A simple answer to the above question is no and to open standard personal or business bank accounts in local UAE banks, individuals must be residents, i.e. hold a valid residence visa and Emirates ID. However, some UAE banks provide limited non-resident accounts. These come with stringent documentation requirements and operational restrictions to ensure compliance with local and international regulatory frameworks.
Currently, there is no official indication about the UAE plans to adopt a policy like Saudi Arabia’s Visitor ID scheme allowing tourists to open bank accounts in local banks. Visitors to the UAE can access banking services through international banks, select non-resident accounts, prepaid travel cards, or by obtaining a residence visa for full banking privileges.
Nevertheless, there may be future opportunities for policy change, if supported by appropriate digital, state-of-the-art infrastructure and regulatory safeguards. Let’s wait and see.
Interested to expand your business into the UAE and open your personal and your business bank account? Get in touch with us to do it for you at +971 521 521 330 or via email at office@alphaprimedwc.ae.
