Student Bank Account in UAE
For international students in the United Arab Emirates, the study journey is like no other. Not only will they experience the spellbound beauty of the country, but they’ll also experience its world-class education. Despite not being as famous as other study destinations, the UAE boasts many offerings to foreign students. And to enjoy these wonderful advantages, students need enough funds to get by. The best way to manage your funds is to open a student bank account in the UAE. Don’t fret though—it’s not a complicated process for international students.
Here are some tips for student banking in the UAE:
- Choose the right bank: Research different banks in the UAE and compare their services, fees, and benefits for students. Look for banks that offer student-specific accounts and perks.
- Consider convenience: Look for a bank that has branches and ATMs located near your university or accommodation. This will make it easier for you to access your funds.
- Student accounts: Many banks in the UAE offer specialized accounts for students. These accounts often come with lower fees, higher withdrawal limits, and additional benefits like discounts at partner merchants.
- Online and mobile banking: Make sure the bank you choose has a user-friendly online and mobile banking platform. This will allow you to easily manage your finances, transfer money, and make payments on the go.
- Debit and credit cards: Consider getting a debit card for day-to-day transactions and a credit card for emergencies or larger purchases. Make sure to understand the terms, interest rates, and fees associated with each card.
- Savings accounts: Look for banks that offer attractive interest rates on savings accounts. This will help you grow your savings while you study.
- International transfers: If you need to receive or send money internationally, check if the bank offers competitive rates and convenient transfer options.
Who Needs a Bank Account in the UAE?
Every international student can open a bank account in the UAE. But it all depends on the duration of your studies and your purposes for opening a bank account. For example, if you’re only taking a short-term course in the UAE, a mobile bank will do. This is already a great option to send and receive money while you study abroad. You can also use this to pay for your purchases or send bill payments. A traditional bank in the UAE is perfect if you’re taking an academic degree. This means you’ll be studying in the UAE for at least two years. For that duration, traditional banks are better at storing your tuition and expenses for the year.
How to choose the right student bank account in UAE?
When choosing a student bank account, it is important to compare the different features and benefits offered by different banks. Consider the following factors when making your decision:
- Fees: Some banks charge monthly account fees or fees for certain transactions. Be sure to compare the fees charged by different banks before you choose an account.
- Interest rates: If you plan on keeping a balance in your account, you may want to choose an account that offers interest. Compare the interest rates offered by different banks before you choose an account.
- ATM access: Make sure the bank you choose has a wide network of ATMs so that you can easily access your cash.
- Online and mobile banking: Online and mobile banking can be very convenient for students. Make sure the bank you choose offers these services.
- Customer service: It is important to choose a bank with good customer service. Read online reviews to see what other students have to say about the customer service offered by different banks.
Common Requirements To Open a Bank Account In UAE
If you’re opening a mobile bank account, you’ll usually only need your Emirates ID. You’ll get this ID once you get your residency student visa. Depending on your choice of mobile bank, you’ll have to provide basic information and scan your ID. Once your account is done, you can now enjoy using your mobile bank account.
For traditional banks, the requirements vary, but you’ll also need your Emirates ID and Proof of Residency. Most banks also offer special accounts for international students or students in general. For these accounts, there are usually no minimum balance requirements and you’ll also get a debit card for free. Some banks also offer extra perks like movie ticket discounts.
Documents to open a student bank account in the UAE
The documents you need to open a student bank account in the UAE will vary depending on the bank. However, most banks will require the following:
- A valid passport
- A valid Emirates ID
- Proof of student status (such as a student ID card or letter from your school)
- A passport-size photo
Benefits of opening a student bank account in the UAE
There are many benefits to opening a student bank account in the UAE, including:
- Low or no fees
- Free debit cards
- Discounts on other banking services
- Access to online and mobile banking
- ATM access
- The ability to receive and send money internationally
Best Bank Options for International Students in UAE
The best bank options for international students in the UAE depend on a number of factors, including the student’s specific needs and preferences. However, some of the most popular banks for international students in the UAE include:
- Emirates NBD
- Abu Dhabi Commercial Bank (ADCB)
- National Bank of Abu Dhabi (NBAD)
- Mashreq Bank
- Dubai Islamic Bank (DIB)
Banks offer student bank accounts in the UAE
Most banks in the UAE offer student bank accounts. Some of the most popular banks for students include:
- Emirates NBD
- Abu Dhabi Commercial Bank (ADCB)
- National Bank of Abu Dhabi (NBAD)
- Mashreq Bank
- Dubai Islamic Bank (DIB)
Tips for student banking in the UAE
Here are some additional tips for student banking in the UAE:
- Set a budget and track your spending. This will help you to stay on top of your finances and avoid overspending.
- Take advantage of any discounts or promotions that are offered to students. Many businesses offer discounts to students, so be sure to ask.
- Be careful about using credit cards. Credit cards can be a temptation to overspend, so it is important to use them responsibly.
- Save money for the future. Even if you can only save a small amount each month, it will add up over time.
Student banking in the UAE is essential for international students. If you want to learn more about living in the UAE, take a look at our articles on Emirati etiquette for international students here at MSM Unify.
FAQs
Can a student open a bank account in UAE?
Every resident in the UAE is eligible to open a bank account and international students are no exception. Opening a student account is a straightforward process and many local banks offer a student package for students studying their course in a registered university in the UAE.
Can an 18-year-old open a bank account in UAE?
Must be 18 years old and above. A minor (below the age of 18) can apply along with a guardian.
What is the student card in UAE?
Get access to benefits in more than 800 locations in the UAE with ISIC. Enjoy 1+1 offers on entertainment. Save on shopping, culture, restaurants, sports, and much more.
Can I have 2 student accounts?
Although you can have multiple current accounts or savings accounts, you’re unlikely to be allowed more than one student account. Usually, a condition of receiving the perks of a student account is that you pay your student loan into that account.
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