People after going to Dubai desire to know about the best bank accounts for the expats which is being most searched by expats!
If the expats are concerned, then having a bank account and having proper finances in order is the first thing for many of the expats who aspire to work and stay in the city of gold: Dubai. There are multifarious banks nestled in this Emirates city, including the local as well as the international banks and its makes it somewhat difficult for choosing the top-notch bank. Some of the expats find it plain sailing if banking process is concerned. Some expats take great pleasure in banking here because they love the pleasure of tax-free living as such. Some people love to settle in Dubai because this city is famous for the top 7 sports of UAE for the sports enthusiast.
Having the Bank Account for UAE Residents:
If requirements of opening a bank is concerned, then if differs from bank to bank. The essential requirements to open a checking or current account are:
-> Original passport along with the 2 copies.
-> Employment proof is also required.
->The suitable form of UAE identification which includes an Emirates ID, labor card ot the valid driving license.
->The address proof: any tenancy contract that shows the home address too.
->You will require the no-objection letter from the employer wherein your title and salary is being mentioned.
Many of the local and international banks provides class services along with bank opening and these includes, such as cheque book facility, facilities of debit and credit card, car loans, current or the savings account. Moreover, the fees or services provided also differs from one bank to other bank in Dubai. So, you will have to make certain that you know about these before you select a wonderful bank to open your account with. In this Gulf country, cheque facilities are being used extensively for many of the transactions that includes purchasing a car, new car or used cars from the top 5 most popular apps to buy and sell used cars Dubai, UAE, or for payment of the rent, etc. In all these mentioned cases, people opt for making use of the post-dates cheques for these kind of payments. But you need to be quite aware that a bounced cheque is a kind of criminal offence in the city of gold: Dubai and the party which is found guilty of the same might have to spend some of the time in jail till the debt is being paid off.
All you Need to Know about Selecting The Bank:
Various top level international banks such as HSBC, Standard Chartered Bank, Citibank are the best banks which are nestled in Dubai. All these banks have got feature-rich websites which includes all sorts of information which you will need like the types of accounts and the class apart services provided. Nevertheless, there are also some of the small local banks like Emirates NBD, Mashreq Bank, Commercial Bank of Dubai, RAK Bank, etc but these are less familiar and famous comparative to the international banks. These banks provide more or less same services but at the competitive rates which is regulated by the UAE central bank located in UAE.
These banks also provide the excellent options for the expats who just miss them in favor of more reputed and well-known banking institutions. Various local banks, which have the competitive nature of private banking in Dubai also offer the excellent service and also can many times provide best deals which may not be available with top-rated banking names.
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For many of the expats, the option of who to bank with is already decided by their employers only, who suggest the banks they do regular business with. Various employers provides the additional incentives if employees opt for selecting the same bank for their own private banking requirements and these also includes the preferential rates on some kind of money transfers, reduced minimum balance requirements and fast receipt of the salaries too.
For the people who prefer to do much of their banking task by online means, many banks provide safe and secure banking services which can be quite appropriate for the time compelled employee. These particular banks provide the ability to transfer the money through both ways, internal and also to other accounts too, the top up Alisa (the version of Dubai’s road-tax payable by the electronic card), payment of utility bills and top up mobile handset accounts, and this helps in saving the time of customers and also the difficulty of visiting the bank branch to perform their day-to-day financial transactions.
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These particular services are also offered at no extra charges but various banks also charge the fees for the electronic transfers. In this case, it will be quite wise to opt for a bank which has got various branches or at least the bank which is located nearby your place of work or the residence which will help you to perform your business through the branch itself.
For many people, the selection of the bank is quite easy as the one which has huge number of ATM machines and branches which are accessed throughout the Emirate city. Various local banks wins at this part because these have more machines and the branches which are located at various malls and at various other public places too. One of the bank, Emirates NBD has got around 70 ATMs and the branches located in Dubai itself and is also one of the best popular local banks which is located in the country.
The International banks offer good rates for the overseas transfers in and outside of bank accounts plus the lower fees too on wire transfers. If you opt for doing this particular transfer a lot, then you must select the best international bank for meeting your banking requirements. Various foreign banks allows the overseas transfers just free of charge for their customers and this is usually convenient for many of the expats. You will also require the bank account when you opt for the loan to buy the lavish apartments for sale in Dubai, UAE.
If minimum balance maintaining is concerned, then the requirements will differ from one bank to another. Many of the banks need the minimum balance which ranges from around AED 1000 and AED 5000 for a checking account while the savings account does not include any kind of minimum balance requirement at all but will fetch you the low interest rate as such. If you are not able to keep the minimum balance in account, there is a fine of AED 50 or more. This can be the essential basis for choosing the best bank for meeting your daily requirements.
If you are looking forward to acquire the loan fro your bank the you must make certain that you esquire about the loan services in many of the banks as such. Many of the banks will sanction loan which is between 10 to 20 times your monthly salary with around adequate prof of the employment and also the employment history. Most of the local banks provide more competitive loan rates and also the larger loans as compared to overseas banks to make certain that you just make comparison from few banks before you make your selection.
The Final Word:
So, if you are looking forward to work and live in Dubai, then the above mentioned factors will play an important role in opening a bank account in Dubai, UAE. When you will look forward to shift to Dubai, then you will have to know about the property for sale in Dubai and through the classified apps you will be able to find the properties as per your requirements.