There is a lot of contribution of expatriates in the fast-growing economy and industrial revolution in Dubai. What we see nowadays that it has become a hub for international trade for all kinds of traders from all over the world. This is the most central place and all trading deals among Asia and Europe are done through Dubai free port with very low tax rates. Because of this, the economy gets boosted and also trade activities have boosted the total capital of the Dubai region.
We all know that the Middle East is very much rich due to oil resources but now the business and international products availability just shifted Dubai a bit ahead than other states. When compare the resources we observe that the complete focus of big investors and traders is on Dubai region due to safe investment programs.
For that growing and the progressive environment, we cannot neglect the role of top private banks in Dubai as we can quote here that top Dubai banks are very much contributing by providing international banking services to such rich clients in the form of investment solutions and wealth management strategies. These are highly professional in providing the latest banking services like mobile banking, banking apps, credit card services, loan services, and especially digital banking options.
The community of International traders and employees of multinational corporations are used to travel Dubai most often and they always demand digital banking services to access their bank accounts from far places due to their business meetings. This thing was not studies in past but with the involvement of the latest modes, it is dully completed and professionally operated by top Dubai banks.
Investors and high net worth individuals from all over the world are using Dubai banking services and have their banks account in the best Dubai banks. The only reason behind using such offshore accounts is that such accounts are considered the safest and banks are the most secured ones. Even if we talk about the most developed countries like USA, England, Canada and many other there is no strong security than what’s available in UAE. We see that in all of these developed regions the official authorities are free to seize the accounts of anyone if the account holder is creating any type of problem.
Comparison of Private Banks vs public sector banks:
We cannot say or comment that private banks are better than traditional public sector banks because today both are working on digital systems in UAE. Both local, as well as international banks in the private sector, offer several services like mortgage services, insurance services, credit card services, and mobile banking options. The most important thing to understand is that when you approach a bank among top Dubai banks, with the opening of an account all kinds of account holders will be provided with checkbook facility, debit, and credit card facilities, car loans, and current or savings accounts.
The charges on all kinds of services are divided on a monthly or annual basis. The fees offered on each service vary from banks to bank according to their terms and conditions. But most of the time, private baking charge a very low fee in comparison to other banks working in most of the developed countries. Another amazing fact of Dubai banks is that they are providing tax-free income and there is no tax on the income you have earned in the premises of UAE region.
Formalities for applying an account in a private bank:
Yes like others, there are also some simple formalities and requirements to be fulfilled to open a bank account in a private bank in Dubai. But some of the conditions are not fixed for all kinds of account holders and these vary from one bank to other according to the nature of an account. For example for a current account the terms are different but for a saving account, the conditions would be quite different. But some of the points are fixed and common for all accounts and these are must be managed for having an account in UAE.
If we have a look at the usual pattern and needs following are the requirements that need to be managed – First of all as you all know that your passport is a legal entity so this is for sure the most important for your national recognition. Also, the expiry date should be for a minimum of 3 years before applying for a bank account in a private bank Dubai. So almost all the banks in UAE demand for an original passport as a proof at the spot with 2 copies. The second most important thing is that if you are living in Dubai you have to show your residency visa which is again the most important document. This is again the most important thing as you have entered another country which is not your home country so you for sure has a residency visa.
For best services, we will suggest you visit the official site of the banks by using your smartphone. This is the most suitable approach for managing a bank account and also to understand the services of private banks in UAE.