Banking

A well-structured and ever-growing network of local and international banks, strictly controlled by the UAE Central Bank, offers a full range of commercial and personal banking services. Transfers can be made without difficulty as there is no exchange control and the dirham is freely convertible. To open a bank account in the UAE (with a few exceptions), you usually have to be a resident. Normal banking hours are usually Saturday to Thursday, from 08:00 to 13:00 or 14:00 (some banks also keep later hours).

How to open a bank account

Opening a bank account in Dubai is very easy, although requirements vary from bank to bank. To open a current/checking account, you have to be a resident. However, some banks allow non-UAE residents to open saving accounts. Some banks set a minimum account/balance limit. Please check with the bank you wish to do business with about their rules and regulations before opening your account.

Documents Required:

• Passport with residency (original and copy)
• A letter of no-objection from the employer/sponsor

Procedure:

Carry the above mentioned documents to your nearest bank or to the bank of your choice.

- You can find a list of the banks in the UAE: http://www.centralbank.ae/CommercialBanks.php

ATMs

Automatic Teller Machines (ATMs), are available widely in Dubai making cash withdrawal and deposits very easy. While every bank has ATMs linked to its own network, they are also linked to a common system. If you do not find an ATM that belongs to your bank, all you need to do is you look for the logo on other ATMs that matches with the one on your card. If it matches, then you can withdraw money from that ATM. There is a nominal transactional charge for using ATMs that do not belong to your bank. In places such as the international airport or in shopping malls, you will find ATMs of various banks, thus you will never be stranded for money! Most banks stipulate the minimum amount you can draw from ATMs in any one given day. Please check this limit with your bank.

Money Exchanges

Dubai has no exchange control, so you can convert your dirhams to any currency or vice versa at any of the several money exchanges dotted all over Dubai. Since there is a very large expat population living and working in Dubai, you will find most money exchanges offering services such as money transfer to your home country. Like ATMs, you will invariably find money exchanges in all the major shopping malls, airports, hotels and business districts and free zones. Money exchange centres are typically open from 08:30 to 13:00, and again from 16:30 to 20:30 although many of them are open throughout the day and even on weekends. Hotels too convert your money but at the rate (generally not the market rate) offered by the hotel.

Credit Cards

All major credit cards (American Express, Diners Club, MasterCard and Visa) are accepted in Dubai. While most large shops, hotels and restaurants accept credit cards, smaller retailers are sometimes less likely to accept them.

Legal

There is a clear legal framework with specified regulations for all businesses. In case your rights are broken, the legal system in Dubai provides for a just and speedy trial. The following section is reproduced from the official portal of Dubai government:

At the UAE Federal level, the UAE Ministry of Economy has resources on all legal-related business laws including intellectual properties law, laws on trademarks, regulation of commercial & trade agencies in the UAE, laws for companies, and the consumer protection law.  For your safety, there is also a law for combating fraud in business transactions. The Zayed University Law Section also has an excellent overview of UAE law and legislation.

At the local level, Dubai Courts has a comprehensive website that lists all federal and local laws, decrees and agreements and even keeps track of amendments and cancellation of laws. Company lawyers and legal firms would also find the subscription eServices of Dubai Courts very useful. Dubai Public Prosecution has more than 100 eServices for lawyers, legal offices, consular and others.

Dubai International Financial Centre (DIFC) has been granted authority to legislate itself in some civil and commercial areas. All laws related to DIFC’s creation, data protection, limited partnership, company law, personal property law, employment etc can be found here.

Laws for electronic commerce, media and publication standards in Dubai can be found here, courtesy of Dubai Internet City. Laws regarding property ownership in Dubai are available from Dubai Property Group while the announcement regarding ownership of freehold property in Dubai along with all articles of the law can be found in the archive of Gulf News.