There are multiple popular Indian banks are available to open NRI accounts for Non-Resident Indians (NRI) based in the United Arab Emirates (UAE). To make process easier many banks offer online application form for their existing customers to open NRI account. In this article, we will discuss how to open an NRI account and send money to UAE from India.
Open NRI account with Indian Banks in UAE
Most of the Indian banks offer services for both NRO & NRE accounts. Here are some top Indian banks in which you can open NRI account when you are in the UAE.
SBI
For the NRIs living out of India, State Bank of India offers NRE & NRO banking services. If you are new to the bank then it is recommended to go to the local SBI branch, SBI also has a global application portal for NRI who are applying from abroad. In Dubai, SBI may offer expedited NRI account opening.
HDFC Bank
HDFC bank offer NRI bank account as well as several other useful services for NRIs. You can open account in HDFC bank either by visiting the bank or filling the online application. Only self-attested documents are required if you are a existing HDFC customer.
New HDFC customers required to bring attestations from a designated authority. In Dubai, NRI can open an NRE account and linked international debit card which allows to travel globally and shopping.
ICICI Bank
ICICI bank is a popular option for NRI people to open NRI account, you can also open it online. Many times, ICICI representative will guide you with the process over your mobile number or email. It takes two working days for account opening procedure for those who are customer of ICICI bank in USA. ICICI bank has offices in Dubai & Abu Dhabi but not all transactions processed from the office.
DBS Bank
DBS has specific services for their premium clients, DBS Treasures NRI account offer by DBS for NRI. Range of NRI premier services offer by DBS including NRE & NRO accounts. You can start/fill application online and then DBS representative contact us to complete the steps. You will be asked to choose your preferred DBS branch in india. No need to visit branch for DBS Treasures, allows completely remote account opening service.
Bank of Baroda
Bank of Baroda has loans, investments and bank accounts for NRIs. To open NRI account Bank of Baroda has an application form for NRI accounts on website, same form is available at a local branch in India. To open an account Bank of Baroda requires application and document with signature & attestation from a designated authority and same need to be submitted over email to bank of Baroda branch.
Federal Bank
Depending on customers need Federal bank offers range of NRI bank accounts. There is the Fed NRI Care for lower balance minimums, the Premium for premier clients and Fed NRI Power account for digital natives. You can visit federal bank branch or open account online. Federal Bank has 2 overseas offices in the one in Dubai and one in Abu Dhabi.
Kotak Mahindra Bank
Kotak Mahindra bank offers NRO and NRE bank accounts that can be opened before or after you leave India. You have to fill online form and Kotak bank executive will reach out to you within 2 working days to complete the application. Kotak Mahindra bank also provide document pick up facility in many countries, but you need to contact bank to see if they have it in UAE.
YES Bank
Yes Bank has loans, NRI bank accounts, investment options and deposits. To open account in Yes bank you can visit the branch or submit online form, executive will reach out to you for further process. Yes Bank also has its own remittance service called YES Remit which help to send money globally.
How to send money to the UAE from India?
There are two main ways present to send money from India to UAE – a money transfer provider or an outward remittance with a bank. Let’s take a look at each one here.
SWIFT Transfers with banks
With the Indian banks, you can send money from India to the UAE (International Remittance) either by visiting bank branch or by online. Banks may ask you to add international beneficiary through online or mobile banking. It takes 3-5 working days to complete the money transfer process if transaction is processed through SWIFT global banking system.
Bank transfers charge 2 different fees
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Transaction fees to send the money.
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Hidden exchange rate fees
Transaction fees is different from bank to bank, this cost is required to complete the transactions and Hidden exchange rate fees is tucked away in the exchange rate that the bank gives you. The bank exchange rate is weaker than the real exchange rate on Google, which means that the bank deducts every rupee converted into your transfer.
Money transfer Providers
Money transfer provider is the convenient option which is often faster and cheaper. Providers like Western Union, Wise and Remitly allow Indian residents to send money from mobile application or websites. we required to register/sign up to start, registration is totally free of cost.
Money Transfer providers charge customer a transaction fees and some bank may charge exchange rate fees. You need to compare the prices of different providers and choose which one provides real exchange rate. wise.com does provide real exchange rate.
Process to send money with Wise
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Go to the Wise website or download a mobile application.
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Sign up there with Google, Facebook or Apple account.
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Verify your Identity proof Driving License, Passport or PAN card.
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Start a transfer once you register.
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Fill the details of bank where you want to transfer the fund.
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Choose the transfer reason.
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Now transfer the amount and You are DONE.
How to Open NRI account in UAE online
Let’s take a look how you can open NRI account in the UAE with India’s popular HDFC bank.
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Go to the HDFC website NRI portal.
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Select the type of NRI account you want to open.
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Choose account from (NRO, NRO, etc.)
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Click on Apply online.
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Fill all the required details.
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Agree the checkbox.
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Enter the Captcha code.
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Submit the Form
After the form submission HDFC bank take follow up on calls, SMS, email or WhatsApp. You will be asked to submit documents to the branch or by uploading them.
Required Documents to Open NRI account in UAE
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Application
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Relevant pages of Indian passport
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Evidence of work permit, visa or registration in the UAE
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Evidence of permanent address
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Passport-sized photos
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PAN card
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Evidence of current address in the UAE
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Cheque from an active bank account to fund account
You may have to do self-attest on some of the documents as per the particular bank need.
Thank You!
