How to Open Bank Account in UAE

When opening an account abroad, one has a number of questions. Where and how to open bank account abroad. What possibilities to open bank account in the Emirates? How to open bank account in UAE? How to not make any mistakes when making a bank choice. What documents are necessary? Those kind of questions will be asked when opening bank accounts for natural as well as legal persons.

Let us try to understand, who might have the need to open bank account abroad – in UAE or some other country.

Firstly, those who intend to keep their funds knowing that they are safe. The banks in UAE have many years of experience in providing customer service and have a long-term established business reputation.

Secondly, legal entities, doing business with foreign companies and using accounts abroad.

Actually, to open bank account abroad for a foreign company (in UAE or some other country) is not that difficult nowadays. Let us take a look at some issues, which will help you find the right way and make the right choice in terms of the banking services, where to open bank account abroad, how to choose the right bank and which aspects are the most important once when choosing a bank.

Which country is preferred to open bank account abroad?

From our experience, businessmen owning foreign companies, often prefer to open bank account in UAE as well as in the following countries: Switzerland, Austria, Lichtenstein, Latvia, Lithuania, Hong Kong and others.

It is widely known that European banks have a high level of service and are quite reliable. Such banks, as a matter of fact, regularly prefer doing business related to investments. These types of banks have rather stringent requirements for their clients. In order to open bank account abroad in one of these banks, you will have to provide some certain minimum balance, which can be quite a substantial amount of money, which may be required by a bank to prove your financial stability and be in line with bank requirements. The minimum required balance on accounts in such banks is quite high when comparing with UAE and can be anything from 100.000,- USD and upwards.

Many businessmen and entrepreneurs are effectively not familiar with the variety and level of banking services in UAE. This country is quite attractive if you decide to open bank account. Banks in UAE differ somewhat from the European ones. It is seen in the approach to customer service and its type. Whereas banks in Europe are more interested in investments, banks in UAE work differently. If you decide to open bank account in UAE, you can rest assured, that you will have an effective solution in terms of the efficiency of the services for your business. The banks are also very loyal to their clients. In order to open bank account in UAE, the provision of some certain set of documents and going through some standard banking compliance and due diligence procedures are required, whereby the minimum required balance to open bank account in UAE is quite low.

The economic stability of a country, where the bank is located, is a very important factor when choosing a bank or making the decision where to open bank account abroad.

This aspect is very essential and demands a thorough approach, since security of your savings largely depends on this factor. The situation in Cyprus in the beginning of 2013 and its consequences is a good example of how the country where the bank is located can influence the security of funds. Therefore it is extremely important to understand the economic situation of the country where the bank is located.

The reliability of foreign banks.

The important aspect, when choosing where to open bank account abroad, is the country where the bank operates. It is widely known that European banks are very reliable, however the crisis in 2008 showed that even the most robust European banks experienced real difficulties. From this aspect the solution to open bank account in UAE is very reasonable and worth to consider.

The accessibility of bank and availability of its branches.

The accessibility of banks is reflected on their time zones and it is important to consider the possibility to access the bank and conduct a meeting with banks' consultants and employees to go through issues that may be of your interest. From that perspective, the most suitable solution is to open bank account in UAE. The United Arab Emirates are located in a very convenient time zone and the broad network of flights allows for visiting the country anytime. You will also have the opportunity to combine a business visit with a pleasant leisure time at a beautiful sea coast.

The minimum account balance to open bank account abroad.

This aspect is also just as important. Usually, in order to open a current account in European banks, the requirement for the minimum account balance is quite high. The minimum balance in most European banks is 100.000,- USD and more. In comparison, in order to open bank account in UAE (corporate or for non-resident), the minimum balance is not more that 15.000,- USD only whereby there are also banks with even lower minimum balance requirements.

The possibility to manage foreign account over internet banking

In the modern banking worlds, there are virtually no banks that wouldn't provide internet banking. However many of the European investment and private banks still do not offer this service. So, if you decide to open bank account in UAE, you will definitely have this service for a reasonable price.

The costs of banking services

The cost of services, when choosing a bank where to open bank account abroad is also very crucial factor. So what do you have to pay main attention to? Well, surely to the main services such as: the monthly fee for keeping the account, the costs of internet banking, the costs of local and international transactions, the costs of possible necessary additional banking services. From that perspective, the solution of to open bank account in UAE is definitely lucrative, since the costs of banking services in the Emirates are unbeatably lower, than in the countries of "old Europe".

Our company closely collaborates with the leading banks in UAE and across the world. When choosing a bank for you, we will consider all your requirements and needs in line with the specifics of your business, the location of your company registration and your special requests for banking services. With the help of our international consultants, you can get all the necessary information and the full support, necessary in order to open bank account abroad. We will help you open bank account in UAE or in any other banks of your choice.

In order to open bank account in UAE or abroad, please contact us and one of our consultants will get in touch with you and answer all of your questions.