Opening a Bank Account

Opening a bank account in Abu Dhabi is relatively easy once you have the required paperwork. Because of the large number of expatriates in the country, it is necessary to have the original documents with you when you apply for an account. The following documents are standard among most banks:

• original passport containing a valid residence visa
• a salary certificate from your employer
• some banks will ask you for an additional piece of ID such as a driving license or a labour card
• dependants on their husband's or father's sponsorship will need an original passport which verifies the sponsorship

Some banks will allow you to open an account if your residence visa is pending, and if you provide a letter from your company stating your gauranteed employment and residence status. Others may open an account for you if you provide an introductory letter from a bank in your home country. This is not gauranteed however, and you should not rely on this being the norm.

Some companies will assist you in opening a bank account prior to completion of your residence visa, as this may take a few weeks. The company may have an agreement with a particular bank, or they may allow you to choose your own bank. Either way, in case your residence visa takes longer than anticipated, it would be advisable to open an account with the bank recommended by your company - you can change to one of your choosing when the visa is secured. Another advantage of banking with your company's bank is that there is no salary transfer delay, loans are usually approved quickly and sometimes these banks offer special offers to customers such as no minimum balance, free credit card for first year etc.

Those who want to transfer their salary to a bank account require a no-objection letter from the employer. This letter is addressed to the appropriate branch manager and most Human Resource departments will have this letter on file as a template.

Loans
The two most popular loans are personal loans and auto loans. Personal loans generally offer from between 10 and 27 times your salary + EOSB (end of service benefit), depending on your length of employment with the company. If you are applying for a loan during your probation period and it is approved, it is likely that the maximum amount you will be offered is 10 times your monthly salary.
Auto loans are easier to secure, have much lower interest rates and have fewer requirememts. The bank co-owns the car for the duration of the loan and the owner is not permitted to export the car or drive it outside the country until the full loan is paid.

Requirements for a loan application usually include a salary certificate from your employer and a blank cheque for security and insurance purposes. An application for a personal loan usually requires you to transfer your salary to the bank. In addition, your employer must be listed as an 'approved' client of the bank for a personal loan to be accepted. However, applying for an car loan can be done without having an account with the lending bank.

Internet banking
Many banks have internet and phone banking options where you can make minor changes to your account. However, others require you to visit the branch for all changes. The internet and phone banking, bill payment and remittance facilities vary from one bank to another, so it is important to research the various options before choosing a bank in order to find the service most suited to your preferred banking choice.

Foreign currency
Most banks offer customers the option to open accounts in major currencies such as US$, £Stg, €, and some provide yen accounts. Most banks in the UAE also accept cheques in major currencies. It would be advisable to check with individual banks for charges and clearance times as these will vary.

Some of the more commonly used banks in Abu Dhabi are:

National Bank of Abu Dhabi
Abu Dhabi Commercial Bank
First Gulf Bank
Union National Bank
HSBC
Standard Chartered Bank