Bahrain
Banking in Bahrain
Bahrain Business Experts
Recent forum posts
-
Is hiring a content writing agency worth the money for a small business?
Honestly, yes — if you choose the right agency. A good content writing agency helps small businesses look professional, rank better in search engines, and attract the right audience.If you’re not great at writing or you’re too busy running the business, outsourcing your content saves time and stress. Just make sure you’re clear
Total Posts: 1 Last post by samantharoto92
-
Company setup in Dubai
Right start is essential for a Perfect Business”UAE provides a reputable and international Platform for all kind of businesses. Setting up in the UAE is an excellent choice because of the regulatory regime and the geographical time belt.Dubai has created a business environment that is well regulated without being unduly restrictive and offers operating conditions that are amongst the most
Total Posts: 8 Last post by oliverjhon
Banking in Bahrain
There are many formalities when opening a bank account in Bahrain, including a lot of paperwork.
To be eligible to open a bank account you will need a residence visa and a 'letter of no objection' or a 'no objection certificate' (NOC) from your employer. This letter must highlight your salary to show how much will be paid into your account. Most banks will also ask for a photocopy of your passport and some banks will also ask to see your tenancy agreement to establish your residential address. You should take copies of all these documents, as well as identity photographs.
Bahrain banks offer banking services including cheque clearance, standing orders, direct debits and credit card repayments. A certain number of transactions per year are usually free, after which a charge may be issued at the discretion of the bank manager. Charges vary between banks, as in most countries, so it is best to look around to see what is offered by different banks first before opening an account.
Current accounts pay little or no interest and, if they do, you must usually have a substantial balance to qualify. Therefore a savings or deposit account is the best option for surplus funds.
Transactions are usually made with cash in Bahrain as most people are suspicious of cheques. Most current accounts therefore are not cheque accounts.
Organisations that can assist with Banking
-
> Need to open a bank account in this country?
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.
