Article image: Banking Operations and Transactions in the UAE

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In order to simplify new account opening, provide documents about your previous activity to the bank Full version

The banking system of the UAE might be somewhat different from what you’re used to. Therefore, tourists or businessmen who have come to the country for work and have to conduct banking operations in the UAE for some reason should take these features into account.

To begin with, the bulk of the UAE banking infrastructure is located in Dubai, and it is recommended to go choose the solutions available in Dubai to solve important financial issues. Banking operations, banking transactions and the entire banking system in the UAE are a part of the business environment. The country’s authorities are making great efforts to make the UAE as comfortable as possible for doing business. It is thanks to this that an account can be opened or banking transactions can be conducted in Dubai not only by the residents of the country but by virtually any of the visitors. After all, according to the logic of the country’s leadership, when tourists are interested in carrying out banking transactions in the UAE, whether it is an ordinary transfer of money or any other financial transaction, it is an important part of the business turnover of the country. It brings profit, so there is every reason to serve them.

Main Features of the Banking Sector in the UAE

Sure enough, there are exceptions. There are different categories of banks in the UAE. Some of them open accounts for everyone easily requiring a minimum of documents, while the others demand a much larger list of documents and time of the opening of an account sending requests to the country a potential client is a citizen of. There are also those banks that require UAE residency for service. Current and cheque accounts are available only to residents – this is the law. In any case, the website of each bank has detailed information for customers with specified requirements and restrictions.

You can prepare all the documents in advance and send them to us for verification. You will receive an answer concerning the options for opening an account as soon as possible and, after a trip to the UAE for about 1-2 days (personal presence is mandatory to open an account) you will be able to start conducting necessary banking operations. As for the transfer of funds, mobile and online banking in the UAE has developed to an impressive scale. Most banking transactions are a matter of a couple of clicks on the phone screen or your computer monitor. All banking operations in the UAE are carried out easily and quickly. The majority of banks offer opening accounts and conducting banking operations in US dollars, euros, British pounds, Chinese yuan or Japanese yen.

The banking system of the UAE is one of the simplest in the world from the client’s point of view. It is also one of the most convenient and safest, since all banking transactions in Dubai are protected by UAE laws aimed at strengthening the financial stability of the country. Deposits in banks of the UAE are protected from any crisis, because the UAE economy does not allow the creation of “money pyramids” and safeguards banks from bankruptcy. However, when carrying out banking transactions in the UAE, one should remember that the country’s laws in terms of finances are much stricter than in any other country of the world and any violation, for example, a written check that cannot be cashed because of the absense of funds on the account, can be punished by a large fine or even a prison sentence.

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