Dubai is full of reputable banks that offer current, deposit and savings accounts, as well as credit cards and loans (although a lot more caution is now being used by banks where loans are concerned due to the global credit crisis of 2008). Most of them also offer the convenience of online banking, so you can check balances, transfer money, and pay bills with just a few clicks of the mouse. There are plenty of ATMs (cashpoints) around Dubai and most cards are compatible with the central bank network (some also offer global access links). You may pay a small fee for using another bank’s ATM but it should never be more than a few dirhams.

To open an account in most Dubai banks, you need a residence visa or to have your residency application underway. The bank employee dealing with your application will require your original passport, copies of your passport (personal details and visa) and an NOC from your sponsor. Some banks set a minimum account limit – this can be around Dhs.2,000 for a deposit account and as much as Dhs.10,000 for a current account. This means that at some point in each month your account balance must be above the minimum limit. Although credit cards are widely available, Dubai banks don’t provide an overdraft facility. If you don’t have a residence visa, meBANK (an offshoot of Emirates Bank) will open an account for you and provide an ATM card, but not a chequebook. meBANK also allows you to apply online for an account (www.me.ae).

A number of laws passed recently aim to combat money laundering. The UAE Central Bank monitors all incoming and outgoing transfers, and banks and currency exchanges are required to report transfers over a certain limit. Additionally, if you need to send more than Dhs.2,000 by international transfer you may have to show a valid passport.