How to set up banking in United Arab Emirates as a foreigner
Opening a bank account in United Arab Emirates as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Getting your finances set up in United Arab Emirates is easier than you think — if you know which banks welcome expats and what documents to bring.
Banking Overview in United Arab Emirates
| Feature | Details |
|---|---|
| Currency | United Arab Emirates dirham (AED) د.إ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Low |
| Remote Opening | Yes |
| Wise Available | No |
| N26 Available | Yes |
Opening a Bank Account in United Arab Emirates
Foreigners can open bank accounts in United Arab Emirates. The process difficulty is rated as Low, which means the process is straightforward with standard documentation.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Visa or entry stamp
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in United Arab Emirates. While you may be able to send money to United Arab Emirates, full local account features may not be available. Check their website for the latest on United Arab Emirates-specific services.
N26
N26 is available in United Arab Emirates. As a fully digital bank, it offers a straightforward account opening process, often without needing to visit a physical branch. The app provides real-time notifications, spending analytics, and competitive exchange rates.
International Transfers
When transferring money to or from United Arab Emirates, consider these factors:
- Exchange rate: The currency is AED. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in United Arab Emirates is approximately €3,197 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to United Arab Emirates:
- Sharjah Islamic Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for United Arab Emirates:
- Banks in the UAE will generally offer home loans to expats that cover 80% of the property value. Some banks will allow you to apply with a co-borrower, and the loans are available for both salaried employees as well as self-employed individuals. While requirements may change based on each specific circumstance, the general requirements for a home loan are:
- If you are leaving the UAE and your residence visa is cancelled, you will have a grace period of 6 months to deal with all the formalities. Closing a bank account in the UAE shouldn't take longer than a few days.
- Important:
- If you are not a resident of the UAE, you will only be able to open a savings account. You will also be able to apply for a debit card that you can use to withdraw money from the account. Note that non-resident bank accounts do have minimum and maximum balance limits. To open a savings bank account as a non-resident, you will need to provide the following additional documents:
- If you want to set up a business in the UAE , you will need to open a commercial bank account. Note that it is illegal to run business operations via a personal bank account in the UAE .
- Note that depending on the specifics of your case, additional documentation may be requested.
- Note that simply taking out your funds out of the account is not the same as closing it. Even if your account is empty but is left operating, you will still be charged regular maintenance fees though you may not be using your account.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Are there any fees for maintaining a bank account in United Arab Emirates?
Many banks in United Arab Emirates charge monthly maintenance fees ranging from د.إ2 to د.إ15. Some offer free accounts if you maintain a minimum balance or receive a regular salary. Digital banks like N26 often have free basic accounts.
Is cryptocurrency banking available in United Arab Emirates?
Cryptocurrency regulation in United Arab Emirates varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in United Arab Emirates.
Can I get a credit card as an expat in United Arab Emirates?
Credit card availability for expats in United Arab Emirates depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Digital banks may offer debit cards more quickly. Start with a debit card and apply for credit later.
What happens to my bank account if I leave United Arab Emirates?
Most banks in United Arab Emirates allow you to keep your account open even after leaving, though some may require an address in United Arab Emirates. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
Can I receive my salary in a foreign bank account in United Arab Emirates?
Technically yes, but most employers in United Arab Emirates prefer paying into a local bank account. Using a local account avoids international transfer fees and delays. Wise or N26 may serve as alternatives.