In today’s digital age, the convenience of managing your finances from the comfort of your device appeals to many. If you prefer handling your banking affairs with a keyboard or touch screen rather than waiting in line, you’re not alone. To open bank account in Dubai online is a quick and easy process, saving you valuable time that would otherwise be spent at a physical branch.
Let’s explore some of the best online bank account options in the UAE and understand how to get started with them.
Required Documents to Open Bank Account in Dubai Online
Different types of bank accounts require different documents. But generally, here are the documents that you can expect to be asked for when opening an account online in the UAE.
For Savings Account
Residents
If you are a resident, you must have the following documents to open a savings account in UAE:
- Passport
- Emirates ID
- Resident visa or original passport with a UAE residence visa
- Salary certificate
- A letter of no objection from either your sponsor or employer
Non-residents
If you are a non-resident, you need the following documents to open a savings account in UAE:
- Address proof in the form of a signed rental contract or a recent utility payment receipt
- Passport
- Bank statements
- Visa copy
For Current Account
Residents
If you are a resident, the following documents are needed to open a current account in UAE:
- Address proof in the form of a signed rental contract or a recent utility payment receipt
- Passport
- Emirates ID
- Original labor card or work ID
- Trade license
- Income proof
Non-residents
If you are a non-resident, you need the following documents to open a savings account in UAE:
- Address proof in the form of a signed rental contract or a recent utility payment receipt
- Passport
- Bank statements
- Visa copy
- Resident visa or original passport with a UAE residence visa
- Income proof
For Business Account
Here is what you must have to open a business account online in the UAE:
- Company Memorandum & Articles of Association
- Proof of business such as the company’s suppliers & buyers (e.g. their names) and invoices & contracts
- Emirates ID card copy
- Passport copies for authorized signatories and shareholders
- Trade License
- Lease Agreement
- Shareholders’ bank statements from their home country / or UAE (if required)
- Certificate of Registration
How to Open a Bank Account in Dubai Online
When we talk about opening a bank account online in Dubai, two methods instantly come into our mind. Either we can open it via the website or download their app. Nevertheless, the process is pretty much the same. Here are the steps to open a bank account in Dubai online:
Step 1.
The first step is to do some research and find out which banks offer the facility to open an account online.
Banks Offering Online Account Opening Feature
For your convenience, here are some popular and highly praised international and local financial institutions in Dubai that offer this online banking service:
- Dubai Islamic Bank
- Citibank
- Mashreq Bank
- Emirates NBD
- ADCB (Abu Dhabi Commercial Bank)
- Standard Chartered
- HSBC
- CBD
Step 2.
The next step is to choose a bank that offers services that meet your requirements.
Step 3.
Once finalized, you need to visit their website and fill out their account opening form.
Step 4.
After filling in the form and providing all the required information either about the applicant, business, or both, depending on the type of account you want to open, you need to scan and submit the required documents.
Step 5.
Once the form is submitted along with other requirements, wait till the bank representatives review your application.
Step 6.
If every information you provide to the bank is true & accurate and nothing suspicious is found during the verification process, your application will be reviewed and approved in no time.
Step 7.
You may need to submit some extra information in the form of documents depending on the bank and the type of account you want to open.
Working of Online Bank Account Application Process
Opening the account in Dubai online mirrors the process anywhere else in the world. Simply visit your bank’s website. Then scan and submit the required documents listed, fill in the required information, and submit the application. Once the application is received, it will be reviewed and approved or rejected by the bankers or banking staff depending on whether the requirements are fulfilled or not.
For residents in Dubai, setting up a bank account typically takes no more than a few hours. However, foreigners or non-residents applying for savings accounts may experience a slightly longer processing time, delaying immediate access to their accounts.
Approach opening a bank account just like you would with any important financial decision. Before you sign anything, carefully check and go through all the papers and documents your agent gives you.
Which Bank Should You Choose for Online Bank Account Opening?
When setting up a bank account in Dubai, residents and expats often lean towards the familiarity and perceived security of larger international banks. Popular financial institutions such as Citibank, Standard Chartered, HSBC, Royal Bank of Canada, and Habib Bank operate in the UAE, making them viable options for those already living or willing to relocate to Dubai.
However, the growing presence of these international giants has prompted local banks to step up their game, offering competitive services with favorable rates. ADCB and Emirates NBD, for instance, have earned many positive reviews from both expats and locals, demonstrating a capacity to follow the strict regulations imposed by the UAE Central Bank more effectively than some foreign banks.
