# Banking in UAE, minimum account balance?



## ThomasMann1 (Aug 21, 2014)

I don't understand the term "minimum account balance" so I would like someone to explain it to me.

I plan to open bank account in a bank in Dubai and I noticed that a lot of banks require "minimum account balance". I never encountered that term in my country and I'm not that familiar with banking terms, so I'm confused. Here's the dilemma.

*1. **Does that mean that I need to have that amount of money at ALL TIMES on my account?*

or

*2. **Does that mean that I need to have that much FLOW of money in period of one month?*

Somewhere on a forum I read that you will be fined some amount of money if you don't have this much on your account and someone mentioned 25 AED ($6.81) which is not that bad. In my country you have a fee of monthly maintenance of account.


----------



## LesFroggitts (Dec 30, 2013)

Yes, there are accounts that require you to maintain a minimum balance at all times - if you go below this threshold then they will start charging you a fee for having the account.

There are other account types that don't have a minimum balance requirement, however these may well be fee-bearing accounts from day one.

(PS. I have not voted for any specific bank as I don't believe that I can recommend any ! )


----------



## Chocoholic (Oct 29, 2012)

In your poll I think you mean HSBC, not HNBC. I have an account with them that doesn't require a minimum balance.


----------



## Jowhara (Aug 10, 2014)

It means you need to have that amount of money in your bank account at any time otherwise you are charged 25 Dirhams per month.


----------



## ThomasMann1 (Aug 21, 2014)

Thank you all for fast replies. I will probably open account at Emirates NBD, I just wanted to double check did I get this right. And when you take everything into account, 25AED fee is not that much, so I can afford myself to get below 3000 AED 

Another doubt I have is the ATM fee charge and ATM transaction.

On EMirates NBD analysis on souqalmal I can see this part:

"*6 free teller transactions a month* thereafter AED 10 per transaction; Local transfer in UAE AED 50; Foreign currency to home country or GCC AED 75; Foreign currency transfer to all other countries AED 90; Non ENBD ATM withdrawals in UAE AED 2; in GCC AED 6 and in other countries AED 20"

Did I understood correctly? Only 6 ATM transaction a month for free? Cause I'm used to free ATM transactions always...


----------



## LesFroggitts (Dec 30, 2013)

ThomasMann1 said:


> Thank you all for fast replies. I will probably open account at Emirates NBD, I just wanted to double check did I get this right. And when you take everything into account, 25AED fee is not that much, so I can afford myself to get below 3000 AED
> 
> Another doubt I have is the ATM fee charge and ATM transaction.
> 
> ...


A "Teller" is the actual face-to-face person you deal with when visiting the branch.


----------



## ThomasMann1 (Aug 21, 2014)

LesFroggitts said:


> A "Teller" is the actual face-to-face person you deal with when visiting the branch.


So practically, I have 6 free times a month to go to the bank office to do all my account stuff?  After that it is 10 AED a bank visit?


----------



## LesFroggitts (Dec 30, 2013)

ThomasMann1 said:


> So practically, I have 6 free times a month to go to the bank office to do all my account stuff?  After that it is 10 AED a bank visit?


Yes, what you're referring to there is physical visits to your branch - like most banks nowadays they would prefer you to do everything yourself through online banking. It's actually my preference to do it all myself - at least that way you stand a good chance of it actually happening rather than being told by a local drone that they'll get round to doing it some time later.

For your information, have you had a look at http://www.emiratesnbd.com/assets/cms/docs/personalbanking/ScheduleChargesPersonalBankging.pdf this does list in one place ENBD's charging structure.


----------



## ThomasMann1 (Aug 21, 2014)

LesFroggitts said:


> Yes, what you're referring to there is physical visits to your branch - like most banks nowadays they would prefer you to do everything yourself through online banking. It's actually my preference to do it all myself - at least that way you stand a good chance of it actually happening rather than being told by a local drone that they'll get round to doing it some time later.
> 
> For your information, have you had a look at this does list in one place ENBD's charging structure.


Thank you so much!  You are great help, and I'm starting to like this forum. I found that paper, but I'm not that familiar with banking terms even in my language, and especially not in English, you helped me a lot.


----------



## lxinuk (Mar 18, 2012)

I have the basic NBD account. I have never paid a fee but never visit a person teller either. I regularly take the account down to its minimum as whatever is left I transfer into other accounts.


----------



## Socceroos17 (Jul 28, 2014)

NBD is the best. HSBC- in Dubai are crap.

With NBD you will never need to visit the bank except if you wanna withdraw a huge AED cash amount. All your bank work can be done through their amazing online service.


----------



## msbettyboopdxb (Mar 22, 2009)

Emirates NBD is the best. I do everything online. I only go in when I need more than the ATM limit. I highly recommend them. If your salary is paid in there, you don't need to maintain a minimum balance by the way.


----------

