Who can open a non resident bank account in the Emirates?
Opening a non resident bank account in UAE, often have more requirements compared to opening an account as a local resident who is holding any type of residency visa issued by the UAE.
When a customer is holding an eligible visa type, it is easier to open a resident bank account with most banks and substantially lower requirements.
- Golden Visa
- Investor Visa
- Family (Sponsored) Visa
- Freelancer Visa
- Job search visa
It is not possible to open a local resident bank account in UAE if the applicant is holding the following visa types.
- A visa that has been canceled, known as “cancelled visa”.
- Tourist visa.
For customers that are considering opening a non resident bank account, banks need a reason to open the account,
The most popular and common reason to open a bank account as a non resident in Dubai, Abu Dhabi, Sharjah, Al Ain, Ajman, Ras Al Khaimah, Umm Al Quwain, or Fujairah, is for a foreign customer interested to keep their funds in UAE.
Non resident bank accounts in UAE can also be opened for property owners who have purchased a property , but have not yet received their Emirates ID, which is the UAE’s national ID, or are in the process of purchasing a property and needs a bank account to keep their funds.
Non Resident Bank Account Requirements in UAE
The possibility of opening a bank account as a foreign resident without any form of local residency in the United Arab Emirates, is determined by the bank’s policy.
Each bank have their own policy and accepts different types of customers considering factors such as:
- Country of residence.
- Source of funds.
- Nationality.
- Reason for bank account opening.
- Countries that funds are to be sent to and from.
The above list is a sample of the most important factors that the banks consider when opening a non resident bank accounts for foreign customers who do not have any relations to the UAE.
However, there may be additional requirements that are not publicly disclosed and differs from bank to bank.
List of banks that can open non-resident bank accounts in Dubai, Abu Dhabi, Sharjah, Al Ain, Ajman, Ras Al Khaimah, Umm Al Quwain, Fujairah.
It is necessary to always maintain the required at minimum count balance in order to avoid account closure.
Certain banks may offer the option to offer to maintain a lower balance. However, it may be necessary to purchase investment products offered by the bank, such as life insurance, mutual funds, bonds, etc.
| Bank | International Business / Personal | Minimum Account Balance |
|---|---|---|
| Abu Dhabi Commercial Bank (ADCB) | Business | Not Supported |
| Personal | Not Supported | |
| Abu Dhabi Islamic Bank (ADIB) | Business | 1M AED / $300K USD |
| Personal | 1M AED / $300K USD | |
| Ajman Bank | Business | Not Supported |
| Personal | Not Supported | |
| Al Hilal Bank | Business | Not Supported |
| Personal | Not Supported | |
| Al Maryah Community Bank | Business | Not Supported |
| Personal | Not Supported | |
| Al Masraf Arab Bank | Business | Not Supported |
| Personal | Not Supported | |
| Arab Bank | Business | Not Supported |
| Personal | 400K AED / $110K USD | |
| Bank Melli | Business | Not Supported |
| Personal | Not Supported | |
| Bank of Sharjah | Business | Not Supported |
| Personal | Not Supported | |
| Bank Saderat Iran | Business | Not Supported |
| Personal | Not Supported | |
| Banque Banorient Fr | Business | 800K AED / $250K USD |
| Personal | Not Supported | |
| Banque Misr UAE | Business | 800K AED / $250K USD |
| Personal | 400K AED / $110K USD | |
| Citibank | Business | Not Supported |
| Personal | Not Supported | |
| Commercial Bank International (CBI) | Business | Not Supported |
| Personal | 400K AED / $110K USD | |
| Commercial Bank of Dubai (CBD) | Business | 0 AED |
| Personal | 500K AED / $130K USD | |
| Dubai Islamic Bank | Business | 1M AED / $300K USD |
| Personal | 350K AED / $100K USD | |
| Emirates NBD | Business | Not Supported |
| Personal | 500K AED / $130K USD | |
| Emirates Development Bank | Business | Not Supported |
| Personal | Not Supported | |
