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Is it possible to open a Bank Account with a visit visa in UAE?
Which banks?

I have checked many banks they say no.

not possible. u need to have a resident visa inorder to open an account.

J

no u can not try western union if u wnat to transfer fnds

This past Saturday I was at the bank, National Bank of Abu Dhabi, on SZR across emirates towers and the guy on the next desk was a british tourist opening an account. The woman was asking him for his entry stamp and she made a copy of it. I don't know whether the account was being open because they know his employer but he was clearly on a tourist visa he specifically told her he did not have a resident's visa "yet".
He was working here (illegal also) as a civil engineer. There are ways around everything in Dubai it just is who you know.

^ he must havent had his visa stamped on his passport yet.

It's not illegal to be working with only a visit visa in your passport if your employment and residence visas are under process.

You can open a current account not a saving account if you're a visitor. The only thing is you have to get a recommendation letter sent from you home country's bank to the bank here. You will need to deposit a certain amount of money as well. HSBC require something like 5000 dirhams.

Raniao wrote:You can open a current account not a saving account if you're a visitor. The only thing is you have to get a recommendation letter sent from you home country's bank to the bank here. You will need to deposit a certain amount of money as well. HSBC require something like 5000 dirhams.

That's interesting. I'm about to move from the UK to Dubai, the contract is signed starting 1st of June. From a colleague I received a contact from HSBC in Media City. I called him to get some info on opening a bank account and he told me I need a residence visa.

Further more, I'm trying to get a mortgage straight away rather than waiting till I have a 6 month account history in Dubai. He told me that's possible once I have the account. It's more a matter that I can prove that my company relocated me and I have a good financial history.

I've got an HSBC account here in the UK, maybe that helps to get things moving faster.

Can someone share some personal experiences with getting mortgages in Dubai ?

If the company is bringing you on an Employment Visa you won't be able to open a bank account till you get your residence (usually done in less than a month). Some companies have arrangements with banks to open payroll accounts even if you're not a resident.
One thing about mortgages, I really think you should wait until you look around and find out about the neighborhoods here. The real estate market here is very tricky, so don't rush ... also ask around about banks here. A bank which is good in the UK can be terrible here. PM me is you need any more info.

Good luck.

There is only one bank in Dubai that allows people on visit visa to open a savings account. It's EMIRATES BANK. Go to any branch with your passport and they will do it on the spot. Note that the minimum required for this is Aed 5000. Atm is also provided.

No other conditions are required, such as having residency, salary transfer, etc.

Raniao wrote:If the company is bringing you on an Employment Visa you won't be able to open a bank account till you get your residence (usually done in less than a month). Some companies have arrangements with banks to open payroll accounts even if you're not a resident.
One thing about mortgages, I really think you should wait until you look around and find out about the neighborhoods here. The real estate market here is very tricky, so don't rush ... also ask around about banks here. A bank which is good in the UK can be terrible here. PM me is you need any more info.

Good luck.

Thanks for your reply Raniao,

Here more info on my situation:

I've been several times in Dubai over the past year and have seen a couple of areas (Greens, Marina, Meadows etc.).

Thing is, an appartment is out of question. I can't live in a box, never could. I went back to the springs several times and everytime had the feeling, yes, that's it. I can see myself living here. My aim in life always has been not to waste renting money to landlords. I've bought and sold houses in several countries when my company relocated me. It always has worked out very profitable. Although 2 bedroom villas are now going for 1.8 mill Dirhams, I still think it's a good investment selling it in 2 years. The rent for the same villa is currently around 135k (that's 18k Pound) which I really don't want to shuffle into someone elses account.

The problem really in Dubai is that it's very difficult to just rent a place for 3 month, paying a complete year upfront and not get money back if you move inbetween that time is a very strange practise which almost forces me to try and get a mortgage immidiately.

Hope this makes sense, I would be interested to hear your opinion on this.

Thanks

Well other banks might have the thing as per central bank rules you need to be resident of U.A.E and everyone forgets the second rule. Salary needs to be transferred which is mandatory because of the lending services the salary is the only thing which is like a security.

In any case you can open a bank account without being a non resident of u.a.e. In Lloyds Tsb you can as I work for the place. There are so many customers in Dubai who wanna invest here but dont wanna open an account so what we do is we open an offshore account which is with Isle of man where we give the customer a debit card and stuff which is accepted internationally. I am not such an offshore expert but I do know it can be open. Then also u can apply for mortgage.

What would most probably happen is that if ur gonna have a mortgage basically so you will buy the home so indirectly U.A.E will have to give u visa which makes u a resident which will inturn help you to open an account with us. Hope this answers your query. If you need help. Gimme a buzz

Cheers

Thanks for the info UD, I've sent you a PM regards this.