Opening a Bank Account in Dubai For Non Residents
Tips For Opening a Bank Account in Dubai For Non Residents
Another common way of getting an account is through a UAE national ID card. This card is available free of cost for holders of permanent residency (PR) cards. On the other hand, foreign national ID cards are also readily available at many Dubai hotels, banks, and post offices.
In case you are a UAE national and do not have a bank account, you can apply for one at the nearest branches of the country’s three largest banks – United Arab Emirates Bank (UAE), Daegan Bank, and National Arab Banks. You have to prove your identity by presenting a valid and original birth certificate along with a marriage certificate if you are married. However, this option is only applicable for non residents of the country. Thus, in case you are a UAE national, you can also apply at any of the branches of the country’s two main banks Emirates Credit and Inter credit Traders. There are many more branches of major banks in Dubai but you can check their websites for the details.
How to withdraw cash with a Non Resident Bank account
Another common way of getting an account is through a UAE national ID card. This card is available free of cost for holders of permanent residency (PR) cards. On the other hand, foreign national ID cards are also readily available at many Dubai hotels, banks, and post offices.
In case you are a UAE national and do not have a bank account, you can apply for one at the nearest branches of the country’s three largest banks – United Arab Emirates Bank (UAE), Daegan Bank, and National Arab Banks. You have to prove your identity by presenting a valid and original birth certificate along with a marriage certificate if you are married. However, this option is only applicable for non residents of the country. Thus, in case you are a UAE national, you can also apply at any of the branches of the country’s two main banks Emirates Credit and Inter credit Traders. There are many more branches of major banks in Dubai but you can check their websites for the details.
Requirements for open a personal bank account for non-residents
- Passport copy with UAE Visa
- CV (Curriculum Vitae on your professional and business experience)
- Utility bill
- Bank reference letter of applicant from his/her personal or company bank account in country of origin.
- latest 6 months personal bank statement from country of origin or anywhere in the world.
- Information on the source of incoming funds
- Banks in UAE require a minimum monthly average balance for opening a non -resident personal account in UAE. The requirement varies from bank to bank.
Process to open a personal bank account for non-residents
- Prepare the Documentation
- Submit Bank reference letter of applicant from personal or company bank account in country of origin.
- Submit copy of latest 6 months personal bank statement from country of origin or anywhere in the world.
- Submit your eligible income Certificate
- Deposit Account opening Amount
Is Opening a Bank Account For Non-Resident Resident's Necessary?
If you’re a non-UAE resident and you need to open an offshore banking account, there are several options available to you. Some of the options include opening an individual offshore bank account at a Dubai Financial Center (DFAC), a High Commission offshore bank or one of the several online offshore banks. You’ll find that the personal (i.e. your own country) offshore banking options vary from bank to bank and the features available differ as well.
If you’re not a resident of UAE, however, you can generally open a personal/private non-resident trading account but under certain restrictions on the selection of brokers and the services they provide. Although, most prominent online banks in UAE do offer non-resident trading account, this exception is usually not a big deal since many other well-known banks in the region also offer similar but much more limited trading accounts. The main advantage of opening a non-uk resident (or personal) trading account is the ability to trade or invest/hedge in the currency/credits of your country of residence.
For example, a non-resident trading account can be opened by you with a binary broker which offers various trading options for both the CFD, and NYSE stocks and/or the UK’s pound/dollar pair. Or, if you’re a non-UK resident you can open a non-derivative-trading account with a broker who will allow you to trade in the currencies of your country of residence. An important thing to note is that the CFDs and NYSE stocks offered through Binary brokerages may not be available or may be only available to non-UK residents. In some cases, a foreign investor may be able to open a trading account using a Binary broker that offers the CFDs and/or NYSE stocks but not the other. This issue should be carefully evaluated before you start trading or investing in the financial markets in the region as different trading options may be available to you depending on your citizenship.
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