If you’ve recently arrived in Dubai or are planning an extended stay there, consider opening a bank account abroad. Dubai has many financial institutions. It is a major hub for business and has an established community of expats from all over the world. You can read this guide to find out more about how to open a Dubai bank account in Dubai as an American with a local banking brand or an international bank that has a branch in the UAE.
Can foreigners open a Dubai bank account from abroad?
Some Dubai banks allow you to open an online account or via an application. To do so, you will need local credentials such as a UAE number or Emirates ID. In practice, this can mean you may not be able to do it from abroad if you are not a Dubai resident. You will need to sign your documents, including the application form and other documentation, in front of a bank official in order to open a bank in any of the UAE’s cities as a new arrival or non-resident.
You’ll usually need to be present in person when opening an account. It’s also worth asking if it’s possible to open a foreign account from your local branch if you bank with a major international financial institution in Dubai, such as HSBC® or Citibank®. In some cases, you can also hire a financial advisor in Dubai who will act as a representative for you, allowing you to open your account remotely.
Can a US citizen open a Dubai bank account as a non-resident?
It depends on which bank you choose, as well as the type of account. Some local banks have non-resident account options. And you can open an international bank account with a large bank group such as HSBC. Some accounts designed for non-resident expats are tailored towards high-net-worth individuals. These accounts have large deposit requirements and fees as well as a focus placed on wealth management.
What documents will you need to open an account in Dubai?
For starters, you will need some documents and extra copies. When you go meet with your banker, you’ll need:
- Your passport Copy of your visa
- A document stating the name of your employer, and the amount you are paid (your HR department can provide one).
- Emirates ID or a photocopy of the application.
- Signed rental contract or recent utility receipt to confirm your location
Whether or not you will need any or all of these documents depends on which type of bank account you open, if you are a non-resident and if you have an account at a local or a foreign bank.
Bring them if you have the necessary documents. You can check your bank’s website to confirm what documents are required or if you qualify for an account.
It is useful to know that you can open a bank account as a permanent resident if you submit your application for an Emirates ID. You will still have to show the ID to the banks within a specified time period or you risk losing your service.
What are some of the best banks in Dubai?
There are many local banks that offer good services at low rates. They have also been highly reviewed by locals and expats.
Emirates NBD
Emirates NBD, the National Bank of Dubai1, has an ever-growing network of bank branches and ATMs throughout Dubai. Banking packages and day-to day and savings accounts are available for those who transact frequently. You can also obtain credit, debit or prepaid cards as well commercial cards.
Dubai Islamic Bank
Dubai Islamic Bank2 began in 1975. Today, it is known for providing a highly-personalized service. The bank offers current account and savings services, as well as cards, loans for autos and homes, and other financial products. It was voted the best Islamic banking in the UAE. You may be aware that Dubai Islamic Bank has also integrated Noor Bank 2020, increasing its size.
HSBC
HSBC3 is a major global bank, so you shouldn’t be surprised to get a complete service in Dubai. The options include saving accounts, day-to-day accounts, premium packages, credit cards and debit cards as well loans and mortgages.
Standard Chartered
Standard Chartered4 Dubai offers several types and sizes of savings accounts. These include Shariah compatible options if that is what you prefer. Standard Chartered can offer you a variety of financial products and services. You can borrow money, make investments or buy insurance.
How to apply for a Dubai bank account?
In general, opening a Dubai bank account is not very different from opening one in America. You will need to bring as many documents as you have available to you and go to your local branch. Or, if you qualify, apply online. Most people can get their bank account running within a couple of hours if they are residents of Dubai. Non-residents who apply for savings accounts could take a while to process their application and may not be able to access their accounts immediately. Read all account and payment documents thoroughly before signing.
Dubai banking fees and charges
Internationally, banks charge many different types of fees. There are many fees that banks around the world charge.
Banks are not an exception in the UAE.
Minimum balance charges
Many expats living in Dubai stress the importance to fully understand your bank’s policy on minimum balances. In Dubai, the minimum balances are often quite high. However, the fees you incur when you fall below the limit can be substantial.
Fees for Routine Transfers
You should also check if you have to pay a fee for routine transfers like Internet bills or rent.
When setting up automatic payment, it is even more important that you keep an eye out for your minimum account balance. This is because insufficient funds can result in high fees.
Some banks will charge fees for electronic transfers. You should check to see if your bank will charge you if you want to put a lot of your bills on automatic payment.
ATM fees
It is important to avoid ATM fees by visiting the ATM of either your bank or one that’s affiliated with your bank.
Foreign transfer fees
When you transfer money abroad or receive it from a foreign account, your sending bank will almost always charge additional fees, along with several intermediary bank. Although many of the fees are set, sending one transfer, particularly if it is a small amount, can become quite costly.
