How to open a bank account in Ajman Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

February, 2019

Last contact

December, 2022

Last update

October, 2022
  • the bank is headquartered in Ajman, with branches all over the UAE;
  • the first Islamic bank registered in Ajman has received strong support from the emirate's government, which owns 25% of the bank's shares;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies: Mainland (preferred), Free Zone Company (more complicated for compliance), offshore companies (registered in the UAE), personal accounts for residents;
  • account opening time: 1- 2 weeks (Mainland), ~4 weeks (Free Zone);
  • minimum balance for opening an account with Relationship Manager (Priority Banking) 250 000 AED* (~68 500 USD);
  • for account opening visit of the beneficiary in UAE is required;
  • available currencies: AED, USD, EUR, GBP;
  • issue bank cards;
  • pre-approval before starting the process of opening an account - a positive answer allows you to say that the account is likely to be opened;
  • transfer fee is 80 AED* (~21 USD);
  • Internet Banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

GSL rating
Beginning of cooperation
February, 2019
Last contact
December, 2022
Last update
October, 2022
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
2007
History
Founded in 2007. Bank shares were listed on the Dubai Financial Market in 2008. Two branches of the bank were officially opened in Ajman in 2009. The bank now has branches and ATMs throughout the UAE. Its headquarters are located in Ajman
Personnel
The staff speak English
Bank’s shareholders
25% is owned by the Ajman government, other founding shareholders include leading financial institutions and individuals from the UAE. Bank’s shares are listed on the Dubai Financial Market
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements

    67 800
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    67 800
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    The minimum balance of account is AED 250000 (~EUR 67 800) for companies and AED 3 000 (~EUR 732) for personal accounts
    Transactions permitted per month
    There are no restrictions on the number of transactions
    Initial deposit of funds, €
    The initial deposit equals the minimum balance
    Deadline for the initial deposit, month
    The initial deposit is made at the time of opening the account
    How fast payments are executed
    The payments are executed same day

    Tariffs and services

    22
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The fee for transfer is AED 80
    Incoming transfer, €
    No fees are charged on incoming transfers
    Account maintenance, €/year
    The account maintenance fee is charged if the account drops below the minimum balance and is AED 25
    Distant access to the account
    Online banking in English
    Financial products
    The bank offers a wide range of banking and financial services, including bank accounts for corporate and individual clients, private banking, asset management, investments, and loans
    Credit/debit cards
    Both credit and debit cards are available

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    The beneficial owner must visit the country for account opening
    Required
    For a corporate account: completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.

    For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.

    The list is not exhaustive. The bank may request any other documents and information.
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

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    The cost of opening an account, $
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    Countrywide rating
    GSL rating
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    2 500
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    239
    1
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