The United Arab Emirates is a prominent financial hub in the world with diversified banks and financial institutions. These banks offer a wide range of banking services and benefits tailored to meet the needs of all their customers, including non-residents. Hence, foreign individuals looking to establish a financial presence in the region can consider opening a bank account in UAE for non residents.
In this blog, we have outlined all the details about non-resident bank accounts and the information you will need to open a bank account in Dubai.
Advantages of opening a Non-Resident bank account in UAE
Starting a bank account in UAE for non-residents is an easy, straightforward process. In addition, it comes with a host of other advantages:
- Quick application processing – One significant advantage of starting a bank account in UAE for non-residents is the quick processing of applications. Banks in the UAE prioritize efficiency and do their best to make the process seamless and streamlined.
- Free Internet banking – Another key benefit of considering a non-resident bank account in the UAE is the availability of online banking facilities that enable easy and convenient access to accounts anytime, anywhere. The non-resident account holders can thus manage their finances, keep an eye on transactions, and make payments effortlessly.
- Flexibility to use the debit card – Banks in the UAE also provide debit cards to non-resident account holders which they can use for both domestic and international transactions. These cards allow them to withdraw cash from ATMs, pay for online or offline shopping, and even for travel-related expenses.
- Multiple currencies – Banks in the UAE enable non-resident bank accounts to keep and transact in multiple currencies. It facilitates global transactions by holding and converting funds into different currencies, thus making it convenient for international transactions and reducing currency conversion costs.
Types of bank accounts for non-residents in the UAE
There are two types of bank accounts available for non-residents in the UAE
Personal account
This account is ideal for managing personal finances. Individuals can set up their personal accounts under their name. However, the process may require them to visit the UAE with personal documents for a brief period.
Business account
As the name itself implies, business accounts are suitable for business transactions. The non-resident applicants can avail themselves of a range of financial services for their businesses.
Guide to open a bank account in Dubai
The process of opening a bank account in UAE for non-residents is relatively straightforward. All you need to do is follow a few key steps to establish a financial presence in the UAE and enjoy the benefits of a non-resident bank account.
Choose a bank – The process starts with choosing a suitable bank in the UAE where you want to open your non-resident account. Many reputable banks in the country offer specialized services for foreigners. For example, Emirates NBD, Dubai Islamic Bank, Mashreq Bank, etc. However, you need to consider several factors in order to make an informed decision such as fees, account features, and customer reviews.
Assess the requirements – After selecting a bank, familiarize yourself with the specific requirements including the necessary documentation, minimum balance requirements, and other criteria for establishing a bank account in UAE for non-residents.
Arrange the documents – Before proceeding with the application, gather all the required documents including a completed application form, a valid passport, proof of residence, etc. Some banks may also ask for additional documents which the applicants must ensure to keep handy or arrange before the specified timeline.
Submit the application – Upon assembling all the necessary documents, submit the application to the bank officials. You can either apply online or visit the bank in person. Make sure to provide accurate information and adhere to the bank’s guidelines. After conducting due diligence checks, background checks, and anti-money laundering procedures, the banks will confirm the applicant’s compliance with local regulations and approve the request.
Eligibility criteria for non-resident bank accounts in the UAE
Non-residents need to fulfill the following criteria in order to open a bank account in Dubai: –
- Individuals from anywhere around the globe, except from high-risk countries, can apply.
- High-risk country applicants will have to undergo an exhaustive procedure and may need to provide additional documentation.
- Depending on the bank requirements, the applicant may need to visit the UAE and apply in person.
- The applicant needs to submit copies of essential documents and provide signatures on the forms.
Documents required for a personal non-resident bank account:
- A copy of the applicant’s passport with the immigration stamp
- The latest curriculum vitae (CV) showing the professional profile of the applicant
- A reference letter from the bank from the native country of the applicant where they hold a personal or corporate account
- Bank statement (for the last six months)
- A copy of utility bill
Apart from the mentioned documents, the applicant would be required to provide comprehensive information about their incoming funds and their sources. Some banks may also require non-residents to maintain a minimum monthly balance in their personal accounts.
Documents required for a business non-resident bank account:
- Shareholder’s information
- Articles of Association (AoA) and Memorandum of Association (MoA) of the company
- Business license/Certificate of Incorporation
- Details on the corporate structure of the company
- Ownership rights
- Description of the business activities
- Professional experience of the company shareholders
- Evidence of the source of funds and investments of the company
In certain cases, the applicant may be required to approach the Ministry of Foreign Affairs for verification. Since the Know Your Customer (KYC) policy is of utmost importance in the UAE, it would be applied to everyone who opens a bank account in the UAE.
Best banks in the UAE for Non-Residents
Some of the top reputable banks offering non-resident banking services in the UAE are
- Emirates National Bank of Dubai (ENBD)
- Abu Dhabi Commercial Bank (ADCB)
- Dubai Islamic Bank (DIB)
- Standard Chartered
- Abu Dhabi Islamic Bank (ADIB)
- Mashreq
- First Abu Dhabi Bank (FAB)
Additional tips for non-residents opening a bank account in the UAE
- Look for banks that provide online account opening facilities so that you can avoid the hassle of visiting in person.
- Consider opening a multi-currency account so that you can hold and transact in multiple currencies as well as receive or make payments in different currencies.
- Banks charge fees for every other service such as account maintenance, international transfers, ATM withdrawals, etc. Therefore, look for a bank or account that has competitive fees suitable for your usage pattern.
- To waive monthly maintenance charges, most banks impose a minimum balance in accounts. Applicants need to understand these requirements and maintain their account balance in order to comply with the bank regulations.
- In case you change your address, contact details, or employment status, inform the bank promptly to avoid any troubles in the future.
Conclusion
Thus, there are numerous advantages of opening a bank account in UAE for non residents. This not only facilitates smooth financial transactions but also provides access to various banking facilities. Nevertheless, the process of setting up an account can be a bit overwhelming and confusing, considering the unfamiliarity of the expatriates with the UAE’s banking system. This is where they would require the assistance of a professional like Shuraa who can ensure a seamless and hassle-free experience.
Shuraa Business Setup has been providing comprehensive business setup solutions to individuals from different parts of the world, seeking to establish their presence in the UAE. From setting up a company to opening a bank account, Shuraa assists in all matters and completes all the legal formalities and paperwork on behalf of their client, so that they can solely focus on growing their business.
Contact Shuraa today and get a hassle-free experience in opening a non-resident bank account in the UAE.
