Best UAE Banks For Non Residents part 1 – that will be the topic of today’s article.
Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here.
The best time to consider your financial situation is when you are moving to a new country.
Introduction
The UAE is one of the world’s most popular expat destinations, with hundreds of thousands of people arriving in the country each year. However, many people are unaware that there are specific banks for non-residents in Dubai and Abu Dhabi to help them manage their international finances.
If you’re thinking about moving abroad, this article will explain which banking options are available to you. But before that, let’s quickly go over what exactly is meant by ‘non-residents.’
There are actually two types of foreign workers in the UAE; residents and non-residents. Resident expats will open a bank account at any branch in the country, while non-residents must use specific providers. These banks were explicitly designed for people who need a bank account but don’t have a residence visa, and the requirements are strict.
As well as being able to offer international banking facilities, many of these banks also have branches in other countries across the world. This means that you’re much less likely to be reliant on expensive money transfer services.
In fact, there are locally based banks in the country, so it might be better to think of them as UAE foreign exchange specialists. In this article, we will walk you through the best banks available in the UAE for non-residents. So, worry less if you’d love to open a bank account.
Requirements to Open UAE Bank for Residents
Are you a resident of the UAE who is looking to open a UAE bank account? If yes, then in this article, we will discuss the requirements and steps involved to open your own private bank account in UAE.
In order to get the account opened by the concerned bank authority, certain documents have been mandated by the banks from time to time. These documents can be submitted in person or through a designated agent operating on your behalf.
In addition to the documents, you may also need to furnish some more information that is not part of the set requirements but will facilitate the smooth opening of your account. So what are these additional pieces of information required by UAE Banks? Find out further in this article!
- Copy of your passport and Emirates ID (You can get these copies done from the internet cafes at a fee. Some banks also provide these copies in their office)
- Residency visa and sponsor’s letter (This is proof that you are a resident in UAE and living here on an employment visa for which your employer or sponsor has agreed to open the account.)
- A minimum of Dh 1000 in cash, cheque, or DD (This is in lieu of opening balance. The bank keeps your cash with itself until you meet the required minimum.)
- Rental contract (If you are staying in rented accommodation, then this is proof that you are paying rent and belongs to that particular location. This is usually mandatory when renting accommodation in Dubai)
- Employment contract (The employment contract holds the details of your salary and designation. If you are employed in any organization, then this is a must.)
5 Requirements to Open UAE Bank for Non-Residents
A bank account is one of the essentials for today’s life. Many bank accounts provide various benefits like a credit card, debit card, and more facilities to their customers.
Bank accounts are now compulsory to complete almost every task in our daily life like receiving salaries or paying bills. If not done through an ATM or online banking services, it has to be done through a bank counter.
As a non-resident in the UAE, opening a bank account becomes more difficult. If you want to open a bank account in the UAE as a non-resident, you need to fulfill five requirements:
- Keep your monthly average balance of AED 25000 for at least six months;
- Open an NRE (non-resident) current account and keep AED 100000 for at least six months;
- Keep an average monthly balance of AED 100000 in the NRE current account for six consecutive months
- Submit a salary certificate from your employer or other acceptable documents to prove your job status in the UAE.
- Send copies of your passport and residence visa with the application.
7 Benefits of Opening a UAE Bank Account
If you’re a non-resident of the UAE thinking about opening a bank account, here are some reasons why you should.
Keeps Track Of Your Finances
Opening a bank account in the UAE will allow you to keep an accurate record of your incoming and outgoing transactions, allowing you to manage your daily finances better. It is one of the first steps towards building a credit history. This can be particularly important if you’re thinking of buying property in the UAE or investing in the market.
Savings and Investment Accounts
One of the main advantages of having a bank account is that you can access savings accounts and investment facilities, such as mutual funds. You can easily set up recurring deposits in an internet or phone banking application – this way, you can have money automatically transferred into your bank account at regular intervals, meaning you don’t have to worry about making a deposit.
Free Cheque Books
Unlike many other countries, the UAE allows customers to get free checkbooks from their accounts at any bank. This makes it easy for you to withdraw cash from ATMs or write cheques without worrying too much about using cheques and making withdrawals.
Convenient for Businesses
Having a bank account in the UAE makes it easier to open businesses, as many businesses will require you to show proof of financial resources before they can be established. It also allows individuals living abroad (like expat workers) to quickly transfer money back home through international banking facilities.
Safe and Secure
UAE banks are well protected against cyber terrorism and fraud with advanced security measures such as military-grade encryption, making it a safe place for you to keep your money. Additionally, UAE banking is not only regulated by the Central Bank of the United Arab Emirates but also by international financial authorities like the IMF (International Monetary Fund).
High-Quality Customer Service
If you plan on opening a bank account, you can expect to receive high-quality customer service from all UAE banks. Banks offer advanced 24/7 phone support and even have dedicated call centers for their services, which can be reached through local numbers. Additionally, most central banks in the UAE offer free English-speaking services and advanced online or mobile banking facilities.
Protection against Identity Fraud
If your identity is stolen while you’re abroad, having a UAE bank account can be extremely helpful in recovering it quickly and preventing further damage, as most of these banks have dedicated fraud divisions that assist their customers in such cases.
