Your one-stop-guide to banking in the Emirate

The Middle Eastern hotspot of Dubai is home to people from all around the world who get attracted to this city owing to the high-quality lifestyle that it offers.
If you are also amongst those who have recently moved in to the city, the first thing that you will need to do is opening a bank account for yourself, in order to sort your finances.
The process of opening a bank account in Dubai is smooth sailing, provided you meet the requirements.
Let’s have a look at the process of opening Current, Savings and Corporate bank accounts in Dubai.

Choose a bank

There are many banks in the UAE that offer excellent banking facilities. The popular ones are Emirates NBD, ADCB, HSBC, Mashreq, Standard Chartered, Citibank, RAK Bank, etc.
If you are an employee of a company and looking to open a salary account, the best option for you would be to ask your company the name of the bank that they deal with. By doing so you will have your salary credited quicker.
In the case of personal or business bank accounts in Dubai, you might be required to maintain a minimum balance.

Choose the type of bank account

Current Account

Primarily used for salary transactions, this type of account helps you cover your monthly expenses. There might be a requirement of a minimum salary amount to open this type of bank account.

Savings Account

As the name suggests, a Savings Account is ideal for those who want to save money. These accounts offer limited transactions, unlike current accounts. There are certain banks that do not even offer debit cards when it comes to Savings Accounts.

Required Documents

  • Original Passport and its copy
  • Salary certificate (you can get one from the HR department of your company)
  • Emirates ID and its copy
  • A copy of your residence visa

Corporate Account

A corporate account is mandatory for a business entity to carry out its financial transactions. The requirements to open a corporate account depends on the bank that you choose. However, a director or shareholder needs to be present while opening the account.

Documents Required:

  • Original Passport and a copy of the shareholder
  • A copy of the residence visa of the shareholder
  • Emirates ID copy of the shareholder
  • Disclosure of the type of business activities and the source of funds
  • The company’s corporate documents

Services offered

Once you have opened a bank account, you can enjoy the following:

  • Interest Rate (Percentage varies from bank to bank)
  • Access to ATM Card
  • Access to the branches
  • Bill Payment Facilities through the bank account
  • Cheque Book (The first one is offered free of cost)

Once you have a bank account, you have the options to apply for a car loan, personal loan and credit card, provided you meet the requirements.

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