The Commercial Bank of Dubai was founded back in 1969 by order of Sheikh Rashid bin Saeed Al Maktoum. This is a joint project of Commerzbank, Chase Manhattan Bank and the Commercial Bank of Kuwait. About 25 branches have already been opened, with assets totaling approximately $ 23 billion.
About the bank
Since its opening in 1969, the bank was transformed into a national joint stock company in 1982. A number of processes have been restructured, and the authorized capital has increased. This moment was decisive in the history of the financial organization. Today, the bank ranks 35th in the ranking of the largest in the Persian Gulf. It is included in the Dubai Financial Market stock index.
Bank’s offers
The Bank holds a strong position in the country and in the international arena. He can offer his clients the following types of services:
- Retail.
- Corporate.
- Investment projects.
- Digital.
But about everything in order.
Retail
The bank serves individuals and provides them with the opportunity to open an account, issue a card, take out a mortgage or consumer loan. You can also consult with a specialist in financial planning and other matters at the department.
The bank’s customers can issue credit or debit cards on favorable terms. Also, for those who want to safely increase their capital, there are deposits. You should find out about specific offers directly at the bank’s branch, as they may change.
For companies
The Bank also works with corporate clients. For them, it offers convenient credit products on different terms, for example, for working capital, investments. Liquidity control, cash management. Company executives can make a corporate deposit, get advice on any issue of interest, and use the services of a broker.
Investment services
Brokerage services and asset management, as previously described, are available to commercial bank clients. In addition, Clients can purchase securities, use investment products, and receive investment and risk management advice.
Digital service
The Emirates is known for its progressiveness, and therefore the bank’s online services are comprehensively developed here. Individuals and corporate clients can use digital service offers in the form of a mobile application, online banking, in which they can manage their accounts, receive information, and conduct various payment transactions.
How to open an account
First of all, before opening an account:
- choose a product that will meet your requirements;
- prepare the required set of documents;
- fill out the application form;
- submit an application during a personal visit.
A bank employee will accept your application and the prepared papers. After reviewing and making a decision, you will need to sign a contract. The client may be provided with a bank card and a checkbook, depending on the conditions prescribed in the contract. In some cases, an initial deposit may be required, please clarify this issue in advance.
Documents
Individuals:
- identification card;
- confirmation of the presence of the address of actual residence in the country.
For legal entities:
- ID card, copy of the resident’s visa, Emirates ID;
- founding documents for the company;
- confirmation of financial viability;
- detailed information on the management team of the company.
These are the basic requirements for customers. The list can be expanded depending on the product for which the contract is being drawn up. Its signing is mandatory only during a personal visit. The procedure takes just over a month.
Types of accounts for individuals
To simplify everyday life, make online purchases available, and facilitate shopping, a customer can open a current account with a debit card. You can also open savings and currency accounts. Using only an Emirates ID, you can open a digital checking account. An important condition for the opening is the maintenance of a fireproof residue within 5 thousand dirhams.
Corporate accounts
The following service packages are available:
- The starting one. Issuing a free debit card, an account in one of six currencies, is suitable for aspiring entrepreneurs.
- Premium. For representatives of small and medium-sized businesses with a large volume of transactions. There are no commissions, the minimum average monthly balance is 350 thousand, a free checkbook and a business card, access to consulting services.
- Golden. For small and medium-sized businesses with a high level of demand for banking services. This package includes a special manager for business banking relations, without service fees, provided that a minimum balance of 1 million dirhams is maintained.
- Platinum. For clients of small and medium-sized businesses with high needs in banking services, seeking high privileges. There is a special communications manager, free service provided that a minimum balance of 3 million is maintained.
Tariffs and fees
The bank charges a fee for using the account and making transactions. The client pays one dirham for incoming money transfers in local currency, and 20 dirhams in international currency. Such tariffs are set for all customers. Outgoing physical transfers in local currency – 50 dirhams, electronic 40 dirhams. International transactions under the same conditions will cost 100 and 75 dirhams, respectively. In turn, an electronic transfer from a CBD account is not subject to a fee, whereas a physical transfer will cost 60 dirhams.
Over-the-counter cash transactions on deposits are subject to a fee of 25 dirhams. If the transaction amount exceeds 250 thousand dirhams, the commission is increased to 250 dirhams.
Advantages of opening a CBD account
Becoming a customer of such a bank means getting many advantages, for example:
- access to a wide range of services;
- attractive interest rates;
- mobile and online banking;
- quick account opening;
- innovative digital solutions;
- 24-hour contact center;
- convenient financial management.
Conclusion
Cooperation with the Commercial Bank of Dubai allows businesses to provide stable financial support. Professionals work here, guaranteeing high quality service and always only advanced financial solutions for any business and individuals. Relocate UAE will help you become a client of this bank, provide comprehensive assistance, and provide consultations. It is easier to become one of those who already successfully conduct their business in the UAE. Please call or email us to get more information.
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