Current Account in UAE

Open a current account in UAE today and enjoy seamless banking. With the top current bank accounts, you can efficiently manage your funds and easily handle all your daily transactions. Suitable for both personal and business needs, these accounts offer great flexibility and convenience for your everyday banking.

 

What is a Current Account?

Current accounts, also known as checking accounts, are typically opened by business owners for their banking needs. Unlike savings accounts, which are meant for saving money, current bank accounts allow frequent money transfers for business transactions.  

If you run a business, you know how difficult it can be to manage the high volume of daily transactions — sales, purchases, salary payments, manufacturing costs, and much more. With a current account in Dubai, you can easily tackle such challenges and efficiently manage all these transactions.

Types of Current Accounts in UAE

Let’s understand some of the major types of current bank accounts in Dubai and other Emirates —

• Regular Current Account: These accounts offer basic features and services that you can use to manage your funds 
• Islamic Current Account: Shariah-compliant accounts that follow Islamic banking principles
• Premium Current Account: This is an ideal option if you plan to maintain a high current account balance and want premium services and various additional features

Note: Premium current bank accounts also have stricter requirements in terms of minimum balance and salary or income.

Why Open a Current Account in UAE?

Here are some of the key benefits of current bank accounts in the UAE —

• High Transaction Limits — You can usually make many more transactions in a day than savings accounts 
• Ease of Frequent Transactions: With a current account in Dubai, easily make multiple transactions — fund transfers, cheques, and more. You can also keep track of spends with mobile, internet, SMS, and phone banking services.
• Multiple Currency Options: The best current accounts in UAE are available in various currencies — AED, USD, EUR, and more. They also offer the flexibility to easily make transactions in various currencies.
• Overdraft Facility: With this facility, you can overdraw the balance in your bank account on a temporary basis to plug the shortfall in funds. 
• Additional Perks: Most current accounts offer additional benefits like free debit cards, chequebooks, credit cards, and more to further simplify your transactions 
• Specialised Services: Some accounts also come with features like payroll processing, cash management, and merchant services
• Ease of Opening Account: On platforms like Policybazaar.ae, you can now easily open current account online from the comfort of your home. This way, you can access your account in no time and start managing your business right away.

List of Best Current Account in UAE - 2024

Before starting the process of current account opening, it’s crucial to explore the top options available in the market.

Here’s the list of the top options to help you find the best current account in UAE for yourself — 

How to Find the Best Current Account in UAE for Yourself?

Before initiating the current account opening process, take a look at these factors to find the best account for yourself — 

• Minimum Balance Requirements: Most current bank accounts don’t have any minimum balance requirements. However, it’s advisable to check the limits — if you fail to keep the minimum balance specified by your bank, you can face penalties for the same.
• Fees and Charges: Check whether your chosen current account in Dubai has any fees related to cash withdrawals, foreign transactions, and more. 
• Interest: While these accounts don’t usually provide any interest, you can find some banks offering the same. Before applying, just check whether any conditions in terms of employment, salary, or balance apply. 
• Customer Service: Considering current accounts usually record a high volume of transactions, it’s important to have assistance ready in case of any issues. Make sure to check your selected banks’ customer service reviews before applying.
• Additional Facilities: With the best current accounts in UAE, you can get credit cards, debit cards, and chequebooks for free. Similarly, many accounts allow the use of overdraft facilities up to certain limits. 

If required, check whether your selected account has any provision for the same.

Eligibility Criteria to Apply for Current Account in the UAE

To open a current account in Dubai or any other Emirate, you need to meet the following standard eligibility criteria —

Criteria	Specifications
Minimum Age	21 years*
Nationality	UAE nationals and residents
Minimum Salary and Balance	As per the bank

*Limit may vary as per the bank

How to Open a Current Account in UAE?

You can easily find the best current account UAE via Policybazaar.ae. This platform hosts the top options from the leading banks in one place. You can check the most relevant accounts, explore their features, and apply for one in an instant! Click on the button below to open current account online!

Here’s why you should apply for an account from our platform — 

• Team of experts to help you in case of any confusion
• 24/7 customer care 
• All relevant details in one place
• Top-rated account options in one place 

Which Documents are Required to Apply for a Current Account in the UAE?

Here’s the list of the documents generally required to open a current account in UAE —

• Completed form for current account opening in UAE
• Emirates ID
• Passport with residence visa (if applicable)
• Residence proof like utility bills 
• Salary slips or certificates (for salaried applicants)
• Trade licence (for self-employed individuals)

Frequently Asked Questions

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