Opening an Dubai Bank Account for Non Residents
If you are a Dubai national, then there is no need for you to worry about opening an account in Dubai. In fact, there are numerous banks in Dubai that cater to the needs of individuals, businesses and even the tourist community. The key factor is that these banks are not located within the city but rather they are strategically located so that they can serve the needs of the individuals and businesses from any corner of the world. So if you are looking for an offshore bank account, here is how you can find one for Dubai residents.
The first option that you have for offshore bank accounts in Dubai is to open an account with the Dubai Financial Services Authority or DFS. The purpose of this bank is to help those residents who are not residents of the emirate but need a financial haven. The main purpose is to help them maintain a good credit rating so that they are eligible to open a bank account in Dubai or any other financial haven around the world. You will find that there are many financial institutions that offer such services but those that do are mostly located within the city itself. It is better if you do your research before hand so that you will know which bank to go for.
The second option for you is to open an account with a UAE bank. These banks are considered to be the government banks in the area and therefore you can be sure that you will receive the best service and interest rate when you open one of their accounts. However, as with the case of the Dubai residents, there are some restrictions when it comes to these accounts for non residents. You may not be able to get access to the special offers and features offered by the banks, for example ATM cards and credit cards.
The third option is to open an account with a private UAE bank. Private banks are generally considered to be slightly more expensive than the government ones, so you may have to pay slightly higher fees for opening one of their accounts for residents of the United Arab Emirates. On the other hand, you will have more opportunities to choose from when it comes to the services and features offered. The main advantage is that you will be able to enjoy the same benefits and facilities that are offered to the residents of the country, without having to pay the higher fees.
The fourth option is to open an account with a UAE special purpose bank. In this case, you will enjoy the benefits of a large number of services that you would normally not be able to enjoy if you choose to open an account with a commercial bank. For example, you will be able to transfer money to any of your accounts in the country, you will be able to open an offshore account and even receive dividends and interest. However, there are certain restrictions when it comes to these services and you should ensure that you follow all the rules set by the bank so that you can continue enjoying the benefits. You will not be able to withdraw cash from these accounts.
The fifth option is to open a Dubai national bank account for non residents of the country. This means that you will have to provide proof of residence in the country and a UAE citizenship. The process of opening such an account will normally take longer than the other options, as it requires a more detailed application form. This type of account also has the added advantage that you will be able to enjoy the same services as the residents of the country.
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