How to close bank account in Dubai, UAE

The Government of the UAE has developed a well-thought-out national legislation that is favourable for both natural persons and legal entities, and the Dubai banking law is not an exception. The locally applicable law provides the minimum requirements for closing bank accounts.

In this overview, we would like to present the detailed information on how to close a bank account in Dubai, the UAE.

General Information on the applicable procedure

All the customers of the UAE banks are free to close their accounts at any time they wish. It means that the banking institutions do not impose any restrictions relating to the applicable procedure. This applies to both private and corporate bank accounts.

According to the applicable rules, the account holders are guaranteed the right to withdraw the funds accumulated in their bank accounts. Moreover, all the entire process is performed immediately; however it may require some minor additional additional costs in the form of fees or charges for the closure procedure.

The banking stipulates various requirements depending on the nature of the account holder.

Closing a private bank account in Dubai

The procedure of closing a private bank account in Dubai by a private person is clear and does not cause any difficulties. In general, it consists of the following stages:

• Withdrawing money from the account;
• Finalising all the payments;
• Paying off all the loans and bank debts ;
• Writing a bank account closing letter;
• Getting written confirmation on the account closure.

When the closing of a bank account private persons can either withdraw money by themselves or transfer the available funds to an account in another bank. If the account holder does not take any actions, the bank is permitted to pay out the balance in the form of a cheque during a 7-day period.

Besides the applicable regulations are designed to reduce the red tape, and the only necessary documents are the passport and the necessary account closing letter.

Zero balance bank accounts are closed the next day after filing the application and accounts with some balance on them— the next day after debiting the account. After performing all the steps, it is advisable to get written confirmation on the complete account closure.

Closing a corporate bank account in Dubai

The procedure for closing a corporate bank account in Dubai by legal entities is similar to that described previously. Among the necessary documents there is the passport of the applicant and the related company documents.

There are some peculiarities of closing the newly opened corporate bank accounts in Dubai, the UAE. In fact, a certain additional service fee may be charged when closing bank account within the first six months or a year of its opening. The exact amount and the other conditions vary depending on a bank.

Conclusion

The applicable procedure for closing the UAE bank account is straightforward and is usually carried out in the shortest time possible. Our company provides full assistance at all stages of closing bank accounts.

Feel free to contact us if you still have any question on how to close a bank account in Dubai, the UAE. Our experts will provide you with all the necessary information.

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