Opening a Bank Account in Dubai
The requirements for
opening a bank account in Dubai are very stringent and involve a lot of paperwork. As an expatriate seeking to open a
bank account in Dubai you require a residence visa and a 'letter of no objection' or a ‘no objection certificate' (NOC) from your employer stipulating your salary. In some cases
banks will ask to see your tenancy agreement and a copy of your passport. Submit these documents with identity photographs. Workers dependents (wife and family) may
open an account in their names if he is their sponsor.
You can open a savings or deposit (there are many types available) account with any retail bank in Dubai. Many banks will allow you to open savings accounts in major currencies, mainly the US$ and GB£. Cash is preferred for most everyday transactions in Dubai though utility companies and major service providers do accept personal cheques for regular payments. Current accounts offer little or no interest.
Most banks provide standard banking facilities like direct debits, credit card repayments, cheque clearance and standing orders. A certain number of transactions in a year are usually free, after which there might be a charge levied, this is usually at the discretion of the bank manager. Charges vary between banks so shop around before opening an account with a particular bank. Opening an account with your employer's bank might be a good idea. Cash dispenser cards are routinely issued with a standard security measure of personal identification numbers (PIN) to allow access to your money through ATMs. Most personal credit and charge cards underwritten by Visa or MasterCard might also be issued by a bank. You may have to negotiate this with your banker.
Banking hours vary throughout the country. Most banks are usually open for business from 8am to 1pm Saturdays to Wednesdays, when many banks re-open in the afternoon from 4.30 to 6.30pm, Thursdays 8am to noon and closed on Fridays. Companies dealing in foreign exchange and money transfers usually work longer hours in the evening, particularly if located in shopping malls and main shopping thoroughfares. Banking facilities at major international airports are usually open 24 hours. Public holidays for banks are the same as holiday periods set by the governing administrations for private sector companies.
Credit & Debit Cards in Dubai
Debit and credit cards are issued by all banks in Dubai and can be used at any branch of the same bank and, by arrangement, at other banks. Usually there is a limit on the amount that can be withdrawn in any one day from ATMs which is around $450 to $700 (£300 to £500) in local currency. You can also obtain account balances and mini-statements from these machines. Most ATMs accept a number of regional and international cards (look out for illustrations on the machines). There is a fee for using ATMs operated by banks other than your own. There is a good network of ATMs throughout the region, many of which are located in shopping malls and supermarkets.
Offshore Banking in Dubai
Many expatriates open offshore bank accounts to avoid income tax in their own countries. You may find opening an offshore bank account to be advantageous if you want to earn interest while keeping funds reasonably fluid in the short to mid-term. You may use your offshore account as a central source from which to send funds to other locations, including an account in your home country. Allied benefits include depositing and marinating money in wide range of currencies on which interest paid is tax-free and no withholding tax is payable, no double taxation agreements and guaranteed customer anonymity.
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