opening a bank account in dubai as a tourist and non resident
- Author- Priynka Admin
- Publish Date-
Dubai is an amazing city in the United Arab Emirates (UAE). Dubai attracts many tourists and provides everything for the needs of the people in Dubai. It has several activities for all the tourists of different age groups and interests. Dubai offers a lot of opportunities for tourists to make them feel at home. The government and the tourism department implement many innovative ideas to improve tourism and tourist experience.
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What are a few ways that Dubai promotes tourism
- Dubai offers effective health care for the tourists and employs a few packages of medical care that attract many medical tourists across the globe. The city has also launched a website and an app for medical tourists.
- Dubai organizes and hosts many events and festivals like the Dubai expo, which is currently postponed and is believed to be conducted on October 1, 2020. Dubai Shopping Festival is the most famous festival that attracts many tourists.
- It offers a chance for the tourists to enjoy and experience the ultimate luxury. One will get back the value for the money that he or she pays.
- Dubai gives a free transit visa of forty-eight hours. As many people transit in Dubai, the government tries to encourage tourists who transit.
- Dubai also gives a free SIM card for the tourists.
- Dubai also allows people to open a bank account!
Do you want to go to Dubai? It is the best place for tourists. The city welcomes tourists like no other countries in the world. One can apply for the Dubai visa through Dubai E Visa Online, where a person can choose his or her ideal type of visa and can attain it in just two to seven days.
READ ALSO: CAN I GET VISA ON ARRIVAL IN DUBAI
Opening a bank account in Dubai
Why does Dubai allow you to open a bank account in Dubai as a tourist and a non-resident of Dubai? One might have a few benefits and it might create a win-win situation for both the Dubai government and banking sector as well as the tourist.
- Tourists and non-residents can save their money if they are regular tourists in Dubai.
- Tourists can easily invest in the Dubai market if they open a bank account and save it.
- Your cash will be safe in the bank and it can carry out transactions effortlessly.
- Dubai government has an advantage as they can have the savings of its tourists in their account.
- This encourages tourists to invest more in Dubai.
- Opening a bank account in Dubai as a tourist can introduce the tourists to international business.
- Tourists can safeguard their money and can use it for future purposes if they have plans to settle in Dubai.
- One will not have to face loss while converting their currency into AED.
READ ALSO: DUBAI VISA TYPES
Steps to open a bank account in Dubai as a non-resident
Several experts in the banking sector trust that Dubai is the ideal banking heaven for people and business organizations from around the world. The banking system of Dubai is suitable for everyone and it welcomes everyone.
One can get what he or she is looking for while opening a bank account in Dubai. They are:
Opening a bank account in Dubai is effortless and effective. One just has to do a little paperwork and prove their identity. One has to deposit at least USD 5,000. You can access online almost all of the banks of Dubai in which you open an account. There are two types of bank accounts which a tourist or non-resident of Dubai can open: a) Personal savings bank account, b) corporate or business bank account.
What does one need to open an account in Dubai as a tourist
A visitor is allowed to open a savings bank account only and not a current account.
- One needs to show his or her copy of the passport with the UAE entry.
- Curriculum Vitae
- Letter of reference from the bank of our country
- Your bank statement from your bank of the previous six months.
- Details about the source or origin of income.
- One needs to deposit a minimum balance per month.
- One also has to submit his or her most recent bill payments.
- KYC documents
If you are opening a corporate or business bank account in Dubai as a non-resident or a tourist, you will need a few other documents. They are:&
- Documents of the company.
- The license of the company
- Documents that prove the ownership of the organization
- Details of the activities of the organization.
- Details about the experience of the owners of the organization or firm.
- Details of the funds and origin of the funds.
- KYC Documents
What will you get when you open a bank account in Dubai
One attains a debit or ATM card after opening a bank account in Dubai. An individual can thus draw money from the ATM. If one is a tourist, the person will not get any cheque-book. One does not obtain a credit card also.
Frequently asked queries about Opening a bank account
Question: Can I even close my bank account online?
Answer: No, one cannot make a bank account inoperative online. He or she has to go to the bank office and carry out all the procedures to close the bank account.
Question: Why do banks in Dubai need KYC (Know Your Customer) documents?
Answer: Globally, financial crimes (like money laundering) and terrorist activities have become major security concerns for several nations. Each nation has its own rules to exercise caution and conduct due diligence of financial transactions, and their customers. Banks scrutinize financial transactions and validate customers' true identity before they are allowed to operate accounts with them.
Questions: What is the minimum monthly balance (MMB) to open a savings bank account in Dubai as a tourist?
Answer: Every bank in Dubai has a different minimum monthly balance. On average the minimum monthly balance is five-thousand-dollars.