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How to open a bank account in uae?
If you’re wondering what you need to open a bank account, here’s everything you need to know. In this article we will guide you about the uae banks requirement to opening a bank account and the best banks to open a bank account in the uae.
To get started, you need to make sure you understand the types of bank accounts available in the banks and which one is good for you. Let’s take you through these first.
What Kind of Bank Account Should I Open?
If you’re wondering what kind of bank account you should open, ask yourself what you’ll be using your bank account for. Here are the main types of accounts to choose from.
Current account/Checking account
A current bank account is the most common bank account in the in uae because it has no limits to the number of transactions you can make per month. A current account comes with a cheque book and a debit card, we can recommend this if you’re looking to open a bank account for salary transfer purpose.open one today.
How to Open a current Account in uae?
Regardless of the type of account you choose to open, you’ll need to fill out a current account application form and provide all the necessary documents required by the bank either with a bank personal banking advisor or at the local branch or online.
You’ll need to be at least 21 years old. For those below 21years old, the account must be opened with a parent or legal guardian as the co-owner of the account. If you meet these basic requirements, keep reading about what else you need to know.
To open a current account or checking account, you’ll also need the following:
- A government-issued valid photo ID like an Emirates ID and a Passport is a must or if your new in the uae you can provide your employment visa copy.
- Income documents like salary certificate from your employer or a 2 months’ bank statement from any uae bank showing your salary credit.
- Opening balance. Depending on how much your bank requires, be prepared to bring in cash or a check to fund your new account. Current and savings accounts don’t normally require more than AED3000 to open one. If you’re opening a salary account, the opening balance will not be required.
- Physical address. Although you can provide a mailing address, a street address is required under uae law and docs like A dewa bill or contract copy will required as proof of address.
When opening a current account, be sure to ask for a debit card. Checks are optional and can be ordered for a fee but with online bill pay and a debit card, you could probably skip ordering checks. You may also want to apply for a credit card if you have good credit.open one today.
Don’t forget to request a direct deposit form with your information filled in. You’ll need to give it to your employer to have your salary transferred straight into your current account for free.
A saving bank account is a type of bank account in the in uae that is mostly used for savings, the money you save accrues interest and most times the account has limits to the number of transactions you can make per month.it doesn’t have a cheque book facility however you will have debit card, we recommend this if you’re looking to open a bank account to save your money for a specific goal.
How to Open a Savings Account?
To open a savings account in uae you’ll need the same items as listed above for a current account. Savings accounts have limited number of withdrawals or transfers total per month. If you have an existing checking account, you may want to link the accounts to make the transfer of funds between the two accounts easier.
What’s the difference between a current account and a saving account?
what is a Current Account and how does it differ from a Savings Account? Here we shall explain to you the difference between a Current Account and saving account:
- Definition.
A Current Account is meant for daily transactions while a savings account is a deposit account which allows limited transactions. - Usability
A current account is most suitable for people who are salaried employees and have a monthly income or business people who which to access their accounts often, whereas, saving Accounts work best for people who’re looking to save for a specific goal and period to earn interest on their money. - Interest on deposits
A Current Account is a no interest-bearing account while a Savings accounts earn interest. - Overdraft facility
A current account offers overdraft facilities i.e. you can withdraw more money beyond the actual account balance, whereas . In the case of a savings account, banks don’t offer overdraft facilities. - Minimum balance
The minimum balance required to maintain a savings account is usually low, but for a Current Account it is much higher in comparison.Having a current account offers plenty of benefits. If you are looking to open one today, click here to get started.
Check our best pick for a salary account in the uae here for 2020.
How Do I Choose the Right Bank?
There are many banks to choose from and we shall guide you on our best choice. When choosing a bank, you may want to compare a few things before you decide which one is best for you. Some things you may want to look for include:
- Minimum monthly balance:some banks may charge you a service fee if you don’t keep a certain amount in the account so you have to check this first before you open one.
- Opening balance: some banks may require you to deposit a certain amount as account opening balance.
- Banking fees:You’ll want to ask “how much is it to open a bank account?” Although you don’t have to pay a fee to open one, monthly fees like ATM withdrawal charges, maintenance fees, overdraft charges and credit card annual fees can add up.
- Digital access: Does the bank have a good smartphone app or online services available so you can bank from anywhere, 24 hours a day?
- Location:Would you like to occasionally run into a local branch to cash a check, make a deposit or talk to someone at the branch? This may be helpful if you’re just learning about banking basics and could benefit from your local banker’s advice. If you’re thinking about an online-only bank, what ATMs can you use? How can you make deposits? How can you reach customer service if you have any questions?
- Other services:Would you prefer a bank that also offers auto loans, credit cards, business loans or investment services
The Bottom Line
Whether you’re looking for a basic current account or savings account, for salary transfer purpose or saving for a certain goal, or looking for a bank that will offer credit facilities like a personal loan, credit card or mortgage, you have more options today than at any time in history. We have representatives in most banks in uae that can help you open a bank account wherever you’re in uae. click here to get started.