How to open an online bank account in the UAE
How to open an online bank account in the UAE
Opening a bank account online is much easier than going to the bank branch to get one offline. It saves you a lot of paperwork and allows you to explore more bank account options to make a better choice.
Most banks in the UAE allow their customers to open a bank account online and manage their finances more efficiently.
The online account opening process is simple and almost the same for all banks. Applicants must complete the online application form and upload the necessary documents to open an online account.
This article will guide you through the list of essential documents required to open an online bank account along with eligibility criteria and a simple five-step process for the same.
But before we continue, let’s learn the types of bank accounts available to open online in the UAE.
Here is the list of bank accounts that you can open online.
1. Savings account
If you want to increase your savings by earning a reasonable amount of interest, you can choose to open a savings account. Savings accounts give you full-time access to your funds and offer higher interest rates than any other type of bank account. With savings accounts, you benefit from fixed or variable interest rates,
different for all banks in the UAE. The best part about savings accounts is that they are available in multiple currencies and you can choose to open one in your preferred currency.
2. Current account
A current account is the best account for businesses. It offers a wide range of benefits, including a free checkbook and debit cards, and allows account holders to make unlimited transactions per day.
Banks in the UAE offer two types of current accounts, salaried and non-salaried. If you are an employee, you must open a current bank account with your employer for quick salary transfers.
3. Investment Account
Most banking solutions in the UAE offer attractive investment options for people who want to invest their money. Applicants must sign an agreement with the chosen bank to open an investment account.
Bank accounts offer a flexible term ranging from 12 months to 10 years or more, depending on user preferences. They allow account holders to manage their finances and ensure an annual return of at least 3%.
Investment accounts come with minimum investment balance requirements that vary from bank to bank.
Each bank account in the UAE has different account opening requirements. Here is the list of documents for UAE residents to open a bank account online.
- original passport
- A copy of the passport with the residency visa page
- Salary certificate/salary slips to verify your income
- An account opening form
- Emirates identity card
Note: If you do not have an Emirates ID, you can send a copy of the Emirates ID registration form that you completed when applying.
In the United Arab Emirates, non-residents are only allowed to open a savings account. In addition to the documents mentioned above, non-residents may also be required to provide the following documents.
- Utility bill (for the last three months)
- A previous bank account statement from the applicant’s home country (for the last six months)
- Details of source of incoming funds
- A letter of reference from the previous bank
Eligibility criteria for opening a bank account may vary from bank to bank. Here are some standard basic requirements to open a online bank account.
- Applicant must be a UAE resident
- Applicant must be under 18 years of age or older
- The applicant must have a valid passport
Some of the bank accounts come with minimum investment and minimum wage transfer requirements. You can contact your preferred bank and check the eligibility criteria of the bank account you choose to open.
Most banks in the UAE allow you to open a bank account online with just a few clicks. Here is a simple process you can follow to open an online bank account.
1. Access the Bank’s online portal
Log in to the online portal of the chosen bank to open an online bank account. You can also log into Internet banking to open a bank account if you already have an account with the bank.
2. Explore bank account options
Next, check the types of bank accounts offered by the chosen bank. Find out your financial needs and select the type of online bank account you want to open.
3. Complete the application form
You will find an online application form on the bank’s website to open an online bank account. Complete this form by providing your contact details such as your name, nationality, address, age, minimum wage, etc.
4. Provide the required documents
Once done, upload the required documents to the online portal. Documents include a copy of your Emirates ID card and passport with residency visa page. The list of necessary documents may vary between banks.
5. Submit your application
Once you have completed the application form, submit it along with all the essential documents to open an online bank account. In addition, the bank representative will contact you to provide you with the bank account details. Banks in the UAE usually take two to three working days to open a bank account.
Banks in the UAE today offer attractive features and benefits on different types of bank accounts. They offer online banking and mobile banking services to account holders to help them manage their bank accounts from anywhere.
With these online services, account holders can have the offered banking services at their fingertips.
Instead of visiting the branch every time, they can simply log into the relevant bank’s online portal and make easy transactions within minutes.
Now that you know the process and all the basic requirements to open a bank account from home, it’s time to open one for yourself and start profiting from your savings today.
You can also contact one of the insurance aggregators like policybazaar.ae to find the best suited bank account based on your financial needs.