How to open a bank account in Digital Bank UAE

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

August, 2024

Last contact

November, 2024

Last update

August, 2024
  • established in 2021, the UAE’s first fully integrated modern digital bank;
  • licensed by the Central Bank of the UAE, head office is located in Abu Dhabi;
  • the bank opens savings (deposit) and settlement accounts;
  • the bank opens accounts for local companies (Mainland, Free Zone Companies), as well as personal accounts for UAE residents;
  • the bank specializes in local payments – within the UAE;
  • no minimum balance requirements;
  • available currency: AED;
  • account opening requires a visit of the account signatory to the UAE;
  • the bank issues debit cards and checkbooks;
  • Internet banking in English and Arabic;
  • account opening time: from 5 to 14 days.
GSL rating
rating
Beginning of cooperation
August, 2024
Last contact
November, 2024
Last update
August, 2024
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General information and rating
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
2021
History
The bank was founded in 2021
Personnel
The staff speaks English
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 requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum account balance requirement
    Transactions permitted per month
    No restrictions on the number of transfers for current accounts
    Initial deposit of funds, €
    No requirement for initial deposit balance
    Minimum turnover, €/year
    No turnover restrictions
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    1
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Domestic transfer - up to AED 50 000 - AED 0,50; over AED 50 000 - AED 1,05
    Incoming transfer, €
    The Bank does not charge a fee for incoming payments
    Account maintenance, €/year
    The cost of account maintenance depends on the tariff
    Distant access to the account
    Internet Bank in English and Arabic
    Financial products
    The Bank offers a range of digital banking solutions including contactless payments, virtual debit cards and seamless account opening without the need to provide documents; primarily serving individuals and SMEs through its digital banking platform
    Credit/debit cards
    Debit cards and checkbooks may be issued

    Account opening procedure
    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
    A visit by the account signatory to the UAE is required to open an account
    Required
    For corporate account: License (License); set of corporate documents; Director's Resolution to open an account and appoint an account manager; completed company business plan; office lease agreement or flexi desk; bank statements from the company's account for the last 6 months in English (if the company is new, it is possible to provide statements from the owner's personal account showing the source of income); copies of current contracts with counterparties (if available).

    For personal accounts: proof of identity (passport), as well as a copy of the UAE visa and Emirates ID for the signatory on the account and all shareholders of the company.

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

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    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 250
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