The following are several factors for consideration when selecting a bank for an online account opening in Dubai:
Online Banking and Apps
It is the obvious one. Evaluate the availability and user-friendliness of online banking platforms and mobile apps for easily opening an online bank account.
Customer Support and Service
Exceptional customer service is of immense significance in banking. Evaluate the customer support offered by the bank so that you can get help if you get stuck at any step during the account opening process or have any queries.
Employer’s Bank
Aligning with your employer’s choice can simplify direct deposits, enhancing efficiency. So, choose a bank that your employer already uses for banking purposes.
Minimum Balance Requirements
Given the significant presence of high-net-worth investors in Dubai’s offshore banking sector, some banks impose substantial minimum balance requirements and associated fees. Carefully assess these to avoid unexpected charges for not fulfilling the requirements of maintaining the set minimum balance.
ATM Accessibility
Opt for a bank with ATMs conveniently located near your office or residence to save time on cash withdrawals.
Which Online Bank Account Should I Choose?
Here is a concise overview of some of the top-rated online bank accounts available in Dubai, UAE for entrepreneurs, investors, and businessmen. Each of these digital accounts is designed to make financial management efficient and increase convenience for modern professionals.
ADIB Smartbanking
Abu Dhabi Islamic Bank presents Smartbanking, a mobile application offering a host of benefits. This Islamic digital banking account seamlessly integrates financial activities, allowing users to access exclusive deals, manage savings, and transfer funds.
Smartbanking, or smartaccount, represents an online savings account based on Mudarabah principles, exclusively accessible through ADIB’s digital channels.
Key Features
- Over 1,500 deals and discounts through the smart deals application
- First Islamic digital banking account with financing at your fingertips.
- Effortless earn profit from savings
- Cardless cash withdrawal and instant money transfers to any UAE number
- Over 1,500 deals and discounts through the smart deals application
- Access to a thriving Money smart community
Mashreq Neo by Mashreq Bank
Mashreq Neo, introduced by Mashreq Bank in 2017, stands out for its forward-thinking approach. It has an innovative feature that allows users to open an account online in no time by scanning their Emirates ID and utilizing facial recognition. Beyond traditional banking, Mashreq Neo empowers account holders to efficiently invest in stocks, forex, and gold through its latest application.
Key Features
- Attractive cashback offers, including AED 100 per successful referral (up to 20 friends), AED 350 within the first 90 days, and AED 2,500 for salary transfers to Mashreq Neo.
- Effortlessly open an account with a quick selfie.
- Global stock exchange access through the digital platform.
- Unlimited ATM access at 400+ Mashreq ATMs across the UAE.
- Digital investment opportunities in gold and foreign currencies.
- Easy processes – no paperwork or branch visits are required for various financial services.
- Convenient utility and other bill payments.
Types of Mashreq Neo Account
Mashreq Neo caters to diverse financial needs with the following specialized accounts:
- Mashreq Neo Savings Account
- Mashreq Neo Salary Account
- Mashreq Neo Smart Account
E20 by Emirates NBD
E20, Emirates NBD’s digital banking solution, specifically fulfills the requirements of entrepreneurs and SMEs. This mobile app transforms daily banking for startups, sole proprietors, fintechs, freelancers, and various business entities, providing a reliable platform for financial management.
E20 sets the standard as the first UAE digital business bank account, serving the diverse needs of SMEs and entrepreneurs.
Key Features
- Fast access to all beneficiaries for remitting money
- Fast payment initiation within five days of signing up for the account
- Comprehensive business management, including invoicing, payments, and financial insights
- User-friendly dashboard displaying investments, savings, and expenses
- Direct access to a dedicated Relationship Manager
- No subscription fees or minimum balance
Liv Bank by Emirates NBD
Liv, an initiative by Emirates NBD, pioneers digital banking targeted at the tech-savvy millennial demographic. Offering a user-friendly interface, Liv integrates financial tools that align with lifestyle preferences, making banking a differentiated yet smooth experience.
It offers four different types of services and products-
- Liv Blog
- Liv credit card
- Liv Young
- Liv Prime
Key Features
- No transaction charges for international debit card spending and transfers
- Digital credit card
- Convenient fund transfers through popular social media channels
- Access to exclusive lifestyle offers and treats
- Personal budgeting tools for effective expense management
- Competitive 1.50% interest rates on savings
Types of Liv Account
Choose from two different Liv accounts customized to your preferences:
- Regular Liv Account (free bank account with essential services)
- Liv Prime Account (offers rewards with a nominal subscription fee for the account)
YAP by RAK Bank
YAP, in collaboration with the well-known RAKBANK, introduces an independent digital banking platform that has ditched the physical branches. Customized for diverse needs, YAP offers innovative products like YAP Household and YAP Young, designed for financial empowerment and ease.
