Residents in the UAE are eligible to open bank accounts, with various types available depending on individual needs. The most common account types are personal accounts and corporate accounts.
To open a personal bank account, you will typically need the following documents:
Original passport and a copy
Valid UAE visa
Emirates ID
Salary certificate or other proof of income
The account opening process usually takes between 1 to 3 business days.
UAE residents can open both current and savings accounts, which can be held in various currencies, including UAE dirhams (AED), US dollars (USD), euros (EUR), and British pounds (GBP).
Ideal for everyday transactions and money transfers, current accounts are widely used for managing regular expenses.
One key feature is the checkbook, which is commonly used in the UAE for payments such as rent and utility bills.
If you’re employed in the UAE, your salary can be directly deposited into a current account.
A savings account may earn interest on your balance, depending on the bank’s policy.
Unlike current accounts, a checkbook is not issued, which means it cannot be used to pay rent or utilities.
There are also transaction limits and restrictions on the amount you can withdraw or transfer.
Notably, a savings account is the only account type available to non-residents of the UAE.
For more details on this, refer to the article: “Non-resident bank account in the UAE.”
There is no fee for opening a bank account in the UAE. However, to avoid monthly service charges, account holders must maintain a minimum average monthly balance, typically between AED 3,000 and AED 5,000, depending on the bank.
If the required balance is not maintained, a monthly fee of around AED 25 may be charged. Some banks also offer accounts with no minimum balance requirement.
Closing an account usually incurs a fee of AED 100.
Current accounts come with both debit and credit cards, while savings accounts are only eligible for debit cards.
For salary accounts, banks often issue a credit card alongside the salary card, with a limit equal to the client’s monthly income.
Alternatively, customers can apply for a credit card independently after being employed for at least three months in the UAE.
All cards in the UAE are issued in dirhams (AED)—there are no multi-currency cards.
Cash deposits or withdrawals in foreign currency are subject to a 1% commission fee by most banks. To avoid losses, it’s recommended to deposit or withdraw cash in AED only.
Residents can also apply for personal loans. To qualify, one must provide:
Proof of income
Bank statements for the past 3–6 months (requirements vary by bank)
The monthly loan repayment must not exceed 20% of the applicant’s income.
Loan approvals are generally easier when applying through a bank where the applicant already holds an account.
UAE residents can send and receive international money transfers from their personal accounts without restrictions on amounts, except for transfers involving sanctioned countries.
All transactions must stay within the compliance limits defined during account setup.
To open a personal bank account in the UAE, a residence visa is required. You can obtain one through several routes:
Real Estate Investment
Buy property worth AED 750,000 or more
Visa validity: 2 to 10 years
Company Formation
Establish a company in the UAE
Visa validity: 2 years
Minimum cost: AED 18,000
Freelance Permit
Register as a freelancer and obtain a license
Visa validity: 2 years
Minimum cost: AED 15,000
Other Options
Eligibility also extends to investors, retirees, family members, remote workers (digital nomads), university students, and employed individuals in the UAE.
Golden Visa
Granted to investors, entrepreneurs, company executives, scientists, top students, and artists
Requires a minimum investment of AED 2,000,000
Visa validity: 10 years
High level of confidentiality
Access to comprehensive financial services
Issuance of a checkbook for convenient local payments
Availability of both credit and debit cards
Online banking with secure and user-friendly platforms
Ability to perform international money transfers
When opening a bank account in the UAE, all residents must undergo a compliance check as part of the bank’s due diligence process.
As part of this procedure, the bank may request:
Bank statements from your accounts in other countries
Information about your expected fund movements
This helps the bank establish a financial profile for you, including transaction patterns and limits.
If any transaction—either incoming or outgoing—exceeds the predefined limits, the bank may:
Freeze the account temporarily
Request supporting documentation to justify the transaction
It’s important to note that personal accounts cannot be used for business activities, regardless of whether the account holder is a resident or non-resident. Violating this regulation may result in account suspension.
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