All you need to know about non-resident bank account openings in the UAE
Non-resident Bank Account Openings in the UAE
The UAE’s growing economy, favourable tax environment, and modern financial system have made it a preferred destination for investors and businesses worldwide. Individuals who want to invest or do business in the UAE must first create a non-resident bank account.
Non-residents of the UAE can now choose to open a bank account in the UAE for a variety of reasons. People who spend a considerable amount of time in the UAE, get paid in dirhams on a regular basis or use dirhams as part of their savings plan can opt for non-resident bank account openings in the UAE.
People wanting to open a non-resident bank account in the UAE have two options: local UAE banks or international banks in the UAE.
Let’s talk about the benefits of having a non-resident account in the UAE.
There are numerous challenges to consider when thinking of relocating to a new country, keeping logistical obstacles in mind. Here are some reasons to have a bank account in the UAE even without a visa:
- Ease of transactions: Non-residents of the UAE can open a local bank account to simplify financial transactions by handling day-to-day costs such as collecting income, paying bills, and managing household necessities seamlessly.
- Multi-Currency Account: Opening a bank account in Dubai allows you to handle transactions in the local currency, avoiding possible exchange rate fluctuations, and also in other currencies like USD, GBP, EURO, etc.
- Mobile banking facilities: Most of the UAE banks have complete online banking interfaces, allowing you to manage your money from anywhere at any time.
- Attractive interest rates: UAE banks provide excellent interest rates on savings and deposit accounts, which may be a profitable way to build your funds.
- Debit Card and Cheque Book Facility: Banks in the UAE offer their clients a debit card and cheque book facility.
Bank account in Dubai without a residence visa?
Non-residents or visitors can only open savings accounts at most banks in Dubai. That is, the limits established suggest that only residents can open current accounts or use other banking services.
While non-residents can now obtain a chequebook, depending on the bank’s minimum balance criteria, non-resident accounts can receive debit cards that can be used to withdraw or deposit funds at ATMs.
Most of the banks have facilitated non-resident account holders to pick the currency for the money in their account, whether it be dirhams (AED) or another major currency. This alternative may be appealing to people who do not wish to swap dirhams for GBP, USD, or another currency.
Requirements for Opening a Bank Account in UAE as a Non-Resident
What can you anticipate if you wish to open a bank account with non-resident status for yourself or your company? Here’s what you should be aware of:
To open a personal bank account in the UAE as a non-resident, the following documents are mandatory:
- Copy of your passport with the UAE entry page
- 6-month bank statement for proof of funds (from your home country, it can be a statement where you receive a dividend or salary).
- An updated curriculum vitae (CV)
- Utility bill of your home country (translated into English)
The minimum time limit for opening such accounts varies by bank and document. However, in most circumstances, it might take 7 to 10 working days after the bank application and paperwork are completed to get the account opened and activated for financial transactions.
Choosing Flyingcolour business setup consultants in Dubai, will assist you in carefully selecting a bank, adhering to eligibility rules, submitting necessary papers, and completing the application process. By following the processes indicated above, you will be able to take advantage of the UAE’s sophisticated banking infrastructure and build a financial presence customized to your specific requirements.
