Detailed Guide on How to Open a Bank Account in Dubai
- BY VR1 Global
Detailed Guide on How to Open a Bank Account in Dubai
Dubai is one of the most thriving financial centers in the world and has been attracting a lot of foreign investment and expatriates. Having a bank account in Dubai is important for managing finances, paying bills, and conducting financial transactions. In this article, we will guide you through the process of opening a bank account in Dubai for different accounts & their requirements in detail.
Types of bank accounts in Dubai
Here are the different types of Bank accounts in Dubai:
- Current account
- Saving account
- Business or Corporate Account
- Children’s account
- Joint Account
Let’s take a look at each of these in detail.
Open a Current Account in Dubai
A current account, also known as a checking account, is a type of bank account that allows for easy access to funds and convenient payment options.
Eligibility for a Current Account in Dubai
- 18 years or above
- Must be a resident of Dubai or have a residency visa
- You have proof of address and income
- You have a valid UAE ID or passport
Documents required to open a Current Account:
- Your original passport plus a copy
- A copy of your visa page proving you are a resident of the UAE
- A salary certificate or other proof of income
- A sponsor’s letter of no objection (if applicable)
Note: The exact list of required documents may vary depending on the bank and type of current account you wish to open.
Minimum Balance Requirements
The minimum balance required to maintain may differ from bank to bank, however, some banks might ask for you to maintain a minimum of AED 3000, while other banks might require you to have at least AED 25k or above.
Cost of Setting up Current Account in Dubai:
Oftentimes, there will be no cost to set up a bank account in Dubai. However, it might depend on the type of bank you choose.
Open a Savings Account in Dubai
A savings account in Dubai is a type of bank account that allows you to deposit and save money. You can earn interest on your savings, and your money is generally insured by the Central Bank of the UAE.
Eligibility for a Savings Account in Dubai
- You’re over the age of 18
- You’re a resident or a citizen of Dubai
- You have a valid UAE ID or passport
- You have proof of address and income
Documents required to open a Savings Account:
- A valid UAE ID or passport
- Proof of address (utility bill, bank statement, etc.)
- Proof of income (salary certificate, bank statement, etc.)
- Initial deposit (varies depending on the bank)
Minimum Balance Required to Open a Savings Account:
Some banks may require a minimum balance of AED 1,000, while others may require a minimum balance of AED 3,000 and can range up to AED 10k.
Cost of Setting up a Savings Account in Dubai:
The cost of setting up a savings account in Dubai varies from bank to bank. Some banks may charge an annual fee, while others may open for free.
Interest Rate for Savings Accounts in Dubai:
| Bank name | Interest rate |
| Mashreq | 0.15% – 2% |
| HSBC | 0.05% – 0.10% |
| NBF | 2% |
| ENBD | 0.20% – 1.75% |
| RAKBANK | 0.25% – 1.25% |
| CBI | 2.10% |
| Standard Chartered | 0.60% – 2.50% |
| Emirates Islamic | 1% – 1.35% |
| ADIB | 0.36% – 0.53% |
Source: YallaCompare
**Please note that these interest rates are subject to change and may vary depending on the account type and currency. You should check with the bank of your choice for more details and specific requirements.**
Open a Corporate Bank Account in Dubai:
If you’re setting up a company in Dubai, one of the first things you’ll need to do is open a corporate bank account. Opening a corporate bank account in Dubai can be a complex process, especially for foreign entrepreneurs who may be unfamiliar with the local banking system.
Eligibility for a Corporate Bank Account in Dubai
In Dubai, any type of registered company, including limited liability companies, sole proprietorships, and branches of foreign companies, can open a corporate bank account.
Documents required to open a Corporate Bank Account
- A business plan and company registration documents
- Information about the company’s shareholders, directors, and management
- Proof of company address and contact information
- Passports and visa copies of all shareholders, directors, and authorized signatories
- Bank references and financial statements
Minimum Balance Required to Open a Corporate Bank Account
It highly depends on the bank you would like to open in and the additional services included, however here are some of the minimum balance requirements:
| Bank name | Minimum balance |
| Emirates NBD | AED 50,000 – AED 300,000 |
| Mashreq | AED 25,000 – AED 150,000 |
| CBD | AED 0 |
| HSBC | AED 100,000 |
| Standard Chartered | AED 50,000 |
Cost of setting up a Corporate Bank account
The cost of setting up a savings account in Dubai varies from bank to bank. Some banks may charge an annual fee, while others may open for free.
