UAE non resident bank account

If you want to open a bank account in Dubai or another emirate but aren't a UAE resident, it's possible, though there are certain restrictions for non-resident accounts. While non-resident accounts offer fewer privileges compared to those for UAE residents, they still provide access to essential financial services. These include quick international money transfers, foreign currency transactions, and the security of operating within the reliable UAE banking system.

Moreover, non-resident accounts can serve as an excellent tool for income generation and long-term deposits, thanks to the stability of the UAE dirham and the robust banking environment. However, to enjoy all the benefits of UAE banking — such as access to credit facilities, unlimited financial services, and more streamlined account opening processes — it’s advisable to obtain a residence visa.

By transitioning to residency, you gain access to a broader range of services, including current accounts, credit cards, and the ability to write checks, which are essential for everyday transactions like paying for rented accommodations or utilities. This makes securing a residence visa not just a legal formality but a gateway to maximizing the benefits of banking in the UAE.

Key aspects for successfully opening a non-resident bank account

1. Consult with a business advisor who would check with various banks and ascertain which of the banks will be able to take on your account. 
2. Prepare required documentation for an initial check and pre-approval.
3. Double-check the papers carefully to present yourself as a reliable and trustworthy client.
4. Make the right choice of the bank that best suits your needs and profile.
5. Adhere to all banking and governmental regulations.
6. Be prepared to keep a minimum balance or deposit in the amount if required by the bank.

How to ensure a smooth account opening

With thorough preparation — when all documents are correctly gathered, every detail is considered, and the right bank is determined to accommodate your business needs — the account opening process will proceed smoothly and efficiently.

Essential documents

1. Passport.
2. Proof of address (utility bill).
3. Personal bank statements for the last 6 months as proof of funds.
4. Documents confirming sources of income.
5. CV with personal information and work experience.

Steps to open your non-resident account

Note: You must physically visit the bank. Unlike account opening for UAE residents, a non-resident account cannot be established remotely. You will need to travel to the UAE and visit the bank’s office in person.

1. Consult a business advisor to review your case and shortlist banks suitable for your non-resident account.
2. Gather the necessary documents and present them for an initial approval.
3. Once you’ve got initial approval, prepare to visit the UAE. Account opening typically takes 1 day, however, to get your bank card, you can plan to stay for a week.
4. Travel to the UAE and get your entry permit. 
5. Visit the bank office with all necessary documentation.
6. The bank will take copies of these documents along with signed application forms. 
7. After approval, the bank sends an official email with the bank account number and online banking instructions.
8. A debit card is delivered to the client within 2-5 days.

The key point in this process is successfully passing the bank's compliance check.

To ensure the UAE bank opens your account without any issues or delays, here are some important factors to consider:

• Provide a detailed description of your business — both the one you ran in your home country and the one you plan to operate in the UAE.
• Consult your advisor for guidance on the required minimum deposit for your bank account.
• Submit bank statements that demonstrate your cash flow.
• Provide contracts with clients you plan to transact with, invoices, and any other documentation that proves the existence of your business.
• Inform the bank about the expected volume and frequency of incoming funds to your non-resident account.

Timeline

Typically a non-resident account is opened within 1 day. However, depending on the client’s profile and the bank’s procedures, the compliance process may take longer than 3-4 weeks depending on the bank. Therefore, it is essential for the applicant to have a solid and persuasive history.

Types of accounts for non-residents

In the UAE, non-residents are only eligible for savings accounts. To open a current account, you must obtain UAE residency. This can be achieved through various means, such as registering your own company, investing in a business or real estate, or through special achievements in fields like education, science, or sports.

Account maintenance

There are no fees for maintaining a savings account, but some banks may require a minimum balance or deposit, and there are restrictions on cash withdrawals. A non-resident may be required to maintain a minimum balance of AED 30,000.

