UAE non-resident bank account

What is a non-resident bank account in the UAE?

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 secure savings and deposits, with interest (if offered) depending on the bank, currency, and account package. However, to enjoy all the benefits of UAE banking—such as access to credit facilities, full current-account functionality, and more streamlined account opening processes —it’s advisable to obtain a residence visa.https://emirabiz.com/getting-uae-residency/

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 still commonly used for rent in many UAE rental arrangements (while many utilities can be paid digitally). This makes securing a residence visa not just a legal formality but a gateway to maximizing the benefits of banking in the UAE. 

How to open a non-resident bank account in Dubai successfully 

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.

Benefits of a non-resident bank account in the UAE

No personal income taxes

The UAE has no personal income tax, meaning there are no taxes on salaries, investment income (including rental income and dividends), inheritance, or gifts.

However, opening a bank account in the UAE does not change your tax residency. If you spend most of the year in another country, you remain a tax resident there. This means that income received in your UAE bank account may still be subject to taxation in your home country, and you may be required to report your foreign accounts to your local tax authorities.

No reporting requirements

Non-resident account holders in the UAE are not required to report incoming funds.

Multi-currency account

A non-resident savings account can be opened in UAE dirhams (AED) or US dollars (USD), and in some cases, euros (EUR) or British pounds (GBP).

Unlimited international transfers

The UAE does not impose currency controls. Non-residents can transfer funds internationally without restrictions, including to personal accounts abroad. Full capital repatriation is allowed. They can also receive funds from other countries, except those under UAE sanctions.

Banks may conduct checks on specific transactions if they appear suspicious. To avoid delays or inquiries, it is advisable to inform the bank in advance about expected incoming and outgoing transactions.

Free debit card

A debit card is issued with a non-resident savings account. It can be used worldwide for purchases and cash withdrawals, though daily withdrawal limits apply—typically around 15,000 AED.

Account management is done via online banking, which is provided free of charge.

In the UAE, all debit cards are issued in dirhams (AED), as foreign currency bank cards do not exist. To deposit cash into your account without losses, it must be in dirhams. Banks charge a 1% fee for withdrawing or depositing any foreign currency.

Cost of opening a UAE bank account for non residents and account maintenance

Prices are for reference only and do not constitute an official offer. Agency fees are not included.

Limitations of a non-resident bank account

• Longer account opening process. The bank may require additional documents to learn about the person’s background, which can take some time.
• Limited financial services – loans, checkbooks, and overdrafts are not available.
• Limited bank options – not all banks are ready to open non-resident accounts on favorable conditions.
• 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

A credit card can be issued against a fixed deposit covering the amount of the credit limit of the card.

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.

How to reliably open a bank account in the UAE as a non-resident

One of the key factors in opening a bank account as a foreigner in the UAE is the support of a local business expert. A specialist analyzes your situation and selects the best solution based on your financial capabilities, goals, and in-depth knowledge of the UAE banking system and regulations.

During a free consultation, you will learn:

• Whether you can open a personal bank account in Dubai
• If opening an international bank account online is possible
• How to obtain a bank card in Dubai as a non-resident

Additionally, a specialist can assist with submitting documents for the bank’s initial approval.