Having a bank account is essential for anyone living in the UAE, whether you are a student, a working professional, a housewife, or a business owner. It simplifies transactions, allowing you to deposit, withdraw, and transfer money without relying on cash. But can expatriates open a bank account in the UAE without an Emirates ID?
While expatriates can open bank accounts in the UAE, it is typically more difficult without an Emirates ID. A limited number of banks offer non-resident accounts, and the process tends to take longer due to additional checks on foreign documents.
Non-resident accounts are often considered high-risk, which means they require more detailed compliance checks. Applicants may need to make significant deposits, often starting from Dh250,000, and show an interest in the bank’s investment products. Opening a non-resident account requires additional documentation, such as proof of source of funds (e.g., six months of bank statements, salary statements, or business account records), a CV, proof of foreign address (like a utility bill), and a copy of the passport. The applicant’s presence in the UAE is mandatory for the process.
Types of accounts available for expatriates include savings accounts with a minimum balance requirement of 30,000 dirhams, and priority banking accounts which require a higher minimum balance of 500,000 dirhams and offer extra services like credit cards and investment opportunities.
