By the end of 2025, banks across the UAE will phase out one-time passwords (OTPs) sent via SMS or email, replacing them with secure in-app authentication methods. The move, directed by the Central Bank, is part of the country’s ongoing efforts to strengthen digital banking security and protect customers from cyber fraud while offering faster, more convenient online transactions.
The UAE's banking regulations require tourists to meet specific criteria to open non-resident accounts, including providing documentation such as a valid passport, visit visa, proof of home country address, and a bank reference letter. These accounts come with limitations and are subject to in-person verification to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Read MoreUAE banks will raise overseas card fees to 3.14% from 22 September 2025, making international shopping, travel payments, and foreign ATM withdrawals more expensive for residents. The change affects both credit and debit card transactions, but consumers can still cut costs with smart spending strategies.
Read More
