sxg1-b3Nhttps://blog.servicemarket.com/en/blog/living-in-dubai/switch-bank-account-uaesig;sig=*MEYCIQCIqQxYNZAlMHxW8aUx0UmZke4C6UUdIKerlWyTIr/ezgIhAMz58DKP4MVH80q/6a210JocFqGlJ1a4S+0CYbF57MsO*;integrity="digest/mi-sha256-03";cert-url="https://blog.servicemarket.com/cdn-fpw/sxg/cert.pem.msg.4u8yYg5VmijuRka2aFwt7CTyki1cbpQgb9zfmaf3-Cg";cert-sha256=*4u8yYg5VmijuRka2aFwt7CTyki1cbpQgb9zfmaf3+Cg=*;validity-url="https://blog.servicemarket.com/cdn-fpw/sxg/valid.msg.validity";date=1713182818;expires=1713787618DdateXMon, 15 Apr 2024 13:06:58 GMTDvaryOAccept-EncodingFcf-rayT874c27d903991b76-DUBFdigestX9mi-sha256-03=FI8NZjn8Lb2QbmowxiW4Yeoaon3VZDP1d96QIci3Mok=FserverJcloudflareG:statusC200Lcontent-typeXtext/html; charset=UTF-8Lx-powered-byJPHP/7.4.26Ocf-cache-statusGDYNAMICOreferrer-policyXstrict-origin-when-cross-originOx-frame-optionsJSAMEORIGINPcontent-encodingLmi-sha256-03Vx-content-type-optionsGnosniffWcontent-security-policyXupgrade-insecure-requests@ How to Switch Your Bank Account in Dubai - ServiceMarket Blog

How to Switch Your Bank Account in Dubai

Switch Your Bank Account in the UAE

Moving to a new city can take a toll on you mentally and physically. With so much to do before you finally settle into your new home, it is advisable to get all the help you can get. Hiring a reliable moving company for your move can help make the process easier. When you move to Dubai, one thing that you might need to do is switch your bank account.

Whether you find yourself lacking convenient access to ATMs and branches of your current bank near your new home, are dissatisfied with your current bank’s services, want to have a new salary account, are seeking better interest rates, or simply looking for a change, understanding the steps involved in switching your account is crucial.

ServiceMarket has come up with a simple step-by-step guide ensuring a hassle-free switch if you’re planning to change your bank account in the UAE.

1. Select a New Bank Account

So you’ve made up your mind about taking your banking relationship elsewhere? The first step is to find a new current account that fits the bill. Don’t forget to review the small print before you take your pick. Carefully go over the account-related fees and charges as well as minimum balance requirements. If physical accessibility is a big concern, make sure you select a bank that has a branch and ATM close to your home or office. It would also make sense to keep an eye out for current deals and offers for new bank customers.

2. Review Your Existing Account and The Payments Linked To It

Irrespective of how unhappy you are with your existing bank or how eager you are to switch banks, don’t apply to closing the bank account without doing your homework. You must keep this account running till you’ve sorted out all aspects of the big move. You have to ensure all third-party payments – credit cards, loans, utility payments, and such – have been successfully linked to the new account and at least one salary has been credited to the new bank account as well. If you have issued any post-dated cheques, you will also have to replace these with cheques from the new bank account.

3. Set Up Salary-Transfer To The New Bank

The next step is to change your bank details in your employer’s records. This step is crucial in ensuring your new bank account is adequately funded before you link any payments to it or issue any cheques.

4. Link Third-Party Payments To The New Bank Account

Once your new account has some money sitting in it, you can then start linking your regular payments to it. You will most likely be able to link your existing credit cards as well as telecom and utility payments through the online banking portal. However, transferring your loan installments to the new bank may require you to go through a different process, with a bit of running around involved. The time this takes may vary from bank to bank so make sure you account for any delays.

5. Close Your Previous Bank Account

Now coming to the final step – you can now withdraw your remaining funds from the old bank account and submit an application for account closure. You will have to pay a fee for account closure and the whole process may take a few days, a week, or more depending on the bank’s turnaround time. Before you walk away, you must attain a no-liability or no-dues certificate from the bank.

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