A bank account in Dubai makes life safer and easier when it comes to paying bills, signing up for services, and even basic functions like receiving your salary. In Dubai, expatriates have a tax advantage which means they’re quite liquid. That said, it’s not safe carrying all that cash around. Keeping wads of money with you is a security risk, and it’s also a poor investment decision. When you’re walking around with large volumes of paper money, it’s easy to lose track and spend more than you should. Getting a bank account is a good way to save money, and it’s the practical thing to do.
How to open a bank account in Dubai
Look for the best bank to open a bank account in Dubai. Lots of factors come into play as you choose your bank.
· Proximity. Choose a bank that has a convenient branch near your home or office.
· Alternatively, select a bank that has a wide branch network, because that means you’ll still have access to the bank when travelling to distant or remote parts of the UAE.
· If your bank has affordable mobile banking or internet banking, then you can transact from anywhere, which is great. Some banks offer free mobile banking, which enhances your savings plan.
Where to begin
In Dubai, open a bank account online. The procedure isn’t complex, but you might still feel lost in the banking space. Start by checking out some of the more popular banks, like UNB, HSBC, ADIB, and ADCB. At first, these acronyms will seem confusing, but after a while, it’s easy to tell the banks apart. For instance, HSBC and ADCB have mostly red colour schemes while ADIB and UNB favours blue. HSBC is a global bank that was founded in the UK, while the others are Arab banks with largely local shareholding. You can also check the interest rates on all these banks to see which one offers the best returns on your savings account.