Top 100 Blogs
Guest bloggers
Hostinger

Related Posts

How Banks execute KYC strategy?

HomeBusinessHow Banks execute KYC strategy?

Table of contents

Already fixed international standards set by the global banking system are running all over the world but all have their terms and conditions. You need to have a look with a clear vision so that to understand best among them. The same procedure is being followed by Dubai banks but they are working having some customized requirements regarding opening an account. You can take any option in the form of a current account or a savings account in Dubai but with some prior conditions. 

Top banks in terms of their KYC (Know Your Customer) policies are highly professional and reliable for all kinds of customers. They followed some of the procedures which are very much smooth and they provide firsthand information about all priority services. Most of the outsiders are curious about how to open a current account in Dubai? It’s pretty easy because all banks are regulated by the UAE central bank which applies all the protocols. This responsible authority has a regular check and all banks have to follow these rules,

You should visit a bank with a clear mind that these rules and guidelines will be applied sooner or later while your application in process. Local banks including private or public sector must follow within the opening of personal and corporate accounts procedures. This is also applicable that a bank will ask you some documents or comments on your transactions in another account

Here I will give you some important tips you need to know about using a bank in Dubai for different services. Well, you need to follow these points:

  • First of all your choice of a bank depends on your interest because you can choose any private or public sector bank. Then you have to choose between interest-free banking and services with an interest rate. After that, you will be able to manage your required package. Suppose you want to take personal loans in the emirates then choose a bank that can serve you with the lowest interest rate.
  • If you are resident or non-resident, it doesn’t matter because there is no such division between customers. Most of the banks are ready to entertain the foreign traders and investors because they are the sole customers who can contribute to financial matters. You need to know about the latest offers and packages so that to grab the best offers. Keep one thing in your mind that most of the deals are time-bound so you have to work in a smart fashion which is very much necessary.
  • Second important point is that one needs to work for business purposes. For this purpose, you can only use the company/corporate accounts. Such kind of accounts can be used for starting a new initiative and when you will approach a bank for information, everything will be offered with complete terms package. How to open a current account in Dubai the banking customer center will provide you clear information. You can also visit the official site of a bank to get some updated information regarding the current or saving account option. As different banks have different requirements on account balances so make a comparison to evaluate a certain bank.

With a rough standing, in my opinion, the Mashreq savings account is considered the most reliable option in the region due to its credibility in the global market. A large number of customers are attached to the bank through the offshore banking channel. They are trying to justify their income in their home country using a tax saving strategy. To open an account one should have a NOC (No Objection Certificate) from the HR department if an account holder working as an employee in a company in UAE. This is the only thing that enhances your chances to open your desired account and bank account in Dubai. So this thing is also very much important to keep in mind that for your account you have to work hard.

You saving account can be used for different purposes like to get some relief in critical times. Most of the expatriates in the UAE and all over the world have always needed money. If you have some reserves then it can be used at that time. This type of account can be divided into two main categories – one is saving account with a little risk using conventional banking and the other is risk-free banking through a fixed deposit account. The second choice is limited considering the profit margin but you don’t need to worry about any kind of a loss.

While on the other hand, the best Islamic current account can give you relief without any trouble. This is a different field and system because there is no concept of the interest rate. Most of the banks have extensive experience in this area of business because of a huge number of customers. Besides this one can also take wealth management and financial solutions at a private level as well as at the corporate level. This is true that Islamic banking can provide everything with a complete zero interest rate but the question is HOW? To understand this question you need to read the basic level information about the system. I can assure you that this system is perfect for the majority of the expatriates in the UAE.

Conclusion

This blog will guide you about everything regarding the banking system in the UAE and some unique services being provided by them. Within a short period of time and at a reasonable price with minimal involvement on your part, you can approach any bank for your priority services. Which bank is most suitable for overall banking tasks? According to our research and findings, we can say that the beauty of Mashreq Bank while working with Islamic pattern as well as convenient ways is really hard to meet. The advantages and perks being provided by this bank will allow you to save money and time. To avail of different services, please do not hesitate to contact or you can also visit the official website of the bank.

pearls of wisdom
Zoe Daniel
Zoe Daniel
Contributing author

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Posts

Sharing is Caring!

Help spread the word. You\'re awesome for doing it!