^{Money Guide for Expatriates in the UAE} Current accounts and what to consider when opening one

What is a current account?

A current account is a transactional account for everyday banking needs such as making deposits (including salary transfers), withdrawals, payments and funds transfers.

This is a key to get your life financially started in the UAE.

What documents are required to open a current account in the UAE?

You will need the following documents to open a current account

• An original passport and a copy for record and validation.
• Emirates ID for UAE nationals and residents.
• Proof of residency (i.e. tenancy contract, utility bills).
• Salary proof (i.e., salary transfer letter from your employer, salary certificate or pay slips).

How do I apply for a current account in the UAE?

UAE banks offer convenient ways to apply for a bank account, including:

• Most banks offer a digital account opening service using a mobile banking app. Find details on this on the bank’s official website.
• Non-digital application: Visit the nearest branch or sales center.

Things to consider when opening a current account in the UAE

• Minimum balance requirements:

  • Some banks require a minimum salary of AED 3,000; however, this may vary from bank to bank. Before account opening, refer to the Terms & Conditions and Schedule of Fees for a better understanding of the account charges.

• Banking services offered:

  • Check for appropriate banking services such as the number of ATM cash withdrawals, teller transactions, utility bill payments, chequebook and debit card facilities.

• Funds transfer facility:

  • Also, you may want to check if the bank allows foreign remittance in case you need to transfer your salary to your home country or abroad.
• Verify the monthly charges and other account fees.
• The funds in a current account are always made available to the account holder whenever needed. Businesses can carry out extensive and frequent transactions smoothly. At many banks, the biggest benefit is the overdraft facility with predetermined eligibility.

Looking for an account that fits your needs? Click here to explore your options.