5 Simple Steps to Open a Current Account in the UAE

The current account is a type of bank account used by people who need to make a significantly high number of transactions on a regular basis. These types of bank accounts are most commonly used by firms, business entities, organizations, and public enterprises to process banking transactions. Mostly these accounts are used to deposit, withdraw money and do business transactions.

The best part about current accounts is that they offer unlimited monthly transactions. Also, if you have internet banking activated, you can check your transactions and account statement online in a matter of a few clicks.

Let’s take a look at the benefits of opening a current bank account. Also, we will take you through the process that you can follow to create one for yourself. 

Benefits of Opening a Current Account

There are hundreds of banks in the UAE that help you open a current account online and manage your finances efficiently. It is one of the easiest ways for frequent transactions. You can make big transactions with these accounts in just a few minutes. Here are a few more reasons why you must open a current account for yourself.

1. Get Proof for Every Transaction: An online current account provides proof of every transaction. Although the same facility is provided in an offline account as well, a current account online keeps you from visiting the bank every time you need to get proof of a transaction for your tax purposes. You can simply take a screenshot from your online banking account and attach it to your documents.
2. Separate Business Expenses from Personal Expenses: A current account helps you segregate business expenses from personal ones. These accounts help you keep a record of your expenses and income thus easing record keeping. This can further help you in planning your finances professionally.
3. Easy Payments: Current bank accounts can be easily accessed online any time anywhere. You can even use these accounts for paying all your bills. Simply, log on to your online banking account to make safe transactions.
4. Unlimited Withdrawals & Deposits: Current accounts let you make an unlimited number of transactions. Whether you need to deposit or withdraw money from your account, there is no limit to the count. This facility allows you to maintain a regular cash flow in and out of your account without worrying about number of transactions.
5. Overdraft Facility: Current account helps account holders avail overdraft facility as and when they need it. The facility allows them to overdue the bank account on a temporary basis based on their needs. The account holders can get this amount get deducted from their account when there are sufficient funds. The interest rates apply to the overdue amount based on the bank’s terms and conditions.
6. Debit/credit card Facility: Various banks in the UAE offer the facility of free debit or credit cards with the current bank account. These cards help account holders have access to their funds and use them whenever they want.
7. Free Chequebook Facility: Most banks in the UAE provide their current account holders with a free chequebook to process their payments easily in case they are unable to log in to their online banking due to some reasons.

Advantages of Opening a Current Account Online in the UAE

Here is a list of advantages that you get when you open a current account online.

• Check your balance in just a few clicks
• Open your current account instantly
• Free international/domestic transfers
• Fewer requirements to be eligible
• Exclusive benefits on travel, lifestyle, etc.
• Open the account as per your preferences
• Maintain your finances with a mobile app
• Higher discount offers when compared to an offline account
• Perform research and choose the best bank  
• Exclusive discounts on dining, entertainment, shopping, etc.
• No paperwork is required
• Exclusive redeemable rewards for various benefits
• Transfer the funds without any hassle
• Pay your bills on time
• Get high rewards and bonus
• Free debit cards are provided

List of the Best Banks to Open a Current Account Online

Here is the list of banks in the UAE that allows opening current accounts online.

Mashreq Current Account

Mashreq offers a wide range of benefits when opening a current bank account online. You need to pay an initial balance of AED 3,000 to open a current bank account with Mashreq.

Features and Benefits :

• Free Cheque Book
• Free Debit Card
• Easy account set up
• Access your funds anytime from anywhere
• 6 free offline transactions
• Unlimited online transactions
• Worldwide access to your account

ADIB Smart Banking Account

ADIB allows users to open a current bank account with a minimum balance of AED 3,000. The bank comes with a wide range of features.

Features and Benefits :

• Instant overdraft facility
• 24/7 banking Services
• Free ADIB Visa Electron Debit Card
• Based on an Islamic Principle called ‘Qard Hasan’

Emirates NBD Standard Current Account

This is one of the best banks in the UAE. The bank comes with a wide range of benefits for online current accounts. The account needs a pre-approval.

Features and Benefits :

• Free Chequebook
• Overdraft facility 
• Avail monthly statement
• Bill payment services available
• Cardless transactions facility
• Access to ATMs in multiple countries
• Easy fund transfer facility
• Standing order service available
• Avail account in foreign currency
• Free Debit card 

Eligibility Criteria to Open a Current Account in the UAE

All the banks in the UAE have different eligibility criteria to open a current account online. They check this eligibility individually. Here are some of the basic requirements.

1. Applicant’s Age: The age limit for having a current account in the UAE is 21 years. However, it can be different based on the bank’s terms and conditions.
2. Minimum Income Requirements: The income requirements vary from bank to bank based on their conditions. Most banks have fixed minimum income requirements for the account holders to be able to open a current account online.
3. Residence: There are a few banks in the UAE that allow only UAE residents to open a current account in their bank. And the users need to submit valid resident proof to show that they are eligible for opening the account.

Documents Required for Opening a Current Account Online

Various banks in the UAE have their own document requirements to process the account opening application. Here is a list of documents you need to submit if you want to open a current account online or offline.

• Emirates ID
• Address and Identity Proofs
• Original Passport for verification 
• Copy of original passport for the submission purposes
• Income Proofs
• UAE Resident Visa
• Salary Certificate or Reference Letter

How to Open a Current Account Online in the UAE?

Here is a simple 5-step process to open a current account online.

1. Visit the Online Portal: Pick the bank of your choice and visit its website to check the terms and conditions of opening a current account online.
2. Check the Types of Accounts: Once you are on the website, check what all types of accounts they offer to open and what the eligibility criteria are.
3. Check for the Account Opening Process: Check whether the bank allows you to open a current account online and what are documents they need for the same.
4. Fill in Your Details: Find the account opening form to fill in your details and upload the required documents.
5. Wait for the Confirmation: Once you have submitted all your documents, the bank will verify them and will send you the confirmation for your new account opening. Wait for that confirmation. 

Final Thoughts

Various banks come with an attractive set of features for different types of accounts. All you need to do is perform your own research and find a bank that best fits your needs. Alternatively, you can log on to Policybazaar.ae to get all the banks listed in one place. Once that’s taken care of, you can start operating your current account for all your business transactions.