If you’re new to the UAE, Emirates NBD just made things a little easier for you.
The Dubai-based bank has just announced the launch of what it calls the Advance Account. Essentially, it’s an account that will give new-to-the-UAE expats a working bank account on their first day of employment.
Traditionally, new expats have only been open a bank account if they’ve got a valid UAE residency visa – a process that takes a few weeks after you’ve joined your new employer. This means that, during those few weeks, you either have to deal solely in cash, or use the debit and credit cards you have from your home country.
But Emirates NBD’s Advance Account takes a lot of that pain away. It’s only in the piloting phase right now, with select employers across the UAE. But the idea is that, if your employer uses Emirates NBD’s payroll services, you’ll be able get a working account from day one of employment.
Emirates NBD said that, by working with employers’ HR teams, it’ll be able to deliver an Advance Account welcome pack to new employees. This’ll include current and savings account numbers, and access to the bank’s online and mobile banking platforms.
“Having an account number from day one in the UAE will empower our customers, offering them convenience while saving valuable time. Advance Account raises the bar in terms of banking in the region and we are certain it will be well received,” said Suvo Sarkar, Senior EVP and Group Head of Retail Banking and Wealth Management at Emirates NBD.
Now, with the Advance Account, you still won’t be given a cheque book or credit card – you’ll have to wait until your residency visa is sorted to be given access to those. However, in the meantime, the account allows you to start getting on with other aspects of life-in-a-new-country admin without having to worry about your banking services.