Foreigners living in the United Arab Emirates (UAE) benefit from a local bank account, making it easier to spend and receive United Arab Emirates Dirham (AED). Opening a bank account in Dubai is easy, but you must meet all the requirements and take some time to apply. This guide explains how foreigners and businesses can open a bank account in Dubai.
How to open a bank account in Dubai in 5 steps
Opening a bank account in Dubai can be done by following these five steps:
- Research and choose a bank: Dubai offers a lot of banking options. Research and select a bank that aligns with your needs.
- Gather necessary documents: Typically, you’ll need your passport, a copy of your UAE visa, proof of address, a salary certificate, and a few passport-sized photographs.
- Visit the bank in person: Most banks in Dubai require you to visit a branch to open an account. There are some banks where you can open a bank account online.
- Complete the application process: Fill out the necessary forms and submit your documents.
- Wait for approval: Once your application is submitted, the bank will review your documents. Once approved, your account will be activated.
Can foreigners open a bank account in Dubai?
Foreigners can open a bank account in Dubai with a valid passport, residence visa, salary certificate, proof of address, and a few passport-sized photographs. Having a bank account in Dubai is ideal for foreigners buying property in Dubai for residence or to generate income through property rentals, such as through Airbnb.
Some banks in Dubai allow foreigners to open a bank account without a residence visa or salary certificate. However, foreigners might have to deliver alternative documents or can only open specific types of bank accounts with limited features compared to those with valid visas and salary certificates.
Opening a bank account in Dubai only takes a few days to a week, depending on the bank. Several banks in Dubai accept foreigners for opening an account, which is further discussed.
Wise
What are the requirements to open a bank account in Dubai?
These are the requirements to open a bank account in Dubai:
- A passport with a valid visa stamp
- Application form
- Initial deposit
- Proof of address (on a utility bill or rental agreement)
- Passport-sized photographs
- UAE residence visa
- Salary certificate or employment contract (for some types of bank accounts)
Ensure you meet all the requirements to open a bank account in Dubai and have the documents prepared before starting the application.
What are the 6 best banks in Dubai?
1. Emirates National Bank of Dubai (Emirates NBD)
Emirates NBD, or Emirates National Bank of Dubai, is one of the largest banking groups in the Middle East in terms of assets. Established in 2007, it offers various financial services, including retail, corporate, and investment banking. Many foreigners choose to open a personal bank account at Emirates NBD, while the bank is also popular among companies.
- Can foreigners open a bank account at Emirates NDB? Yes, if they meet the requirements.
- Minimum balance: AED 3,000 ($810)
- Requirements: Passport, salary certificate, UAE resident visa, proof of address, and a salary certificate or employment contract (if you open a payroll or salary transfer account)
- Currencies: AED, USD, GBP, SAR, CAD and SGD
- SWIFT/BIC code: EBILAEAD
2. First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank (FAB) resulted from a merger between the National Bank of Abu Dhabi (NBAD) and First Gulf Bank in 2017. It’s now recognized as the UAE’s largest bank and one of the world’s largest financial institutions. FAB offers an extensive range of bank accounts to foreign individuals and businesses, allowing them to open a bank account online in Dubai.
- Can foreigners open a bank account at FAB? Yes, if they meet the requirements.
- Minimum balance: AED 3,000 ($810)
- Requirements: Application form, passport, and proof of income.
- Currencies: AED and 23 other currencies
- SWIFT/BIC code: NBADAEAA
3. Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank (ADCB) was founded in 1985 and is a full-service commercial bank offering a wide range of products and services to retail and corporate clients. Foreigners can open several bank accounts at Abu Dhabi Commercial Bank, from a personal current and savings account to a business account.
- Can foreigners open a bank account at ADCB? Yes, if they meet the requirements.
- Minimum balance: AED 5,000 ($1,350)
- Requirements: UAE residence visa, passport, and salary certificate.
- Currencies: AED and 30 other currencies
- SWIFT/BIC code: ADCBAEAA
4. Dubai Islamic Bank (DIB)
Dubai Islamic Bank (DIB) was established in 1975 and is the world’s first full-service Islamic bank. It has been pivotal in developing and promoting Islamic banking products and services in the UAE and beyond. DIB is known for blending traditional Shariah values with modern banking practices and has attracted many foreigners over the last few years.
- Can foreigners open a bank account at Dubai Islamic Bank? Yes, if they meet the requirements.
- Minimum balance: AED 3,000 ($810)
- Requirements: Application form, passport, and proof of income.
