Bank account opening requirements in the UAE differ based on the applicant’s status, such as whether they are residents, non-residents, citizens, private or government employees, students, minors, etc. Each has its own requirements.
As an expat, you would want to open a bank account as soon as you can. Any delay in doing so can create hurdles in your financial activities. To make the process of setting up a bank account quick and easy for you, ServiceMarket and HSBC have put together the following guidelines:
Select the Right Bank
You should consider the following factors while choosing a bank.
1. Bank Used by Your Employer
If you pick the bank that your employer uses, you can enjoy same-day salary transfers to your account and some banks might even have lower minimum balance requirements.
2. Online Banking Platform
Many people in the UAE use online banking to pay their bills and top-up their service accounts, as it saves a lot of time and makes everything more manageable. Some banks, such as HSBC, allow customers to pay their bills for free using their online platform. Being able to pay your DEWA, Etisalat, and Du bills online will save you a lot of hassle. You are also able to top up/recharge your SALIK account, and even pay RTA fines online. Choosing a bank with a good online banking platform will simplify your life in the UAE.
3. Global Connectivity
Many expats prefer international banks that also have branches in their home country because it makes it affordable and easy to transfer money. Some international banks even allow expats to transfer money to several countries for free.
4. Product Offering
It is important to compare the products offered by various banks. You may want to choose a bank that has a USD savings account option, or good loan options if you need to take out a personal loan. This is completely dependent on your requirements. For example, if you want to open up a savings account, HSBC has a great eSaver product that offers competitive interest rates. It also allows the flexibility of withdrawing once a month without losing any interest. However, for more updated details, it is recommended to check HSBC’s official page or consult your financial advisor.
5. ATMs and Branches
You should also consider how easy it is to find the ATMs and branches of the banks you are considering.
Bring Along the Required Documents
To open a standard bank account (often called a current account) in the UAE, you are usually required to produce the following documents:
- Original passport with valid residence visa
- Original Emirates Identification Card
- Documentary proof that you are a resident of the UAE (rental agreement, title deed, utility bill, or employment letter)
- Salary certificate of a minimum amount (AED 5000 for ENBD) addressed to the bank, or a letter from your employer
- Trade license if self-employed
These requirements may vary slightly between banks, so it is best to confirm with the specific bank you are applying to.
In Case the Visa and Emirates ID Are Delayed
Getting your residency visa and Emirates ID card can take several weeks in the UAE. To allow you to meet your transactional needs in the meantime, proof that your residency visa is under process is also accepted by a lot of banks. Many banks allow people who have recently arrived in the UAE to open a savings account with only their arrival visa and a letter from their employer. This would be converted to a normal Current Account with a checkbook once the bank validates your original residency visa and Emirates ID card.
The Convenience of a Pre-Arrival Account
HSBC goes the extra mile to help expats and allows you to set up a pre-arrival account, enabling you to initiate the account setup before moving to Dubai. This comes with a bunch of helpful benefits such as a meet and greet service in the airport and a mobile phone sim card; however, specifics should be verified directly with HSBC.
Choose an Account That Suits You
As a working expat in the UAE, a few of the main account types that you can open, and that also provide flexibility for managing finances in the UAE include:
- Current Account (Suitable for everyday transactions and salary deposits)
- Savings Account (Great for saving money with interest earnings)
- Fixed Deposit Account (For higher interest rates, with funds locked for a term)
- Islamic Account (Sharia-compliant accounts for savings or transactions)
- Salary Transfer Account (For receiving monthly salaries)
The type of bank account you can and should choose depends on your income, your balance with the bank, and your mode of employment. For self-employed expats or business owners without a fixed monthly income, it is essential to choose an account that accommodates the minimum balance they can maintain.
Comparing Bank Account Features
Many banks, such as HSBC, offer you online tools to compare the features of their accounts. This helps you understand what is available, and better suited to your requirements so that you can make an informed decision.
Current Account Options
Most people use current accounts to manage their transactions. HSBC offers three types of current accounts: Premier account, Advance account, and Basic account. You can compare their features and requirements online. Some bank account types have different features, such as access to financial planners, relationship managers, and emergency cash advances. Additionally, some accounts allow you to open in multiple currencies, like GBP, and USD.
Saving Account Options
If you have some extra savings that you do not plan to use any time soon, you can even open a savings account on the side and earn some profit. If you want to earn interest on your savings, learn more about HSBC’s Savings account, and eSaver account.
Planning a move to the UAE? Start your account setup before you leave home. Get the guidance and expert advice from HSBC. Terms and conditions apply.
