Nowadays, it is almost impossible to do without banking services. A myriad of accounts to be paid, checks to be written out, money transfers to relatives abroad, various subscriptions made through a bank – in short, close relations with financial institutions have become an essential element of everyday life.

Now a bank account serves not only for storing money, but also for multiplying it and performing many operations that were impossible to carry out earlier. These include managing bank accounts over the phone, the Internet, and now through mobile communications and handheld computers – simply a stunning choice for an account holder of the 21st century.

Using the electronic management service, the account holder can monitor operations and balances on accounts and plastic cards, check his balance, including on a credit card, designate a third party as the recipient of funds, make transfers from account to account anywhere in the world, place funds for deposits, change the timing of payments and much more.

Banking System of the United Arab Emirates

The United Arab Emirates can be proud of the progressive banking system, which is represented by both national and foreign sectors. With a population of 3.3 million, the UAE has one of the highest ratios in the world of the ratio of the number of banks to available capital. Now the country has 21 local banks with 724 branches and 27 foreign banks with 109 branches.

Thanks to the policy of the Central Bank of the UAE, which imposes high requirements on the adequacy of fixed capital in comparison with international standards, UAE banks remain one of the most reliable in the world. The wide range of services offered by banks to legal entities and individuals is comparable to the services of banks of other countries in terms of interest, cost and minimum balance requirements.

The advantages of the UAE banking system reflect the progressive innovation policy of the country as a whole. For example, last year, the National Bank of Dubai opened the country’s first fully automated branch equipped with ATM machines and kiosks that allow real-time banking services. The country is constantly improving its legislative infrastructure to make banking services more efficient and attractive for foreign companies, including by simplifying the process of resolving commercial disputes and introducing a system of measures to prevent the laundering of black capital. As a rule, all banks without special difficulties open accounts for individuals who hold a resident visa, it will be more difficult for non-residents, the decision of the bank to open an account will largely depend on which country the applicant is a citizen of. The company can help in opening an offshore account in the UAE.

As for corporate accounts, one of the main requirements of banks is registration in the UAE. However, some banks open accounts for companies registered in other countries and even in offshore zones, of course, if there is a full package of required documentation, duly legalized by the UAE Ministry of Foreign Affairs. In addition, the bank may ask you to provide the company balance sheet for recent years and copies of statements from other banks where this company has accounts, as well as letters of recommendation from other companies that have accounts in the same bank. The decision to open an account for a particular company is considered by the bank in each case separately. In the United Arab Emirates, bank accounts can be opened by tourists and visitors.

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