Foreigners in the UAE are able to open both personal and corporate bank accounts. In this article we will focus on the details regarding the opening of a personal bank account.

UAE Banking sector

According to 2024 data, 34 000 foreign students attend UAE educational institutions. With each year this number grows, which only proves the high demand for the education of the country. A UAE student visa isn’t just an opportunity to gain knowledge but also a chance to broaden one’s horizons. It benefits the youth by providing them with:

1. Legal residence on the territory of the Emirates and access to all its comforts on the same level as the citizens.
2. Wide choice of accredited educational institutions that conform to the international standards.
3. Broadening of their horizons through hands-on experience of multicultural diversity through the traditions of new acquaintances.
4. Access to cutting-edge technologies, modern laboratories and latest scientific research.
5. Basis of the future career. Many educational institutions offer internships and apprenticeships that allow students to get work experience during the process of studying.
6. Life in a safe country with a stable economy and lack of political turmoil. In the UAE it is possible to focus entirely on the education process without ever worrying about one’s safety.

Personal account in the UAE: advantages and benefits

The UAE financial system is well-known for its extraordinary reliability and well-regulated legal framework. The strongest proof of this is that no local bank in the UAE has ever gone bankrupt. The Emirates were never blacklisted by any international bodies that deal with money laundering. Those are just a few of the reasons why the clients of the UAE banks are confident about their assets and don’t have to worry about their transactions being canceled by the foreign financial institutions.

There are other advantages to opening an account in the UAE:

• opportunity to integrate into the international financial system;
• security of the deposits due to the multilayered tamper resistance and burglar proofing;
• ability to perform exchange activities without foreign oversight;
• free transactions via the IBAN payment system;
• free account service in case of regular deposits to the account and if the minimum account balance is maintained;
• low payment rates;
• complete confidentiality of the data regarding the owners of the accounts and their transactions;
• modern functional internet banking;
• ability to open a multi-currency account;
• attractive terms of deposits and loans which may become great basis for future financial growth;
• opportunity to become a tax resident.

What issues should the citizens of the Russian Federation and the Republic of Belarus expect when opening personal accounts in the UAE?

International sanctions had a significant impact on the availability of the bank services for the Russian and Belarusian citizens. Many institutions are cautious about the clients from those countries which may cause the entire account opening process to slow down significantly.
Applicant's background check may take up to several months, going through multiple steps of strict audit. However, if the applicant has the USA or EU residence permit, the Emirates banks would look more favorably at the applicant.

Help with opening a personal account in the UAE

Opening an account in the UAE is but a first step towards financial independence and convenience of personal funds management. Given the many advantages offered by the country and its reliable banking system, making that step is a great choice for both residents and non-residents of the United Arab Emirates.
The StableGrowz team is ready to help you open your personal account in Dubai quickly and effectively!

How to open a bank account in the UAE?

If you know the exact steps, the process of opening a personal account in the UAE can take just a few days to a couple of weeks. The procedure has many subtle intricacies and pitfalls that can be dealt with through the assistance of professional consultants.

Before opening a private account it’s advisory to get a UAE resident visa and the Emirates ID. Without these documents, the process can become more complicated and may take longer.

The exact step-by-step process of opening a personal account is the following:

1. Choice of the banking establishment depending on the offered advantages and your personal preferences.
2. Providing all the necessary paperwork to the bank of your choice.
3. Waiting for the decision from the bank.
4. Acquiring the payment card.

The residents of the United Arab Emirates have access to opening both current accounts and savings accounts. The non-residents, however, are only allowed to open the savings bank accounts.
Note: in order to provide all the necessary paperwork for a new account, personal presence is required as part of the process includes a face-to-face interview conducted by a bank representative.

Which documents are needed to open a personal bank account in the UAE?

In order to successfully open an account, the following paperwork is required:

• passport;
• UAE resident visa and Emirates ID;
• bank statement with proof of income;
• residential lease contract, a utility bill as proof of the place of residence;
• bank statement from another Emirates bank or a foreign bank that was used previously.

It's vital to keep in mind that the requirements may change depending on the bank you choose. To avoid future issues and possible necessity to resubmit all the paperwork, the complete list of the required documents should be clarified beforehand.

Contacts

United Arab Emirates, Dubai, Barsha Heights, I-Rise Tower, 29th Floor, Office 5