Credit Bureau Consent, Welcome Offer & General Terms & Conditions
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CBD Foreign Currency Account
Foreign Currency Account
Features
- Maintain balances in multiple foreign currencies
- Avoid frequent currency conversion losses
- Flexible money management across EUR, CAD, USD, GBP, AUD and more.
- SMS alerts on your transactions
- Easy international transfers and remittances
- Access through mobile banking, online banking, and branches
- Ability to receive foreign currency payments directly
- Secure banking platform for global transactions
- Monthly Fees- May apply if minimum balance is not maintained
- Minimum Balance- Typically AED 5,000 equivalent (or currency equivalent) to avoid fees
- No interest is usually paid on foreign currency accounts
- Minimum Salary Not mandatory in most cases
Required Documents
- Emirates ID
- Passport with valid UAE residence visa
- Completed account opening form
- Additional documents as required by the bank
Main Benefits
- Open a foreign currency account in just a few minutes through the CBD mobile app
- Foreign currency accounts available in most major currencies (USD, GBP, EUR, SAR, AUD, CAD, CHF, SEK, JPY)
- Suitable for personal and business international needs
- Save on currency conversion charges
- Ideal for frequent travelers and expatriates
- Convenient management of overseas income
- Faster international payments and transfers
- Protection from exchange rate fluctuations (to an extent)
- Simplified global financial management
Frequently Asked Questions
Q. What is a Foreign Currency Account?
A. It is an account that allows you to hold and transact in currencies other than AED.
Q. Which currencies can I hold?
A. Major currencies such as USD, GBP, EUR and others.
Q. Do I earn interest on this account?
A. No, this account is primarily for transactions, not savings.
Q. Can I receive money from abroad?
A. Yes, you can receive international transfers directly in foreign currency.
Q. Can I convert currency within the account?
A. Yes, conversions can be done based on prevailing exchange rates.
Q. Is there a minimum balance requirement?
A. Yes, a minimum balance is required to avoid service charges.
Q. Can I access the account online?
A. Yes, through mobile and internet banking.
Q. Are there withdrawal charges?
A. Yes, depending on the transaction type and currency.
Q. Who should open this account?
A. Frequent travelers, expatriates, and individuals dealing in foreign currencies.
Q. Is it suitable for savings?
A. No, it is best suited for holding and transacting funds.
CBD
Commercial Bank of Dubai (CBD) offers a wide range of retail and commercial banking products and services, in both conventional and Shariah-compliant formats, with a network of 26 branches and over 210 ATMs throughout the UAE. The bank endeavors to build sustainable prosperity through extraordinary banking experiences. CBD commits to:
- Authenticity
- Simplicity
- Partnership
- Innovation
- Responsibility
- Excellence
Get in touch with CBD Customer Care