Banking & transfers
Financial access is critical for international students studying in Dubai. Whether you are managing living expenses, paying tuition, or receiving funds from your home country, a student-friendly banking setup is essential. This section will walk you through how to open a local bank account, what documents are required, which banks are easiest for students, and how to handle money transfers affordably.
Banks Popular Among Students
Money Transfers: Sending & Receiving
Managing Your Budget
• Use banking apps to track expenses and set savings goals.
• Choose accounts with no minimum balance or student perks.
• Avoid using international debit/credit cards for everyday spending — they often have hidden fees.
Tip: Always compare transfer fees and exchange rates. Use online calculators before sending money.
How to Open a Student Bank Account
Required Documents (can vary slightly by bank):
• Copy of passport and visa
• Emirates ID (or Emirates ID application form if pending)
• Student letter or admission letter from your university
• Proof of local address (housing contract or landlord letter)
Account setup time: Usually 1–3 working days after submitting documents.
Tip: Digital-first banks like Mashreq Neo and Liv. often offer faster setup and fewer in-branch requirements.
Documents & Rules to Know
• KYC Regulations: Banks are required by UAE law to follow strict identity verification — be ready with documents.
• Currency Declaration: If entering the UAE with over AED 100,000 (≈ USD 27,000), you must declare it at customs.
• Sanctioned Countries: Transfers to or from certain countries may be restricted; always check with your bank.
Pitfalls to Avoid
• Delaying account setup: Without a local account, you may face issues with rent payments or receiving funds.
• Ignoring fees: Some banks charge inactivity or international ATM withdrawal fees.
• Transferring money blindly: Using banks for international transfers without comparing services can cost much more.
Useful Platforms & Sources
- Wise Transfer Calculator: https://wise.com
- Western Union money transfer: https://www.westernunion.com
- Liv. Banking App: https://www.liv.me
- Mashreq Neo Bank: https://www.mashreqneo.com
- Al Hilal Bank: https://www.alhilalbank.ae/en/personal/
- ADCB Bank: https://www.adcb.com/en/personal/
- UAE Central Bank Regulations: https://www.centralbank.ae