Important Points to note while opening a corporate Bank account in Dubai
- You must follow the Central Bank of the UAE’s legislation as well as the bank’s policies and procedures.
- You must keep a minimum balance in your account and pay a penalty if it falls below that amount. The minimum balance requirement and penalty amount may differ based on the bank and account type.
- For any electronic transactions within and outside the UAE, you must utilize an IBAN (International Bank Account Number).
- You must provide the bank with periodic financial statements and other documents as asked.
- You must notify the Bank of any changes in your company activity, ownership, address, contact information, and so on.
- You must preserve your account information, passwords, PINs, cards, checks, and so on, and report any suspicious or fraudulent activity.
- For compliance reasons, the bank may request your invoices and activity evidence; you must give them the necessary documentation.
Open a Children’s Bank account in Dubai:
Opening a children’s account in Dubai is an important step toward teaching children about financial literacy and saving for their future.
Eligibility For a Children’s Bank Account in Dubai:
- Must be between 7 years to 18 years of Age
- Emirates ID or Residence Visa
- Child Birth Certificate
- Parent’s consent letter
Documents required to open a Children’s Bank account in Dubai:
- A valid UAE ID or passport
- Proof of address (utility bill, bank statement, etc.)
- Initial deposit (varies depending on the bank)
Minimum Balance Required to Open a Children’s Bank Account
The minimum balance required to maintain may differ from bank to bank, however, some banks might ask for you to maintain a minimum of AED 3000, while other banks might require you to have at least AED 5,000 or above.
Open a Joint Account in Dubai
A joint account is a type of bank account that is owned by two or more individuals. This type of account is a convenient way for friends, family, or business partners to manage their finances together.
Eligibility for a Joint Account in Dubai
- You need to have a valid relationship with the joint account holder, such as a spouse, mother, father, or child.
- Must be UAE Resident
- Both parties must agree to the terms & conditions of the joint account & moderation rules.
Documents required to open a Joint Account in Dubai
- Passport (of both the guardian/parent and the child)
- Emirates ID (of both the guardian/parent and the child)
- Valid visa for expatriates (of both the guardian/parent and the child)
- Sponsor’s letter of no objection (for expatriates)
- Opening deposit of a certain amount depending on the bank and the type of account
Process of Opening a Bank Account in Dubai:
- Identity your Financial Needs
- Select the Right bank
- Fill out the application form
- Provide the required documents
- Submit the application
However, For a corporate bank account, you must always communicate with the Banker to understand the criteria and submit your company and activity paperwork. Banks frequently allocate experienced bankers to corporate bank accounts.
FAQ’s
The types of bank accounts available in Dubai include current, savings, fixed deposits, and Islamic accounts.
The documents required to open a bank account in Dubai typically include a valid passport, residence visa, Emirates ID, and proof of address.
To open a bank account online in Dubai, you can visit the bank’s website, fill in the application form, and upload the required documents.
You do not necessarily need to have a residence visa to open a bank account in Dubai, but it depends on the bank’s policy.
Non-residents and tourists can open a bank account in Dubai, but it may require additional documentation and higher fees.
The best interest rates for savings accounts in Dubai vary by bank, but some popular options include Emirates NBD, Mashreq, and ADCB.
The fees and charges associated with opening and maintaining a bank account in Dubai also vary by bank and account type.
To access online banking services for your bank account in Dubai, you can register on the bank’s website or mobile app using your account details.
You can transfer money from your bank account in Dubai to another account within or outside the UAE through online banking, mobile banking, or by visiting a bank branch.
To close your bank account in Dubai, you typically need to visit a bank branch and provide a written request and your account details.
For most busy entrepreneurs, opening a Bank account is never an easy task. However, with a lot of underlying procedures and documentation processes, it will be a hassle to deal with all the processes alone. But we are here to help.
VR1 Global Business consultancy is one of the most trusted and experienced Business setup consultancies in Dubai.
We provide the best services for Small, Medium & Large Businesses that are planning to operate in Dubai, UAE.
By becoming our client we can guarantee you that you will get a clear view of the Dubai Market, and growth opportunities as well as the opportunity to connect with successful entrepreneurs without any kind of hassle and trouble.
Contact our Business setup expert for additional guidance on how to open a bank account in Dubai.