A Quick Guide on Opening  A Non- Resident Personal Bank Account in Dubai

The banking system in the UAE is widely appreciated around the world for the country’s stable economy, zero taxation policy, attractive interest rates and robust security. Expats across the globe come to Dubai either for work or setting up their own business enterprise. Having a bank account in Dubai is an added advantage for all as it comes with a wide range of features and eases the transaction needs both locally and internationally.

For a person who owns a resident status, it is easy to open a bank account in Dubai. However, for non-residents, the situation is quite different. There are a few limitations on the choice of banks as well as the features they offer. Non-residents can open a savings account and they will not receive a cheque book unlike the residents. These account holders will receive a debit card from the bank so they can withdraw money even while waiting for obtaining their residency visa. Non-residents are also supposed to maintain a minimum balance and it varies from bank to bank. If they fail to do the same, most banks may impose a certain amount of fine. Therefore it is better to start one with a decent amount of savings in the account.

Conditions and documentation requirements for account opening in Dubai

 To open a bank account in Dubai, one needs to be physically present at the bank for signing the application form and other documents in front of a bank official. This is mandatory for all banks in the UAE.

• Passport with the UAE entry stamp (original and copies)
• Few Passport Size Photographs
• Profile of the applicant (resume)
• No objection certificate from the employer or sponsor
• Original last six months personal bank account statement from the country of origin or anywhere in the world
• Three Months utility bill
• Information on the source of incoming funds
• A duly filled account opening application form
• Minimum balance amount: Different banks have different minimum balance requirements and it is mandatory to maintain the same.
• KYC Requirements: The UAE Central Bank has made it mandatory for all banks to maintain a KYC(Know Your Customer) policy for better security and meeting international standards. Therefore before and after opening a personal account, all banks may ask account holders a few questions and comment on their account transactions.

Are you planning to open a non- residential personal bank account in any local or international banks in Dubai? Corpin Consultants will make that job easier for you. Over the past few years, we have built a strong relationship with all major banks in Dubai thereby helping you choose the best bank based on your unique requirements. We can open a personal account for you within a short span of time at a reasonable price and a minimal involvement on your part.

Wish to know more about our bank account opening services in Dubai, please do not hesitate to contact us at +971 55 843 2911 or info@corpinconsultants.com. Corpin’s expert advisors will get back to you shortly!