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How To Open Bank Account in UAE Online

How To Open Bank Account in UAE Online?

Managing funds effectively without a bank account is not an easy task and can create problems. Bank accounts can facilitate lots of things for the owner and help in achieving financial goals. If you’re curious about how to open bank account in UAE online, you’re at the right page. We’ll explain in detail the procedure to open bank account online.

Benefits of Online Account Opening 

Online account opening is preferred over on-site account opening due to following reasons  

  • Efficient and secure system
  • Eliminates the need for paperwork
  • Option of selecting a language
  • No time limits 
  • Easy procedure
  • Time saving

Step By Step Guidelines to Open Bank Account Online

Here are some simple and easy steps that you can follow to open a bank account without any inconvenience  

Choose Bank 

The first step is to select a bank according to your needs and requirements. If you are a businessman or entrepreneur, you should choose a bank that provides the best services to expats. The most preferred banks in UAE are Emirates NBD and First Abu Dhabi Bank (FAB), with 33 and 74 branches, respectively.

For an employee, the most suitable bank would be the one that is associated with their company or institute, so you don’t have to face any issues related to salary. 

Another point that should be considered while choosing a bank is to read the terms and conditions of the bank. Some bank accounts charge annual fees and ask to maintain a specific amount in the account all the time, which can be frustrating at times. 

Select Account Type 

In UAE, different types of accounts are available and have different purposes. The main types are current and saving accounts. Businessmen can open business bank accounts as well.

Current Account 

The current account is the preferred choice for users who spend regularly. Users can take out money whenever they need it, and there is no limitation on the number of transactions. 

Saving Account 

 The conditions in saving accounts are opposite to those of the current account, as users can not transfer money whenever they want. The purpose is to save money, and in some banks, transaction cards are not provided to users. 

Business Account 

If you want to keep business income separate, try a business bank account. This account helps manage funds related to business work and keeps financial records. You can withdraw money according to your needs. 

Credit and debit cards are provided to make the transaction process easy and simple. Moreover, different features and services are also provided that can be beneficial for business activities. The process of opening a business bank account is slightly different than that of opening other accounts. You have to submit your business documents, license and other papers related to your company.

Fill Application Form

After selecting the account type, the next step is to fill out the application form available on the bank’s official website. Information should be accurate; after providing the needed information, recheck the information added to the form; if there is any mistake, correct it. 

Compile the Required Documents

The required documents should be uploaded according to the instructions on the application form. Ensure that you have not missed any of the documents mentioned; otherwise, the application will be cancelled. 

The documents should be clear so the system can verify the provided information. 

The required documents vary from bank to bank and are based on the account type.

The required documents are

  • Passport sized photographs
  • Proof of earnings
  • Passport image
  • Valid visa 
  • Emirates ID 
  • Residential address 

Within two weeks, your account will be approved, and login credentials will be provided through SMS or email. Do not share your account details with anyone.

Guidelines To Open Bank Account in Dubai 

To open bank account in Dubai, you have to follow a simple process that can be completed by following the general steps. 

  • The first step is to choose the bank based on your needs and the services provided by the bank. 
  • Choose your account type; it can be a current, savings, or business account. 
  • The third step is to prepare the required documents. The mentioned document for opening a bank can vary for Dubai residents and non-residents.
  • The next step is to apply online or visit the bank during working hours. However, in the online application, there is no limitation of time, allowing applicants to apply even after working hours. 
  • Provide the personal information required in the application form and double-check it in case of any mistakes. 
  • After completing the application form, the documents will be verified. 
  • The account is activated, and login credentials will be provided to the applicant. 

Bank Account for Minors 

A child account can also be opened in UAE if a child under 18 years old wants to have a bank account. On behalf of children, guardians can choose any bank and account type. The legal guardians can manage and keep an eye on transactions and money deposits, as they will receive notifications. Some banks might charge a deposit fee or an opening fee to activate the account. Opening an account for children can make them responsible and help them learn money management.

Restrictions for Non-residents

There are some limitations that non-residents have to face in the banks of UAE. The first restriction is that the non-residents cannot choose an account type other than a savings account. 

Banks will not provide any chequebook, and non-residents are bound to use debit cards for transactions. Additionally, non-residents can have money up to a certain level, and a minimum amount is also specified. It is possible that before activating the account, banks might verify your background and other correlated information to minimize any kind of risks

Conclusion 

At the end of this article, we hope it is clear to you how to open bank account online in the UAE. Online account opening is a convenient method that eliminates the need for paperwork. Whether you are a resident of the UAE or not, you can apply for an account at any bank that is suitable for your needs by providing the required documents. Make sure you have provided accurate information while filling out the application form.

If you have any queries, you can contact the customer care center. Enjoy the UAE’s online banking system.

FAQs

The procedure for opening a bank account in the UAE for residents and non-residents is almost the same. The only difference lies in the documents required to open it. Non-residents should have a passport, visa, income proof and a reference letter. Keep in mind that the requirements and services of the bank can vary.

Online account opening is the preferred choice among people as it has several benefits, such as saving time and providing a multilanguage option for users’ ease.

The account activation time can vary in different cities and banks. Usually, it takes a few days to 14 days but can be delayed depending upon your selected account type and the documents you provided. However, the online application process takes less time than the on-site application process.


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