# Opening bank accounts



## incommunicated (Feb 27, 2011)

What can I expect to be told when wanting to open a bank account?
What is needed? Bank reference. utility bills. what else?
Easy or not?
Which are the best banks and the ones with the least requirements?
Thanks


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## md000 (Dec 16, 2008)

All have pretty much the same, government mandated, requirements:

1) Passport copy 
2) Visa copy
3) No Objection Certificate (pretty sure this is needed, but I can't remember)
4) Salary Certificate

My experience with HSBC has been frightful. The main positive is that I can transfer money between my UAE HSBC account and US HSBC account without interacting with their incompetent customer service staff. 

-md000/mike




incommunicated said:


> What can I expect to be told when wanting to open a bank account?
> What is needed? Bank reference. utility bills. what else?
> Easy or not?
> Which are the best banks and the ones with the least requirements?
> Thanks


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## incommunicated (Feb 27, 2011)

What is a " Non Objection Certificate" and who issues it?


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## wandabug (Apr 22, 2010)

incommunicated said:


> What is a " Non Objection Certificate" and who issues it?


You employer/sponsor will issue you one. It is a letter of no objection (to you having a bank account). Although my account is with Emirates NBD and I did not have to produce a NOC.

With regards to copies of your passport and visa, the bank will accept copies but will need to see the originals.


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## wandabug (Apr 22, 2010)

Emirates will let you open a savings account with an ATM card if you don't have your residence visa yet. Then once you have your visa they will change it to a cheque book account.


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## Canuck_Sens (Nov 16, 2010)

I have accounts with HSBC and did not have to provide a NOC. In fact, I opened my AED savings account directly from Canada as current accounts ( this is how Chequing/checking accounts are called in UAE) require the resident VISA which I did not have of course before landing in the UAE

and you can use your AED savings account to get your salary too.


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## carlinhos (Apr 23, 2011)

HSBC Advanced took me 2 days to have online and debit card... credit card took 4 days.

When i got Resident Permit then they change to cheque account.. so far not bad.
Also done motor insurance via HSBC (AXA Insurance).

Passport copy, company letter (since my Permit was not ready) and that was it..

carlos


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## incommunicated (Feb 27, 2011)

I am not working or risiding in Dubai and will use the bank account to facilitaye the purchase of a condo. Which banks would work best for me?


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## wandabug (Apr 22, 2010)

You cannot hold an account in Dubai without a UAE Address, and you don't need one here to purchase property anyway.


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## ccr (Jun 20, 2010)

wandabug said:


> You cannot hold an account in Dubai without a UAE Address.


Do you mean legally ?

I moved away for a few years, kept 2 accounts opened with minimum amount to avoid charges, moved back last year and continue to use them.


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## w_man (Apr 16, 2010)

wandabug said:


> You cannot hold an account in Dubai without a UAE Address, and you don't need one here to purchase property anyway.


This might not be true. I was surprised myself but I had a family member visit from Europe recently and I took him to 'his bank' - Habib Bank - He's had an account with them for quite some time and uses it to receive payments from his clients around the region. 

This wasn't even a corporate account and he has never lived in Dubai. Habib bank knew his real address and knew he was using a 'personal account' for business. It was all a bit strange but I guess it can be done??!?


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## wandabug (Apr 22, 2010)

ccr said:


> Do you mean legally ?
> 
> I moved away for a few years, kept 2 accounts opened with minimum amount to avoid charges, moved back last year and continue to use them.


But you originally opened them with a Dubai PO Box number. The OP does not live or work here at all. You can keep the accounts active as long as you (or your employer) does not tell them you have left Dubai. Emirates NBD do have a non resident account but only for Indian (and I think Pakistani) nationals.


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## rsinner (Feb 3, 2009)

I guess you might need a residence for opening the account (e.g. HSBC needs it http://www.hsbc.ae/1/2/personal/banking/current-accounts/basic-account )but once you have the account open you don't necesarily need to close it once you leave the country (esp. if you have no loans then the bank will probably not freeze the account).


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## carlinhos (Apr 23, 2011)

rsinner said:


> I guess you might need a residence for opening the account (e.g. HSBC needs it http://www.hsbc.ae/1/2/personal/banking/current-accounts/basic-account )but once you have the account open you don't necesarily need to close it once you leave the country (esp. if you have no loans then the bank will probably not freeze the account).


i opened my HSBC one using my employer address...


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## rsinner (Feb 3, 2009)

carlinhos said:


> i opened my HSBC one using my employer address...


Sorry - I was referring to the residence visa and not a physical location

From the HSBC website (link in the post above)
Original passport (for all customers)
*Valid residence visa (for non-GCC National customers only)*
Proof of UAE residence in the form of either a utility bill/rental agreement/employment letter (for GCC National customers only)
Original labour card/work ID (for female applicants on father's/husband's sponsorship)
Original trade license (for all self-employed customers)


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## wandabug (Apr 22, 2010)

Emirates NBD you can open a savings account with a PO Box number and a visit visa only.


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## incommunicated (Feb 27, 2011)

I think a non resident foreigner needs his passport, a bank reference, and proof of residence in any country.
Does any of you walk by a bank branch,, or work at a bank and has the time to ask?
Must be different at the various banks

I understand it is safer to have a bank account in Dubai to purchase property. Much better than wiring the funds to a real estate broker.


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## wandabug (Apr 22, 2010)

incommunicated said:


> I think a non resident foreigner needs his passport, a bank reference, and proof of residence in any country.
> Does any of you walk by a bank branch,, or work at a bank and has the time to ask?
> Must be different at the various banks
> 
> I understand it is safer to have a bank account in Dubai to purchase property. Much better than wiring the funds to a real estate broker.


Makes no difference, you can do a bank transfer from your account in your home country to the Real Estate company's account in Dubai. It is no less safer than sending him a Dubai bank cheque. Transfer the funds to the Company not the Broker. I bought properties in Dubai before I lived here and used my UK bank account - no problems. 
To get the Title Deeds to your property you will need to visit Dubai or appoint a Power of Attourney to do it for you.


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## incommunicated (Feb 27, 2011)

I am most likely going to buy a resale from an existing owner. and not from the builder.

I was thinking of not handing over the money till the sale is done and some proof is given to me. Maybe hand over a certified bank check in exchange for the signed documents that close the deal

I think Dubai Bank and Islamic Bank of Dubai only request the things I mentioned

Any bankers or real estate brokers on the forum?


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## Canuck_Sens (Nov 16, 2010)

incommunicated said:


> I am most likely going to buy a resale from an existing owner. and not from the builder.
> 
> I was thinking of not handing over the money till the sale is done and some proof is given to me. Maybe hand over a certified bank check in exchange for the signed documents that close the deal
> 
> ...


You are thinking to buy a property in a jurisdiction that you don't have knowledge about ? The laws are different.

Just to give you a heads up, I could not rent couple of places in Marina because owners did not have the title deed and my company simply did not accept mentioning risks of proper documentation and ownership.

You are better off hiring a certified Real estate agent who will check the whole thing for you.


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## incommunicated (Feb 27, 2011)

Just want to say that it is very easy to open a bank account and that there is no need to be a resident. They just ask a few questions and only require a passport with the proper visa. a bank reference. a bank statement and an utility bill


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## Barbalee (Mar 26, 2011)

Okay, this is a tough one for me: I currently live in Oklahoma (USA) and will be arriving in Dubai in August. I believe I can leave no more than USD $10,000 in a Dubai bank at the end of the year. I'm considering opening a US HSBC (New York) bank account so that I can transfer money from Dubai to the US. Is this true? Is this possible? Is this the best thing to do? So confused!


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