Benefits of non-resident bank accounts in the UAE

1. Quick international transfers. You can make both domestic and international transactions. Non-residents can transfer funds internationally from their accounts to any country, except those subject to UAE sanctions, within the transaction limits set by the client in accordance with compliance regulations.
2. Foreign currency transactions. You can hold and convert funds in your account in multiple currencies such as USD, EUR, GBP, etc. However, withdrawals from ATMs and deposits into the account can only be made in dirhams or you have to pay commissions if done in foreign currency.
3. Stability of the UAE dirham. Pegged to the US dollar, UAE dirham ensures protection from currency fluctuations, making it ideal for secure savings and international transactions. It is one of the biggest motivating factors for choosing to open a non-resident bank account in the UAE.
4. Debit cards. You will receive a debit card that can be used for online and in-store purchases, cash withdrawals, and transfers.
5. Reliable UAE banking system. It is well-regulated, ensuring transparency and reliability in all transactions, which gives both residents and non-residents confidence when managing their finances.
6. Income generation and long-term deposits. Non-resident accounts in the UAE allow for income generation through interest-bearing savings options and long-term deposits. These accounts offer competitive interest rates, making them an attractive choice for those looking to grow their savings over time. Additionally, the stability of the UAE dirham provides a reliable foundation for long-term financial planning.

Limitations of a non-resident bank account

Navigating the challenges of banking in UAE for non-residents can be quite complex due to stringent regulatory requirements and extensive documentation. Non-residents often face difficulties in opening a bank account, as well as higher minimum balance requirements. These difficulties include:

• Longer opening process.
• Limited financial services.
• Limited choice of banks willing to open a bank account in UAE for non-residents.
• No credit cards.
• Non-residents cannot open UAE bank account online.

Citizens of all countries are eligible to apply for a bank account, except for certain states banned or sanctioned by the UAE, such as:

• Iran
• Israel
• North Korea

Banking services available to non-residents

Savings account

Natural persons can open current and savings accounts in the UAE bank. Non-resident is eligible only for savings accounts, while current accounts require residence visas. Opening a non-resident account can be challenging without a UAE residence visa and Emirates ID, as it involves:

• a more profound compliance procedure — the bank is to request a larger package of supporting documents;
• potentially higher deposit or balance requirements may apply, as well as the purchase of bank products subject to conditions based on the specific bank, the client's nationality, and their profile; 
• limitations on available UAE banking services like credit cards.

Also, non-residents can expect less amount of UAE banking services for foreigners than residents.

Debit cards

A debit card is issued for the savings account, usable worldwide with a daily withdrawal limit typically around 15,000 dirhams. Account management is done through online banking, provided for free.

In the Emirates, cards are always issued in dirhams. There are no foreign currency bank cards. It is possible to deposit cash to an account or card without losses only in dirhams. For withdrawing or depositing any foreign currency, all banks charge a fee of 1% of the amount.

Checkbook

A savings account does not provide for a checkbook. Note that the checkbook is required to pay for rented accommodation and utilities in the UAE. It is issued when the account is opened for a UAE resident.

Credit cards

Also, a savings account does not provide for credit cards. Only UAE residents can apply for loans from Emirates banks.

Thus, Dubai bank account for non-residents offers fewer benefits than a resident bank account, so it is better to get a UAE resident visa first.

Choosing the bank for a non-resident account

When opening a non-resident account, you can choose between local and international banks in Dubai. Local banks often provide a more tailored experience for account holders with business interests in the UAE, offering a range of services suited to the local market.

On the other hand, international banks may offer a broader range of global banking services and have branches in multiple countries, allowing you to start the opening process from abroad. Carefully consider your specific needs and preferences when selecting the bank that best fits your financial goals.

Local Banks:

• Emirates NBD – One of the largest banks in the UAE, offering non-resident accounts with various services and benefits.
• Abu Dhabi Commercial Bank (ADCB) – Known for its range of banking services for both residents and non-residents.
• Dubai Islamic Bank – Offers Sharia-compliant banking services, including accounts for non-residents.
• Mashreq Bank – Provides a range of services for non-residents, with flexible banking solutions.

International Banks:

• HSBC – A global bank that offers non-resident accounts with international banking features and wide accessibility.
• Standard Chartered – Provides a variety of services for non-residents, with a focus on global transfers and online banking.
• Citi Bank – Offers non-resident accounts with access to global banking and investment opportunities.
• Barclays – Provides a range of banking solutions for non-residents, with international account management options.

Why choose Emirabiz for your non-resident bank account

Opening a non-resident bank account in the UAE can be a straightforward and seamless process when you partner with Emirabiz. We approach each case individually, ensuring that your unique needs are met with precision. Our profound knowledge of UAE banks, combined with trusted relationships with bankers, allows us to navigate the process smoothly and efficiently. With Emirabiz, you can rest assured that every detail, from document preparation to compliance procedures, will be handled expertly, making your account opening experience hassle-free and tailored to your specific requirements.