As the financial center of the Middle East, Opening a bank account in the UAE is very easy.

Here you will find everything you need to know about accessing banking services in the UAE. Including how to open a bank account in the UAE, documents that must be provided, in addition to, How to close your bank account and everything you need to know about banking in the UAE.

The UAE has a strong banking sector, which is affiliated with a central bank established in 1980. There are about 50 local and foreign banks in the country. The rating agency Moody’s rates the UAE banking system as stable thanks to the banks’ flexible capital levels and liquidity incentives. Banks in the UAE are primarily financed.

Furthermore, Banks enjoy high levels of financing, which increases their ability to absorb and cover losses.

هناك أربعة أنواع من البنوك التي تعمل في الإمارات العربية المتحدة:

• التجارية

In recent years, Banks in the UAE have expanded their offerings to provide Sharia banking services to clients who are concerned about Islamic financial regulations. There are eight complete Islamic banks in the country. In addition to 23 Islamic windows established by conventional banks. These financial institutions hold 19% of the assets of the entire banking sector.

UAE banks have accepted international accounting standards. and international financial reporting standards, And recently capital adequacy standards in line with the rules of Basel III. All banks in the UAE offer services in both English and Arabic.

Types of bank accounts in the United Arab Emirates

As in other countries, Banks in the UAE offer several different types of personal accounts to residents and non-residents alike.

Current accounts

It is a great choice for everyday transactions and transfers. It also comes with a checkbook. You will need in order to issue post-dated rental checks to the landlord. Banks in the UAE usually offer two types of checking accounts, With or without salary transfers. if you are a user, It makes sense to open an account with your company’s bank, To ensure that the salary is received as soon as it is transferred. Transfers may take a day or two longer at other banks.

Savings accounts

If you want to use your money to serve your convenience, Inquire about a savings account. These accounts usually offer a higher interest rate than checking accounts. However, they may have limited access to financing, Withdrawals are subject to penalties. Savings accounts can offer a fixed or variable interest rate. Allows you the freedom to deposit them in dirhams, U.S. dollar, euro or pound sterling. The savings account also functions as a salary account. But it usually allows the use of a check book.

investment accounts

Banks operating in the UAE provide investment services. Thus, You can open an investment account upon signing an investment agreement with the bank

These contracts can extend from 12 months to five years or 10 years or more. Such agreements cover management

Your money with a minimum proven return of 3-7% or more annually. .

External accounts

as a haven for foreign investors, Offshore banks from all over the world provide representations in the UAE, Especially in Dubai. Where anyone who has a valid residence visa in the UAE can open an offshore bank account for import and export. As foreign banks are generally considered stable and reliable, and many external accounts also come with financial and legal accounts and offer distinct facilities.

Offshore banking in the UAE includes a range of services, including asset protection, private bank accounts, wealth management, clipboard management, tax advice, inheritance planning, and establishment of companies.

Changing or closing the bank account type in the UAE

People who need to leave the UAE are usually given a one-month grace period after the cancellation of their residence visas to carry out housekeeping duties. This is more than enough time to close a bank account, which takes about five days.

So above all you have to wait to do it right, If you withdraw all your money and leave the account empty, You will be liable to incur a monthly account maintenance fee as a result. in such case, You may encounter some obstacles when transiting or returning to the UAE.

and, most importantly, Before closing your bank account you have to pay off all the loans, credit card debt, And cancel all standing orders in addition to making sure that there are no outstanding checks.

In conclusion, we assure you that the Etqan team is ready to assist you in completing all procedures for opening and closing a bank account of any kind.

Contact us now and get your bank account that meets your requirements.

Follow our blog to discover more about investing in the UAE

Contact us today and get a free consultation to implement all your business plans!