Bank account for UAE residents

Residents are eligible to open accounts in UAE banks. There are different types of bank accounts, each for specific purposes. The most common ones are personal and corporate accounts.

To open a personal account, the following documents are required:

• passport and its copy;
• visa;
• Emirates ID;
• salary certificate or other documents confirming sources of income.

Account opening takes 1-3 days.

How to open a resident bank account?

UAE residents can open current and savings accounts. They can be nominated in dirhams, US dollars, euros, and British pounds.

Current account

Best suited for daily transactions and money transfers.

Unlike savings accounts, current accounts come with a checkbook, which is the main instrument of payment in the UAE. You will need a checkbook to pay for rent and utilities.

Salary can be deposited into the current account if you are employed in the United Arab Emirates.

Savings account

In this case, interest may be accrued on the balance, but this option depends on the bank. Checkbook is not provided with the savings account, so you cannot pay rent from such an account. In addition, there are restrictions on transactions and their amount. A savings account is the only type of bank account available to non-residents of the UAE. For more information on non-resident accounts, read the article "Non-resident bank account in the UAE".

Account maintenance 

There is no opening fee. Service is free if the minimum average monthly balance is maintained within 3000-5000 dirhams (the required amount depends on the bank). Otherwise, the bank charges about 25 dirhams per month. There are also accounts without a minimum balance.

Closing the account will cost you 100 dirhams.

Cards and loans

Сredit and debit cards are issued for the current account. Only debit cards are issued for savings accounts.

If the account is a salary one, a credit card is often issued to the client simultaneously with the salary card for an amount equal to the monthly remuneration.

A client can also independently apply for a credit card after working in a company for 3 months.

In the Emirates, cards are always issued in dirhams. There are no currency bank cards. Cash can only be deposited into an account or card in dirhams without losses. All banks charge a commission of 1% of the amount for withdrawing or depositing any foreign currency.

A resident can apply to a UAE bank for a loan. To do this, you need to confirm your income and provide bank statements for 3-6 months depending on the bank. The monthly payment should not exceed 20% of the income. It is easier to get a loan approval from the bank where the client is already serviced.

International transactions

Residents can make money transfers from personal accounts to other countries and receive money on their account from other countries, except those under sanctions in the UAE. There are no restrictions on amounts. However, they should not exceed the parameters of transactions specified by the client within the compliance procedure.

How to get a residence visa to open an account?

• You can buy property worth at least 750,000 AED. In this case, you are eligible for a visa for a period of 2 to 10 years.
• Another option is to open a company in the UAE. The visa will be valid for 2 years. Minimum expenses - 18,000 AED.
• You can register as a freelancer and obtain a license. The visa is issued for 2 years. Minimum expenses - 15,000 AED.
• Residency can also be claimed by: investors, retirees, family members, "digital nomads", university students, individuals officially employed in the UAE.
• A golden visa is issued to investors, entrepreneurs, company executives, scientists, outstanding students, and artists. The total investment amount must be at least 2,000,000 AED. The visa validity period is 10 years.

Benefits of a resident bank account

- Confidentiality

- All types of financial services

- Checkbook

- Credit and debit cards

- Online banking

- International transactions

Compliance procedure

All residents, when opening an account in a UAE bank, are required to undergo a compliance procedure. The bank will request statements from the client's accounts in other countries to form an idea of the expected fund movements in the resident's account. Thus, the bank creates a profile of the client, parameters of which should not be violated. If the amount of a money transfer or receipt significantly exceeds the established limits, the bank may stop transactions on your account and will definitely request supporting documents. Note that in the Emirates, business transactions are prohibited on personal accounts, both for residents and non-residents.