As an expatriate working in Dubai, you need a bank account to receive your salary.
To do so, you must have the proper documents and meet certain conditions.
Discover the functioning of banks in Dubai and the list of the most famous establishments.
Banks in Dubai to Open an Account
There are many financial institutions in Dubai where you can open your bank account.
However, note that if you work in Dubai, opening your account in the same bank as your employer is preferable. This way, your salary transfer will be more accessible, and you will receive your pay more quickly.
Banks in Dubai
Here are the main banks in Dubai that you can contact to open your account:
- Emirates NBD, also known as Dubai National Bank. It is one of the largest banking groups in the Middle East
- First Abu Dhabi Bank, which was founded in 2017, is a well-known bank in the United Arab Emirates
- Dubai Islamic Bank, the second largest Islamic bank in the world established in 1975
- Abu Dhabi Commercial Bank, a state-owned bank founded in 1985
- Mashreq Bank, an independent bank founded in 1967
Cautions When Choosing a Bank in Dubai
Before choosing one bank or another, consider particular factors such as:
- The minimum balance required to hold an account in the brands of your choice
- The bank fees that apply
- The conditions for local and international transfers
- The number of branches and ATMs available near your home.
Once you have reviewed these points, you can choose the most suitable bank for your situation.
Banks in Dubai: Three Steps to Open an Account
Once you receive your resident visa and work permit, you can open a bank account in Dubai. Here’s how to do it.
1. Choose a Bank in Dubai and Make an Appointment With an Advisor
The first thing to do before opening your account is to choose a bank in Dubai. To do this, don’t hesitate to compare offers and ask about the customer service offered.
Once you have selected, contact the bank to make an appointment with an advisor to open your account. In most cases, you will need to be physically present to sign the contracts.
However, in some structures, it is possible to proceed remotely through a dedicated application. This is the case with Mashreq Bank or Emirates NBD, for example.
2. Prepare the Mandatory Documents
To open a bank account in Dubai, you must have all the required documentation. In this case, you will need:
- Your visa, justifying that you are legally present in the country
- Your work permit
- Your passport with the UAE entry stamp
- ID photos.
The documents required often vary from one institution to another. For example, you may be asked to provide a letter of recommendation from your previous bank. You may also need a letter of no objection from your employer.
3. Opening a Bank Account in Dubai
To open a bank account takes only a few days. However, it may take longer if you do not bring the proper documents to your appointment.
Likewise, procedures and requirements may vary depending on each institution’s policy. Therefore, take all the necessary information to ensure that the selected bank will suit you.
Also, ask your contact person about the documents required to open a bank account with them.
Is Living in Dubai and Keeping your American Bank a Good Idea?
You can live in Dubai while keeping your American bank. This way, you will have your means of payment at your disposal while indicating to your bank that you have changed your address.
On the other hand, you will not be able to live in Dubai only with your American bank account. If you work in Dubai, your employer will require you to provide a bank statement from an account opened in Dubai. Most local companies do not make salary transfers to foreign accounts.
Living in Dubai, having a dedicated advisor will make your daily life easier. You can ask your questions and go to your bank if you have any problems.
Similarly, if you plan to apply for a loan, you will find completing all the procedures in your adopted city easier.
Also, most American banks charge substantial fees for withdrawals or payments abroad.
Now you know how to open a personal bank account in Dubai. However, if you plan to start a business in Dubai, you must have a business account.
Remember to find out in advance how to open such an account, which may differ from the explanations provided in this article.