They include multi-currency offerings, products for house-helpers and the young generation, equity loans, trading, and more, catering to diverse user preferences.
Key Features
- No restriction on the minimum balance
- Intuitive digital interface
- Quick access through fingerprint or facial authentication
- Comprehensive spending analytics for effective budget management
- Multi-currency feature for ideal currency exchange.
- Safe and secure digital banking experience with no charges on international money transfers
ADIB Amwali
ADIB Amwali is a digital bank account thoughtfully created by the Abu Dhabi Islamic Bank. It is a dedicated initiative designed to instill financial responsibility in children. This bank also allows you to open an account via Internet banking. Designed for youngsters aged 8 to 18, this account empowers the UAE’s future generation by creating their early savings habits.
Parents with existing ADIB bank accounts can easily open an ADIB Amwali account for their children, adhering to the bank’s established norms and conditions.
The ADIB Amwali account serves as a specialized savings account, giving financial management skills to children while allowing parents or guardians to control fund transfers and debit card usage through the parent dashboard on the ADIB app.
Key Features
- Parents can effortlessly fund their children’s accounts through regular money transfers.
- Children earn points upon completing courses, providing a basis for parental rewards.
- Users have complete control over their children’s spending and cash withdrawals.
- Engaging videos and games make the financial learning process enjoyable.
- An option to select a debit card facilitates both regular and online shopping activities.
- Children can earn extra allowances by completing tasks set by parents.
- Amwali incorporates intelligent financial planning tools to enhance children’s understanding of money management.
OGPay
OGPay stands for On the Go Pay. It is a creation of OG Bank that positions itself as a mobile digital banking and payment solution through its chat-based payment wallet. Transforming mobile devices into versatile payment terminals, OG Pay offers a range of functionalities for easy financial transactions.
OG Pay operates as a digital bank offering a chat-based payment system and online Point of Sale (PoS). It is accessible through smartphones. Operating in a closed-loop environment, it provides numerous customer advantages due to its cost-effective operational structure.
Key Features
- Easily transfer mobile wallet funds to another account or utilize the OG Pay Wallet Debit Card.
- Customers can conveniently request funds from others, either once or on a recurring basis.
- Immediate use of a virtual debit card upon registration, with an option to order a physical card for doorstep delivery.
- Set reminders and execute payments for utility or credit card bills through recurring scheduled transactions.
- Earn up to 2% interest annually on account balances.
- Access a well-integrated and intuitive digital platform for a streamlined banking experience.
Reasons Not to Opt for Opening a Bank Account Online in the UAE
While the convenience of opening a bank account online is evident, there are instances where this approach might not be suitable for certain individuals, especially those facing challenges with form navigation, mobile app usage, product understanding, or seeking frequent customer support. Such clients may find traditional methods more suitable for their banking needs.
Here are some key reasons why one might reconsider the decision to open an account online in Dubai:
Desire for Frequent Customer Support Interaction
Some businessmen, investors, and entrepreneurs prefer a more hands-on approach and may have frequent queries during the account opening process or usage of the application. For those who expect the need for regular customer support interaction, the online method may not align with their preferences.
Difficulty Accessing the E-Form
If accessing and using the electronic form proves challenging, individuals may find the online account opening process cumbersome. The complexity of the e-form interface can be a deterrent for those unfamiliar with digital platforms.
Lack of Clear Product Understanding
Opening an account online requires a clear understanding of the financial product being applied for. If applicants lack clarity on the features and terms associated with the chosen product, they might prefer traditional methods where face-to-face interactions can provide more comprehensive explanations.
Limited Familiarity with Mobile Apps
For individuals who are not well-versed in mobile applications, the online account opening process may pose difficulties. The reliance on app-based interfaces can be a barrier for those less comfortable with or without experience in utilizing mobile applications.
Bank Fees Involved in Account Opening
Going through the financial journey in Dubai involves a thorough understanding of the various fees associated with banking services. Similar to international banking norms, banks in the UAE impose several charges, ranging from account maintenance to foreign transactions. Here’s a breakdown of the common fees one might encounter:
Minimum Balance Fees
Dubai residents, particularly expats, should pay close attention to their bank’s minimum balance policy. In Dubai, these minimums tend to be relatively high, and falling below the threshold can result in substantial fees.
