How to Open a Bank Account and Handle Finances as a New Dubai Resident

Making the move to Dubai?

While moving to a fast-paced and ever-evolving city like Dubai can be extremely fun, getting your finances in order is the main mark before you can proceed with other things, as the city runs mainly on digital banking and moving around is easier with a bank account.

So, in order to do that, here is your guide on how you can open a bank account and handle your finances seamlessly as a new Dubai resident.

Step 1: Getting Your Residency Visa Sorted

One thing to note is that before you open a bank account, you’ll need your Emirates ID and a valid residency visa. Whether you’re here for work, business, or investment purposes, these two documents are non-negotiable. If you’re relocating with the help of an employer or setting up your own company, your residency process might vary slightly, but the end result is the same: no bank account without an Emirates ID.

Many employers help set you up with a bank account while making your Emirates ID, but usually it’s a quick process.

Step 2: Choose the Right Bank

Dubai is home to a wide variety of local and international banks. Some of the most reliable names include:

• Emirates NBD
• Mashreq
• First Abu Dhabi Bank (FAB)
• ADCB
• HSBC Middle East
• Standard Chartered
• RAKBANK

When choosing a bank, consider their app experience, customer service, online banking platform, ATM network, and whether or not they offer expat-friendly services like multi-currency accounts.

Step 3: Documents You’ll Need

Once you’ve got your Emirates ID in hand, here’s what else you’ll typically need to open a personal bank account:

• Copy of passport and visa page
• Original Emirates ID
• Salary certificate (if you’re employed)
• Tenancy contract or proof of address (Ejari registration)
• Recent utility bill (in some cases)

If you’re self-employed, you might also need a copy of your trade license and other supporting documents.

Step 4: Types of Accounts to Consider

Most banks offer two primary types of accounts:

1. Current Account – Perfect for everyday use, salary deposits, and bill payments. Usually comes with a checkbook and debit card.
2. Savings Account – Ideal for long-term savings. These accounts often have minimum balance requirements and may offer better interest rates.

Some banks may also offer Sharia-compliant accounts or multi-currency accounts for those doing business internationally.

Step 5: Digital Banking & Mobile Apps

One of the best parts about banking in Dubai is the digital experience. Most major banks have sleek, user-friendly apps that allow you to:

• Open accounts
• Transfer funds
• Pay bills (DEWA, Etisalat, etc.)
• Monitor your spending
• Lock and unlock cards

Emirates NBD’s Liv. app and Mashreq’s Neo platform are particularly popular among younger expats and digital-first customers.

Step 6: Transferring Money Internationally

For many expats, sending money back home is a regular part of life. There are several ways to do this:

• Through your bank (although fees can be high)
• Money transfer apps like Wise, Western Union, or Remitly
• Local exchange houses like Al Ansari or Al Fardan

Compare fees and transfer speeds before committing to one provider.

Step 7: Using Credit Cards Wisely

Dubai has no shortage of credit card options, often with attractive sign-up bonuses, travel rewards, and cashback offers. Some top providers include:

• Emirates NBD
• ADCB Touchpoints Cards
• FAB Etihad Guest Cards
• HSBC Platinum & Premier Cards

Be cautious, though: interest rates are high if you carry a balance. Use your card for points, but always pay it off in full when possible.

Step 8: Budgeting, Bills, and Regular Expenses

Once your banking is set up, you’ll need to start thinking about your monthly finances. Typical fixed costs in Dubai include:

• Rent (often paid quarterly via cheque)
• DEWA (Dubai Electricity and Water Authority)
• Internet and mobile (du or Etisalat)
• Groceries
• Transport (owning a car, RTA, or Careem)
• School fees (if you’re moving with family)

There are several apps to help track spending and manage your budget:

• YNAB (You Need A Budget)
• Spendee
• Emirates NBD’s Smart Planner

Bonus Tips for a Smooth Financial Start in Dubai

• Avoid bounced cheques at all costs. They’re a criminal offence in the UAE, even if it’s an honest mistake.
• Keep your bank’s hotline saved. Whether it’s card issues, app problems, or lost PINs, quick support can be a lifesaver.
• Minimum balance fees are real. Know your bank’s threshold to avoid monthly deductions.
• Plan ahead for holidays. Banks don’t operate on Fridays and may close for long public holidays.

How Espace Real Estate Can Help

If you’re moving to Dubai, your financial life starts with a great place to live. Espace Real Estate offers expert relocation support, from finding a home in the right community to connecting you with trusted local service providers. Whether you’re looking to buy or rent, our team can guide you every step of the way.