If the required documents are available

Two banks: 3 minutes to open a bank account for individuals via the mobile application

Banks operating in the country provided the service of opening a bank account for individuals, through a smartphone application, within a time that takes only three minutes, without any fees, to encourage customers to use banking applications.

a little while

The banker, Tamer Abu Bakr, said that the banks provided, through their smart applications on mobile phones, the service of opening a bank account, current or savings account, within a very short period that only takes three minutes, if all the required documents were available.

He added that the customer can only open one bank account through the application, meaning opening a current account, for example, through the application, and if he wishes to open a savings account, he must visit the branch here, pointing out that the ATM card reaches the customer within two days of opening the account.

audit process

He stressed that this service is free, and does not require payment of fees by the customer, to encourage the use of smart banking applications, indicating that the fees are imposed by banks on the minimum balance, if it is less than 3000 dirhams, as 26.5 dirhams are deducted as a fee, including value-added tax.

For his part, the banker, Muhammad Ghazi, said that the steps taken by the customer to open the account are followed by an audit process by the bank, electronic approval by the Central Bank, and verification of the authenticity of the papers.

He explained that these procedures take a time between 24 hours to five days so that the customer can perform any operation on his account, such as depositing, meaning that the account can be opened through the application easily and conveniently, but all documents must be reviewed, and therefore the account remains inactive until it is completed. procedures.

Ghazi pointed out that the accounts of some nationalities take somewhat longer time to verify some important matters by the bank, in accordance with the requirements of “know your customer”.

He explained that as of October 20, there have been some additional approvals for opening accounts for certain individuals, but it can be said in general that the procedures for opening accounts for individuals in UAE banks are very easy, despite the great scrutiny by banks and the Central Bank.

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