UAE Non-Resident Bank Account
Although there are some limitations for non-resident accounts, opening a bank account in Dubai or another emirate is feasible if you are not a resident of the United Arab Emirates.
Non-resident accounts nonetheless give access to necessary financial services, even though they have fewer benefits than accounts for UAE citizens. Fast international money transfers, foreign exchange transactions, and the safety of doing business within the dependable UAE banking system are a few of them.
Furthermore, because of the UAE dirham’s stability and the strong banking system, non-resident accounts can be a great way to generate income and make long-term deposits.
However, obtaining a residency visa is advised in order to enjoy all the advantages of UAE banking, including access to credit facilities, limitless financial services, and more efficient account opening procedures.
Moving to a residence allows you to access a wider range of services, such as credit cards, current accounts, and check writing. It is necessary for routine transactions like paying for utilities or rental housing.
Obtaining a residency visa is not mandatory for opening a non-resident account but is essential for accessing broader banking services like current accounts and credit facilities.
Key Aspects for Successfully Opening a Non-Resident Bank Account in UAE
- Speak with a business advisor who will investigate with multiple banks to determine which one can handle your account.
- Get the necessary paperwork ready for a preliminary review and pre-approval.
- To become a dependable and trustworthy client, carefully review the documents one last time.
- Select the bank that most closely matches your profile and needs.
- Respect all governmental and financial rules.
- Be ready to maintain a minimum balance or make a deposit if the bank requests it.
How to Ensure a Smooth Non-Resident Bank Account Opening in Dubai?
The process of opening an account will go simply and effectively if you are well-prepared. This includes gathering the necessary paperwork, paying close attention to every detail, and choosing the best bank to meet your company’s demands.
Essential documents
- Passport.
- Proof of address (utility bill).
- Personal bank statements for the last 6 months as proof of funds.
- Documents confirming sources of income.
- CV with personal information and work experience.
Steps to open your non-resident account
Note: You have to go to the bank in person. A non-resident account cannot be opened remotely, in contrast to an account opened for UAE residents. To see the bank’s office in person, you will have to go to the United Arab Emirates.
- To analyze your case and create a shortlist of banks that are appropriate for your non-resident account, speak with a business advisor.
- Compile the required paperwork and submit it for preliminary approval.
- After receiving first approval, be ready to travel to the United Arab Emirates. Although opening an account usually takes one day, you may expect to wait a week to receive your bank card.
- Get your entry permit and travel to the United Arab Emirates.
- Bring the required paperwork to the bank office.
- The bank will collect copies of these documents and completed application forms.
- Upon approval, the bank sends an official email with the bank account number and instructions for online banking.
- The customer receives a debit card in two to five days.
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The key point in this process is successfully passing the bank's compliance check.
Here are some crucial things to think about to make sure the UAE bank opens your account without any problems or delays:
- Both the business you currently run in your home country and the one you intend to run in the United Arab Emirates should be described in full.
- Advice regarding the minimum deposit needed for your bank account can be obtained from your advisor.
- Provide bank records that show your cash flow.
- Provide invoices, contracts with clients you intend to conduct business with, and other supporting paperwork demonstrating your company’s existence.
- Convey the anticipated amount and timing of incoming funds to your non-resident account to the bank.
Timeline
A non-resident account is usually opened in a day. However, the compliance process may take longer than three to four weeks, depending on the bank’s policies and the client’s profile. As a result, a convincing and strong history is crucial for the applicant.
Types of accounts for non-residents
Only savings accounts are available to non-residents in the United Arab Emirates. Obtaining UAE residency is a prerequisite for opening a current account. This can be accomplished in several ways, including registering your own business, making real estate or business investments, or achieving notable success in disciplines like science, education, or athletics.
Account maintenance
While there are no costs associated with keeping a savings account open, some banks may restrict cash withdrawals and require a minimum deposit or balance. AED 30,000 may be the minimum balance that a non-resident must keep.
Benefits of non-resident bank accounts in the UAE
Quick international transfers
Both local and foreign transactions are possible. Non-residents can transfer money from their accounts abroad to any country. However, transfers to prohibited nations under UAE regulations are not allowed. They must also adhere to the transaction limits they set. These limits should comply with the bank’s compliance rules.
Foreign currency transactions
Funds in your account can be held and converted into various currencies, including USD, EUR, GBP, and others. Nevertheless, you can only make deposits into your account and withdrawals from ATMs in dirhams; if you use foreign money, you will be charged fees
Stability of the UAE dirham
The UAE dirham is perfect for safe savings and international transactions since it is pegged to the US dollar, which protects against currency volatility. It is among the main reasons people decide to create a bank account in the United Arab Emirates even though they are not residents.
