How to open a bank account in Emirates NBD PJSC

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March, 2008 July, 2021 September, 2020

GSL reference about the bank

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Key information and main requirements:
- the leading bank in the region;
- the bank opens savings (deposit) and business accounts;
- the bank only opens accounts to local companies: LLC, Free Zone Company, UAE offshore companies; personal accounts for residents and non-residents;
- the minimum average monthly balance in the account is AED 50 000 * (USD 13 600);
- the beneficial owner must visit the UAE for account opening;
- USD payments are possible;
- the bank issues bank cards;
- pre-approval procedure: a positive answer means that the account is most likely to be opened;
- any 5 transactions per month are free of charge, every transaction beyond that costs ~USD 5.5 *;
- the account maintenance fee is charged if the account gets below the minimum balance and is AED 250 * (~USD 68) 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
    239 1 D
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    Year of foundation 2007
    History Emirate NBD was formed in October 2007 following the merger of Emirates Bank International (EBI) and National Bank of Dubai (NBD) and immediately became the largest (in terms of assets) Gulf bank with total market capitalization of USD 11.3 billion. And retains this status to date. The bank operates in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom, Singapore, and Jersey, and has representative offices in India and Iran
    Personnel The bank does not have Russian-speaking staff
    Bank’s shareholders Investment Corporation of Dubai (UAE) - 55,64%; Public - 44,36%
    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
    12 446 No restrictions 12 446 0 No restrictions
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    Minimum balance, € The minimum balance of the account is AED 50 000 (~EUR 12 446, USD 13 600)
    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    5 5 0 No restrictions 0
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    Outcoming transfer, € Any 5 transactions per month are free of charge, every transaction beyond that costs USD 5.5
    Incoming transfer, € Any 5 transactions per month are free of charge, every transaction beyond that costs USD 5.5
    Account maintenance, €/year The account maintenance fee is charged if the account gets below the minimum balance and is AED 250 (~USD 68) per month
    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 VISA, MasterCard

    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 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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
     
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