- Currencies: AED
- SWIFT/BIC code: DUIBAEAD
5. Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank (ADIB) was founded in 1997 to provide Islamic financial solutions. It’s one of the leading banks in the UAE, offering a broad spectrum of retail, corporate, and investment banking services. ADIB is renowned for its commitment to customer excellence and its adherence to Islamic banking principles.
- Can foreigners open a bank account at ADIB? Yes, if they meet the requirements.
- Minimum balance: AED 3,000 ($810)
- Requirements: Valid passport, salary certificate, three-month bank statement, and property ownership documents.
- Currencies: AED
- SWIFT/BIC code: ABDIAEAD
6. Wise
Wise, previously known as TransferWise, was founded in 2011 and offers international money transfers and multi-currency accounts with actual exchange rates. Wise has become a popular choice for foreigners and international businesses. You can hold more than 40 different currencies in your Wise bank account. This makes it possible to easily spend, receive, send, save, and withdraw United Arab Emirates Dirham.
- Can foreigners open a bank account at Wise? Yes, foreigners can open a bank account at Wise.
- Minimum balance: None
- Requirements: Passport or identity card and proof of address.
- Currencies: AED and 40 other currencies
- SWIFT/BIC code: TRWIGB2L
Wise also supports business accounts. Individuals and companies can create an account at Wise in ten minutes and directly start using their account. You can obtain a Wise debit card that can be used at any ATM in Dubai without paying extra fees or exchange rates.
Wise
Banking fees and costs in Dubai
Banking fees in Dubai vary depending on the bank and the type of account, although most banks in Dubai don’t charge any fee or cost. Instead, most banks in the United Arab Emirates handle a minimum balance to hold an account. Before opening a bank account in Dubai, it’s essential to be aware of the possible monthly maintenance fees, transaction fees, ATM fees, and other potential charges.
How to open a business bank account in Dubai?
Good news for those wondering how to open a company bank account in Dubai, as opening a company bank account is similar to opening a personal account. However, several additional business documents are the most important requirements to open a business bank account in Dubai. What you need to open a business bank account in Dubai depends on the bank but generally includes:
- Trade license
- Share certificates
- Passport of the shareholders
- Company memorandum
Besides the different requirements, business accounts might have other fee structures and benefits than personal accounts. Do you want to open a company bank account in Dubai? Wise offers bank accounts to businesses. Click here to open a bank account at Wise.
Frequently Asked Questions (FAQs)
What is the minimum salary to open a bank account in Dubai?
The minimum salary requirement to open a bank account in Dubai varies by bank, but many banks typically require a salary of AED 3,000 ($810) to AED 5,000 ($1,350).
Is it possible to open a bank account online in Dubai?
Yes, several banks in Dubai made it possible to open a bank account online. As they offer online account opening services, they allow both residents and non-residents to start the account opening process online. Wise also enables you to open a bank account online.
How to open a bank account in Dubai for non-residents?
Non-residents can open specific types of accounts in Dubai by providing their passport, proof of address from their home country, and sometimes a reference from their home bank. Non-residents can also open a bank account at Wise.
What do I need to open a bank account in Dubai?
To open a bank account in Dubai, you typically need a valid passport, residence visa, salary certificate, proof of address, and a few passport-sized photographs.
How long does it take to open a bank account in Dubai?
The time to open a bank account in Dubai can vary, but once all required documents are submitted, it usually takes a few days to a week for the account to be activated.
Can a tourist open a bank account in Dubai?
Tourists cannot open a standard bank account in Dubai. However, some banks offer specific accounts for non-residents or savings accounts that might be accessible to tourists. Wise offers multi-currency accounts which are ideal for tourists in Dubai.
How to open a bank account in Dubai without a salary certificate?
While a salary certificate is commonly required to open a bank account in Dubai, some banks might allow account opening with alternative documents or offer specific account types that don’t necessitate a salary certificate.
Can I open a bank account in Dubai without a residence visa?
Yes, some banks in Dubai offer accounts for those without a residence visa, but the types of accounts and features may be limited compared to those available to residents with a valid visa.
2 Responses
Can somebody open a bank account here in Dubai without their physical presence , but as a proof of income can they show an investment ?
And will they have to pay tax in their home country UK if they open a bank account here?
Hi Urmi,
Unfortunately, it’s impossible to open a bank account in Dubai without physical presence. If someone has to pay tax in the UK depends on where their tax residency is located. Don’t forget to take a look at the tax treaty between the UK and the United Arab Emirates.
^ Matt