Your Ultimate Guide to Opening a Bank Account in Dubai

Your Ultimate Guide to Opening a Bank Account in Dubai

If you're planning to start a new business venture or work in Dubai, you'll need a bank account to manage your finances. Having a local account in Dubai will make it easier for you to receive and make payments, manage cash flow, and access financial services such as loans, credit cards, and other banking products.

In this blog, we'll provide you with a step-by-step guide on how to open a bank account in Dubai.

An Overview of the Banking Sector in Dubai

Dubai's banking sector is a significant contributor to the Emirate's economy and one of the largest in the region. The sector has grown significantly in recent years, with both local and international banks operating in the city. The banking sector in Dubai is regulated by the Dubai Financial Services Authority (DFSA) and the Central Bank of the UAE. These regulatory bodies ensure that banks operate within the legal framework and maintain financial stability.

• Market Size: It is estimated that the UAE banking sector has a market worth AED 1.5 trillion.
• There are approximately 26 commercial banks operating in the United Arab Emirates, in addition to a number of investment banks and Islamic banks.
• Total Assets: It is estimated that the banking sector in the United Arab Emirates has assets of about AED 2.6 trillion.

Islamic Banking Sector in Dubai

The UAE provides services for Islamic banking. Federal Law No. 6 of 1985 Governing Islamic Banks, Financial Institutions, and Investment Corporations, as well as Shari'a law, control it. Islamic banks have the right to conduct all or a portion of banking, commercial, financial, and investment services and operations, as stated in Article 3 of the law. They are allowed to carry out all services or operations that banks carry out and that are mentioned in Federal Law No. 10 of 1980.

Islamic banking is an important and growing sector in Dubai's financial industry. The city is home to some of the largest Islamic banks in the world, and many conventional banks also offer Islamic banking services. The Islamic banking sector in Dubai is regulated by the Dubai Islamic Economy Development Centre (DIEDC), which works to promote the growth of Islamic finance in the city and ensure that Islamic financial institutions operate in compliance with Shariah principles.

Read more about How to Buy A Property in Dubai.

What Are the Most Famous Banks in Dubai?

Middle Eastern trade has shifted to the UAE. UAE has become a business hub as a result of the global investors and entrepreneurs it has drawn because of its advantageous and competitive business climate. The Central Bank of the United Arab Emirates controls and regulates banks in the UAE. There are 23 domestic banks and 28 foreign banks in the nation in addition to the Islamic ones, which are expanding quickly. The majority of the top banks in Dubai and the UAE offer services to both foreigners and UAE citizens.

Here are some of the most famous banks in Dubai:

• First Abu Dhabi Bank
• Emirates NBD
• Abu Dhabi Commercial Bank (ADCB)
• Emirates Islamic Bank
• Dubai Islamic Bank

Types of Bank Accounts Offered in Dubai

Banks in Dubai offer a wide range of accounts to cater to the needs of different customers. Here are some of the most common types of accounts offered by in Dubai:

• Savings Account
• Current Account
• Fixed Deposit
• Salary Account
• Business Accounts

It's important to compare different options and choose the one that best fits your financial goals and requirements.

Can a Foreigner Open a Bank Account in Dubai?

Yes, foreigners can open a bank account in Dubai. However, the requirements and procedures for opening a account may vary depending on the bank and the type of account.

You may also want to read about: Buying A Property In Dubai For Foreigners.

How to Open a Bank Account in Dubai for Foreigners?

To open an account in Dubai as a foreigner, you will typically need to provide the following documents:

1. A valid passport (A copy of its pages including the one with a UAE visa stamp (will be taken in front of you by a bank officer).
2. A residence visa or work permit
3. Proof of address, such as a utility bill or tenancy agreement
4. Proof of income, such as a salary certificate or employment contract
5. A minimum deposit, which may vary depending on the bank and the type of account

If the list of required documents differs from what is listed above, it is likely bank-specific and liable to change, therefore you should proceed with caution.

Requirements for Opening a Bank Account in Dubai

If you live in Dubai, you can open a bank account by using the steps listed below.

How to Open a Bank Account in Dubai Online?

• Choose a bank

It is best to inquire about the bank that your employer uses if you want to open a salary account. It is preferable to create an account with your employer's bank so you can withdraw your pay as soon as it has been credited. Alternatively, with other banks, you may need to wait for some time before the sum gets credited to your account.

• Check eligibility

Many banks in Dubai allow you to check your eligibility for opening a bank account online. You can visit the website of the bank you are interested in and look for the account opening section or the eligibility checker tool.

• Fill out application

Some banks may require you to fill out an online application form to check your eligibility, while others may simply ask you to answer a few questions. To check your eligibility for opening a bank account in Dubai online, you will typically need to provide some basic information, such as your name, contact details, and residency status. Some banks may also ask you for your employment status and income details.

• Submit documents

Some banks in Dubai may allow you to submit your documents to open a bank account online.

• Complete verification by a video call

Once you have submitted your application and documents, the bank will contact you to schedule a video call for verification purposes. During the video call, a bank representative will verify your identity and ask you some questions to confirm your details.

• Wait for approval

At this point, you will wait for approval.

• Activate your account

After approval, the bank will provide you with instructions on how to activate your account and access your online banking services.

Edited by Imtilak Global ©

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