FORMALITIES TO OPEN A BANK ACCOUNT IN DUBAI

FORMALITIES TO OPEN A BANK ACCOUNT IN DUBAI

The formalities involved in opening a bank account in Dubai are quite stringent and involve a considerable amount of paperwork.

Bank Accounts for Resident visa holders (employees) of Dubai

A worker's dependants (e.g. wife and family) can open an account with his permission, as he's in effect their sponsor

Documents Required

• Passport with residency ( Original and Copy)
• Emirates ID
• Signed applicaiton forms

Bank Accounts for Non Residents of Dubai

Most banks in the UAE allow non-residents to open only a Savings Account and not a Current Account. So you won’t be able to ask for a Cheque Book however, you will be given a debit card to withdraw money. As a non-resident, you will be subject to a minimum and/or maximum balance. It is possible that a bank will decide to run background checks before allowing you to open a bank account.

Documents Required

• Original passport for verification
• 6 month bank statements of the existing bank account

Features of Bank account

• Free International ATM/Debit Card
• 24-hour ATM Access to your account over the phone and online
• Access to branch ATM networks and bill payment facilities.

Who Can Get a Credit Card

To get a credit card, you must have a monthly salary of at least Dh5000 (annual salary of Dh 60,000). If you don’t meet this requirement then you can put down a Dh 60,000 deposit. However the criterias are varied from bank to bank

Car Loans

You can only apply for a car loan to cover 80 per cent of the cost of your car. The final 20 per cent has to be covered by your deposit. The maximum repayment period is 60 months, or five years. But for a second-hand car, Three years is the maximum repayment period.

Personal Loans

If you want to apply for a personal loan from a bank, the maximum amount you are allowed is 20 times your monthly salary. The maximum repayment period is 48 months, or four years.