Debit cards
You will be given a debit card that you may use for transfers, cash withdrawals, and in-person and online purchases.
Reliable UAE banking system
It is highly regulated, guaranteeing dependability and openness in every transaction, giving residents and non-residents peace of mind when handling their money.
Income generation and long-term deposits
Long-term deposits and interest-bearing savings options are two ways that non-resident accounts in the UAE enable income generation.
These accounts are a desirable option for people who want to increase their savings over time because they provide competitive interest rates. Furthermore, the UAE dirham’s stability offers a solid basis for long-term financial planning.
Limitations of a non-resident bank account
Because of the significant documentation and strict regulatory requirements, navigating the banking obstacles in the United Arab Emirates for non-residents may be rather complex.
Opening a bank account can be challenging for non-residents, and there are generally higher minimum balance requirements. Among these challenges are:
- Longer opening process.
- Limited financial services.
- Limited choice of banks willing to open a bank account in UAE for non-residents.
- No credit cards.
- Non-residents cannot open UAE bank accounts online.
All nationals can apply for a bank account, with the exception of those from states that the UAE has prohibited or sanctioned, such as:
- Iran
- Israel
- North Korea
Banking services available to non-residents
Savings account
The UAE bank allows natural individuals to open savings and current accounts. Only savings accounts are available to non-residents; residence visas are needed for current accounts. Without an Emirates ID and a UAE residency permit, opening a non-resident account might be difficult because it requires:
- A more thorough compliance process—the bank must ask for a more significant set of supporting documentation.
- Higher deposit or balance requirements might be applicable, and the purchase of bank products might be subject to restrictions depending on the particular bank, the client’s profile, and their country of citizenship;
- Limitations on the availability of credit cards and other banking services in the UAE.
Additionally, tourists can anticipate fewer banking services in the UAE than locals.
Debit cards
A debit card with a daily withdrawal limit of around 15,000 dirhams is provided for the savings account and is usable anywhere in the world. Online banking is used to manage accounts and is free of charge.
Cards are always given out in dirhams in the Emirates. There are no bank cards for foreign currencies. Only in dirhams can money be deposited to a card or account without incurring losses. All banks charge 1% of the amount when you withdraw or deposit foreign money.
Checkbook
A savings account does not provide a checkbook. However, in the UAE, utilities and rental housing must be paid using a checkbook, which is given to UAE residents when they open an account.
Credit cards
Additionally, savings accounts do not offer credit cards. Emirates banks only accept loan applications from UAE citizens.
Therefore, obtaining a UAE resident visa is preferable because a Dubai bank account for non-residents provides fewer benefits than a resident bank account.
Choosing the bank for a non-resident account
When opening a non-resident account in Dubai, you have a choice between local and foreign banks. With various services tailored to the local market, regional banks frequently give account holders with business interests in the UAE a more customized experience.
On the other hand, international banks can provide a wider choice of worldwide banking services and have branches across several nations so that you might begin the opening procedure from overseas. When choosing the bank that best suits your financial objectives, carefully consider your unique requirements and preferences.
Local Banks:
Emirates NBD: One of the biggest banks in the United Arab Emirates, providing various services and advantages to non-resident customers.
Abu Dhabi Commercial Bank (ADCB): Known for offering a wide range of banking services to both locals and visitors.
Dubai Islamic Bank: This provides financial services that adhere to Sharia law, including non-resident accounts.
Mashreq Bank: This bank provides various services, including flexible banking options, to non-residents.
International Banks:
HSBC: An international bank that provides widely accessible non-resident accounts with international banking characteristics.
Standard Chartered: Provides services to non-residents, emphasizing online banking and international transactions.
Citi Bank: Provides non-resident accounts with access to international investing and banking options.
Barclays: This provides international account management choices along with various banking services for non-residents.
Why choose JSB Incorporation for your non-resident bank account?
When you work with JSB Incorporation, opening a non-resident bank account in the UAE can be a simple and easy process. We handle every situation separately, making sure that your particular requirements are adequately satisfied.
We are able to move through the procedure with ease and efficiency because of our extensive understanding of UAE banks and our reliable connections with bankers.
You can be confident that JSB Incorporation will handle all aspects of your account opening process, from document preparation to compliance procedures, with expertise, making it hassle-free and customized to meet your unique needs.
Book your free consultation call today to get started on the process.
FAQs
Non-resident accounts may have limited transaction types or higher fees for international transfers.
Yes, some banks offer interest-earning savings accounts for non-residents.
No, a residency visa is not mandatory for non-resident accounts, but specific documentation is required.
Non-resident accounts are typically available in AED, USD, EUR, and GBP.
Depending on the bank, it usually takes 5–10 business days to open a non-resident bank account.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com