How to open a bank account in Commercial Bank of Dubai (CBD)

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GSL rating

Beginning of cooperation

July, 2021

Last contact

December, 2024

Last update

June, 2024

the bank was founded in 1969 and is one of the top banks in the UAE;
the bank opens savings (deposit) and business accounts;
the bank opens accounts only for local companies: LLC, Free Zone Company and personal accounts for residents and non-residents;
don’t open accounts for non-Emirati companies;
international transactions are possible in one direction – to the CBD account (outgoing transactions – after at least 6 months);
open accounts in AED, USD, GBP, EUR, JPY, CNY;
the minimum deposit – AED 0 (Starter), AED 350 (Premium), AED 1 000 000 (Gold), AED 3 000 000 (Platinum);
the beneficial owner / manager must visit the UAE for account opening;
the bank issues bank cards;
pre-approval procedure: a positive answer means that the account is most likely to be opened;
fee for incoming and outgoing payments is AED 84 (~ USD 23) at a branch or AED 21 (~ USD 6)* via Internet bank;
account maintenance fee is AED 250 per month (Starter)*;
online banking in English.

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

GSL rating

Beginning of cooperation

July, 2021

Last contact

December, 2024

Last update

June, 2024

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+44 0 207 822 85 93

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

1969

History

The bank was founded in 1969 as a joint venture between Commerzbank, Chase Manhattan Bank and Kuwait Commercial Bank. In 1982, the bank was transformed into a national joint stock company. CBD is among the top banks in the UAE

Personnel

There is an English-speaking staff

Bank’s shareholders

The main shareholder of the bank is the Government of Dubai

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

Minimum balance, €

No restrictions

Transactions permitted per month

Initial deposit of funds, €

Deadline for the initial deposit, month

Minimum balance, €

The minimum deposit - AED 0 (Starter), AED 350 (Premium), AED 1 000 000 (Gold), AED 3 000 000 (Platinum)

Transactions permitted per month

There are no restrictions on the number of transfers for current accounts

Initial deposit of funds, €

The down payment is equal to the minimum account balance

How fast payments are executed

Day to day or next day

Tariffs and services

Outcoming transfer, €

Incoming transfer, €

760

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Fee for outgoing payments is AED 84 (~ USD 23) at a branch or AED 21 (~ USD 6) via Internet bank

Incoming transfer, €

Fee for incoming payments is AED 84 (~ USD 23) at a branch or AED 21 (~ USD 6) via Internet bank

Account maintenance, €/year

Account maintenance fee is AED 250 per month (Starter)

Distant access to the account

There is Internet-banking in English

Financial products

The bank offers a wide range of retail and commercial banking services and products, both in a traditional format and in a Sharia-compliant format

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

To open an account, a visit of the account manager / beneficiary to the UAE is required

Required

For a corporate account: set of the company’s corporate documents; 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); confirmation of the source of the funds, including with respect to the initial deposit; 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); 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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How to open a bank account in Commercial Bank of Dubai (CBD)

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General information and rating

Minimum requirements

Tariffs and services

Account opening procedure