Dubai Banking
Are you thinking about investing in Dubai? You need to know a little more on the
banking sector of Dubai before you take the plunge. In Dubai, you shall find
local banks as well as foreign, ready to cater to all your needs. UAE Central
Bank governs all licenses of financial institutions present in the UAE. If you
wish to know the list of banks which operate in Dubai, you can check out their
list present in their website.
Retail customers usually approach the commercial banks or Islamic banks for any
kinds of their needs. In order to open an account with any bank in Dubai, you
need to have a passport and a copy of it. You need to prove your identification
with documents such as driving license and also a copy of it. If you need a
credit card and applying for one such card, you will be required to produce a
salary letter of certificate. However, you will not require this certificate if
you wish to have a savings account just. Those who create current accounts with
these banks can have an ATM cards and checkbook as standard practices of these
banks.
You will find other types of banks also in Dubai, such as investment or merchant
banks and industrial banks. If you have to make any dealings on behalf of your
company, you can check out if these banks have any kind of special arrangements
with a specific bank in Dubai. Try to know if your chosen bank will provide you
some additional facilities. This will help you to get lower minimum balance
rates and also discounted or preferential rates on your different transactions.
These services are mainly offered to meet the tough competition from other
financial institutions and also to lure in investors. There is even a scope of
getting your salary a day earlier, if you have your account in the same bank as
that of your company.
It is important to know about minimum balance requirement criteria of these
banks when you wish to keep your money with a bank. You need to have a minimum
current account balance in the range of 1000-10000dhs. You will be required to
pay a small monthly fees of around 50-100 dhs if your account balance falls
below this amount in any particular month. If you have any savings account with
any bank in Dubai, you will be required to keep a much lower balance as minimum
balance and in many cases you might not be required to have any minimum balance.
There are many banks which need to have minimum salary criteria in order to
operate a current account.
You will hear many kinds of incidents and stories related to poor customer
services of several banks in Dubai. However, you shouldn’t believe anything
until you face any kind of problem yourself. The best suggestion is that in case
you get annoyed with any bank, you can close your account with that bank and
have your account in another bank. More info: Dubai Banking,
Offshore Banking Dubai...