There can be plenty of reasons why a non-resident of UAE wants to open a bank account in the UAE like if they spend a significant amount of time in the UAE or if they get paid in dirhams quite often, or it can also be a part of their savings plan. Despite the various reasons, banks in the UAE provide a facility to open a savings account in their banks for non-residents as well.
Check: How to choose the right bank account
Here’s the list of banks in UAE that offer Non-resident savings accounts
Mashreq
Mashreq offers a different savings account to the non-residents.
Features and Benefits of the account
- Provides a debit card instantly
- Quick processing of the application
- Free internet banking, phone banking and mobile banking facilities
- Flexibility to use the debit card at 1.8 million ATMs worldwide
- Can avail fund transfer facility for low/ no charges
- Provides profit on the balance maintained on the account
- Should make an initial deposit while opening the account
- Can maintain in multiple currencies
Emirates NBD
Non-residents can avail two different accounts at Emirates NBD.
Features and Benefits of the account
- Can get a monthly statement of the account
- Can get a good interest rate on the balance maintained in the account
- Get a free debit card what can be availed at international locations
- Can get access to the account easily through online and phone banking
- Can avail the account in multiple currencies
Also, check: 8 reasons why one should have a Savings Account/
FAB (First Abu Dhabi Bank)
Non-residents of the UAE can get a Personal Savings Account at the First Abu Dhabi Bank.
Features and Benefits of the account
- The account will be available in multiple currencies
- Need to maintain a monthly average balance
- Can get interest rate on the account balance
- Free FAB Mastercard Debit Card is provided
- Can get access to airport lounges for free
- The account holder must be of 18 years or above
Bank Accounts in the UAE for Non-residents
You will need a bank account statement whether you are moving for personal reasons or for business purposes. Banks and financial institutions offer different ways of services to customers. These customers are also non-residents. Some of the features and benefits of bank accounts in the UAE for Non-residents are as follows.
Features and Benefits of Non-Resident Bank Accounts in UAE
- Phone banking
- Online banking
- Debit card
- E-statements
- Fund transfers
- Customer support
- Multiple currencies
- Account processing
- Fund deposit
- Instructions
Phone Banking:
The non-residents can enjoy the benefits of phone banking where the transactions can be done through the phone. Phone is used for daily operations of transferring funds, transactions and special requests like requesting for check books and scheduled payments and much more can be done using the phone.
Online Banking:
A non-resident bank account can be operated using online banking. By using online banking, day to day transactions can be done. The account holder can log in to their account using the log id and password. Transfer money to friends, family and others. They also have the facility to invest in Fixed deposits, Recurring deposits, investment into mutual funds and others.
Debit Card:
A free debit card is offered to non-resident bank account holders in the UAE. The account holders can use the debit card for transactions online or withdraw money from the ATMs. They can also use the debit card for shopping across the online platforms There are 20 million retail stores to shop across the world.
E-Statements:
The banking facilitates the Estatements service to the non residents where the customers can download their bank statements from the online banking portal. E- statements are generated online from time to time and are sent to the non resident customers periodically through email. These statements are helpful in tracking the transactions and help in controlling the expenses.
Fund transfers:
The non-residents can easily transfer funds to friends, family members and others. They can log in to their bank account using the mobile app or online portal and they can make fund transfers easily. The service also enables them to schedule fund transfers and immediate transfers.
Customer support:
Banks across the world and also in the UAE work towards efficient customer service. At any time they can contact the support team for assistance related to the transactions. Some banks provide 24/7 support to the customers whereas some banks provide working hours. Additionally, IVR support, and Robo chats are available at all times.
Multiple Currencies:
Non-residents deal with foreign currency transactions and also home currency. The banks provide forex services to the customers. The non-residents bank accounts can be operated in multiple currencies. This facilitates them to make immediate transfers in their preferred currencies.
Account processing:
The UAE banks allow opening a bank account for the Non residents. Interested applicants can visit the official website of the concerned bank. Enter all the details as requested by the bank. They are required to upload the documents through online mode. The welcome kit and official bank instructions will be sent to the mailing address.
Fund deposit:
Banks mandate the non residents account holders to maintain a certain amount of funds as initial deposit or they have to maintain minimum balance requirement conditions. The exact amount will be dependent on the bank and it is different from bank to bank. The fund deposit amount will be mentioned in the instructions given to the customers.
Instructions:
The non-resident bank account holders can set up standing instructions on their accounts. Standard instructions like payment on bills, setting instructions to recurring deposits, auto investments into deposit funds, setting up of auto payments to clear utility bills, rent, recharging the phone, metro cards and much more.
What documents are required for opening a Non-resident bank account?
- A Valid passport with a UAE entry page
- Valid address proof like a Utility bill, municipality address confirmation
- Previous bank reference letter from the origin country where there is an active bank account
- Background details listed on the Curriculum Vitae
- Bank statements for the last 6 months
- Applicant Signature
- Any other documents requested by the bank
Things to be noted
While getting a bank account in the UAE, a non-resident applicant must be aware of certain things like,
- Non-residents can only get a savings account in the UAE. They are not eligible for the current account.
- The applicant must possess a visit visa or transit visa
- The applicant must visit the bank in person. They can’t apply online for the non-resident bank account.
- Some of the non-resident accounts are to be maintained with a minimum balance in the account. The account holder must check that before opting for an account.
- Some of the non-resident accounts are to be opened with an initial deposit.
- Banks offer debit cards on the non-resident account that can be used at international locations. The cardholder must note the charges on using the card at international locations.
The account opening process in the UAE is very simple and hassle-free. The accounts come with various benefits that attract applicants. Other than savings accounts, non-residents are eligible for offshore business accounts as well to run the business transactions smoothly. Finally, the applicant needs to make sure they have all documents to open the account which will help in finishing the account opening process at ease.
About the author
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.
