Can non-residents open bank accounts in UAE? Here's what you need to know
Your guide to requirements, restrictions, and banking options
DUBAI: The UAE’s banking sector is known for its financial security, stability, and global accessibility, making it an attractive option for non-residents looking to safeguard funds, invest, or facilitate international transactions.
While opening a bank account in the UAE as a non-resident is possible, there are specific requirements, restrictions, and processes involved.
Here’s your guide to help navigate the procedure:
Why open a bank account in UAE?
The UAE offers world-class banking services, including multi-currency accounts, competitive interest rates, and advanced online banking platforms. Many non-residents choose to open accounts for the following reasons:
- Property Investments: Investors leasing or managing properties in the UAE often require local bank accounts for transactions.
- Stock Market Trading: The Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) require a local account for investment purposes.
- Business Dividends: Shareholders of UAE-based businesses need accounts to receive payments.
- Access to a Stable Currency: The dirham (Dh) is pegged to the US dollar, offering financial security.
Banking restrictions for non-residents
While non-residents can open a bank account, options are limited compared to residents. Some key restrictions include:
- Savings Accounts Only: Non-residents cannot open current accounts, which means no cheque books or debit cards.
- Limited Bank Choices: Only a few banks offer services to non-residents.
- Higher Deposit Requirements: Some banks require a minimum balance of Dh250,000 or more.
- Physical Presence Required: Applicants must visit the UAE in person to complete the account opening process.
Documents required
To open a non-resident bank account, applicants must provide the following documents:
- Proof of Purpose: Justification for opening the account, such as property purchase agreements or business-related documents.
- Bank Statements: Six months of personal bank statements.
- Employment or Business Proof: Salary statements (for employees) or business account statements showing dividends (for business owners).
Additional Documents:
- Updated CV
- Proof of address (utility bill or bank reference letter)
- Copy of passport with UAE entry stamp
- Banks may request additional documentation after an initial compliance review.
Account types available
Non-residents have two main account options:
- Savings Accounts: Require a minimum balance of Dh30,000. These accounts allow international transactions but have limited banking privileges.
- Priority Banking Accounts: Require a balance of Dh500,000 or more, offering additional services such as credit cards and investment opportunities.
How long does the process take?
Approval times vary based on the applicant’s profile and the bank chosen. It typically takes three weeks to six months for an account to be fully operational. Banks conduct stringent compliance checks, making the process lengthier than for residents.
Challenges and limitations
Without an Emirates ID, non-residents face several hurdles. Since current accounts are unavailable, everyday transactions relying on cheque books become difficult. Digital banks such as Revolut, Wise, and N26 offer alternative solutions for those seeking easier access to global banking.
Best banks for non-residents
Some UAE banks allow non-residents to open accounts, including:
- Emirates NBD – Offers savings accounts with investment opportunities.
- Mashreq Bank – Provides flexible options for foreign investors.
- ADCB (Abu Dhabi Commercial Bank) – Known for its strong international banking services.
- FAB (First Abu Dhabi Bank) – Provides wealth management and priority banking services.
Banking for Golden Visa holders
Non-residents planning to obtain a UAE Golden Visa (through property investment) can open a bank account by making a fixed deposit of Dh2 million. Once residency is granted, they gain access to full banking privileges, including current accounts.
Key considerations
For non-residents, choosing between a local or international bank depends on banking needs. Those seeking easier cross-border transactions may opt for international digital banks, while those investing in the UAE might prefer local banks for their stability and services.
Opening a bank account in the UAE as a non-resident requires thorough preparation, compliance with banking regulations, and meeting deposit requirements. While the process can be complex, it offers a gateway to secure, world-class financial services.