Dubai Banking - Offhsore Banking - Bank Accounts - Secure - Safe

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.