Bank Account

Types of Bank Accounts in UAE

There are three types of banking systems in the UAE, and all of them work under the Central Bank of UAE. Every bank requires different documentation for opening an account. Thus, it is essential to visit the bank’s website or get in touch with their customer care with regards to any queries.

The most common account types offered by UAE banks are as follows:

  • Foreign currency accounts can be held by residents domestically and abroad. Accounts in domestic currency (AED) can be held in domestic banks’ overseas affiliates and are freely convertible into foreign currency.
  • Non-resident bank accounts UAE denominated in domestic currency (AED) are permitted in the UAE, as are accounts in foreign currencies belonging to non-resident banks and financial, industrial and trade companies. Non-resident accounts in domestic currency (AED) are freely convertible into foreign currency.

Interest is generally offered on savings accounts and time deposit accounts.

Type Features
Savings accounts Payment and transfers – Most liquid assets
Current accounts Cheques for day-to-day payments (overdraft facilities available depending on the credit standing)
Time deposits Steady returns with comparatively higher interest rates, wide range of currencies and tenors
Classification Features
Private account UAE residents and non-residents
Corporate account UAE companies and foreign companies
International account UAE residents and non-residents
E-commerce account UAE residents and non-residents
Investments accounts By investment agreement

Managing your Bank Account in the UAE

Banks in the UAE cater to customers in a variety of different ways. You can choose how you manage your money and finances with Emirati banks, whether via counter services or remotely.

  • Face-to-face: Although digital and mobile banking is now the norm, customers may still want to head to the branch for certain procedures. While banks are slowly moving to branchless banking, several financial institutions in the UAE have service counters at prominent malls and other locations around the country to better reach their customers. Appointments are usually not required.
  • Online banking: You can enjoy 24/7 access to your account through online banking. Digital banking is a key feature of most modern banks in the UAE. Most services and products, including loans, are also available online and some banks now have live online chat systems to deal with issues.
  • Mobile banking: Smartphone or mobile banking has taken off in the UAE. Many of its tech-savvy residents now prefer to manage their finances from smartphone devices. Mobile-only banks offer all their services through an app; in fact, they don’t use physical branches at all. You can manage your funds, access services, and make a range of payments all at the touch of a screen.

Opening a Personal Bank Account in the UAE

Opening a bank account in the UAE is very simple and customer friendly for the expats. You just need to complete a few essential requirements that may vary from bank to bank, and you’re done.

Required Documents

Given below is a list of some documents that are most commonly required by the banks to open an account:

  • Original Passport with about a minimum three months expiry date
  • Copy of your visa page (a valid residency visa)
  • A salary certificate (NOC) from employer or sponsor with minimum AED 3599 monthly salary

An original Emirates ID card. The documents required to apply for an Emirates ID card are as follows:

  • A precisely filled application form
  • Original passport
  • A biometric scan at a service center
  • UAE visa page

Opening a Business Bank Account in the UAE

If you need a bank account for commercial reasons, you’ll need to establish a company first and then open an account. UAE regulations do not allow you to do business through a personal account. In general, your corporate account will need to be a current account to facilitate a high volume of transactions. The process takes two to four weeks.

Required Documents

Expats in the market for business accounts require an additional set of documents. While these vary according to the bank and type of company, they might include:

Basic documents:

  • Company trade license
  • Certificate of registration
  • Share certificates
  • Company memorandum and articles of association
  • Board resolution empowering a company officer to open the account
  • Passport and visa copies for shareholders and authorized signatories

Supporting Documents

  • 6 months bank statement (UAE or Home Country)
  • Signatory Home Ejari
  • Company Profile
  • Signatory Resume (CV)
  • VAT Certificate
  • Business Plan
  • KYC

International Bank Account

BACT as Official Eligible Introducer of Bank One Mauritius is appointed to assist, verify documents, apply and introduce our clients to open bank account.

Once we receive your request one of our consultants will contact you for further assistance.

We will require documents for initial pre-approval and in next step you will receive official forms to open bank account.

Discover Bank Account Solutions

Personal Current Saving Account

  • Simple to manage, our business account allows you to transact in the way that is most convenient for you
  • Gives you access to our broad range of transactional banking services – from local collections to international payments
  • Provides you with support from a dedicated and experienced team
  • Cheque book for convenience of payments Standing order facilities for recurring payments
  • Direct debit to pay your utility bills
  • Overdraft facilities to help you manage your cash flow
  • 24/7 access to your account via online banking

Corporate Current Account

  • Simple to manage, our business account allows you to transact in the way that is most convenient for you
  • Gives you access to our broad range of transactional banking services – from local collections to international payments
  • Provides you with support from a dedicated and experienced team
  • Cheque book for convenience of payments Standing order facilities for recurring payments
  • Direct debit to pay your utility bills
  • Overdraft facilities to help you manage your cash flow
  • 24/7 access to your account via online banking

Trade Financing

  • Trade finance facilities include Letters of Credit, Import Loans and Bank Guarantees, designed to cater for your different needs

E-Commerce Account

  • E-Commerce acquiring service allows merchants to accept credit / debit payments in a secure manner from customers worldwide.
  • The bank launched its online payment acquiring in 2012 and now stands as a major player in the Banking sector in this area.

Treasury Services

  • Firms exposed to foreign exchange risk – i.e. their wealth is affected by movements in exchange rates – need to manage their risk exposure.
  • Advice on both local and international markets for currency & interest outlook.
  • Hedging instruments.
  • Specialized Information to Importers, Exporters, Institutional investors & individuals.
  • Investment assistance in derivatives & other structured products (i.e. Double Currency Unit “DOCU” & FX Margin Trading.

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