HSBC Dubai: How to Choose and Open a Bank Account

HSBC Dubai: How to Choose and Open a Bank AccountThe Hongkong and Shanghai Banking Corporation is one of the biggest banks in the world. With offices and branches in around 80 countries, it serves millions of customers worldwide. In Dubai, the bank offers services that match the international standards so that you can have unmatched convenience for all your banking needs.

Opening an account in a new country can be an intimidating process. Having just moved to a new
country, people are often not familiar with the new range of banks in their new country. Presumably, you, the
person reading this is in exactly that position now. You have figured out that you want to go with HSBC in Dubai,
and now you want to know how to open a bank account, and what exactly your account options are.

So, you can follow this step-by-step procedure on how to open a current account.

How to Open an Account

1. Go into your local HSBC branch in Dubai. The staff there can all offer expert advice and walk you through the
process of getting an account. Alternatively, you can apply for an account over the phone (phone 800
4320 from inside the UAE) or online at

2. Whether you are applying online or in person, you will need to provide some paperwork for your application to
be considered.
What you will need is:
– Your Passport details
– The details of your UAE residence visa
– Your Emirates ID
– If you hold UAE citizenship, you will need your national ID details
– Your employment information
– You will need to provide details for all credit cards that you hold, including their credit limit
– You will need to provide details of any overdrafts that you have
– You will need to provide details for any loan debt that you have.

3. Decide which account is correct for your needs. HSBC has three accounts on offer, and the account
that is right for you will depend on several factors: including your income level, how much money you want to
deposit or invest, and whether you want a dedicated relationship manager assigned to you.

The bank offers both savings and current accounts. Current accounts transactions provide for 24-hour bank access through various modes of banking which include mobile, internet and phone banking. With current accounts, you can easily manage your money at any time without hassle.

Individual and business products offered by the bank include HSBC Premier Current Account, HSBC Advance Current Account, Basic Current Account, Savings Account, and Team account. Both personal and business clients enjoy multiple benefits depending on the type of account they hold.

Opening a Current or Savings Account at any bank’s branch is easy. The following are the requirements
for opening the various accounts:

Basic Current Account

To qualify for this account, you will need a monthly income of AED 7500. In USD, this is roughly $2000. You
must also maintain a minimum monthly balance of at least AED 3000 (roughly US$815). This account comes
with no overdraft, and no dedicated relationship manager. However, it does benefit from free ATM
transactions at bank’s ATMs.

The Basic Current account allows you to manage your finances with ease through internet and mobile banking on a 24×7 basis. Some benefits of opening this account include: two free cash withdrawing and a balance inquiry on a non-HSBC ATMs in UAE on monthly basis, VISA Platinum credit card without an annual charge with discounts on shopping, dining and entertainment among many others.

Advance Current Account

This is the next level up from the Basic Current Account. To qualify for this account, you will need a monthly
income of AED 15’000.(roughly US$4000). You must also maintain a minimum monthly balance (between
deposits and investments) of at least AED 100’000 (roughly US$27’000).

The Advance Account is available in all currencies, including the Euro and the GBP. Its daily ATM withdrawal limit is AED 10000 across the country. Also, there are no charges for withdrawal from any bank ATM across the UAE.

Holders of this account can enjoy an overdraft of AED 5000 interest free without renewal fee, unlimited cheque books, free multi-trip worldwide, travel insurance and 50% discount on processing fee for international account opening.

Premier Current Account

This is the top of the line account. To qualify for this account, you will need a monthly income of AED
50’000 (roughly US$13’600). You must also maintain a minimum monthly balance (between deposits and
investments) of at least AED 350’000 (roughly US$95’300). This account comes with an overdraft of AED
15000, and includes a dedicated relationship manager. This account also does benefit from free ATM
transactions at HSBC UAE ATMs.

The Premier HSBC account is available in the US Dollars, Sterling Pounds, Euro and UAE Dirham. With this account more than one million ATMs and 25 millions retail outlets worldwide will accept your credit or debit card. You can also withdraw up to AED 12000 per day and also link up to two additional bank accounts to your banking card. This account attracts the benefit of free banking via internet, banking through the phone and SMS alerts.

Savings Account

Proper documentation and minimum salary of AED 5000 that passes through account if an international Visa debit card is to be issued.

This type of account allows you to save your money and earn interest while giving immediate access to your money. This will also enable you to achieve an amount you have set so as to appropriately invest: you can make a choice between USD,AED, GBP and Euro account balances. The limit to cash withdraw is AED 8000 on any HSBC UAE ATMs daily.

eSaver Account

– This account does not have a minimum balance requirement

Renminbi Deposit Account

This account serves Chinese clients who would love to access renminbi (RMB) currency.