In a world where everything is getting digitally accessible, paying your rent through cheques seems outdated. Hence Dubai government has introduced an online payment system for rental payments. It will be transactions processed electronically through the Central Bank of the UAE’s Direct Debit System The process is a part of a new agreement between the Dubai Land Department and Emirates NBD. Internet banking is the new way of payment for rent in Dubai. Apart from this system, here are 5 different ways to pay your rent in UAE.
Pay Your Rent In Dubai In 5 Different Ways
Step by Step process to pay your rent
- Cash
- Postdated Cheques( Which Will Turn Into Digital Payment)
- Bank Transfers
- Credit Cards
- Direct Debit
5 different ways in which you can pay your rent in #Dubai
The options available depend on the payment methods accepted by the landlord#UAE https://t.co/xm6XoR162B— Gulf News (@gulf_news) July 25, 2022
Paperless Payment Initiative By Dubai Government
By switching to internet banking lot of manual resources will be out of jobs in Dubai. This partnership will assist landlords and property management firms. It is in line with the Dubai Government’s objective for paperless payment ecosystems and the Dubai 10X project.
Additionally, it will give tenants a simple digital substitute for writing checks as is currently done. It allows them to use their bank accounts to pay their rent. Additionally, this will enable them to take advantage of flexible payment plans. Lot of landlords or property management firms offer such schemes to their tenants.
Also Read: Pay Your Rents In The UAE Or Face Travel Bans
Individuals from other countries who want to invest in real estate in Dubai can easily open non-resident savings accounts with Emirates NBD. This will make it easier for them to make their buy and maintain their real estate and rent collection.
A committed relationship management team will assist the international investors in opening accounts smoothly.
#Dubai Land Department in push to take rental payments online through deal with Emirates NBD
Move on to allow landlords to ditch decades-old practice of manual rental cheques https://t.co/45Zi0pw0Hs
— Gulf News (@gulf_news) July 5, 2022
The Goal Of The Collaboration Between Dubai Land Department And Emirates NBD
One of the best and most dynamic real estate markets in the world has always been the United Arab Emirates. In accordance with initiatives to fully modernise their services in accordance with the Dubai Paperless Strategy, DLD has teamed with Emirates NBD to create a legal regime at the service of renters and property owners. By introducing gradual manoeuvres on the road to replacing the existing systems, such cooperation will aid in the facilitation and streamlining of the procedures involved in the real estate market.