Advantages of Dubai banks:
- Confidentiality of each client’s data
- A large number of offices throughout the UAE
- A huge number of online services
- Stable national currency
- Deposit and withdrawal of funds at any time
- Low commission for card and account servicing
- Stability, security, reliability
- Free choice between local and foreign bank
- The ability to open a multi-currency account
- The Hawala system. It is mainly used when paying foreign employees and performs banking operations by fax, e-mail or by phone
How to open a personal bank account
In accordance with the rules of the Central Bank of the UAE, you need to personally come to the bank to open an account, sign an application and other documents. If you are not planning to move to Dubai, you will be able to apply for an account with a reputed bank with online access. But it is important to understand that account facilities and approvals are subject to guidelines and may take a while and based on the individual’s profile.
Types of banks
To begin with, you need to decide in which type of bank it will be more profitable and comfortable for you to open an account
- Commercial. They discuss companies, are engaged in issuing loans for commercial activities and account management
- Industrial. They issue targeted loans to individuals and businesses that are necessary to start a business
- Investment. Buying and selling shares
- Islamic. They adhere to Sharia law. One of the main advantages is the prohibition on charging interest.
If you have a visa or a residence permit, then you have the right to open a full-fledged account in Dubai banks. With such an account, you get full online banking, debit cards, the level of which can be upgraded to premium, as well as credit cards. The following documents will be required for registration: a copy of the passport from the entry page to the Emirate, a valid visa (original and copy), proof of income, a letter of no objection from your employer, proof of residence address in the UAE, Emirates ID.
If you have not received a visa or a residence permit, then you will be able to open a bank account, but such an account will have a number of restrictions: opening only a savings account, before issuing a credit or debit card, you must go through the identity verification procedure and provide the necessary documents. For a debit card, you will additionally need to make a deposit to the account.
Required documents: a copy of the passport from the entry page to the Emirate, a valid visa (original and copy), proof of income, a letter of no objection from your employer, proof of residence address in the UAE.
Top 3 banks
- Emirates NBD. In 2018, the total assets of the bank amounted to 134 billion US dollars, and net profit – 2.25 billion US dollars.
- Dubai Islamic Bank. In 2017, Dubai Islamic Bank has total assets of US$ 56.35 billion and reported a net profit of US$ 1.23 billion.
- The First Gulf Bank. In the first quarter of 2018, the total asset base of the bank amounted to 92.02 billion US dollars, and net profit for the year amounted to 2.05 billion US dollars.