How to open a UAE savings account from abroad
Your work can take you anywhere in the world. When you move to a new country, you need a few essentials to survive. One of them being a savings account. Whether you are settling permanently in the United Arab Emirates or moving there for a few months, you will need a savings account to manage your finances and financial transactions. Understanding the importance of a savings account in the UAE, the country’s standards allow individuals to open a bank account from abroad so that your finances are even sorted out before you arrive.
Why open a UAE savings account from abroad?
Whether you are moving to UAE for a few months or permanently, you need to transfer your money to the country for two reasons. First, you can’t move all your money from one country to another. While traveling, it can be difficult to carry cash. If you lose your luggage or your wallet, you can end up losing the gains of your life. If you are moving to the United Arab Emirates for a few months, you will still need to carry the cash with you. In addition, you will also need a regular money transfer. Therefore, in either case, it is more beneficial to open a savings account in UAE before moving to the country.
Can I open UAE savings account from abroad?
Although you are allowed to open a bank account in the United Arab Emirates, there will be restrictions on where and what type of bank account you can open. UAE standards require that an individual be physically present to open a bank account, including UAE savings account. But you can open a savings account from abroad without being physically present with international banks operating in UAE such as Citibank, HSBC, Standard Chartered and others. In some cases, you may choose to hire a local-international representative who will act on your behalf in the UAE to open your savings account. Also, according to the rules, most UAE banks will allow non-residents or tourists to only open a savings account.
When you open a savings account as a foreigner, you are required to operate your account with certain restrictions:
- First, there will be a limit on how much you can borrow in a day or in a month.
- Second, since you will be opening a savings account, you will not receive a checkbook. However, you will receive a debit card for transactions via ATM.
- Third, the services available to you will be limited.
- Fourth, you will be allowed to open UAE savings account with any currency from GBP, USD to Japanese Yen. However, the interest rate on currencies except the AED and the USD is often negative, which means that you will end up paying money to maintain the savings account.
- Finally, since you will be operating your account from outside the country, you will need to maintain a minimum balance to avoid any fines or additional charges.
- Some UAE banks may require you to maintain a minimum balance of up to $ 100,000 to open a bank account from abroad.
Documents required to open a UAE bank account from abroad
- Copy of passport with UAE entry stamp
- Passport-size photograph
- Completed application form
- An original copy of a reference letter from your bank where you have your bank account in your home country or in any other country
- An updated Curriculum Vitae (CV)
- An original copy of your account statement for the last six months from your bank account anywhere in the world.
Procedure for opening a bank account
When you are abroad, follow these steps to open a savings account in UAE:
Step 1: Find the bank of your choice that allows you to open UAE savings accounts from abroad.
Step 2: Contact the bank to confirm the required documents
Step 3: Visit the bank and discuss your needs
Step 4: The bank will open a bank account
Please note that this account will not be fully activated until you travel to the United Arab Emirates for the final account setup.
Alternatively, you can open a savings account with an international bank and transfer your savings account to the UAE.
Once you have arrived in the UAE, you can complete the account setup to receive a debit card and complete transactions.
If you want a checkbook, you can open a checking account in the United Arab Emirates after receiving your Emirates ID. However, as a first step, if you open a bank account from abroad, you need to open a savings account with an international bank so that you can transfer the amount easily.
List of international banks offering the best savings account in UAE
- HSBC Bank
- Standard chartered bank
- Royal Bank of Canada
Best local banks offering savings account in UAE
Once you have moved to UAE, you can also refer to other local banks that offer the best savings account options in UAE:
- Abu Dhabi Commercial Bank
- Islamic Bank of Abu Dhabi
- Ajman Bank
- Arab bank
- Dubai Commercial Bank (CBD)
- International Commercial Bank (CBI)
- Islamic Bank of Dubai
- Emirates NBD
- Abu Dhabi’s leading bank (FAB)
- Mashreq Bank
- NBF Bank
- United Arab Bank
With certain restrictions, you can open a UAE savings account from abroad. However, only a savings account is offered in such cases and you can only use this facility with international banks operating in the United Arab Emirates. If you do not wish to continue with the bank or wish to open another type of bank account, you can do so once you arrive in the UAE. However, before coming to UAE, you should consider opening UAE savings account to facilitate transactions.
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