Dubai Fact-File Part 7:
Individual Business Owner Welfare and Lifestyle

7.5 Dubai Individual Business Banking Services

Domestic and international banking services: There are many banks in Dubai, both local and foreign. These range through commercial banks, Islamic banks, merchant and investment banks and industrial banks.

An individual will normally be required to have a residence visa before they can open a bank account, although sometimes a letter of introduction from a bank in a person’s home country will suffice. Standard identification required is:

Passport (plus a copy);
A second form of photo ID (eg international driving licence);
Written confirmation of employment or new business set-up and funding;
Letter of no objection from local sponsor.

Banks will often require that customers maintain a minimum balance in current accounts (AED1,000-AED5,000) and can charge fees for falling below the minimum level. Various fees and charges are imposed and individuals should take care to check fees for transfers of funds from foreign countries into Dubai bank accounts. It is a condition that bank accounts are normally held in Dirhams, the local UAE currency.

All banks now offer online banking facilities and debit and credit cards, as well as ATM cards for cash withdrawals, and business banking services available can include multi-currency business bank accounts, loans and access to credit, and trade finance support, where necessary.

Banks are usually happy to lend money to customers by way of personal loans or business loans but will require verification of income and accounts.

Defaulting on a loan, or bouncing a cheque can be a serious offence in Dubai (depending on the parties involved), and leave to exit the jurisdiction can be restricted if money is owed. Therefore, it is essential to maintain your finances adequately whilst resident in Dubai.