International Banks in the UAE (as a Resident)?

[JohnDones]

Hey guys,

Do you know if it's possible (in practice not theory) to open personal accounts in Dubai with big international banks like HSBC, Citi, DBS etc? (as a resident with proper ejari etc).
What I'm thinking is that showing up at these banks HQ as a non-resident probably won't work or the chances are very low. But as a resident in the UAE if you open an account with the representative office, you should have an account in the HQ country as well or at least it would be easier to do it there?

Could be a good question for @Fred

 

[wheelspin]

With your Emirates ID and a proper visa, it isn't a hassle to open a personal bank account. In some cases you can do it via their app.

I would just use my personal bank account for daily expenses, utilities, and rent. For other purposes, I would check other jurisdictions depending on your citizenship though.

But as a resident in the UAE if you open an account with the representative office, you should have an account in the HQ country as well or at least it would be easier to do it there?

 

[JohnDones]

With your Emirates ID and a proper visa, it isn't a hassle to open a personal bank account. In some cases you can do it via their app.

I would just use my personal bank account for daily expenses, utilities, and rent. For other purposes, I would check other jurisdictions depending on your citizenship though.

Are you talking about UAE banks (say mashreq, nbd) or International banks (Citi, HSBC) but their UAE office that you would not hold too much there?

Would opening HSBC account in Dubai allow you to open an account in HK or Singapore more easily?

 

[CaptK]

Most of them want big deposit like DBS, Credit Suisse, Citi and HSBC if you want to open another account in the HQ.

 

[joffreylol]

For regular opening in those banks in UAE, Emirates ID is enough? Or do they check ejari or something like that?

 

[JohnDones]

Most of them want big deposit like DBS, Credit Suisse, Citi and HSBC if you want to open another account in the HQ.

Are the ones you mentioned separate branches with just a logo of the bank (UAE license etc) or a representative and your money is actually in the HQ country?

Do you have any example deposit minimums for HQ banks?

 

[Fred]

You can open with Citigold in UAE for example and open through Citi UAE in Citi Singapore and Citi Jersey for example.

You need to have Ejari and Emirates ID - non-resident accounts no longer supported from them - @Martin Everson got his non-resident account already closed years ago.

Citigold is 200.000$ balance min.

Normal Citi Account can be opened with 10.000 AED however there won't be any support from them to open Citibank Singapore however you can do it by yourself and Citibank SG just wants 100.000$ min balance.

Standard Chartered has exactly same offer.

 

[JohnDones]

You can open with Citigold in UAE for example and open through Citi UAE in Citi Singapore and Citi Jersey for example.

You need to have Ejari and Emirates ID - non-resident accounts no longer supported from them - @Martin Everson got his non-resident account already closed years ago.

Citigold is 200.000$ balance min.

Normal Citi Account can be opened with 10.000 AED however there won't be any support from them to open Citibank Singapore however you can do it by yourself and Citibank SG just wants 100.000$ min balance.

Standard Chartered has exactly same offer.

Thanks that makes sense.

Would you keep any significant numbers in UAE banks, or just keep smaller amounts and use that as a stepping stone to open in safer jurisdictions?

 

[Fred]

Thanks that makes sense.

Would you keep any significant numbers in UAE banks, or just keep smaller amounts and use that as a stepping stone to open in safer jurisdictions?

You can easily hold 7 figures with Citibank UAE however question is if it makes sense as the Borkerage is pretty expensive and there is not really any wealth management till 10m$ from Citibank side.

 

[lacomaco]

You could also try HSBC Premier, min USD 100,000. As a Premier customer it would be easy to open accounts in other countries at HSBC