Many new expats in the United Arab Emirates (UAE) think that opening a personal bank account on their own can be quite an intimidating and laborious process. However, if you know the basics of opening a bank account in this country, the whole process do not need to be a daunting and strenuous one.
Opening A Bank Account In The UAE
If you are not a UAE local or an expat, to open an individual bank account, you need to prove that you are legally staying in this country. The two most important documents that you need to present when opening a bank account for the first time in the UAE are:
• Your valid passport
Opening A Bank Account In The UAE
If you are not a UAE local or an expat, to open an individual bank account, you need to prove that you are legally staying in this country. The two most important documents that you need to present when opening a bank account for the first time in the UAE are:
• Your valid passport
• Your valid UAE residency visa
Main Types Of Bank Accounts In The UAE
There are three types of bank accounts you can open and maintain in the UAE. These are:
Savings account. Savings accounts can offer better interest rates than what your money would earn in a current account. This type of account permits you to select the currency of your account and it comes with a range of additional features. This account would best suit you if you want to save but still want instant access to your money while also earning interests for your savings.
Current account. This particular type of account is used predominantly for daily banking. Currents accounts in the UAE offer similar features to current accounts in other countries.
Term deposit account. This type of account offers higher interest rates than savings accounts; however, you don’t have the benefit of having instant access to your savings. Depending on the bank’s terms, you can only withdraw money from a term deposit account quarterly, semi-annually or yearly.
Info source: www.cbd.ae
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