Banking & Finance
Banks in the UAE broadly fit into two categories, local and International. One consideration when choosing a bank is whether you are being paid offshore or locally. Many expats paid offshore tend to bank with international banks to ease the transfer of funds on a monthly basis.
Without a residency visa it is only possible to open a savings/ deposit account in a limited number of banks. To operate a current account, you must produce your residency visa to the bank. Local cheque books are denominated in Dirhams which is currently pegged to the US Dollar at a rate of 3.67.
Credit cards are offered by all banks, denominated in Dirhams, and debit cards by some. ATM cards come with all accounts. It is advisable to advise your bank if you travel overseas as your ATM card may not work outside the UAE.
Under UAE law, it is a criminal offence to bounce a cheque and the bank are entitled to call the police if you do so. It is therefore essential when writing numerous cheques that you have adequate cleared funds in your account.
Most Banks open 6 days a week from 8am onwards until 2pm and close on Fridays.