What is private banking and how to opening a bank account for a private person in UAE?
The private bank account abroad becomes more and more essential when taking into consideration the frequent need to protect assets, investment diversification and other tasks.
A private bank account in the UAE is the really attractive and advantageous solution, especially considering the fact that the banks in the UAE are highly stable and reliable, and offer all the essential banking services.
First, we define what is private banking. Private banking is a personal banking service, management of personal funds of wealthy clients and their families. Among the benefits of private banking is a thorough knowledge of the client, his or her habits and lifestyle, which contributes to the trust of this person in the bank. Bank selects a personal manager for each client. This personal banker manages the funds of the client, or even the entire family, and can work 24/7.
The list of private banks in Dubai is quite long. Both local financial institutions and branches of large international banks work here, so you will have plenty of options to choose from when looking for a bank to open a private bank account in the UAE.
Open a private bank account in Dubai, UAE
So, let's consider what the conditions necessary for opening a private bank account in Dubai required for non-residents of the UAE who have decided to open a personal bank account in the UAE are.
As for non-residents, they can open a private bank account in the UAE, but only a saving account in a local bank. Also, it is usually necessary to simultaneously conclude an agreement with the bank according to which a person invests a certain amount of funds in bonds, stocks or other financial instruments. As a result, it turns out that a non-resident usually has to open a bank account in the UAE on the basis of an investment agreement.
Private (savings) accounts in the UAE banks can be multicurrency, i.e., both in US dollars and in dirhams, euros, and pounds. There is no requirement to maintain any particular balance in such accounts. When opening a private bank account in Dubai, the customer is issued a debit card binded to your private account in dirhams.
All banks in Dubai, UAE offer Internet banking, so that a private person can remotely manage own funds on the private account. Typically, the use of Internet banking in banks of the United Arab Emirates is free for individuals.
The term for opening a private account in the UAE is usually about two to seven working days. Bank details after filing all the required documents can be obtained even earlier.
The procedure for opening a private bank account in the UAE for non-residents
So, what is the procedure for opening a private bank account in Dubai? It looks like this:
- The necessary documents are submitted to the chosen bank (each bank has a list of documents required for a private account).
- A bank will call you on the number indicated in the application form. During the conversation, you will confirm your email, the address of residence, phone number, passport number. After all these data are confirmed, a bank proceeds with the procedure for opening your private account.
- The next day, an account can already be opened, and you can receive bank details. You must visit the bank and credit the required amount of funds to own savings account.
- After the funds are credited, the bank makes a second call to you, confirming that an investment program with a certain monthly balance for investment and with a specific investment model, is selected. After that, the private investment account becomes valid.
- After 10 business days, a bank will issue a debit card for the private account holder and a PIN for online banking.
It is important to remember that the entire procedure for opening a private bank account in Dubai can be made either by yourself or with the help of professional consultants. In the first case, you yourself have to choose a bank and private account type, collect documents, submit them, conduct a dialogue with the bank manager and come to the country at least twice for a few days. In the second case, you will save your time and effort. Moreover, you will have to come to Dubai only once for one day. Besides, a professional consultant will help you in choosing a bank and a specific solution for opening a private account in the UAE. What way to choose opening a private bank account? This choice is up to you.
Contact our specialists; we will help you open a personal bank account in Dubai.