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Emirates NBD, UAE

History:

The bank was founded in 1963 by the Sheikh of Dubai, becoming the first national bank in the emirate. Today, Emirates NBD is one of the largest banking groups in the Middle East by assets and also one of the largest employers in the UAE.

For more than 10 years, this financial institution has maintained an A+ rating from Fitch.

Account Types:

Personal and corporate banking accounts in various currencies: primarily AED and USD, others upon request.

Account Opening Cost (Bank Tariff):

Free for both individuals and legal entities.

The bank sets a minimum balance for personal accounts at 3000 AED, and for corporate accounts from 50000 to 3500000 AED. However, for companies, the bank may require a significantly larger amount depending on the organisation’s risk profile.

Account Management: Through bank branches, mobile or online banking, as well as the smartBUSINESS service for corporate clients.
Maintenance Fees:

Free for individual accounts and corporate clients, except for Connect and Prime service plans.

Fees for personal accounts: the bank does not charge for receiving incoming payments in dirhams and foreign currency. Outgoing payments in dirhams and foreign currency made using mobile or online banking, as well as ATMs, are free.

Fees for corporate accounts (service plans Connect, Proprietor, Prime, Preferred, Prestige, Platinum): no charge for incoming payments.

Outgoing money transfer using online banking:

  • Free in AED;
  • A fee ranging from 31.5 to 52.5 AED for transactions in any other currency, depending on the service plan.

For more details on banking service costs, see the links above. The current size of commissions and other payments should also be verified on the bank’s website.

Staff: English-speaking/Arabic-speaking
Credit/Debit Cards:

Emirates NBD issues Visa debit cards for free, as well as Mastercard credit cards for an additional fee.

For individuals (e.g., Visa Classic Debit Card):

  • Cash withdrawals at NBD ATMs without additional charge;
  • At other UAE ATMs 2.1 AED;
  • In other countries (excluding GCC) 21 AED.

The commission for processing international transactions is 1.99%. It is applied in addition to the standard processing fee charged by the Visa payment system.

Customers are also offered commission-free cash withdrawals: the number of “free” transactions depends on the customer’s service plan.

For corporate clients:

  • Cash withdrawals at NBD ATMs without additional charge;
  • At other UAE ATMs 2.1 AED;
  • In other countries (excluding GCC) 21 AED.

The commission for processing international transactions is 1.99%. It is applied in addition to the standard processing fee charged by the Visa payment system.

For more details on banking service costs, see the links above. The current size of commissions and other payments should also be verified on the bank’s website.

Other Banking Products: As one of the largest financial institutions in the Emirates and the entire Middle East, Emirates NBD offers a range of related banking services: opening deposits and deposits, lending for individuals and legal entities, insurance, investing and access to international financial markets, consulting on real estate acquisition and asset management. Premium service options are available for wealthy clients.
Documents for Account Opening:

For individuals:

  • Passport;
  • Emirates ID;
  • Resident visa;
  • Mobile number in the Emirates;

In some cases, the bank may require confirmation of employment from the employer or statements from other bank accounts if the person owns a company. The latter also needs a lease agreement for an apartment or other residential property in the UAE; sometimes it is also requested from ordinary employees of the company.

For legal entities:

  • Main incorporation documents of the company: certificate of registration, licence, articles of association, memorandum of association or other documents;
  • Documents proving the directors, shareholders, and beneficiaries of the company;
  • Copies of passports of the directors, shareholders, and beneficiaries, as well as account operators and secretaries of the company (if any);
  • If another legal entity acts as a director, shareholder, or secretary of the company, then all of the aforementioned documents are also required for it;
  • Statement for the last 6 or 12 months on corporate accounts of the company in banks outside the UAE;
  • For newly registered companies: a statement from the shareholder(s) account, proving the availability of sufficient funds to start the business.

The bank may also require any other documents it deems necessary for carrying out KYC/AML procedures.

Account Opening Procedure:

A personal visit to a branch in the UAE or online application, however, even the latter option will require personal presence in the UAE to sign documents. Like any other major financial institution in the Emirates, Emirates NBD is known for its meticulous compliance. We are ready to assist in opening a bank account, accompanying the process at every stage.

Account Opening Duration: From 30 days to several months depending on the bank’s compliance.
Company Formation in the UAE
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The purpose of the initial consultation is to introduce you to our services, as well as to discuss your individual needs related to company registration (maintenance) and opening a bank account.