How to open a bank account in the UAE is a common question we get asked by our clients. Success comes down to one thing: can you meet the rules and expectations set by each bank as a foreign customer who wants to bank in the UAE?
In this article, we’re going to tackle a number of the most important variables impacting account opening. Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Bank Account in UAE
- Requirements for Opening Accounts in the UAE
- Banking Services Offered in the UAE
- Frequently Asked Questions
- Ready to Explore Your Options?
How to Open a Bank Account in UAE
To open a bank account in the UAE, most foreign non-residents will need to visit a branch of the bank they would like to open with in person. That said, if an applicant is willing to make a sizeable deposit, remote account opening may be possible.
There are a number of excellent banks to choose from in UAE, including national banks from Abu Dhabi and Dubai, along with international banks from major banking jurisdictions around the world. Most of these banks are going to be centered in the banking hub of the Middle East, Dubai. But, there are banks in other Emirates worth considering as well.
In most cases, foreign non-residents will consider opening with one of the international banks. In addition to being familiar with non-resident and expat client profiles, opening an account with an international bank can also help with opening accounts in other jurisdictions in the future.
Below, we’ll review the requirements for opening accounts in the UAE and discuss how these differ depending on the account you apply for. Importantly, these requirements and the process to open will not include opening with fintech or technology-first banking options like UAE digital banks since those almost exclusively focus on local clients.
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Requirements for Opening Accounts in the UAE
To receive a complete breakdown of the requirements for opening accounts in the UAE, please visit our free guide first linked above. However, below, we will share a short overview of the requirements for opening both current (checking) and savings accounts.
Requirements for Opening a Savings Account
- Proof of residency (local or foreign)
- Proof of income
- Source of wealth documentation
- Bank reference letter
- Employment reference letter
- Account opening documentation completed
- Account opening deposit
Requirements for Opening a Current Account
If you are a non-resident looking to bank in the UAE, you will not be able to open a current account or even receive a checkbook. Instead, non-residents will be limited to opening a savings account, though they will have their choice of major international currencies.
Banking Services Offered in the UAE
Banking in the UAE includes a complete range of international banking services. This includes everything from a basic savings account to expert wealth and asset management. Most national banks in the UAE offer this complete range of options, while international banks tend to focus on premier and private banking only.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into how to open a bank account in the UAE. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Open a Bank Account in UAE?
Yes, a foreigner can open a bank account in the UAE. However, it’s important to understand the specific account opening options available before starting to apply. Additionally, while individuals from most countries can bank in the UAE, it’s important to note that remote account opening is very difficult unless you are able to qualify.
Can I Open a UAE Bank Account Online?
Yes, you can open a UAE bank account online. This is true both for residents, through digital banking options, and non-residents who qualify to open accounts remotely. Unfortunately, non-residents who do not make a qualifying deposit will need to show up at a bank in person to open accounts.
Can I Open a Bank Account in UAE Without a Job?
Yes, you can open a bank account in the UAE without having a job in the UAE. In fact, many non-residents open accounts in the UAE even when they do not have income from the UAE or the wider region. Instead, the UAE is a banking hub like Singapore, attracting individuals, expats, foreigners, and non-residents from around the world.
Ready to Explore Your Options?
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