Account in Dubai – how to open without maintaining minimum balance
Maintaining balance is the minimum daily balance a person or company is required to have a bank account. Why is it required? Banks spend money to handle the accounts that is why they need a certain minimum amount of money to be able to do this. It is usually calculated at the end of each month. If you don’t have a minimum amount, you will normally be charged a fee. However, this requirement is not always convenient for the customers. Luckily, in Dubai, the UAE, there are banks with small maintaining bank account balance requirements.
Why a bank account in Dubai with maintaining balance may be inconvenient?
Typically, for personal accounts of UAE residents, to open an account you will be required to have from 3000 to 5000 dirhams on your account in the UAE to maintain it. If you don’t, you will be charged about 25 dirhams fee. However, some banks in the UAE require 500 dirhams for maintaining the account, some much more than that. Minimum salary requirement imposed by the majority of the banks in the UAE resulted in the fact that many people kept their money in a wallet rather than on a bank account. The problem is that they couldn’t meet the minimum salary requirements.
If we are talking on personal accounts opening for UAE non-residents – the minimum account balance requirements are higher. Regularly bank would require you to keep on the account the amount equivalent USD 10.000,- or more.
When talking about corporate accounts – the requirements are higher. These depend on the type of the company. For onshore companies these start from AED 25.000,- and more, for offshore companies the minimum account balance requirements may be USD 30.000,- and higher.
Who is eligible for a bank account without maintaining account balance in Dubai, the UAE?
If you are an employed by a company in the UAE, or a student in the UAE, you can open private account is very minimal balance requirements. For all other cases, the requirements outlined above would apply.
Which banks offer bank accounts without maintaining balance in the UAE?
Here is the list of the banks that offer a bank account for private persons – residents of the country, without maintaining balance in Dubai, the UAE:
- Abu Dhabi Commercial Bank
- Commercial Bank of Dubai
- Abu Dhabi Islamic Bank
- HSBC Bank Middle East
How to open a bank account without maintaining minimum balance in the UAE?
Opening an account for private person – resident of the country - in the UAE is an easy and straightforward procedure. You can fill in important information on the bank’s website and then pick up the card bringing your ID or come directly to a bank. Please, check if this bank offers a zero maintaining balance option. The list above can help you.
If you want to open an account as the UAE non-resident or as a company, the procedure is more complicated and the easiest solution is to get in touch with our company to get assistance on the account opening with the possibly minimum account balance requirements.
See also more details on:
- Dubai bank account, UAE - opening without personal visit
- Dubai bank account, UAE - opening without visa (residency visa)
- Dubai bank account, UAE – cheques / cheque books.
- Dubai bank account, UAE – credit cards.
- Dubai bank account. UAE – debit cards.
- Dubai bank account, UAE – online / internet banking
- Bank Account abroad, opening, over Dubai for offshore company with nominees
- Account for Dubai company in a bank abroad.
- Account in Dubai bank for a foreign company.
- Bank Account requirements
- List of Banks in Dubai, UAE
