Banking operations and transactions in the UAE

Banking operations and transactions in the UAE

All businessmen who come to the UAE for business purposes will probably notice that the banking system in the UAE is very different from their usual one. One of the indisputable advantages of the entire banking system of the UAE is that the state does everything necessary so that you can conduct any banking operation in the territory of the Emirates, cause the convenient and understandable banking system is one of the main driving factors for the development and functioning of a business.

The active growth of the economy is positively influenced by the increase in cash flows and the inflow of foreign capital, therefore all innovations in the banking sector are aimed at simplifying and speeding up financial transactions, both for business and for the daily needs of residents and tourists. It is worth noting that the bulk of the entire banking infrastructure is located in Dubai.

Features of the banking sector in the UAE include:

    •  Banking requirements for opening accounts;

Of course, the above advantages have some exceptions. Not all banks have the same requirements or restrictions, therefore, different banks may require an additional package of documents to open an account or send a request to the client's country of origin to confirm their solvency and reputation. It is worth noting that this is the norm for UAE banks. In order not to get into an awkward situation when opening an account, get acquainted with all the information on the bank’s website, it will not take you much time, but on the contrary will help to significantly save it.

    •  Verification of documents and consultant services;

One of the methods of significant time and effort saving is a preliminary check of documents for compliance with all norms and rules. The services of consultants specialized in assisting in opening accounts will help to speed up this process. Also, experienced consultants will be able to introduce you as a benefit to the bank. Consulting specialists will select the best option for you for commercial and personal purposes, advise banks with better conditions for transactions or account balances.

It is worth noting that a personal presence when opening an account is mandatory and will take only 1-2 days. Accounts can be opened in almost any currency, from British pounds and US dollars, to Japanese yen or Chinese yuan. Affordable and intuitive online banking and mobile applications will reduce the complexity of conducting a transaction to a couple of clicks.

The banking system in the UAE is not only maximally customer-oriented, which makes it very affordable, but also maximally standardized, which makes it impossible to carry out financial fraud. Any operations carried out are protected by the law on confidentiality and, in case of violation, are punished not only with heavy fines, but also with imprisonment. The UAE economy does not allow "money pyramids", bankruptcy of banks and the adoption of checks that cannot be cashed.