is the minimum salary to open a bank account in Dubai?
|Account Name||Interest Rate (p.a.)||Minimum Salary|
|ADIB Smart Banking Account||Profit on every dirham in the account||Commercial Bank of Dubai (CBD) ESaver Account|
|Commercial bank of Dubai (CBD) ESaver Account||1.50%||AED 5000|
|FAB iSave Account||2%||NA|
|RAK Bank Fast Saver Online Account||0.50%||NA|
|HSBC Esaver Account||0.10%||NA|
|Emirates NBD Liv. Account||1.5%||NA|
|Mashreq Happiness Account||NA||AED 10,000|
- Most banks in Dubai need you to be physically present when opening a new account. This is basically because you have to fill out the forms and sign documents in front of a bank officer.
- Choosing the same bank as your employer can help you get more efficient direct deposits.
- You mostly need a minimum salary of AED 5000 in order to open an account in Dubai.
- The choice can also depend on which bank or ATM is closer to where you live or work.
- However, also consider special offers that specific banks offer before making the final decision.
- Residents can have an account up and running in a few hours. Non-residents may have to wait longer.
- Choosing an international bank like the HBSC, Citibank or Standard Chartered Bank can bring the extra advantage of better rates on international transfers.