Opening a bank account in Dubai as a foreigner is possible with the right documentation. Banks in Dubai offer various account types for expats and have different requirements depending on nationality and visa status.
Eligibility for a Bank Account in Dubai
To open a bank account in Dubai as an expat, you typically need:
- A valid passport
- A valid UAE residence visa
- Proof of address in the UAE (e.g. rental contract, DEWA bill etc.)
Some banks may require a minimum salary or deposit amount. The exact requirements can vary between banks.
European, American, Canadian, Australian and New Zealand nationals can open a bank account in Dubai more easily. Usually just your passport and proof of address is sufficient.
For other nationalities, additional documents may be needed such as:
- Emirates ID card
- Labor contract or employment visa
- Letter from employer
The type of account you can open also depends on your residence status.
Types of Bank Accounts for Foreigners in Dubai
There are several common types of bank accounts available in Dubai for expats:
Current/Checking Accounts
A current or checking account allows everyday transactions like paying bills, withdrawals and deposits. It usually comes with a debit card and cheque book facility.
Minimum balance requirements are typically AED 3,000-5,000.
Savings Accounts
Savings accounts offer interest earnings on deposits and limits on transactions. Interest rates are around 0.10-1.5% depending on the amount.
Minimum balance is usually AED 3,000-5,000.
Fixed/Term Deposit Accounts
Fixed deposit accounts lock your money for a set period to earn interest at a fixed rate. Terms range from 1 month to a few years. Interest can be as high as 4%. Good for savings and investments.
Minimum deposit is AED 5,000-10,000.
Call Deposit Accounts
Call deposit accounts are high liquid savings accounts that offer interest rates comparable to fixed accounts, but you can withdraw money anytime.
Minimum balance is AED 10,000-50,000.
Joint Accounts
Shared accounts for two individuals, operated by either one. Both need to provide documents. Useful for couples and business partners.
Steps to Open a Bank Account in Dubai as an Expat
Opening a personal bank account as a foreigner in Dubai involves the following steps:
- Choose a bank – Compare banking options for foreigners in the UAE. Banks like ENBD, ADCB, DIB and Mashreq offer accounts specifically for expats. Consider fees, requirements, branches, digital services etc.
- Book an appointment – Visit your chosen bank branch. Make sure to book an appointment first. Some allow booking online.
- Submit documents – Provide the necessary documents based on your nationality and immigration status in the UAE. The bank will verify eligibility.
- Await account approval – It usually takes 1-5 days for new account approval after submitting complete documents. Faster for certain nationalities.
- Make your first deposit – After account opening, visit the branch again to deposit the minimum balance needed to activate services.
Be sure to understand the bank’s fees, account usage policies, debit/credit card facilities etc. before opening your account.
Documents Required for Opening an Expat Bank Account in Dubai
While each bank can have specific requirements, the key documents foreign nationals in Dubai need for opening a personal bank account are:
- Passport – + Visa page and Emirates ID (if available)
- UAE residence visa – Tourist/visit visas not accepted
- Proof of address – Tenancy contract or Ejari certificate + DEWA/Du/Etisalat bill
- Salary certificate / Labor contract (if employed)
- Reference letter from employer (sometimes)
- Passport size photographs
Note that UAE nationals have separate requirements involving Emirates ID and other documents. Rules are more flexible for GCC nationals as well.
Carrying these documents in original along with photocopies can speed up the account opening process at the bank.
Key Takeaways
- Expats in Dubai can open various types of bank accounts like current, savings, fixed deposit and call accounts.
- Eligibility depends on nationality and having valid UAE residence status.
- Provide passport, visa, proof of address, salary/employer docs according to bank requirements.
- Process involves choosing a suitable bank, booking appointment, document submission and awaiting approval.
- Understand fees, digital services, account usage policies before selecting your bank in Dubai.
Conclusion
Dubai offers expats excellent banking options catered specifically to foreigners residing there. Opening a personal bank account is straightforward for most nationalities if you have the right immigration status and documentation. As a foreigner, be sure to confirm eligibility at your preferred bank and submit the complete documents for quick processing and activation of your new Dubai bank account.
Frequently Asked Questions
-
Can I open a bank account in Dubai on a visit visa?
No, a visit or tourist visa is not sufficient. You need a valid UAE residence visa like employment, spouse, dependent etc. -
How long does it take to open a bank account in Dubai?
Typically 3-7 days after submitting documents. Can be faster (1 day) for select nationalities. -
Can Indians open a bank account in Dubai?
Yes, Indian expats can open Dubai bank accounts by providing residence visa, passport + EID, address proof and salary certificate. PIO card helps. -
What documents are needed for opening a bank account in Dubai for US citizens?
Valid passport + UAE residence visa and proof of address. Possibly also labor contract and letter from employer if working. -
Can I open a Dubai bank account remotely?
Unfortunately remote account opening is not available yet. You have to visit in person for document submission and verification. -
Can I open a business bank account as a foreigner in Dubai?
Yes, expats can open company accounts with Dubai banks by providing trade license and other business documents along with owner’s residence visa. -
Which bank account should I choose as an expat?
For everyday banking, ENBD, Standard Chartered, HSBC, and Citi offer good current & savings accounts. DIB, CBD, and Mashreq also cater well to Dubai expats. -
Do I need an Emirates ID to open a bank account in Dubai?
Emirates ID helps speed up account opening but is not mandatory. Passport + valid visa should suffice for residence proof along with address documents. -
How much money do I need to open a bank account in Dubai?
The minimum balance requirement for activating new accounts ranges from AED 3000 to 5000 generally. No initial deposit for some banks. -
Can homemakers and housewives open a bank account in Dubai?
Yes, spousal/dependency visa holders not employed can open Dubai bank accounts. Just need residence visa, passport, address proof. Some minimum balance rules apply. -
How long can a Dubai bank account remain inactive?
Usually 6-12 months after which charges may apply. Check with your bank. Renewing visas/IDs and occasional deposit help avoid account freezing. -
Can I have two bank accounts in Dubai?
Yes, you can open multiple personal checking and savings accounts with different Dubai banks. Just disclose relationships while account opening. -
Can I use online banking apps with Dubai bank account?
Yes, all major Dubai banks offer mobile apps and internet banking for routine transactions, utility payments, transfers etc. after account activation. -
How do I close my Dubai bank account?
Submit account closure form at branch. Pay any dues, destroy unused cheques, and collect closure letter. Minimum balance can stay for 30-90 days more. -
Can I still use my Dubai bank account after leaving the country?
For a limited period, yes. Later it will get frozen for inactivity. Settle any loans/dues first. Inform bank about overseas move. Restrict usage. -
How quickly can a foreigner send money abroad from a Dubai bank account?
Instant transfers via digital channels possible for certain major currencies and countries. Else takes 2-5 working days for international remittance. -
Can I withdraw cash without a debit card?
Yes, you can withdraw from Dubai bank account at branch counter using original ID. ATM cardless withdrawal also possible via mobile OTP. -
Which Dubai bank offers the best exchange rates?
Exchange rates don’t differ much between reputable banks nowadays. Good to compare from time to time. DIB, Lulu Exchange and UAE Exchange cover a wide range.
Conclusion
Dubai offers expats excellent banking options catered specifically to foreigners residing there. Opening a personal bank account is straightforward for most nationalities if you have the right immigration status and documentation. As a foreigner, be sure to confirm eligibility at your preferred bank and submit the complete documents for quick processing and activation of your new Dubai bank account.
