Although there are several steps take in Dubai in order to recreate the area as an offshore banking paradise, according to the current rules, even opening a bank account is not as easy as it may seem. Although opening a bank account in Dubai does not take too much time, you may have to visit a couple of banks in order to get a basic idea on how do fees and services work at each bank.
Dubai does all its very best to make the region the central hub for financial and business affairs. Thanks to this effort, Dubai is full of banks; you will find lots of international banks and several national and international brands too. There are certain conditions though opening a bank account in Dubai. Even though you do not have to be an actual citizen of the UAE, but you need to possess the residence visa. Most banks will require you to have at least the contract and the Letter Of No Objection from your employer stating your salary, stating the period you are to start work and if it applies, also the end of your contract. Banks will need to have copies from you, as they do not like copying them. Therefore, as soon as you have your residence visa, for which it is also a very important condition for you to have a job and all the same documents, make multiple copies of everything because they will be needed for your health card, for your visa application and as you see it is necessary for opening a bank account.
There are some freelancers going the hard way when it comes to opening a bank account in Dubai. As they will not be recruited by anyone they will need a lot more statements a lot more proof of their monthly income and the making of bank account will cost them also considerably more. The bank accounts are usually starting from a previously stated basic amount and also a minimum of salary. You will need to ask more information on this, but the best option which most people chooses is simply to open a bank account at the bank of your employer making the transactions all the easier.
When opening a bank account in Dubai, for simple accounts, the banks will always issue you with a debit card. There will be many banks that also will try to persuade you on credit cards but as debit cards‘ usage is consistently growing in Dubai, the importance of credit cards for individuals is decreasing. The ones to who is good to use credit card are the high profile businesspersons or upper leaders who can actually profit from all the awards and payback systems these credit cards can offer them, but to be able to reach this state most commonly you may need to spend a couple more years with working. If you are among those who can actually afford a credit card, go for the gold and platinum cards, offering paybacks, awards and the highest numbers or extra services including also insurances. Opening a bank account is easy if you do some previous research and find the best account and saving construction for you.
When opening an account in Dubai you will automatically get a debit card along with your bank account free of charge but always ask about their hidden costs and yearly costs. Opening a bank account will be no hassle if you take all original documents and also the copies with you.