Routine Transfer Fees
Initiating routine transfers, such as internet bill payments or rent transactions, may incur fees. Most Dubai banks charge around 50 AED for these transfers. Emirates NBD, for instance, imposes a 35 AED fee for each new standing instruction. Monitoring your minimum balance is crucial, especially as insufficient funds can lead to hefty penalties.
ATM Fees
To avoid ATM fees, it’s advisable to use your chosen bank’s ATM or one affiliated with your bank. For accounts holding foreign currency, Dubai ATM exchange rates are generally preferable to traditional currency exchange offices.
Foreign Purchase Fees:
Making purchases overseas or in a different currency can attract foreign exchange fees ranging from 1-3%. For frequent travelers, opting for an account with a larger international bank may be suitable compared to local financial institutions in Dubai.
Foreign Transfer Fees:
International banks often provide better rates for cross-currency transfers and lower fees for wire transfers. For instance, Emirates NBD lists cross-currency transfer fees between 60-90 AED, while HSBC’s WorldPay offers international transfers at a standard fee of around 42 AED. However, wire transfers, foreign transactions, and currency conversion fees are still likely to apply.
Additional Considerations:
Transferring money overseas or receiving funds from a foreign bank account typically involves extra charges from the sending bank and intermediary banks. While some of these fees are fixed, conducting frequent transfers, especially for smaller amounts, can accumulate significant costs.
Benefits of Online Account Opening in Dubai
Opening a bank account online in Dubai has numerous advantages that contribute to a hassle-free and efficient banking experience. Here are some key benefits:
Convenience
The first and foremost advantage is the ability to open an account at your own convenience. With online account opening, there’s no need to adhere to traditional banking hours, allowing flexibility in managing your financial affairs.
Comparative Account Evaluation
Online platforms enable you to go through the details of various accounts, empowering you to carefully assess features and select the most suitable option without unnecessary complications.
Instant Account Activation
Online account opening gives you the advantage of immediate activation, allowing you to start availing of banking services in no time.
Paperless Process
Unlike traditional methods, online account opening gets rid of the need for extensive paperwork. The digital nature of the application process makes it less time-consuming and more environmentally friendly.
Exclusive Discounts and Offers
Online banking often provides high discounts and special offers compared to traditional offline account openings. These digital incentives can include bonus interest rates, reduced fees, or other promotional benefits.
Mobile App Management:
Managing your account is simplified through dedicated mobile apps of the banks. The convenience of performing various functions, such as transfers, balance checks, and bill payments, directly from a smartphone contributes to a great user-friendly experience.
Ease of Transactional Functions
Online banking facilitates the easy execution of essential functions, making tasks like paying bills, checking balances, and transferring funds accessible, quick, and simple.
Rewards and Bonuses
Online accounts often come with high rewards and bonus programs. Applicants can benefit from cashback incentives, loyalty programs, or other perks that contribute to a more rewarding banking experience.
Minimal Eligibility Requirements
Opening an account online in the Emirates typically involves fewer eligibility requirements compared to traditional methods. This reduced complexity increases accessibility for a broader range of businessmen and entrepreneurs.
Open Bank Account in Dubai with RIZ & MONA CONSULTANCY
Get professional banking solutions with RIZ & MONA CONSULTANCY in Dubai. Whether for personal or business needs, we simplify the process of opening a bank account in Dubai or the UAE, ensuring a hassle-free experience for day-to-day transactions. Serving as a comprehensive solution provider for company formation, RIZ & MONA CONSULTANCY goes beyond banking solutions to offer value-added services like VAT and tax consultation, PRO services, and more.
With smooth account opening procedures, diverse business solutions, and expert consultation services, we prioritize a simple and user-friendly approach. For those seeking reliable partners in Dubai, RIZ & MONA CONSULTANCY stands out, providing comprehensive and client-focused solutions.
Connect us today for efficient banking and business management in the UAE via phone at +971 4 5586339, WhatsApp at +971 54 582 1012, or email at info@rizmona.com.
FAQs
Can I open bank account online Dubai?
Yes, it is possible for applicants to open an account online in Dubai.
Can I open bank account in Dubai without living there?
Yes, foreigners or non-residents can open a bank account in Dubai.
How much does it cost to open a bank account in Dubai?
The cost to open a bank account in Dubai depends on the bank and the type of bank account you want to open.
Can I open a bank account online without going to the bank?
Yes, when opening a bank account online, it saves you a visit to the bank.
Can I Close a Bank Account Online in the UAE?
No, you cannot close a bank account online in Dubai or the rest of the UAE. Almost all banks require the physical presence of the account holder in one of the branches for account closure.
