Account Opening in a Foreign Bank

Regardless of your purpose you may have within account opening in a foreign bank, all bank operations can be divided into 2 main categories:

a) savings and investments and

b) transactions related directly to the business activities.

The ever-increasing element of banking services in the contemporary banking world is the investment accounts as well as regular business accounts in foreign banks abroad. As a matter of fact, these types of accounts are regularly opened by businessmen or private persons who invest their funds in property and stock markets or use such accounts for real business. Moreover, these accounts allow to accumulate the funds. Account opening in a foreign bank for the purpose of investment of funds is one of quite common types of bank operations. The investment accounts allow to proceed with regular bank transactions as well as to utilize these funds for other different requirements. However, these types of accounts have their specific limitations for the regular bank transactions, such as, for example, the required minimum account balance and the maximum number of possible incoming and outgoing account transactions within some specific time period. Moreover, private investment accounts cannot be used for regular business transactions. For that reason, opening an investment account in a foreign bank can by no means be substituted with opening ordinary corporate accounts abroad.

The account opening in a foreign bank is a vital component for successful business. The right solution for this issue can be opening bank account in Dubai, UAE.

Account opening in a foreign bank- which currency to prefer?

For the convenient use of a bank account in foreign banks, it is best to open an account in a currency that is the main currency on the relevant country's territory and, if necessary, to open accounts in other currencies as well. The bank's customer has the possibility to open an account almost in any currency. For opening bank account in Dubai, UAE, it is required and strictly suggested to open the main account in AED and additional accounts - in any other currency that may be necessary – EUR, USD, GBP, etc. Our suggestion to keep the main account in AED when opening bank account in Dubai, UAE is reasoned by the fact that the UAE banks charge for their main services in AED. Moreover, when opening bank account in Dubai, UAE, you always are required to open main account in Dirhams whereby sub-accounts, as we already mentioned above, can be in any other currency.

Account opening in a foreign bank - questions and requirements which may arise.

When choosing a bank for the account opening in a foreign bank, it is usually done in favor of bank's reliability, its financial stability, minimum required account balance, possibility of a remote access to an account (over internet and telephone banking) and acceptable costs of banking services. Unfortunately, it is not always possible to find the ideal combination of all conditions and prerequisites. We would assist you to select the foreign bank in Dubai, UAE or other country that would meet most of your requirements to the maximum possible extend.

What is the time frame or the account opening in a foreign bank?

If you decide to open a bank account in a foreign bank, and would be able to visit such bank - it will take from 1 to 2 and more days, depending on the bank. In case of account opening without your personal visit - it may take several days and up to several weeks. The time frame for the account opening may vary depending on bank's requirements and its internal procedures and regulations. In order to open bank account in Dubai, UAE, it usually takes from 5 -7 days to 2-3 weeks, depending on a particular bank. A passport copy will be required as well as the proof of the bank account beneficiary address. Reference letter from a bank where you already have your account would be required as well. For corporate accounts the respective company documents would be required. There may also be additional requirements in various banks.

Who might be interested in account opening in a foreign bank?

The account opening in a foreign bank is the opportunity to diversify the existing risks of the investment operations and accumulate capital. Furthermore, there is a potential to use such bank accounts for future corporate finance.

Currently, there is quite a large number of foreign banks' services. Practically in any country including UAE you can have an account opening in a foreign bank or in a local bank. The client is provided with various types of banking services, personal and corporate accounts as well as accounts for natural persons, credit cards, cheque books, internet banking and bank vaults. We can help you to make the right choice of a bank and to get access to maximum quality of services in a foreign bank which fits your requirements.

One of the worth-to-consider options for the bank account opening in a foreign bank is the variety of services offered by banks in Dubai, UAE. Presently, the banking system of UAE is a renowned system in the Middle East and offers innovative and solid solutions. The contemporary technologies allow the active development of a current banking system. If you decide to open bank account in Dubai, UAE, then you have got the opportunity to operate your bank account from a distance which allows you to handle your financial matters from abroad, whereby you will get the maximum comfort and convenience at the very competitive costs.

It is no wonder that banks in UAE, in light of the world financial and economic weakening, have managed to maintain their brands names and status. The ever-growing number of foreign clients entrust their financial assets to foreign banks, especially they do so with banks in Dubai, UAE. Currently, opening an account in a foreign bank is not a matter of prestige, but rather indispensability. It is an opportunity to extend the range of business perspectives and to take a look into its further potential.

The modern marketplace opportunities suggest dynamics and changes. It is incumbent on businessmen and entrepreneurs to go with the flow of time, which is the voice of success and growth opportunities. The business set-up in the United Arab Emirates and the decision to open an account in Dubai, UAE, is quite a favorable course with due attention from modern companies.

Our company is qualified to provide you with the solution to handle all the difficulties and questions during the account opening in a foreign bank. You will have the opportunity to save your valuable time - our qualified specialists will prepare the set of required documents and your business profile for the account opening. The documents, necessary for completion of the bank account opening in a foreign bank, can be sent by courier upon client's request.

We will assist you with the choice of the most suitable bank in Dubai, UAE or abroad that will meet your requirements, whereby we will be in charge of your complete support within the entire account opening procedure.