In the circumstances of today's market it is almost impossible to exist without various banking services. Remittances abroad, payment of invoices and receiving loans, various subscriptions and banker's checks, wage and currency exchange – in short, relationships with various financial institutions became the mandatory attribute of a modern life.
Fortunately banking and credit institutions provide a wide range of services which meet all the requirements and wishes. Today, a bank account is not only the possibility to keep money – it is an effective tool which ensures efficiency, mobility, safety, and accumulation of financial assets. A decade ago, it was difficult to imagine such a phenomenon as Internet Banking, but today it is a common practice when a bank account can be managed even via mobile phone.
Thus, a current bank account is our constant companion, and tourist trips abroad are not an exception. A need to carry out some financial transactions can always arise on a trip. Let’s consider how to open a current account in Dubai for non–resident private individual.
United Arab Emirates – a progressive banking system
Banking system of the United Arab Emirates is represented by both foreign and local financial institutions, including more than two dozens of local banks and about three dozens of foreign institutions, and the total branch network includes over 1 thousand representative offices. If to proceed from the total population of the country and the other indicators, the UAE's banking system has excellent indicators in terms of ratio of the number of banking institutions and the available financial assets.
The UAE's banking system is based on the advanced international experience in the field of financial services and banking. All the banking institutions, which operate in the UAE, are reporting to the Central Bank and operate within the current legislation and requirements of the supervisory authority. Policy of the Central Bank of the Emirates is characterized by the high requirements to the market participants, in particular in terms of the sufficiency of the banks’ own assets.
Overall, banking system of the United Arab Emirates is a mirror of the innovative and progressive public policy, and respectively it develops along with the national economy. Moreover, the system relies on a stable legislative base and possesses all the necessary resources to ensure efficient and economically sound solutions.
Opening a bank account in the UAE
It will not be difficult to open a bank account in the UAE for a person who owns a resident status. With regard to the foreign citizens without UAE residency, the situation is somewhat different. It all depends on the internal policy of a bank and their corporate preferences. But at the same time almost all the foreign visitors can open a Bank account. So, the entrepreneurs, who come to the United Arab Emirates on a trip, get rid of the necessity to carry cash. Besides, you will minimize all the formalities when crossing the state border.
Banking system in the Emirates provides two types of bank accounts. In particular, these are savings and current bank accounts. However, there are other types of accounts, including the combined accounts. But only savings bank accounts are available for foreign citizens who do not possess status of a UAE resident. The person, who opened the saving bank account, is not provided with a cheque book, and the account cannot be used for drawing upon a financial credit. At the same time, this does not exclude the possibility of receiving interest on the deposited amount.
Interest rates may vary depending on the rules and policy of the financial institution. If the client wishes to get a credit card, placing a security deposit to the account may be required.
By default, local and foreign banks, when opening a bank account, release a debit card and provide a client with remote access to bank account.
The rules of account opening and documentation
Application for opening a bank account in the UAE and other required documents are signed personally by the applicant in the presence of a bank officer. Therefore, the personal presence of the client is necessarily. When making an application, one should have originals of the requried documents and a valid foreign passport.
A standard set of documents for opening a bank account in the UAE for a foreign citizen includes:
- Valid foreign passport (with an appropriate visa entry stamp);
- Receipt for payment of utilities, in order to confirm the actual place of residence;
- Statement of account or a letter of recommendation from another bank or financial institution;
- A brief CV of the applicant with information about professional activities and education.
It is important to understand that this list can be expanded and supplemented in accordance with the requirements of the bank during the individual review of your application.
Useful features: Internet Banking
Holders of bank accounts in the United Arab Emirates, regardless of citizenship and residency, can take advantage of remote access service and account management via the Internet. It is an indispensable tool for modern financial relationships, which makes banking servicing comfortable, convenient and qualitative. Moreover, the list of operations which are carried out via the Internet is truly unlimited – from the payment of the utilities, to the remittances abroad and to the accounts of the other banks.
It should be noted that the system of banking services in the UAE meets all the highest standards of electronic security. Banks are armed with the multilevel system of protecting digital data, which has proved itself from best side. Thus, the remote access service will allow you to manage your bank account from any point of the globe and at any time convenient for you.
In conclusion, we would like to highlight the main advantages of opening bank account in the Emirates for foreign citizens:
- Reliability and practicality of the banking system;
- Possibility to open an account in the prestigious international banks;
- Relatively low tariffs for servicing and charges for bank transfers;
- A full range of banking services, including remote access;
- Loyalty of the local banks to foreign citizens and customer focus;
- High level of confidentiality of the information about the account holders.
The stability of the banking and credit institutions of the UAE is time-tested and supported by highly stable economic indicators. This situation gives confidence in the reliability of the bank account in UAE and the safety of your assets.