UAE Banking Updates (2021)
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- เผยแพร่เมื่อ 21 เม.ย. 2021
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Today we will be discussing banks in UAE. I have been talking to many different bankers and opened multiple bank accounts for people, so I'm going to share my experiences.
I'm loosely going to divide banking into four categories.
The first category is local banks: Abu Dhabi Islamic Bank, First Abu Dhabi Bank, etc.
The second category is foreign banks: HSBC, Standard Chartered, Citi, etc.
The last two are business accounts and wealth management.
Normally, all of these banks would cover more areas, but this division makes it easier to understand the principle.
A personal bank account is going to be the easiest one to get. The most difficult will be business bank accounts or wealth management accounts.
In theory you could open a bank account in UAE as a foreigner without Emirates ID, but in practice, this will be hard.
Also, whether you actually live in UAE or not will make a big difference for banking. Having the actual local address will help a lot.
If you have Emirates ID, but do not have a local address, your best way to get banking is to go to one of the local banks. These banks should be easy to open a bank account. You will need an UAE phone number, and you will need to stay long enough in UAE in order to obtain a debit card.
Also, it is very important to keep in mind that your card will be in AED, and this is where they'll be taking fees from. Even if you have lots of money in your USD account, but your AED account runs out they will not be able to charge fees and might shut down your account. It is very important to keep your AED balance at all times.
Once your debit card arrives you will need to pick it up in person.
If you want more sophisticated banking you can opt-in for wealth management. In this case, your minimum deposit will be around 100 000 USD. Lots of the paperwork, in this case, can be done remotely, but it is still good to have a local address.
Many foreign banks such as HSBC will not let you open a bank account unless you have a local address.
Also, they will not want to deal with you if you come from an EEA country unless you actually live in UAE.
This is something to be aware of.
If you want to open a local business account, this shouldn't be a problem if you have a local company.
As a general rule, if you want to increase your odds of having a bank account open you should op in for more services that the bank offers so they can generate fees of you.
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Michael your videos are great and so transparent. I will definitely consider reaching out in future because of them.
Thanks!
Really helpful as always Michael.
Happy to be of service ☺
Hows your banking experience there?
This is an amazing video! Thanks, lots of useful information for anyone who's considering UAE.
Thanks so much for the dubai series, I've learned so much from your channel :)
Happy to hear that! It's our pleasure.
Anything you'd like to see next?
Great content.. question; say you want to open a wealth management account with 10m AED in order to use that to qualify for a 10 year residence by investment visa. You need the account and residence visa first before you obtain a residential address, but the bank wont open your account before you have a local address. How would that situation work.
What kind of bank would you recommend rental income for ? And which bank please.
Quality information
Thank you!
Did that Italy lump sum taxation video ever come out?
That’s a program I’d like to learn more about from a reputable outlet.
Coming soon
It's all about KYC system you need to beat with address
I m moving out of UAE, cancelling Visa and moving to UK, I do'nt have any bank account in UK how do i transfer my money for my studies. I tried transfer wise, but its too expensive here
Do you accept crypto for consultation? If so, how would I go about that
Hi. Can we open a bank account with an NOC?
Hi Michael, Thank you for this informative video. Kindly let me know, I need to open an E-Commerce Freezone license in UAE for Shopify Dropshipping. Which Freezone is better and cheaper? And Which bank provides the better services for the said business. Thanks in Advance. :)
Great info Michael! Are any UAE banks crypto friendly? Thanks
To quote my one private banker "UAE banks aren't friendly let alone crypto friendly" 😂😂😂
In all seriousness they aren't bad but none of them that I know of are ok with crypto
And why WOULD they be?
Crypto has the ability to replace them while charging far lower fees in the meantime.
@@samjordan8800 yeah but that's not why they have issues with it, it's the liability associated with source of funds. AML is the death of the banking system
Yes i have UAE crypto bank account
You should use local cryptocurrency exchanges, transfer to them and then withdraw from there to your bank account
Can i give POA to manage by dubai HSBC bank account
Hi Michael if your a freelancer / nomad and come to Dubai on a nomad visa, what bank account can you open in Dubai for accepting freelance payments from back home in the Uk?
This is very easy you can typically have any personal account
Move the camera a little, so we don't see the light switch... :)
I would like to form a freezone company for my social media service business, and get a bank account opened. What's the best freezone for that? And are there banks that offer low monthly balance requirements?
There are a few that would all be fine. RAK is pretty common. If you want send us a message and we'll connect you directly with the free zone so you can avoid any middle men.
And yes banks can have fairly low balances.
@@OffshoreCitizen Thank you so much. I've already filled the contact form on your website. I am considering RAK and Shams. Could you recommend banks that are friendly with low balances?
@@KushanVora did you open your business account ? which bank and what is minimum required ?
@@davelawson2564 like the uae comments. You form companies there yourself?
What do you think about Emirates NBD Bank?
I think they are decent
@@OffshoreCitizen But they require 1 Million dirhams Minimum deposit !
@@davelawson2564 Really?!
Expecting we would be required to travel to UAE and stay a week or so to set up ID, company with banking / wealth management account. Working with your group what is expected timeline?
Takes about 3 weeks depending if there are any kinks. Residency is pretty easy in UAE but there's lots of little pieces each of which takes a few days and it adds up
@@MichaelRosmer briefly what are these 'little pieces' and is it possible prepare upfront to be able to do a few things in parallel to reduce the 3 weeks to about 7-10 days, also can you be a resident of an apart hotel, I had no issues receiving amazon deliveries in my hotel apartment the last time I was in Dubai or are there any permanent address service providers without having to be living there (e.g. providing PO Box)?
Great thanks, amazing content, will consider contacting you as the time for my move to UAE comes in a few months.
Is Interactive Brokers operating there?
Yes.
What are the reasons to get frozen account? I heard some horror stories
They don't have to tell you so in general it's there's something they dislike about your transactions or business
Please make video on how to convert crypto gains into USD or Gold/Silver directly.
I did a video on how to cash out of crypto for going to gold or silver it's mainly about just dealing with brokers who will accept it
@@MichaelRosmer please give me link
Here is it
th-cam.com/video/73ftsxLoznU/w-d-xo.html
@@Captain_Tiger I think that a lot of the gold bullion dealers use bitpay
bullionexchanges.com/blog/2021-to-buy-gold-with-crypto-bullion-exchanges/
Bitpay, in turn, undoubtedly has reporting requirements (to the US government). So I would assume that the rule of thumb is: small amounts of money: no problem; but big amounts: problem.
Is it possible to open a bank account in the UAE from overseas?
Unfortunately not
@@OffshoreCitizen Thanks for your reply.
Are there any banks in UAE that accept cryptocurrency transfers from exchanges with no questions asked?
You should use local cryptocurrency exchanges, transfer to them and then withdraw from there.
@@jabersalehi2731 could you tell the names of this exchanges in UAE?
Thanks
How do I speak with you? PW
You can book a call. Link is in the description of every video.
Hi, very helpful, is there a WhatsApp I can get you on?
you can book a call using this link calendly.com/michael-rosmer