x Abu Dhabi, UAESunday 23 July 2017

How to open a bank account

Opening a bank account is one of the first challenges new residents to the UAE face but it can be straightforward.

To open a bank account you will need a letter of no objection from your employer, which includes your salary details, and your passport with a visa stamp inside. Some banks will let you open your account while your visa is being processed but you will still need a letter from your employer.
Usually you will have to visit a branch in person to open an account but, after filling in an online form, some banks will send a representative to meet you at work with the necessary paperwork.

Overdrafts are not as widely available here as in the West, but can be obtained and international banks will often offer offshore savings accounts.
There are a variety of accounts available, from those that are free to ones that incur a monthly charge. Such accounts are often only available to those earning a certain salary level, say more than Dh20,000, but come with benefits such as deals on insurance and free international money transfers.

Documents required:
• Passport with residency visa (original and copy)
• A letter of no objection from the employer/sponsor, including salary details.