The process to open a bank account in Dubai for non resident seems difficult but with the right information and guidance, you can open it. The process of opening a bank account in Dubai is straightforward and hassle-free.
Dubai is famous for its tourism, stable economy, and business. Dubai is one of the best locations to connect with the other world. People love to spend their holidays and start their Businesses in Dubai.
This blog aims to provide a comprehensive overview of the steps, requirements, and benefits involved in opening a bank account as a non resident in Dubai.
Bank Sector of Dubai
In the banking sector of Dubai, you’ll get local, regional, and international banks. There’re a variety of services which these banks are offering to meet the requirements of residents and non residents.
As we all know Dubai is known for its financial hub, so you can rely on these banks. All banks meet the international standards of the banking sector and are efficient in their work.
Benefits of Opening a Bank Account in Dubai for Non Resident
- If you have a bank account in Dubai, it’s much easier for you to perform international transactions. You can manage your transactions more efficiently and control them online.
- As a non resident of Dubai, you can hold a bank account in multiple currencies which is a great benefit as you can minimize the cost of currency exchange. You’re more flexible in performing international transactions.
- When you’ve money in your Dubai bank account, you can avail yourself of investment opportunities more efficiently. You can invest your money in stocks, mutual funds, bonds, and real estate investment opportunities.
- There’s no income tax or capital gain tax in Dubai. Because of these regulations, it’s considered that Dubai has favorable tax regulations. This is the reason that you can maximize your wealth in Dubai and save your taxes.
- The quality of lifestyle in Dubai is very high and you can avail the facilities of modern banking systems. There’s a wide range of network of ATMs in Dubai which makes it easy for you to manage your finances.
Steps to Open a Bank Account in Dubai for Non Residents
- The first step to open a bank account in Dubai for a non resident is to choose the bank. Before finalizing the bank, we advise you to research and compare all the banks based on their reputation, services, and requirements. You can also consider other factors like the location of the branch and online banking facilities.
- After the selection of a bank, the next step is to choose the account type. There’re various types of accounts like current accounts, saving accounts, and multiple currency accounts. You can choose the account type as per your needs and requirements. However, some banks also offer the facility of customized features and benefits for non residents of Dubai.
- The next step in opening a bank account is to prepare and gather all the necessary documents as per the requirements of the bank. However, some standard documents are required by all the banks, and in these documents copy of passport, proof of address, and proof of income is included.
- After that, you can book an appointment for a visit to the bank to start the process of opening an account. You can bring all the documents and complete the process of identity verification. However, some banks also offer the facility that you can submit the application and start the process online.
- Before finalizing this process of opening an account, you need to complete the application form which is provided by the bank. It’s advisable to complete the application form with accurate and complete information. By doing this, you may speed up the process.
- The last step is to make an initial deposit. After making an initial deposit, as per the requirement of the bank your process is almost done. However, some banks may ask for a higher amount of initial deposit for non resident bank accounts.
- At the last, when all process is done and the verification of your documents is complete, the bank will activate your account. After the activation of your bank account, you can use your ATM card and checkbook.
Important Factors
There’re some important factors that you need to consider before opening an account in Dubai like the requirement of Minimum Balance. The amount of the minimum balance may vary as per the account type and the bank.
If you are unsuccessful in maintaining the minimum balance, it may result in account closure. Another important factor is the fee structure, in which account maintenance fee, transaction fees, currency conversion fees, and ATM fees is included.
You can select the competitive fee and transparent fee policy account. If the currency conversion cost is high, you can select multiple currency accounts and reduce the cost of conversion.
Final Words
In the final words of open a bank account in Dubai for non resident, you’ll get various benefits in which investment opportunities and Tax Efficiency are included. By following the steps which are mentioned in the blog, you can navigate the process and increase your financial presence in today’s digital world. As a non resident, it is advisable to build your relationship with the bank and stay in touch with the regulatory requirements.
