How to open an online bank account in the UAE
Opening an online bank account is much easier than going to the bank branch to get one offline. It saves you a lot of paperwork and lets you explore more bank account options to make a better choice.
Most UAE banks allow their customers to open an online bank account and manage their finances more efficiently. The process of opening an account online 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 walk you through the list of essential documents required for opening an online bank account, along with the eligibility criteria and a simple five-step process for the same.
But before we continue, let’s find out what types of bank accounts are available for opening online in the UAE.
Here is the list of bank accounts you can open online.
1. Savings account
If you want to increase your savings by earning a reasonable 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 get fixed or variable interest rates which are different for all banks in 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 checking 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 complete an unlimited number of transactions per day. Banks in the United Arab Emirates offer two types of current accounts, employee and non-employee. If you are an employee, you should open a checking bank account with your employer for quick pay transfers.
3. Investment account
Most banking solutions in 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 lifespan 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 percent. Investment accounts have minimum investment balance requirements that vary from bank to bank.
Each bank account in UAE has different account opening requirements. Here is the list of documents for UAE residents to open an online bank account.
- Original passport
- A copy of the Passport with Residence Visa page
- Salary certificate / payslips to verify your income
- An account opening form
- Emirates ID
Note: If you do not have the Emirates ID, you can submit a copy of the Emirates ID registration form that you filled out 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 need to provide the following documents.
- Utility bill (for the last three months)
- A previous bank account statement from the applicant’s home country (from the past six months)
- Details of the source of incoming funds
- A reference letter from the previous bank
The eligibility criteria for opening a bank account may vary from bank to bank. Here are some standard basic requirements for opening a online bank account.
- Applicant must be a UAE resident
- Applicant must be 18 years of age or older
- 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 for the bank account you choose to open.
Most banks in UAE allow you to open an online bank account with just a few clicks. Here is a simple process you can follow to open a bank account online.
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 connect to Internet banking to open a bank account if you already have an account with the bank.
2. Explore the 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 request form
You will find an online application form on the bank’s website to open an online bank account. Fill out this form providing your 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. The documents include a copy of your Emirates ID card and passport with the residency visa page. The list of necessary documents may vary depending on the bank.
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 details. Banks in the United Arab Emirates typically take two to three business days to open a bank account.
Banks in UAE today offer attractive features and benefits on different types of bank accounts. They offer online banking and mobile banking to account holders to help them manage their bank accounts from anywhere. With these online services, account holders can have the banking services offered at their fingertips. Instead of visiting the branch every time, they can simply log into the relevant bank’s online portal and complete easy transactions within minutes.
Now that you know the process and all the basic requirements for opening a bank account with you, it’s time to open one for yourself and start leveraging your savings today. You can also contact one of the insurance aggregators like policybazaar.ae to find the bank account that best suits your financial needs.