Non-Resident Bank Account in UAE – How to Open

There are many people around the globe who enjoy the stability UAE bank accounts offer along with the benefits of international transactions and growth. With the rising economic development of the Emirates, there is a lot of scope in opening a bank account there, and to top it all, they offer the benefit of opening a bank account in UAE for non-residents.

This guide will revolve around the intricacies and complexities of having a bank account on a non-residential name in the UAE. Continue reading to get all your queries answered.

Benefits of opening a bank account in Dubai for foreigners

There are a plethora of benefits that can be enjoyed by the non-residents of the UAE by opening bank accounts there. These include:

1. Financial stability:

This allows the account holder to enjoy the stability and security of the UAE’s dirhams.

2. Global accessibility:

As the accounts provide the flexibility of international transactions, the account holders enjoy global accessibility.

3. Tax benefits:

As there is no tax on income, capital gain tax, or even wealth tax, the account holders enjoy a lot of relaxation on the taxes.

4. Investment opportunities:

Having a savings account opens the way to the financial markets. Thus, allowing the non-residents the opportunities of investment.

5. Easy loans:

If you become a resident of the Emirates, you can also enjoy the easy loans offered to the people.

6. Free online portals:

Almost all banks offer free online portals for people to get a closer look at the happenings of their bank accounts and even enjoy international transactions.

Eligibility criteria for non-residents to open a bank account in UAE

The eligibility criteria for non-residents to open a bank account in the Emirates is a subject that varies from bank to bank and the type of account being requested. While this is true, a few factors that act as general requirements for bank account in UAE for non-residents include:

• Valid visa: The first and most important eligibility is having a valid UAE visa to obtain a bank account in the nationality.
• Income source: Another important eligibility criterion is being able to provide a legitimate income source; while there might not be any taxation in the Emirates, your own nation might deduct the taxes at the country level.
• Age restrictions: While it is not the same throughout all the banks, there might be some age restrictions varying from bank to bank.
• Minimum deposit: Almost all the banks will put a minimum deposit limit, though not fixed at the same amount for all the banks or even types of accounts.

Bank account in UAE for non-residents: Services available

The banks in the UAE offer services designed and tailored to fulfil the personal and business requirements of non-residents.

1. Savings account:

While the people with residence visas can enjoy the benefits of both the current account as well as the savings account, the people with non-residence visas are only eligible for the savings accounts.

2. Debit cards and credit cards:

Credit cards are not issued on savings accounts, thus non-residents do not enjoy the benefits. However, debit cards are issued to non-residents with a limit of up to 15,000 Dirhams per day.

3. Cheque Books:

Cheque books are issued only to the residents’ bank accounts as they are required to pay for rented accommodations and utilities. Non-residents cannot avail it.

Therefore, it is recommended to get a UAE residence visa first as resident bank accounts enjoy a plethora of services.

Documentation required to open a bank account in Dubai for non-residents

To open a bank account in Dubai, there are a range of documents that are required, especially when you are a non-resident. The mandatory documents to open bank account in UAE for non-residents include:

• Passport: You will need a valid passport for a non-resident to open a bank account in the UAE.
• Address proof: These can include utility bills or ID proofs that can confirm your address with the banks.
• Bank statements: Bank statements of six months are generally required for fund proof.
• Income proofs: Bank statements, salary slips, or any document that can offer to become income proof for you to open a bank account in the Emirates.
• Company documents: If you are opening a corporate account, then it becomes important to submit the company documents verifying your need for the account.
• Source of funds: To open a bank account in UAE for non-residents, you need to prove the source of your funds; the legality of legitimacy plays a vital role in the process.

Please note that the paperwork needed to open a bank account in Dubai for non-resident can be a bit complex. We advise you to contact our experts at Dubiz Business Setup for best guidance.

Restrictions in opening a bank account in Dubai for foreigners

The process of opening a bank account in Dubai for foreigners is very complex and might require some help from experts. It is suggested to get help from the experts in the field; a business-setup firm might help you with the same. Here are the general restrictions faced in opening a bank account in UAE for non-residents:

• The processing time is longer for non-residents to open a bank account.
• They are required to be physically present with no facility for opening a bank account over the Internet.
• The choices of banks are limited, given the fact that not all banks are willing to onboard non-resident holders.
• There is no credit card facility available until and unless you own a residence visa, which in itself is a complex and long process.
• Limited financial facilities as your bank account is across borders.
• While there are no restrictions on nationalities, there are three major countries that are banned from opening accounts in the Emirates. These are Iran, Israel, and North Korea.

How to open a bank account in UAE for non-residents?

For opening a bank account in the UAE as a non-resident, there are three categories to choose from: personal, corporate, or business. To open a personal bank account, the following steps should be followed:

1. Choose your ideal bank:

You must choose the most suitable bank for yourself in the UAE that caters to all your financial needs. Factors such as services available, minimum balance needed, multi-currency services, maintenance fees, etc. must be considered while making a decision. Though few, there are local as well as international banks in UAE that you can choose from.

2. Gather the documents:

Passport (page with immigration stamp), updated CV (for professional references), original reference letter from your home bank, six months’ bank statements with a recent utility bill. These documents should be gathered and submitted.

3. Visit the bank:

Non-residents need to be physically present to open a bank account. You can visit the nearest branch of the bank.

4. Make application and give details:

Submit the application for account opening. Provide information about the sources and amounts of your incoming funds. Make sure to submit all the necessary documents.

5. Preserve the barest minimum of balance:

Be ready to satisfy the minimum average monthly balance requirement set by the bank. Deposit the amount and your account will be activated.

You may be interested: How to open business bank account in Dubai

While this is a general process of opening a bank account in UAE for non-residents, the requirements might differ as per the account type or the bank you choose. In case you have any confusion, feel free to reach out to our experts at Dubiz Business Setup.

Simplify your banking with Dubiz!

While someone with the right information and meeting the requirements can open a bank account in the UAE as a non-resident, it might be a complex process. It is still recommended to get help from the experts, who are generally the people engaged in setting up businesses in the UAE. Dubiz Business Setup is exactly the firm that has a dedicated team of professional consultants who understand the system inside out and can help you with opening a bank account in the UAE.

Along with this, we offer you the end-to-end services for company formation in UAE. With qualified guidance and experts who have the right knowledge of government processes and documentation, we make complex processes easy for our clients. From obtaining the UAE trade visa, to PRO and tax filing, we have got you covered. Contact us if you need more information about business setup in Dubai or have any other questions.

To contact us, please Call or WhatsApp us at +971563695485 or email info@dubiz.co.

Frequently Asked Questions

1. Can a visitor open a bank account in the UAE?

Opening a bank account is available for visitors, although it can be subject to restrictions and need extra paperwork.

2. Can I open a bank account in Dubai without an Emirates ID?

In general, you don’t need an Emirates ID to create a bank account in Dubai or the rest of the United Arab Emirates. You will, however, also need to present additional legitimate identifying documents, including a passport and visa.

3. Can I open a bank account in Dubai without a residence visa?

Yes, you can surely open a bank account in Dubai without a residence visa, though the completion of the paperwork physically is something mandatory.

4. What is the cost to open a bank account in Dubai for non-residents?

Opening a bank account in Dubai for foreigners is generally free, but failing to keep the minimum balance can result in fines depending on the bank you choose.

5. Can a US citizen open a bank account in the UAE?

Yes, a tourist from the US can open a bank account in the UAE, given that they have all the documents and are physically present to fill out the paperwork.