What is the process of opening a bank account in the UAE?

Setting up a bank account in the UAE can be a meticulous process that demands careful attention to detail, whether you are a newcomer to the country or simply seeking additional banking options. The possibilities are vast when it comes to establishing a savings or current account, as most banks provide a range of services tailored to meet your financial requirements.

To guide you through the process, here is a comprehensive breakdown of everything you need to know to successfully set up a bank account in the UAE.

Savings or current: which should you choose?

Savings accounts are ideal for individuals who do not require frequent access to their funds for everyday transactions. These accounts typically provide monthly interest and have low to no minimum balance requirements.

On the other hand, current accounts do not accrue interest on the balance but offer convenient chequebook facilities. This feature can be essential for activities such as paying rent or making significant purchases.

Banks in the UAE offer a wide range of account options, which largely fall under the following categories:

1. Basic accounts have low or no minimum balance requirements and offer essential services such as an ATM card.
2. A salary account is where an employee’s salary is electronically transferred, following the UAE’s Wage Protection System guidelines.
3. Premium accounts go beyond basic services, offering a variety of options tailored to consumer banking needs. Depending on your requirements, you can choose accounts with better interest rates, free credit cards, foreign currency accounts, fixed or flexible deposits, and higher daily withdrawal limits.
4. Islamic banking provides Shariah-compliant options for consumers. The Islamic banking department of the Commercial Bank of Dubai explains that this system operates on profit and loss sharing, with the bank acting as a partner, investor, buyer, or seller. According to its website: “What’s more, Islamic banks have no provision to charge any extra money from the defaulters. In fact, only a nominal amount is levied by way of compensation and this money is donated to charity. On the other hand, rebates may be given for early settlement at the Bank’s discretion.”

Which bank should one choose?

The United Arab Emirates boasts approximately 20 national banks, along with numerous international banks that have branches throughout the country. It is advisable to consult with several banks or explore their websites to discover the most attractive offers and services before finalizing your decision. In addition to evaluating whether the bank provides online and mobile banking upon account opening, many institutions also present enticing giveaways that could influence your choice.

Here is a list of all the national banks in the UAE:

1. Emirates NBD Bank P.J.S.C – 600 540000
2. Abu Dhabi Islamic Bank P.J.S.C – 02 610 0600
3. First Abu Dhabi Bank P.J.S.C – 600525500
4. Dubai Islamic Bank P.J.S.C – 04 609 2222
5. Abu Dhabi Commercial Bank P.J.S.C – 600 50 2030
6. Arab Bank for Investment & Foreign Trade (Al Masraf) – 600 529999
7. Commercial Bank of Dubai P.J.S.C – 600 575 556
8. Emirates Islamic Bank P.J.S.C. – 600 599995
9. Mashreq Bank P.S.C. – 04 424 4444
10. Sharjah Islamic Bank P.J.S.C. – 06 59 99 999
11. Bank of Sharjah PSC – 06 5694411
12. United Arab Bank P.J.S.C – 800 474
13. National Bank of R.A.K P.J.S.C (RAKBANK) – 04 2130000
14. Commercial Bank International PLC – 600 544440
15. National Bank of Fujairah PSC – 800 623
16. National Bank of U.A.Q PSC – 04 314 8888
17. Al Hilal Bank P.J.S.C – 600 522 229
18. Ajman Bank P.J.S.C – 800 22
19. Invest Bank – 04 321 3131

The following institutions are also members of the UAE Banks Federation

1. Emirates Investment Bank – 04 2317777
2. Al Maryah Community Bank – 600 571111
3. Wio Bank
4. Zand Bank
5. Ruya Bank – 800 7892

Foreign banks:

1. National Bank of Bahrain – 02 690 2222
2. Arab Bank PLC – 04 445 0000
3. Banque Misr – 800 26823
4. Bank of Baroda – 04 313 6600
5. HSBC Bank Middle East Limited – 600 554722
6. Arab African International Bank – 04 373 6666
7. Al Khaliji (France) S. A. – 04 416 1100
8. Habib Bank Ltd. – 04 302 9111
9. Habib Bank A.G Zurich – 04 373 5200
10. Standard Chartered Bank – 600 5222 88
11. CitiBank N.A. – 04 311 4000
12. Bank Saderat Iran – 04 311 1187
13. Bank Melli Iran – 04 201 5100
14. United Bank Ltd. Dubai – 600 533335
15. Doha Bank – 04 321 4333
16. Samba Financial Group – 800 20777
17. El Nilein Bank – 02 626 9995
18. Banque Banorient France – 04 228 4655
19. Deutsche Bank – 04 3611 700
20. Industrial and Commercial Bank of China – 02 449 8606
21. National Bank of Kuwait – 04 292 9222
22. Gulf International Bank – 02 631 8080
23. Bank of China – 02 404 1666
24. BOK International – 02 304 1777
25. Barclays Bank – 02 495 8300
26. Al Ahli Bank of Kuwait – 04 607 5555

Salary account – Wage Protection System

In 2016, the Ministry of Human Resources and Emiratisation (MoHRE) issued a decree mandating that employees’ salaries be transferred to their bank accounts through the Wages Protection System (WPS). When you receive a job offer, your company will request your bank account information for this purpose. Any instances of unpaid salaries or delays can be reported directly to MoHRE for resolution.

What documents does one need?

Along with filling in a detailed account opening form, you will need to present:

To open a bank account in the UAE, you will need to provide the following documents:

– Your original passport along with a copy
– A copy of your visa page to confirm your residency in the UAE
– Emirates ID
– Some banks may request a no-objection certificate from your sponsor
– A salary certificate for salary-transfer accounts

If you do not have a salary certificate, you can provide alternative proof of income such as:
– Appointment Letter or Contract Copy
– Pay slip (dated within the last three months)
– Most recent statement of account showing your salary deposits

Ensuring you have all the necessary documentation will help streamline the process of opening a bank account in the UAE.

Please consult your company’s HR department to obtain the necessary documents such as the No Objection Certificate (NOC), salary certificate, pay slip, or appointment letter. If you are being sponsored by your father or husband, a NOC from them will suffice.

If you are in the process of opening a second bank account in the UAE, you can provide bank statements as proof of funds from the bank where you hold your first account. Additionally, many banks now offer the option to access bank statements through online banking for added convenience.

Can one do this process online?

Numerous banks are currently providing customers with the option to upload required documents online. Upon completing the online process, you will receive a reference number and gain access to your account once the application is approved.

How long does it take?

Banks typically take anywhere from a few hours to two working days to process an account opening. Following the successful opening of an account, many banks offer the convenience of delivering your ATM card and checkbook directly to your doorstep through a courier service, although this may come at an additional cost in some cases.

Also Read: Do you need to update your Emirates ID for your bank account? Here’s how you can do it instead of visiting a branch