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All you need to know to open, maintain or close an account with Sarwa.
Am I eligible to open an account?
Meet the $500 minimum balance Be at least 18 years old Not be a USA citizen or tax resident. Be a passport holder of one of the countries listed here: Unfortunately, we cannot currently accept single passports holders from countries that are not in the list above, such as: Syria Libya Yemen Iraq Nigeria
What happens if I want to close my account or withdraw Funds?
This means clients can remove their funds whenever they would like. Processing time is about 3-4 days However, some clients are often charged with bank wire transfer fees known as correspondent bank charges. Based on our experience, this ranges between $15 - $35 during withdrawals. While we do refund AED 100 for deposits, Sarwa doesn't refund clients bank wire charges when initiating a withdrawal from their accounts.
What happens if I leave the country?
We work with Interactive Brokers (IB) to offer you global coverage, and ensure that your portfolio follows you should stay in the UAE or move elsewhere (we understand, we love traveling too). Your account is in your name and is held with IB, our selected broker, and custodian.
Are there monthly minimum contributions?
What currencies do you handle?
What do I need to register?
Passport Should be valid and not expired Should be signed Proof of address This could be a lease agreement, Etisalat/Du bill, DEWA If you choose to use your lease it should fulfill the following requirements: Should be signed Should be in your name What if the lease isn't in my name?
What if the lease isn't in my name?
All you need to do is skip the step that requires you to enter your proof of address. Then just email us at support@sarwa with your roommate's valid passport and proof of address. Someone from the team will reach out to them for validation.
What's the minimum to open an account?
Are there any account opening fees?
How long does it take to open an account?
We process your application and send you funding instructions typically the same day, if all the information and documents submitted (passport and proof of address) are accurate.
How to create a joint account?
Steps to set it up: During the sign-up process, just choose the option of "Joint Account" and enter the email of the account co-owner. If the co-owner doesn't have an existing Sarwa account, they will need to create one, and follow the same steps as you. You and your co-owner will be able to login individually to see the performance of your joint account on your joint Dashboard and will be able to fund from your individual bank acco
Do you need help with your proof of address?
To make our on-boarding process simpler and faster, read the instructions below for more information on the types of address proofs we accept. I have an existing proof of address: We accept the following documents provided they contain the associated information: Utility Bills: A residential address, dated within 12 months and the name of the account holder. Tenancy Contract: A residential address, dated within 12 months and the name of the account holder (Signed and Stamped). Bank
Is there any difference between IB's websites in the US (.com) and UK (.co.uk) ?
You can access your account from either websites. The bank where the account is funded is in the US.