Article
4 min read
Author
Gabriele Culot
Published
September 22, 2023
Last Update
July 01, 2024
Table of Contents
1. Research and choose the right bank
2. Gather the required documents
3. Choose the type of account
4. Fulfill minimum balance requirements
5. Select additional banking services
6. Complete the application process
Make your UAE experience the best it can be with Deel
The United Arab Emirates (UAE) has become a global business, tourism, and expat living hub. If you’re an expat, digital nomad, or potential immigrant with plans to settle in this dynamic country, opening a bank account is one of the first steps you’ll need to take.
This is an easy and straightforward process, as long as you have the proper documentation and choose the right financial products for you. Below are six steps to ensure your first days in the UAE run smoothly.
Setting up my account with NBD was a breeze. The process was incredibly simple and efficient. In just about 15 minutes, I got everything sorted. Meeting a representative from NBD at the metro station made things even more convenient. In no time, my account was up and running.
—Philippe Stark,
Senior Account Executive SMB
The first step is to research and select the best bank for your needs. Both local and international banks in the UAE provide a wide range of services to cater for the financial needs of expats, digital nomads, and residents. When choosing a bank, consider:
For example, you may look for banks offering excellent online banking services, a vast ATM network, and options for personal and business accounts.
It helps to do your research beforehand so you already know what bank, or banks, you will go for once you arrive.
Opening a bank account in the UAE requires specific documentation based on your residency status and purpose. Below is a list of the required documentation for different categories of individuals.
It’s important to note that this is not a comprehensive list and that requirements can vary from bank to bank, so we recommend you contact your chosen bank beforehand to understand their specific documentation needs. Additionally, regulations and requirements can change, so staying up-to-date with the latest information is crucial.
Complete Documentation: Ensure that all copies of documents are clear, legible, and up to date.
Notarization: Some banks require certain documents to be notarized or certified by a relevant authority.
Translations: Translations might be necessary if your documents are not in English or Arabic.
Application Form: Be prepared to fill out an application form provided by the bank, including personal details and other relevant information.
Patience: The account opening process might take some time due to verification procedures and other formalities. Be patient and cooperative throughout the process.
By having all the required documentation in order, you’ll be well-prepared to navigate the bank account opening process in the UAE, regardless of your residency status or purpose.
Banks in the UAE offer a wide variety of bank accounts, so it’s essential to research their specifications and choose the one that best fits your needs. Not all banks will have the same financial products, so be thorough in your research.
Below are some of the most common types of accounts available from banks in the UAE.
Minimum balance requirements in UAE banks refer to the minimum amount of money that must be maintained in a bank account to keep it active and avoid potential fees or penalties. These requirements vary among banks and types of accounts.
Generally, UAE banks offer a range of accounts with different minimum balance thresholds to cater to diverse financial needs. Basic savings or current accounts often have lower minimum balance requirements, making them accessible to a broader range of customers. On the other hand, premium or specialized accounts that offer enhanced features and benefits might have higher minimum balance requirements.
For expatriates, digital nomads, and individuals with fluctuating incomes, selecting an account with a manageable minimum balance is crucial to avoid unnecessary stress and fees while enjoying the convenience of banking services.
UAE banks go beyond essential banking services by offering a variety of extra services that enhance the overall banking experience for their customers. These services cater to different financial needs and lifestyles, making managing money more convenient and rewarding. Here are some common and useful extra services that are often offered with UAE bank accounts:
Once you have done your research and made your choices, submit the required documents and fill out the application form provided by your future bank. This can often be done both in person or online. The bank will review your application, and you’ll receive your account details upon approval.
Whether you’re a business owner, a digital nomad, or an expat settling into your new life, the UAE’s diverse banking options, advanced mobile banking services, and international connectivity will empower you to manage your finances easily. However, even before you start shopping for banking services, you will have to secure a visa, or relevant permits to live in the UAE.
Deel makes obtaining your digital nomad visa for your Dubai and Abu Dhabi dreams an easy reality. Learn more about our visa support, and start planning your move today.
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