UAE Based Bank Accounts for Non Residents

As a luxury destination that attracts millions of tourists every year, and a haven with wholly respected and implemented COVID-19 safety measures, Dubai has continued to welcome an increasing number of non-residents who are now choosing to extend their stay in the popular seafront city. In light of this, a burning question for non-residents is whether they can open a bank account to facilitate longer visits.

In short, the answer is yes; however, certain specifications are important to note. The majority of banks will only offer non-residents the ability to open a savings account with access to a debit card for withdrawal and no cheque book. The procedure may take longer than it would for a non-resident due to the extra documentation and approval requirements and the account holder will have to meet the minimum required account balance, which may vary depending on the bank.

Here is a list of banks throughout Dubai that allow non-residents to open an account: ● Emirates NBD ● First Abu Dhabi Bank ● Mashreq Bank ● Noor Bank

Individuals looking to open a non-resident account will need their UAE or transit visa, proof of income with 3-6 months of recent bank statements, a reference letter from one of your home country’s banks, utility bills and a passport copy.

Research performed by Gartner, Inc. showed that 88% of businesses encouraged and devised remote work policies on an international basis since the pandemic. Following these figures and staggering demand, the UAE’s government has introduced a new virtual work visa, which allows non-residents to work remotely and live in Dubai for a year. This would provide individuals with an Emirates ID and further documentation to ease the process of opening a fully-functioning bank account.

Dubai has established itself as a multicultural hub for those seeking a world-class retreat, an exceptional standard of living or highly rewarding business opportunities, if not all three. The dynamic city has created a culture of constant growth and improvement, using innovation and record-breaking achievements to drive multiple industries to globally recognised heights and spark the interest of foreign visitors, who are choosing to visit more often.