A Guide to Student Banking in the UAE

Opening a student bank account in the UAE is a crucial step, especially for students who are looking to work part-time in the country along with managing their academic tasks. Having a bank account for students in the United Arab Emirates not only helps in keeping your finances in place but also introduces young adults to an independent life. 

To enjoy the wonderful advantages the country offers in terms of education and work opportunities, 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. Let’s have a look at the application process, eligibility criteria, best student bank accounts, and more in this comprehensive guide. 

 

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

1. ADIB Student Savings Account

Features:

• No requirement to maintain a minimum balance
• Ideal choice for students of 13 years and above

Documents required:

• Passport-sized photo
• One copy of a valid passport (inclusive of a legal guardian if you are under 18)
• A valid Emirates ID copy (and legal guardian’s if under 18)
• Copy of a valid School ID or proof of student status

Application process:

• Go to an ADIB branch with the required documents to open an account without hassle.

 

2. Emirates NBD Youth Package

Features:

• There is no minimum balance requirement for students over 18
• Employment is required with a minimum salary of Dh5,000

Documents required:

• Active UAE mobile number
• Emirates ID
• Passport
• Proof of income with a minimum salary of Dh5,000

Application process:

• You can easily apply online using the Emirates NBD website or the Emirates NBD Mobile app for a convenient and swift experience.

 

3. Emirates Islamic Student Bundle Package

Features:

• There is no minimum balance requirement
• Eligible for students aged 18 to 21

Documents required:

• Passport copy along with a residence visa
• Emirates ID copy
• Student ID copy
• Original documents can be asked for further verification

Application process:

• Visit an Emirates Islamic branch with the necessary documents to open an account.

 

4. ADCB University Student Account

Features:

• No requirement for a minimum balance as such, but an initial deposit of Dh1,500 is required
• Eligible for students aged 18 and above

Eligibility and documents:

• Study in a full-time or part-time university.
• Evidence of GCC and UAE Nationals
• Expatriate students need a University ID as well as a residence visa copy

Application process:

• Go to the nearest branch to open an account

 

5. CBD Digi Account

Features:

• There’s no minimum balance requirement for applicants aged 18 and above
• To receive a checkbook, you must be 21 and above.

Eligibility and documents:

• Valid Emirates ID copy

Activation:

• You can activate your instantly after giving your details, but there are some transaction limits until the final approval along with your debit card delivery

 

6. NBF Ajyal

Features:

• A digital account with no minimum balance requirement for UAE residents aged 18 to 25

Eligibility and documents:

• Emirates ID copy

Activation:

• Download the NBF Instant app, scan your Emirates ID, and take a photo. Get a welcome pack, inclusive of the NBF Debit Card post activation.

 

7. SIB Student Savings Account

Features:

• Minimum balance requirement of Dh500
• Eligible for students aged 18 and older

Required documents:

• Valid Emirates ID copy
• Valid Passport with copy of the visa
• Valid Student ID copy

Application Process:

• Visit an SIB branch with the required documents to open an account.

 

Here are some tips for student banking in the UAE

1. Choose the correct bank: Investigate various UAE banks and evaluate their services, costs, and perks for students. Look for institutions that provide student-specific accounts and benefits.
2. Consider convenience. Look for a bank with branches and ATMs near your college or accommodation. This will make it simpler for you to get hold of your money.
3. Student accounts: Many banks in the UAE provide customized accounts for students. These accounts frequently come with lower fees, higher withdrawal limits, and other incentives such as discounts at partner businesses.
4. Online and mobile banking: Make sure the bank you choose offers a user-friendly mobile and internet banking platform. This allows you to effortlessly manage your finances, transfer money, and make payments while on the go. 
5. Debit and credit cards: Get a debit card for daily transactions plus a credit card for emergencies or significant purchases. Make sure you understand the terms and conditions, interest rates, and fees for each card.
6. International transfers: If you need to get or send money internationally, make sure your bank offers competitive rates and efficient transfer methods.

 

FAQs

What is the best bank account for students in the UAE?

The ADIB Student Savings Account is strongly suggested for its no-minimum balance limit and customized features for students aged 13 and up.

Can students open bank accounts in Dubai?

Yes, students can definitely open bank accounts in Dubai. Most banks provide customized student accounts with low requirements and tailored features.

Which bank is best for students?

Emirates NBD, ADIB, and ADCB are suitable choices for student accounts that have no or low minimum account balances and simple application procedures.

Which bank is best for students?

Emirates NBD, ADIB, and ADCB are suitable choices for student accounts that have no or low minimum account balances and simple application procedures.