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

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GSL reference about the bank

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- 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 NOT only for local companies: LLC, Free Zone Company, offshore companies (registered in the UAE) and personal accounts for residents and non-residents, but also for foreign ones registered NOT in the UAE;
- the minimum average monthly balance is 350.000 AED* (~95.000 USD);
- 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;
- incoming payment ~ 10 USD*, outgoing ~ 10 USD*;
- account maintenance fee is charged in case of a decrease in the minimum balance and amounts to 250 AED (~ 68 USD) * per month;
- online banking in English.

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

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    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. SBD 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 AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    80 150 No restrictions 80 150 1 No restrictions
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    Minimum balance, € The minimum account balance is 350,000 AED (~ 95,000 USD)
    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    10 10 0 N/A N/A
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    Outcoming transfer, € Transfer fee is approximately 10 USD
    Incoming transfer, € Incoming payment is approximately 10 USD
    Account maintenance, €/year Account maintenance fee is charged in case of a decrease in the minimum balance and is 250 AED (~ 68 USD) per month
    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

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
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