Opening a bank account in the UAE with HSBC is a straightforward process that can bring many benefits and features tailored to meet your financial needs. Whether you’re a resident or just moving to the UAE, HSBC offers a variety of account types to suit your lifestyle. Let’s dive into the details.
Introduction
HSBC Bank in the UAE offers various banking services, making things easier and simpler for everyone. They understand that everyone’s needs are different. That’s why they offer everything from straightforward basic accounts to more exclusive services. Whether you’re just starting and need a simple way to manage your money or looking for more specialised services, HSBC has you covered. Their goal is to make banking hassle-free for all their customers, providing options that cater to every need. So, if you’re in the UAE and looking for a bank that can offer you both simplicity and a range of choices, HSBC might be exactly what you need. They’re all about making your banking experience as smooth and convenient as possible.
Types of HSBC Bank Accounts
HSBC UAE offers several types of bank accounts, each designed to cater to different needs and lifestyles:
Current account
This bank account is designed for depositing and withdrawing funds. A current account, also known as a transaction account, is a type of bank account designed for everyday use. It helps you handle your daily financial activities.
With a current account, you can do the following:
- Pay your bills
- Get money, like your paycheck or pension
- Arrange automatic payments for things like subscriptions or utilities (this is done through Direct Debits or standing orders),
- Take out cash from cash machines (ATMs),
- Use your debit card to buy things.
Most current accounts can be easily managed using secure mobile apps or online banking, allowing you to keep track of your finances from anywhere.
Global Private Banking Account
Eligibility:
- Must maintain a total relationship balance of at least USD 2,000,000 with the bank.
Required documents:
- Passport (original for non-residents; copy for UAE residents).
- Valid residence visa (for non-GCC nationals only).
- Emirates ID (for UAE residents).
- Proof of residence (utility bill, rental agreement, or bank statements showing your address).
- Work ID or labour card (if female, sponsored by father or husband, and a UAE resident).
- Trade licence (for self-employed individuals).
- Income transfer letter (if transferring salary to this account).
Premier Bank Account
Eligibility:
- Adults (18+) can open an account for themselves, not current UAE customers. Additionally, one of the following must be met:
- A monthly net income of AED 40,000+.
- A Total Relationship Balance of AED 350,000+ in deposits/investments.
- A mortgage with a drawdown of AED 3,000,000+ for the first 24 months.
- An existing Premier account in another country.
- A spouse or parent with a Premier account.
Required documents:
- Emirates ID and passport.
- Proof of income (salary certificate or bank statements).
- Proof of UAE residence (utility bill, tenancy contract, etc.).
Advance Account
Eligibility:
- Adults (18+) not currently banking with the bank in the UAE who meet one of the following criteria:
- A minimum monthly salary of AED 15,000+ is transferred to an HSBC account.
- A minimum monthly average balance of AED 100,000+ in deposits/investments.
Required documents:
- Emirates ID and passport.
- Proof of income.
- Proof of UAE residence.
- Trade licence (for self-employed customers).
- Salary certificate/transfer letter (depending on your employment sector).
Personal Banking Account
Eligibility:
- Adults (18+) who are UAE residents or have their residency in progress and meet one of the following criteria:
- A minimum monthly salary of AED 5,000+ is transferred to the account.
- A minimum monthly average balance of AED 3,000+ in deposits/investments.
Required documents:
- Emirates ID and passport.
- Proof of income.
- Proof of UAE residence.
Joint Accounts (For All Account Types)
Eligibility:
- Individuals meeting the specific account eligibility criteria, wishing to open an account together.
Required documents:
- All applicants must personally visit a branch with their original passports, residence visas (if applicable), Emirates IDs, proof of residence, and, if required, work IDs or trade licences. Salary transfer customers must also provide an original salary transfer letter.
Savings account
A savings account is a banking service intended to store funds, not for immediate use.
Savings Account
Eligibility:
- Salaried customers: If your salary is paid into an HSBC UAE account, you don’t need to maintain a minimum balance. If you stop transferring your salary, a fee might apply.
- Non-salary transfer customers: Consider a personal banking option like a Flexi or E-saver account, which doesn’t require a minimum balance. Other choices may incur fees for not maintaining a minimum balance.
Required documents:
- Individual accounts:
- Passport
- UAE residence visa (if you’re not a GCC national)
- Emirates ID
- Proof of UAE residence (utility bill, rental agreement, employment letter, etc.)
- Labour card/Work ID (for women under father’s/husband’s sponsorship)
- Trade licence (for self-employed)
- Income transfer letter (if your income is transferred to the bank)
- Joint accounts: Both parties must visit an HSBC branch with the above mentioned documents.
Term Deposit Account
Eligibility: Must have an HSBC current or savings account. For joint deposits, all holders must have an HSBC account.
Required documents: Same as for the savings account.
E-Saver Account
Eligibility:
- The same rules as the savings account regarding salary and non-salary transfer customers.
- Available online for UAE nationals and residents with a valid residence visa.
Required documents:
- Existing HSBC customers: No additional documents.
- New customers:
- Bring your passport, UAE residence visa, Emirates ID, and proof of UAE residence to an HSBC branch for both sole and joint accounts.
Flexi Account
Eligibility: Must be 18 or older, a UAE national, or a resident with a valid visa.
