Banking & Finance
Banks in the UAE broadly fit into 2 categories, local and International. One consideration when choosing a bank is whether you are being paid offshore or not. Many expats paid offshore tend to bank with international banks to ease the transfer of funds on a monthly basis.
All standard banking services are offered by Dubai banks, to include Current, Savings and Deposit Accounts, as well as Off Shore Accounts.
Our select partner HSBC Middle East
have a full selection of banking services to specifically support expatriates. HSBC is a long term, established bank in the UAE with an extensive branch network.
HSBC's top tips is to bring 6 months bank statements with you in person when opening a bank account - do not put them in your shipment
To open a bank account in the UAE, it is necessary to do this in person and you will need to provide:
- A residency visa and original passport
- Proof of employment and a letter of no objection ( NOC) from your employer, which will state your designation and salary
- UAE ID card - driving licence & ID card
- Proof of residential address
- Copies of the above
Without a residency visa it is only possible to open a savings/ deposit account in a limited number of banks
Credit cards are offered by all banks, denominated in Dirhams,and debit cards by some. ATM cards come with all accounts. It is advisable to advise your bank if you travel
overseas as your ATM card may not work outside the UAE.
Under UAE law, it is a criminal offence to bounce a cheque and the bank are entitled to call the police if you do so. It is therefore essential when writing numerous cheques that you have adequate cleared funds in your account.
Most Banks open 6 days a week from 8am onwards until 2pm and close on Fridays.