Going out of business permanently in Dubai? ‘Going back’ can be a difficult process that involves saying goodbye to people you’ve met along the way and cancelling utility and credit card accounts.
Closing a bank account is one of the most crucial actions. This can take a lot of time for some soon-to-be former residents, so it’s best to cross it off your list as soon as possible during the moving out process.
Residents who want to switch banks or whose accounts have been inactive for a long time may choose to close their accounts in addition to leaving the nation.
Certain banks in the United Arab Emirates offer a free closing process, while others may charge anywhere from Dh100 to Dh1,050 based on the account type and additional formalities.
It starts with clearing all outstanding balances, whether they are checks or credit card debt. Loans and account-related costs, such as minimum balance maintenance fees, are also included in this.
To prevent any hiccups, expats need to be ready with a number of documents needed for the closure. Here’s a guide to closing your bank account in the United Arab Emirates, covering everything from crucial things to keep in mind to items that must be given away.
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