The formalities involved in opening a bank account in Dubai are quite stringent and involve a considerable amount of paperwork.
Bank Accounts for Resident visa holders (employees) of Dubai
A worker's dependants (e.g. wife and family) can open an account with his permission, as he's in effect their sponsor
Documents Required
- Passport with residency ( Original and Copy)
- Emirates ID
- Signed applicaiton forms
Bank Accounts for Non Residents of Dubai
Most banks in the UAE allow non-residents to open only a Savings Account and not a Current Account. So you won’t be able to ask for a Cheque Book however, you will be given a debit card to withdraw money. As a non-resident, you will be subject to a minimum and/or maximum balance. It is possible that a bank will decide to run background checks before allowing you to open a bank account.
Documents Required
- Original passport for verification
- 6 month bank statements of the existing bank account
Features of Bank account
- Free International ATM/Debit Card
- 24-hour ATM Access to your account over the phone and online
- Access to branch ATM networks and bill payment facilities.
Who Can Get a Credit Card ?
To get a credit card, you must have a monthly salary of at least Dh5000 (annual salary of Dh 60,000). If you don’t meet this requirement then you can put down a Dh 60,000 deposit. However the criterias are varied from bank to bank
Car Loans
You can only apply for a car loan to cover 80 per cent of the cost of your car. The final 20 per cent has to be covered by your deposit. The maximum repayment period is 60 months, or five years. But for a second-hand car, Three years is the maximum repayment period.
Personal Loans
If you want to apply for a personal loan from a bank, the maximum amount you are allowed is 20 times your monthly salary. The maximum repayment period is 48 months, or four years.
FAQs
1. What are the requirements to open a bank account in Dubai?
To open a bank account, you need a valid passport, residency visa (for residents), Emirates ID, and completed bank application forms.
2. Can non-residents open a bank account in Dubai?
Yes, non-residents can open a savings account, but they may not be eligible for a current account or cheque book.
3. What documents are required for non-residents to open a bank account?
Non-residents typically need a passport and six months’ bank statements from their home country.
4. Can dependents open a bank account in Dubai?
Yes, dependents such as family members can open a bank account with the sponsor’s permission.
