- Possible problems and difficulties related to opening an account in Dubai

Possible problems and difficulties related to opening an account in Dubai

Possible problems and difficulties related to opening an account in Dubai

The UAE banking sector is characterized by a high level of convenience and comfort. However, some difficulties can arise when opening an account. What are they related to?

In fact, all the difficulties can be divided into the following categories:

  • The wrong choice of a bank
  • Improper preparation of the documents for opening an account
  • Wrong selection of the service package
  • Lack of understanding of the processes and procedures of a bank
  • Unwillingness to submit the required documents to the bank

If one of the above takes place, with the high probability, it will result certain difficulties and problems related to opening an account and working with a bank.

Opening a bank account in Dubai: possible problems and difficulties

If You want to open a bank account, first of all, you should realize what is needed and how it suits both you and the bank. For example, if you open an account in an ordinary bank and with minimal configuration, then do not expect personal service.

And, conversely, if you are not going to use the bank services to the full extend, it is not necessary to open a privileged account with high requirements on turnover and minimum balance.

It is advisable to be in earnest about the issue of preparing the necessary documents requested by the bank for opening an account. Providing the incomplete information is a truly wrong decision that in almost all the cases bring to one result – the refusal in opening your bank account.

On time required for opening a bank account and obtaining access to the online banking services- each bank has its internal regulations. If you are pushing a bank to hurry up with opening an account, you might have the contrary result.

When your account is already open, do not be surprised if after some time the bank asks you for the up-to-date or additional documents. Such requests are totally justified, as the banks in the UAE must follow the requirements of the UAE Central Bank, which, in its turn, imposes certain obligations on the local banks on the mandatory documents that have to be provided by bank customers. Do not take such request as a problem or difficulty. In fact, it is a standard procedure, and you just need to timely provide the bank with the requested information.

When your account is opened - keep required balance on the bank account to avoid difficulties with the bank. Otherwise, your account might be closed after some time.

In general, as it is apparent from the above-stated information, the requirements of the UAE banks are pretty standard and comparable with the ones in other countries. For the successful operation and the avoidance of complications with opening a bank account, you just have to follow the above-mentioned recommendations.

Contact us if you do not have time or possibility to study all the details concerning the handling of documents demanded by banks for opening accounts and want to avoid all the problems and difficulties. Our company experts will provide you with full assistance in preparing all the necessary documents and opening a bank account.