Bank account in Dubai

Individuals who are owners or partners in UAE entities can apply for corporate and personal bank accounts. The facilities the banks offer depend on the type of company an individual has (for example UAE Offshore or UAE Onshore) and the type of visa an individual maintains (UAE resident or non-UAE resident).

Most of the UAE banks do not accept bank account applications for non-UAE companies unless these type of companies meet certain requirements. In this case, the process is longer, additional requirements apply and additional costs apply.

Dubai is considered to be home to a variety of local and foreign banks that offer numerous services, starting from basic banking services to more specific and advanced services.

How to Open a Dubai Bank Account

The most important requirement is that the presence of the client is mandatory in the UAE during the bank account process as all bank account forms must be signed in the banker’s presence.

For private banking, where the minimum required balance is over 1 million EUR/USD/GBP, there are sometimes exceptions to the above rule. An exception is made when the banker is willing to travel to the client’s country and proof is provided to the compliance department here in Dubai.

Dubai Bank Account Cheque Regulations

UAE banks offer cheque books to UAE Onshore entities or UAE Residents. Cheques are mainly needed in the UAE when renting an office/house/apartments as most rents are done on a yearly basis and cheques must be provided in advance with future dates.

It is very important to be aware that a bounced cheque is considered a criminal offense in this country and for this reason cheques should not be provided if for any reason the relevant bank account will not have sufficient funds to cover the written cheque.

Dubai Bank Account Credit Card Regulations

Credit cards are used often in Dubai. Banks however have restrictions when issuing credit cards especially for clients who do not maintain a relationship with the bank for over six months. For security reasons, the bank account holder is required to make a security deposit prior to applying for a credit card. The security deposit is regarded as a guarantee that the credit card holder is able to cover the credit card expenses. The amount of the security deposit is set according to the type of credit card and monthly limit the individual is applying for.

Dubai Bank Account Debit Card Regulations

UAE residents and UAE Onshore entities are granted bank accounts with debit cards, linked to their UAE currency accounts, that allows them to make any purchases or withdrawals from ATM machines within the UAE and/or abroad. For security reasons, the users can set their own daily limits for withdrawals and purchases. Usually UAE banks do not offer debit cards to non UAE residents or UAE offshore entities but certain smaller local banks started offering this service.

Dubai Bank Account Internet Banking Regulations

All banks in the UAE provide offer internet banking services to their clients regardless of their status i.e. non UAE residents, UAE residents, Offshore entities and/or Onshore entities. Internet banking access allows all its users to view their balances and process transfers/payments online through secure online systems. UAE residents usually receive additional features such as paying their bills online i.e. electricity bills, telephone bills, home internet bills, etc.