The United Arab Emirates is one of those countries which have the maximum population of Expats. With thousands of people coming to UAE every year for both personal as well as professional reasons, one of the most important tasks for them is setting up a bank account. If the applicant has the required documents and meets all other eligibility criteria, getting a regular bank account is quite a simple process after all.
However, while moving out of UAE, most people prefer to close their bank account if they have no plans of residing in the Emirates again in the near future. But, if they do have an ongoing business or other financial reasons, they may have to keep a bank account active for their financial activities.
This is why banks are offering non-resident bank accounts in UAE where the account holders can continue with the account activities though they are not residents anymore.
Here’s all you need to know about Non-Resident Bank account in UAE if you are moving out of UAE…
Can you convert an existing bank account to a non-resident bank account?
Once a resident leaves UAE, they are considered as non-resident and non-residents are eligible for a non-resident bank account in UAE. Usually, most banks allow you to convert an existing resident account to a non-resident account. However, this may vary from bank to bank. If the bank that you have an account at does not provide a non-resident account, you can always cancel the account and open an account at a bank that offers a non-resident account. Keep in mind that you need to inform the bank if you are leaving UAE and clear any and all due payments. If you wish to continue with the same account as a non-resident account, you can request the bank for the conversion.
If a resident leaves the UAE without closing his/her account, the account can be frozen as a result of no activities being performed in the account. Even if there are transactions happening in the account, this may not be accepted by banking officials and they may freeze the account on the grounds that the account holder is not a resident of the UAE any longer. Though this may vary from bank to bank, the best way to go is to always inform the bank officials regarding the resident status and proceed accordingly.
What are the differences between a regular resident bank account and a non-resident bank account?
The features of a normal resident bank account and a non-resident bank account are almost the same. The only major difference between the two is that non-residents are not provided with a chequebook. They are, however, provided with an international debit card for the account.
What are the documents required for a non-resident bank account?
To open a non-resident bank account in UAE, you need the following documents:
- Passport copy
- Latest Utility bills for address proofs
- Income proofs
- Bank reference letter from anywhere
- Bank statements of 3-6 months
Keep in mind that any document other than the ones mentioned above might be required as well depending upon the bank.
What is the minimum balance requirement for a non-resident bank account?
One of the important factors while choosing a bank account is its minimum balance requirement. Bank account holders need to maintain a minimum balance in the account at all times, depending upon the currency chosen. Needless to mention, non-resident accounts are no exemption in this regard. However, there are a number of bank accounts that offer zero balance accounts for non-residents.
What are the TOp non-resident bank accounts in UAE?
As of this date, most of the popular banks in UAE provide non-resident bank accounts to their customers. A few of them are given below:
- Dubai Islamic Bank
- Emirates NBD
- First Abu Dhabi Bank (FAB)
Today, banking has become quite easy, thanks to the advancement in technology. You can be in any part of the world and avail services in the other. Thus, banking has gotten a lot more comfortable for residents who want to move out of UAE and still continue their financial activities in the country. We hope that this article could provide you with all the information that you needed about non-resident bank accounts.