Required documents for UAE residents:
- Emirates ID
- Passport
- Proof of income (salary certificate, recent bank statements)
- Proof of UAE residence (utility bill, tenancy contract, employer letter)
New to the UAE:
- Passport
- Proof of income
- All potential holders must visit a branch with their documents for joint accounts.
Features & Benefits of Each HSBC Account
Current account
| Account Type | Features and Benefits |
| Global Private Banking | – Expert financial guidance and prioritised service – Financial planning tools and expertise – Holistic lifestyle service with a global network of experts available 24/7 – Global Money Account with a debit card for managing money in different currencies – Dedicated team including a Relationship Manager and Service Manager – Wealth management access with online trading platform – Prioritised service and support with quick application processes and preferential rates – Global expertise and VIP treatment with dedicated concierge service |
| Premier | – Worldwide Premier status with Global Money Account – Exclusive Premier support for wealth increase, family future protection, and retirement enjoyment – Complimentary HSBC Worldwide Travel Insurance – Preferential rates on personal loans, mortgages, and savings. – Overdraft up to 2x salary or AED 30,000 with no fees on the first AED 5,000 – Premier status for spouse and children, including Premier Children Savings account – Overseas account opening support – Access to international accounts and no-fee transfers with Global Transfers If your card is lost or stolen, you can receive a replacement the next day. Additionally, you can access emergency cash advances up to USD 10,000 daily, depending on the funds available. – Premier debit and credit cards with rewards |
| Advance | – Wealth solutions with access to a dedicated wealth advisor – International and domestic transfers with Global Money Transfers – Global Money Account for managing money in different currenciesOptional overdraft with no fees on the first AED 2,000 – Preferential rates on Home Loans, Savings Accounts, and Personal Loans – 50% discount on processing fees for international account opening – Free unlimited cheque books and cash withdrawals at any bank ATM in the UAE and GCC – Advance Credit Card with exclusive travel and lifestyle rewards |
| Personal Banking Account | – International and domestic transfers with Global Money Transfers – Account available in multiple currencies access optional overdraft up to 2x salary or AED 10,000, whichever lower, no fees, interest-free on first AED 500 – Free cash withdrawals from any bank ATM in the UAE – Preferential rates on Home Loans, Savings Accounts, and Global Money Transfers – International money transfers in select currencies with no fees – Cash Back Credit Card with rewards on entertainment, fuel, groceries, and education spends. – Secure online and mobile banking with 24/7 support – Cheque book issued at no fee |
Savings Account
| Account Type | Features and Benefits |
| Savings Account | – No fee for cash withdrawals and balance inquiry on non – HSBC UAE Switch ATMs – Choice between AED, USD, EUR, GBP, and RMB account currencies – 32 cheque deposit machines at key locations in the UAE – International Visa debit card accepted worldwide – Six over-the-counter transactions every month with no charge (if done using AED) – 24/7 banking through online, phone, mobile banking, and SMS alerts – Access to 91 cash deposit machines around the UAE |
| Term Deposit | – Competitive fixed interest rates up to 2.50% per annum, payable upon maturity – Available in AED, USD, or GBP – Low minimum deposit requirement (AED 10,000 or USD/GBP 5,000) – Opportunity to maximise returns by choosing to reinvest both principal and interest on maturity – Free online banking, phone banking, mobile banking, and text message alerts – Choice of terms from 1 month up to 36 months |
| E-Saver Account | – High and competitive interest rates on deposits up to 0.10%, paid monthly – No minimum balance requirement and no monthly account fees – 3 easy ways to deposit money: online banking transfers, deposit cheques using Cheque Deposit Machines, or telegraphic transfers – Manage money online with the convenience of easy withdrawals through online banking or telegraphic transfers – Save money through recurring monthly payments or lump sum deposits |
| Flexi Account | – No minimum balance or salary transfer required – Fund, transact, and use your account instantly when opened in the app – International Visa debit card – Interest rates of 0.01% AER for balances less than AED 50,000 and 0.02% AER for balances between AED 50,000 and AED 100,000 – Opportunity to apply for an HSBC Cashback Credit Card with benefits like 10% bonus cashback, access to HSBC ENTERTAINER app, and complimentary airport lounge visits |
Step-By-Step Process to Open a Bank Account in HSBC
- Choose your account type: Decide which type of account best suits your needs based on the features and benefits offered.
- Download the HSBC UAE App: The easiest way to open an account is through the HSBC UAE app, providing a quick and straightforward application process.
- Prepare your documents: Ensure you have all the necessary documents ready for submission.
- Complete the application: Follow the instructions within the app to fill out your application.
- Verification and approval: HSBC will verify your documents and information once your application is submitted. If everything is in order, your account will be opened.
FAQs
Q: Can I open an account online?
A: You can open an account through the HSBC UAE app or their official website.
Q: What are the fees associated with these accounts?
A: Fees vary depending on the account type. Premier and Advance accounts may offer fee waivers under certain conditions.
Q: Can I open an account in multiple currencies?
A: Yes, the Premier Bank Account offers the option to open an account in multiple currencies.
Conclusion
Opening a bank account with HSBC in the UAE is a seamless process designed to fit your lifestyle and financial needs. With various accounts and a straightforward application process, you can start enjoying the benefits of banking with HSBC today.
