Your Guide to Setting Up a Bank Account in Dubai

Q: Can I open a bank account before I arrive in Dubai?

Yes, it’s possible to open a savings account before arriving, granted you meet the eligibility criteria set by the specific bank.

Q: Can I open a joint account in Dubai?

Many banks in Dubai offer the flexibility of a joint account, often with specific benefits. However, both parties must be physically present in Dubai and have valid residence visas and ID documents to open such an account.

Q: Can I open a zero-balance account in Dubai?

Yes, several banks in the city extend the option of zero-balance accounts, eliminating the need to always keep a certain amount of money in the account.

Q: How long does it take to open a Dubai bank account?

As long as the required documents are available for immediate verification, most banks can open a personal banking account on the same day, following a Credit Bureau check. In general, opening a new Dubai bank account takes between one and three working days.

Q: What are the interest rates offered in Dubai savings banks?

Interests on savings accounts vary from 0.5% to higher depending on the specific bank and the amount of savings, with some rates climbing as high as 5.25%.

Q: What happens to my bank account if I change my visa?

In most cases, it is enough to notify the bank immediately and submit the new visa along with supporting documents (eg: new job offer letter or company name change certificate). It is important to note that individual banks may have different procedures to handle this process, or may request additional documents if you have a loan or outstanding credit card balance with them.

Navigate Dubai’s easy banking ecosystem

A personal bank account is an indispensable tool to living in Dubai, be it for making online payments or receiving a monthly salary. Setting up an account is easy, and can be accomplished by visiting any local bank branch and providing the required documents. It's also easy to open a Dubai bank account online.

Residents – whether employed by a company or self-employed – can choose from local, regional and foreign banks in Dubai. Most have branches in all major areas of the city, with an abundance of easily accessible ATMs. All banks provide 24/7 online banking as well as via proprietary banking apps.

Additionally, banks offer a wide range of privileges on debit and credit cards. These include discounts at restaurants, the cinema and local attractions, or free money transfers, better interest rates on loans and more, depending on the bank and the type of account.

How to choose the right bank for you

Choosing the best bank to open an account in Dubai requires careful consideration based on multiple factors and preferences:

Proximity and accessibility of the bank's physical branches and ATM locations
Account types and associated features, such as minimum balance and penalties
Fees associated with the account, such as maintenance, ATM usage and wire transfers
Value-added perks and benefits, including financial planning assistance, reward programmes or innovative account features (free withdrawals from other bank ATMs and Air Miles, for example)
Ability to get personal loans in Dubai without a salary transfer to that specific account

Most companies already have their preferred banking partners, and new accounts for employees will be automatically opened at the same bank in order to deposit monthly salaries. However, this does not stop individuals from opening personal accounts at other banks.

General applicant requirements

Opening a bank account in Dubai is a straightforward process with clear rules and guidelines. Here are the most common requirements for applicants:

Applicants must be at least 18 years old to open an account
Valid proof of identity, like a passport or Emirates ID
Some banks require a minimum salary to open a Dubai account
Most banks require a minimum amount to be maintained

Documents required

At the time of setting up an account, Dubai banks require the applicant to submit the following documents (note: some have additional asks):

Original passport (usually valid for more than a month)
UAE residence or investor visa (for non-GCC nationals)
Emirates ID (or ID application form if it is still in process)
Proof of address (tenancy contract or phone/internet bill)

Common types of accounts

Ideal for frequent use, including day-to-day bills and expenses, ensuring seamless transactions and easy access to funds. Usually, this is a zero-interest account but comes with a chequebook facility.

Designed for putting aside money and accumulating funds over time. Usually, this type of account does not come with a chequebook, but deposits can accumulate interest over time.

This is an account usually operated by two individuals, most commonly married couples. In the UAE, to open a joint account, both individuals need to be physically present in the country and have valid residence visas.

This is an account to which an employee’s salary gets credited, usually opened at the company’s preferred bank. Generally, a minimum salary of AED3,000 is required to open a salary account, but in general, it is not mandatory to have one.

Residents in Dubai can open many different kinds of bank accounts, which come with different privileges, conditions and requirements. Information about each can be obtained from a bank’s website or by visiting a local branch.