Not all banks in Dubai are equally accommodating. Therefore, do not despair if you haven't received the desired responses from one of these institutions. After all, French individuals are foreigners, and not all banks are willing to deal with foreigners.
For instance, local banks like Abu Dhabi Islamic Bank (ADIB) primarily cater to Emirati residents. On the other hand, foreign banks such as HSBC, Standard Chartered Bank, and others each have their own procedures. Let's see which ones are the best and how they can meet your needs.
If you're interested in learning more about banks in Dubai, you're likely an entrepreneur or an investor looking to open a business account. There are many ways to start a business in Dubai, and opening a local bank account is certainly recommended.
Here's the procedure to follow for opening a current account in Dubai. In terms of requirements, personal current accounts are the easiest to apply for and open. However, business or asset management bank accounts may pose some challenges.
In any case, it's highly preferable to first obtain your UAE identification document before proceeding with any local application. If you already have a visa, obtaining an identification document is quick and easy. Therefore, it's always good to have this document with you before undertaking any steps.
If you don't reside in the UAE, some institutions may ask for a local address as a reference. There are procedures for opening current accounts for non-residents, but not all banks may be interested
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For those not living in Dubai, the procedure may vary. As a general rule, the following banks always require a copy of your passport and a reference letter from your current banking institution. Often, they request additional information such as CVs, recent bank statements, utility bills to verify residency, etc.
- Citibank
- HSBC
- Royal Bank Canada (RBC)
- Standard Chartered
If you don't need anything other than a personal current account, one of the following banks should accept you. Always provided you have your Emirati ID card.
- Abu Dhabi Islamic Bank (ADIB)
- Dubai Islamic Bank
- Emirates Islamic Bank
- First Gulf Bank (FGB)
Some of these banks may require a minimum deposit, especially if you intend to apply for a credit card. You just need to provide:
- proof of long-term stay if you wish to apply for a debit card
- a UAE phone number to receive the OTP number.
Regarding personal current accounts, the most important thing to remember is always to have a balance in dirhams greater than zero. Otherwise, the bank may initiate a closure procedure even if you have millions of US dollars in the account.
For those looking to invest in Dubai's real estate market, it's best and most effective to contact Stéphane Maman from Prestige Immobilier Dubai agency.
Dubai can be considered the Wall Street of digital currencies. And since the CEO of Binance signed an official agreement with Dubai's DWTCA authority, a real mass trend has been launched. Competing companies, lawyers, bankers, and many other professionals have prepared to relocate their activities here, in the Emirati city.
Cryptocurrencies in Dubai represent a new standard. It will take some time for everyone to adopt them. But the path is now laid out. So, all that's left for investors is to understand the possibilities. And that's what we're going to spend a few minutes on today.
When most people think of cryptocurrency investments in Dubai, they immediately think of purchasing goods and services. That's absolutely correct. But it should be noted that the recent law legalizing digital currencies has regulated all possible activities on the blockchain.
For clarity's sake, it should be noted that in addition to digital currencies, NFTs can also be used as currency. Thus, investment opportunities can become very diverse.
The NFT phenomenon may not be of much interest to those not involved in cryptocurrencies. But as the metaverse develops, it could bring surprises and significant gains.
After mentioning NFTs, it's good to say a few words about possible schemes. As we've said, NFTs could become a very profitable investment in the near future. But for now, they could turn out to be real schemes.
The online community promoting NFTs heavily relies on enticing potential buyers. And there are many, even ingenious, tactics to make them believe that some of them are worth much more than they really are. So, it's always good to assess any transaction involving NFTs and cryptocurrencies in Dubai.
To name just a few strategies aimed at inflating prices, the most common ones are:
Creating collections and derivatives. Often, NFTs are sold in the wake of a "production" that should justify the price increase of previous collections. This is not always the case.
Revealing part of the ongoing production. When digital works are not finished, it's normal to see the price skyrocket to astronomical figures, only to collapse after the official launch.
Focusing on integrations with the metaverse. The metaverse is still a very young technology. Integration into the current metaverse does not necessarily mean added value if there is no real and valid reason.
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Yes, cryptocurrencies in Dubai can be used to make real estate investments. Thus, for those who own a lot of crypto and want to live in the United Arab Emirates, Dubai is certainly a preferred destination.
That said, real estate investments with cryptocurrencies are not always straightforward. After all, the law was passed only recently, and one must adapt to the novelty. Over time, it's certain that more and more sellers will accept them. But for now, it's good to inquire first. If this question interests you, don't hesitate to contact the CEO of our Agency, Stéphane Maman, to learn about the available offers.
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