If you are a foreign entity living and working in the UAE, you need to have a bank account with one of the banks operating in the UAE.
Opening a bank account with a local financial institution is essential for any foreign ex-pat who wants to live and do business in the UAE. It is also crucial to be aware that as an ex-pat, opening a bank account in UAE will be slightly different from how a full-time resident would go about it.
Who can open non-resident bank accounts in the UAE?
If you are a non-Arab, non-Saudia, non-Qatari, or non-Emirati, you can open a non-resident bank account in the UAE. If you are an Arab or a Saudia or a Qatari or an Emirati, you can open a bank account in UAE. There are a couple of apparent differences between full-time residents and foreign residents of the UAE.
Here are the various steps you will need to take before opening your bank account in the country. You will need a passport and a valid visa (or permission to stay for a period) if you are a non-Arab. During your visa application process, you will need to answer the following questions about your travel and holiday activities.
You will need to provide details about specific addresses, work permits, or visas, if applicable, as part of your application. If you are eligible to live and work in the country, you’ll need to provide more detailed documentation.
It includes but isn’t limited to: All visa applications must be received by the Ministry of Interior (MOI) no later than 30 days before starting your stay in the country. The exact fees for each service depend on the type of visa, the category of access, and the length of stay. These fees depend on a pre-determined framework across all areas of the country.
Here is a list of the main points you will need to consider when applying for your visa and the different fees. Medical services (food & medication) 42.00 per cent Renewal of visa (at the time of your visa expiry) 42.
What documents are required to open a non-resident bank account in the UAE?
If you are a foreign resident and plan to open a bank account in the UAE, deposit the following documents:
- A copy of your passport.
- Two photos.
- A signed copy of your residency visa.
- A signed copy of your bank reference letter.
You can see other documents that you will need to bring with you while opening a bank account in the list above. Pay attention to the last item on the list: “A signed copy of your bank reference letter.” It is a document that needs to be filed with your local bank so that you can get approval as an account keeper.
Failure to do so means that the bank will not give you debit or credit cards to use with the account. If you do not want to have that extra step of filing the paper with the local bank, you can have someone else do it. It may be cheaper for you, but your future financial decisions will be more dependent on your bank’s reputation.
Also, if you plan to invest in the country, it is best to open a non-Qatari bank account with one of the banks if a lawsuit pops up from a Qatari person who claims that you have embezzled money from them.
Who Can Open a Non-Resident Bank Account in the Emirates?
The regulations for how banks, business credit systems, and how companies can maintain their profit are similar to those that govern American businesses. Separately, there are regulations specific to non-emirates that you should be aware of.
The rules for how foreign nationals should open a bank account are as follows: 1—business licenses. A company seeking to open a bank account with a local financial institution must secure a business license.
Where to open a bank account as an ex-pat in the UAE?
If you are an ex-pat living in the UAE, you’ll need to open a bank account here. There are many banks in UAE to choose from, so you don’t have to worry about the big banks being the only option.
Finding the right UAE bank to open an account in the country might be significantly more complicated than you expect. If you are a resident of another foreign country and move to the UAE, you need to apply for a work visa while living here.
A visa needs to be bilateral to your country of origin, meaning it must allow you to stay and work in the country where it’s issued.
A work visa doesn’t allow you to run your own business, work as a teacher, or lead a double life, though, so you may have to try other solutions to establish residency effectively. Most ex-pats have a work visa, and KOLs (Know Your Rights Advisers) can help you determine what your employer can do if things go awry.
If you ever have an unpredictable situation on your hands, KOLs may be able to help you with your visa situation by helping you assess your options.
For permanent residents of other countries, the path to opening a bank account might be a little more complicated, as it often requires a PPP loan, which isn’t available for permanent residents of US citizens. It means for residents of other countries eligible for a work visa, a minimum monthly salary requirement, and access to funding from a PPP loan, you might have to apply for a local bank account first to start working later on.
Some people get creative and set up “NON-IF” bank accounts. These would be used only for savings (such as Moneymart accounts), investments, and possibly some holiday pay.
What are the best banks for ex-pats in the United Arab Emirates?
Here are some of the best banks for ex-pats in the UAE:
1. HSBC
This is one of the most established banks in the UAE and has a great range of services and competitive interest rates. It has numerous branches throughout the UAE, located in the main cities of Abu Dhabi, Dubai, and Sharjah.
2. ONDe Bank
This is the newest bank to open up in the UAE country. It is notably more customer-focused (and transparent). One of the best places to open a bank account if you’re looking for a haven for your money, with easy online processes and fast money transfer services, many people have already learned to use this bank.
3. ACSIB/ACSB Bank
If you are an IT professional, you are going to need a bank account. ACSIB is probably the go-to option in some circles since it is the industry leader here in the region. However, ACSIB services are more expansive and cover a more comprehensive range of finance-related topics.
4. Muhabara
If you are passionate about travel, you need to open a bank account. My experience with Muhabara is slightly more frustrating because you have to open an account at your nearest branch. It typically means that you’ll have to get your passport to the branch before going to sit with the banker, wait in a long line, and then go to the following bank branch when it opens for another round of passport and banking tests.
Otherwise, this experience does not relate to most people. If you do manage to get a branch appointment, make sure you are there in 20 minutes. Otherwise, you can’t access the account. Also, it would be wise if you book the branch appointment a few days ahead of time.
Apart from having a bank account, there are other requirements you need to meet before you can start withdrawing your money from the bank. These are: In the end, managing money is one of the essential skills one needs to have to manage one’s life in any country.
Steps To Open A Non-Resident Bank Account in the UAE
Opening up an account in one of the many banking institutions operating in the UAE is essential for any expatriate who wants to live and work here. The process is not very difficult as some expatriates may make it out to be.
However, it is essential to know the steps to be taken when opening an account in any bank in UAE.
- Obtaining a bank account in the UAE is more accessible than in many other countries due to the high number of ex-pats. The process is not complicated, but you must follow these key steps.
- Obtain a Virtual Account Number from the home country that you can use in the UAE. If you were already an existing paying customer of the bank, make sure to update your data and update all your banking details before you go to the bank for the first time.
- Make sure you have a Consular card, which the UAE Ministry of Foreign Affairs issues. It allows you to open accounts in banks without a visa and send money to your family and friends abroad without a visa. It is also helpful for holding reduced fees at specific job interviews.
- Apply for a National ID (a biometric passport or photo passport) before going to the correct bank branch to apply for a bank account. Nablus Bank branches will only open an account for bankruptcy if another bank refuses to do so. You will receive a message regarding whether you are authorized to open a bank account. Follow this message and meet the required criteria at the correct bank branch to open an account. If you are not allowed to open an account, the branch staff will know that you need to provide additional information before issuing a SIM card for you.
- It is necessary to open a bank account with a local bank to receive interest on your account. You can deposit cash without paying interest to any of the banks in the country.
Conclusion
Opening up an account in one of the many banking institutions operating in the UAE is essential for any expatriate who wants to live and work here.
Mr. Mohammed sultan Zubair joined MSZ Corporate services provider as managing Director, bringing nearly 13 years of industry leadership experience. He began his corporate services and business consulting in the year 2008 working up his way in the organization business setup in Dubai consultant to an entrepreneur and Director of the company.
