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. To enjoy all the benefits, you'll need to go through the process of getting a residence visa.

Requirements for opening a non-resident bank account in UAE

Essential documents for account opening

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

1. A non-resident must personally visit the bank to apply for opening an account.
2. The bank will take copies of these documents along with signed application forms. 
3. After approval, the bank sends an official email with the bank account number and online banking instructions.
4. A debit card is delivered to the client within 2-5 days.  

Timeline for opening a non-resident bank account

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. Therefore, it is essential for the applicant to have a solid and persuasive history.

Contact our consultants to know how to ensure the opening of a non-resident bank account! 

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 100,000.

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.

Advantages of non-resident bank accounts in the UAE

1. Quick international transfers.
2. Foreign currency transactions. 
3. Reliable UAE banking system.
4. Income generation and long-term deposits.

Non-residents can make international money transfers from their personal accounts to any country except those under UAE sanctions, with amounts within compliance transaction parameters set by the client.

But don't forget that while opening a non-resident account in the UAE, you remain a tax resident of the country in which you spend most of the year. This indicates that receiving income into your UAE bank account might subject you to tax liability on that income.

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 accounts, as well as higher minimum balance requirements. These difficulties include:

• Longer opening process.
• Limited financial services.
• Limited choice of banks willing to open 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

There are also a few high-risk states, such as the Russian Federation. Their citizens are free to apply, but approval may take longer and additional documents may be required.