It’s paramount to come familiar with the legal and regulatory structure of the UAE banking sector, especially if you are considering a move to the country. Are you looking for a comprehensive money management solution to build savings or want a flexible account that allows you unlimited deposits and transfers?
When you open a bank account in the UAE, it is always best to get expert assistance, especially when working with business-dedicated products. This is so as to take full advantage of the wide range of financial services to better serve businesses (commercial and corporate sectors) and residing patrons in the United Arab Emirate, says Dubai Resident Nico de Corato, the Owner and founder of the DubaiBlog network. A financial advisors’ help can make it easy to achieve your short- and long-term goals plus make your financial life simpler.
Some of the documents usually required for a personal or company account include the following:
- Passport with residency permit (original and copy) – be it temporary or long-term
- Emirates ID
- Business Trade License
- A letter of no-objection from the employer/sponsor
- Proof of income (salary, corporate balance, …)
As banking is now predominantly an online business, you will need to look into which online and mobile options each institution allows you. Does the bank allow a multi-channel approach? Full control over the account via online, mobile, ATMs channels are must-have features that an account holder might find useful.
Businesses and shoppers too should look into their options in terms of technology. Tap-and-go payments, ‘Apple Pay,’ and emerging payment options, like the ‘m-wallet’ initiative undertaken by UAE Banks Federation in 2016 that allows using mobile phones and accessing funds via mobile devices, for example. Digital wallets are a great solution for individuals as well as corporate entities, reducing the need to use hard cash and offering greater convenience and efficiency through the use of “virtual currency.”
Virtual currencies such as Bitcoin with a BitOasis bank account in the UAE for a purchase of digital assets are also an option to consider.
There’s a great choice of reliable local and international banks in the UAE, so do your homework and look for monetary experts or professional consultants to guide you through options painlessly and tell you about advantageous ways to invest your savings with tax advantages and build a better financial future.
As told Christy Bieber, Personal finance writer for The Motley Fool stated: “If you follow best practices for how you spend and save your money, your finances should essentially take care of themselves — and you should be able to benefit from the financial security that comes with making smart money moves.”
Bear in mind that each bank has its own policies and requirements, minimum deposit required and costs of banking services, etc. So, contact us for more information on banking in UAE, available options and proper preparation of all necessary documents to open the best account for your needs.