If you are planning to move to UAE or preparing to start a business or make an investment, a bank account is a crucial part if you are planning to relocate. There are so many factors that you must keep in consideration when opening a bank account. Now let us discuss the factors that you have to keep in concern. The number of branches, the benefits you get from savings, required income, and other common criteria. Here are the things you need to know for opening a UAE Bank Account for Non Residents. Know more about Bank Account Opening Assistance in Dubai from Right Way Accounting & Bookkeeping.
Are Foreigners Allowed To Open Bank Accounts In The UAE?
The majority of the Emirati population are expatriates, so foreigners have access to bank accounts. So, the answer to the question is ‘yes’, but there are certain conditions that determine what type of bank account and where you can start the account. That is your residency status in UAE. The question of residency apply to this because most of the UAE Bank Accounts for Non Residents will ask you to submit your passport and a no-objection letter from your employer or the visa sponsor. Second, you must be a UAE resident in order to open an international or offshore bank account. Even so, some financial products are restricted to residents.
Opening Bank Accounts Without Residence Visa:
If you are not planning to move to UAE, then there are other options from which you can choose. Some banks in UAE only allow non-residents or tourists to open savings accounts. The non-resident account holders will not receive a cheque book, they will receive only a debit card to withdraw or deposit funds at ATM. In some banks, non-residents can choose the currency for their money in their accounts, either dirham (AED) or another major currency.
Requirements For Opening a UAE Bank Account for Non Residents:
If you want to open a personal bank account in UAE, the following documents are mandatory,
- Your passport copy with the UAE entry page.
- A copy of the reference letter from your bank where you have a personal/corporate account in your country of origin or anywhere else in the world.
- Updated Curriculum Vitae
- Personal bank statements from anywhere in the world or from your country of residence, dated within the last six months.
The applicant, whether an expatriate or visitor, must be physically present in order to open an account. The bank officer must witness your signing of the application and supporting documents. Contact Right Way, Accounting Services in Dubai if you want to know more about opening UAE Bank Account for Non Residents. Don’t hesitate to contact us, if you have any queries regarding opening a bank account.