Closing a bank account in Dubai

Closing a bank account in Dubai – Makebiz

The process of opening a personal or corporate bank account in the UAE can often seem complicated and lengthy, but even from the moment of the long-awaited opening, you need to be on your guard as the bank has a number of grounds for closing your account. 

Let’s break down the main cases:

  • Each bank determines the amount of minimum cash that must be in the account: usually from AED 5,000. 
  • Some banks determine the timeframe in which the money must be deposited periodically. Opening it and not depositing money for a long time is not a good idea. 
  • Transactions with a country, company or individual on the sanctions list.
  • For some transfers, banks have the right to request accompanying information or documents. If such requests are ignored, the account may be blocked until the reason for receiving the money is established. 
  • Detection of money laundering is a serious reason for closure. 
  • Irrelevant personal information. In case of changes in documents, it is important to notify the bank to avoid blocking the account during inspections.
  • Identification of false information about the account holder’s personal data.
  • Significant exceeding of the cash turnover declared when opening the account.
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