Opening a bank account in Dubai for non residents is an easy job. Dubai is one of the most visited destinations by people from various parts of the world. People have so many reasons to visit this place. Dubai is a very wealthy city and it provides an opportunity for everyone to make his mark on the global scene. There are various banks and financial institutions that provide facilities to people who want to open an account in Dubai.
The process of opening an account with such banks is same as that of resident residents. There may be some slight difference in the requirements of the bank as well as the requirements of the individual applicant. But, generally there is no special procedure to open the account. In general, the individual has to follow certain guidelines and meet some eligibility criteria before he is approved for an account.
When you apply for a bank, the first step is to find out whether you need to have a UAE national ID or a foreign passport in order to open the current account. Both these types of ID are mandatory to prove your identity. The next step is to find out the details of the bank you are applying for. Banks in Dubai follow some kind of a code of conduct. All the banks follow this code of conduct in order to provide quick and reliable service.
Once you are satisfied with the details of the bank, the next step is to check with the nearest branch of the bank. You can open the account in the presence of the authorized personnel. You will be asked to show proof of your employment or legal status. Usually, it takes around a week to open the bank account.
If you want an easier and faster way, then you can opt for online banking. This option has become quite popular in recent years in Dubai. You simply have to log on to the internet, fill up all the details of your profile including your employer or business, and your contact details. The website of the bank will process your application without any hassle. However, if you want to open a UAE national ID or foreign passport, then you have to visit an ATM.
Most of the ATMs of Dubai offer online services. You can use the credit card to purchase goods from any shop across the globe. ATMs usually charge the customers at a small fee. Thus, it is easy to obtain money even when you do not have a bank account in Dubai for the purpose of making purchases. The only thing is that you should have a UAE resident’s photo identification.
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.
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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