Dubai Bank Services
If you are doing business in the United Arab Emirates or have registered an offshore company in the UAE free zone, then it goes without saying that you will want to open a current bank account in one of the local financial institutions. But more and more often, customers of Dubai banks are those who have neither business interests nor real estate in the region.
This is not something outlandish, since the banking system of the United Arab Emirates is recognized by experts as one of the most reliable and immaculate in the world. Opening a savings bank account in Dubai means saving your money from inflation, government bribes, political instability and economic crises.
Why do so many people want to open an account in Dubai?
The United Arab Emirates is a country that is attractive not only for business or tourism, but also for the preservation of your treasures. Opening a bank account in Dubai is a reasonable step for many reasons:
Only the best financial institutions with an impeccable reputation can obtain a license from the Central Bank of the UAE to conduct business in the territory of the state.
The level of service of financial institutions in the United Arab Emirates is the envy of the oldest banks in Europe and the USA.
Open a bank account in Dubai can both people with a view to stay and those who do not own it. If you crossed the borders of the state legally and this is confirmed by a stamp in your passport, you can become a client of a vending bank by collecting the required documents in advance.
UAE banks are worried about the comfort of their depositors, therefore, have created the most convenient for use and protected from online scam banking, allowing you to manage your account from a distance.
Both for residents and non-residents, both local banks and foreign representative offices of European, American and Asian financial institutions are available.
If you want to become a client of the Dubai Financial Institute, whose work is based on Sharia law (that is, without a clear fixed rate on loans and deposits), you do not need to practice Islam.
All major banks in Dubai survived the crisis of 2008–2010 and again became profitable organizations. Despite the fact that for several years almost all financial institutions in the UAE worked at a loss, none of the clients remained without their deposits.
The Central Bank of the United Arab Emirates makes excessive demands on the liquidity of funds, therefore, the vaults are never empty, which means that the client can receive the full amount at any time.
All financial institutions in Dubai care about the safety of their customers, so do not worry that the tax department of your country will impose a paw on your account or at least – information about its condition.
Despite the fact that the establishment of a bank account in the UAE has many advantages, the financial system of this state has several disadvantages:
Documents that need to be collected for the bank will have to go through the legalization procedure, which is not done for nothing.
Banks retain the right to reject you in opening an account without any explanation of reasons; non-residents are especially affected by this rule.
On Friday, you should not plan any financial transactions or consultations with bank employees, since this day in the UAE is a holiday.
To open an account you will have to come here in person.
Most of the employees of Dubai banks are from India and other exotic countries, so there may be misunderstandings between you.
Bank account in Dubai for individuals
It should be remembered that an adult in the United Arab Emirates is considered a person who has reached 21 years old, and not 18, as is customary in our country. Therefore, it is necessary to wait for the entry into this age, before thinking about opening a personal bank account in Dubai.
Those who do not own a resident visa will be able to rely only on a savings or expense account. The only card you will be given is a debit card, checkbook and credit card will not be available. Non-residents should be prepared for the fact that they may have problems with opening a bank account. First, you will have to worry about getting at least a tourist visa to visit the UAE. Secondly, if you incorrectly execute documents or any of the provided papers will seem to be a suspicious bank clerk, they will deny you an invoice. Therefore, if you are not familiar with the legislation of this state and have never encountered the procedure for opening an account in the UAE, it is better to trust the professionals.
Dubai bank residents are much more willing to open accounts. A visa that allows you to live and work in the UAE for 3 years means that a person has a business in the UAE, works as an employee in some company (that is, has someone to vouch for) or owns expensive real estate. This indicates that a person is familiar with the laws and traditions of the United Arab Emirates, which means that he will be able to collect relevant documents and get advice from the manager of a financial institution on his own. Residents can, if desired, get a checkbook and credit card.