How can you open a bank account online in the UAE?

How to open a bank account online in UAE - MyMoneySouq Financial Blog

Bank accounts are extremely necessary to manage your finances and keep your hard-earned money safe and secure. With the advancement of technology, opening bank accounts has nowadays become hassle-free as everything is available online at your fingertips. Banks offer a host of accounts to fulfil your requirements. So, to open a bank account online in the UAE, it is important to select the type of account first and proceed further.

Types of Accounts that you need to know to open a bank account online in the UAE:

For the residents and non-residents of the UAE, banks offer several accounts like current accounts, savings accounts, fixed deposit accounts, Islamic banking accounts and others. 

Current Account: This type of account is best suited for UAE residents, who need to make frequent transactions. It offers features such as unlimited withdrawals, free cheque books, free e-statements and mobile banking.

Savings Account: This account is for UAE residents and non-residents, keen to save money and earn interest. It offers features such as competitive interest rates, easy access to funds, and internet banking facilities.

Fixed Deposit Account: Herein, you deposit your money and get fixed interest rates for a specific period. However, one cannot withdraw their funds until the tenure ends. 

Islamic Banking Account: This account includes separate current, savings, and investment schemes for customers who prefer banking as per Islamic principles. 

Online bank account opening in UAE can be a convenient and straightforward process that involves several steps from, furnishing all required documents to issuing of account to an individual. Listed below, are some of the general steps that you can follow:

  1. Select a bank for your finances: Do online research to opt for a bank that meets your requirements and provides crucial benefits to the customers.
  2. Visit the bank’s website: Once you have chosen a bank, go to their website and select the relevant account. You must go through the key features and benefits associated with the account, find out the eligibility criteria, the minimum account balance to be maintained, and the interest rates you can avail of.
  3. Fill out the online application form: Once you have done the initial screening, you may proceed further to fill out the online application form that asks for details like name, age, address, contact information, etc. If you face any difficulty while filling out the application form, you can always request for a call-back from the technical team.
  4. Documents Required: Prior to filling out the application form you must keep the following papers ready:
  5. UAE residents:
  • An original passport with a valid UAE residence visa
  • An original Emirates ID
  • Salary certificate
  1. Non-residents:
  • An original passport
  • A copy of the visit visa and entry stamp page 
  • A three-month bank statement of your existing bank account with an official stamp
  • An introduction letter from an existing customer of the selected bank whom you know for more than a year.
  1. Verification process: To confirm your identity and get your account approved by the bank, you need to go through a video or in-person verification.
  2. Online banking: Once your account is set up, you can activate online banking to access your account anytime, anywhere.
  • Summary

In the UAE, an online bank account opening can be effortlessly done by following the above-mentioned steps. Now that you know the steps, visit the banks’ websites and figure out the best choice for you today.

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