Dubai: It is important to have a personal bank account for those who moved to the UAE. The benefits of holding a personal bank account are immense. Apart from keeping your savings safe and secure, an account allows you to deposit your income directly into a bank, pay your rent and utility bills with ease, and conduct various other transactions.
There are two types of accounts — a savings and a current account. A savings account helps you store your savings with an interest rate on your balance. And you also get a debit card and/or a credit card for purchases and transactions. A current account allows you to write cheques for transactions and you get a debit/credit to use for your transactions.
Here are the basic documents that are required:
Emirates ID
Passport copy in the absence of an Emirates ID
Current visa or some other proof of residency (UAE driving licence, UAE utility bill, tenancy contract, another bank statement, etc.)
A letter from your employer
When deciding to open an account, ask the bank representative about:
The ability to issue cheques
Rates of interest on savings accounts
Returned cheque fees
Overdraft privileges and related costs
Bank policy on holds on funds being deposited;
Access to foreign currency
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Access to a debit card
Monthly and transaction fees
Minimum balance requirements
Cost for and ease of transfers of funds
Notice requirements to the branch for large withdrawals
If the bank provides you with a debit card for your account, find out about the withdrawal limits as well as at which ATMs the debit card can be used and if there are any transaction fees.
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