| Emirates Islamic | Business | 500K AED / $130K USD |
| Personal | Not Supported | |
| First Abu Dhabi Bank (FAB) | Business | 500K AED / $130K USD |
| Personal | Not Supported | |
| Habib Bank Zurich | Business | Not Supported |
| Personal | Not Supported | |
| HSBC | Business | Not Supported |
| Personal | Not Supported | |
| Investbank | Business | 1M AED / $300K USD |
| Personal | Not Supported | |
| Mashreq | Business | Not Supported |
| Personal | 500K AED / $130K USD | |
| National Bank of Fujairah | Business | Not Supported |
| Personal | 4M AED / $1.1M USD | |
| National Bank of Umm Al-Qaiwain | Business | Not Supported |
| Personal | Not Supported | |
| RAK BANK | Business | 25K AED / $8K USD |
| Personal | 25K AED / $8K USD | |
| Bank of Sharjah | Business | Not Supported |
| Personal | Not Supported | |
| Sharjah Islamic Bank | Business | Not Supported |
| Personal | Not Supported | |
| Standard Chartered Bank | Business | Not Supported |
| Personal | 1M AED / $300K USD | |
| United Arab Bank | Business | 4M AED / $1.1M USD |
| Personal | Not Supported | |
| United Bank Limited (UBL) | Business | Not Supported |
| Personal | Not Supported | |
| Wio Bank | Business | Not Supported |
| Personal | Not Supported | |
| Zand Bank | Business | 1M AED / $300K USD |
| Personal | Not Supported |
How to open Non resident bank account With Banks in Dubai, Abu Dhabi, Sharjah, Al Ain, Ajman, Ras Al Khaimah, Umm Al Quwain, Fujairah
It is necessary to meet the banker in person in order to open a long resident bank account in the UAE.
There are two ways to open non resident UAE bank account.
- Customers that are needed interested in opening a non resident bank account can either fly to UAE and sign the Non resident account opening application paperwork.
- Bankers from certain banks, can fly to meet customers overseas to collect the account opening forms, at the expense of the customer.
Regardless of the method that is chosen, it is possible to obtain an approval-in-principle prior to either of the above two steps.
The importance of attending an approval ensure that time and money are not wasted, in the event of an unsuccessful application.
Features of offshore bank account in UAE
When you are able to successfully open an offshore bank account Abu Dhabi, Al Ain, Ajman, Dubai, Ras Al Khaimah, Sharjah, Umm Al Quwain or Fujairah, there are features that comes with the bank account.
- A debit card is provided, but not a credit card, which requires a resident Emirates ID and visa in UAE.
- It is not possible to obtain a cheque book with a UAE non resident account, which also requires Emirates ID and residency visa.
- It is possible to operate the account with online banking.
- Dedicated account manager that is assigned to manage your account that can be reached 7 days a week.
How much time does it take to open a non resident bank account in UAE?
Typically, an offshore non resident bank account can be open with eligible banks in UAE within 30 working days.
With the help of relationship managers, non resident account in UAE can usually be opened prior to this time frame.
As a precaution, it be wise to plan for this time period.
What is the difference between resident and a non resident bank account?
When you are able to successfully open an offshore bank account Abu Dhabi, Al Ain, Ajman, Dubai, Ras Al Khaimah, Sharjah, Umm Al Quwain or Fujairah, there are features that comes with the bank account.
| Account Features | Non Resident | Resident |
| Minimum Account Balance | High | Low |
| Debit Card | Yes | Yes |
| Credit Card | No | Yes |
| Cheque Book | No | Yes |
| Customer Counter Access | Yes | Yes |
| Dedicated Account Manager | Yes | Yes |
| Online Account Access | Yes | Yes |
How BUH consulting can assist
BUH Consulting’s banking team will work with you to understand your requirements, eligibility criteria and apply for your non resident business and personal bank account with the most suitable banks that accepts your profile, and assign relationship managers that can assist from pre-approval to post account opening.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE