What you need to know about banks in Dubai


The population of the UAE is comprised almost entirely of foreigners, which means there’s a clear path to opening a bank account as a new resident or even just as a visitor. The rise of larger international institutions has caused many banks in Dubai to offer great services at competitive rates.

There are also plenty of advantages to having a bank account in Dubai with the emirate’s secure government and extensive financial resources.

UAE is a global trading hub and investment destination in various business activities such as trading, import, export, logistics, hospitality, event management, financial services, construction and so on.

Banks in Dubai

What are some of the most important banks you can find in the UAE? Here are some of the names, both national and global players, you may find as you consider who should be your banking partner.

Some options for international bank accounts in the UAE include:

- Standard Chartered

- Citibank

- HSBC

- Royal Bank of Canada (RBC)

There are a total of 20 local banks in the UAE to choose from if you prefer to go with a local partner. Local banks in Dubai popular among expats and locals include:

- Emirates NBD (National Bank of Dubai)

- FGB (First Gulf Bank)

- ADCB (Abu Dhabi Commercial Bank)

- Dubai Islamic Bank

Tips to consider when choosing a bank in Dubai are:

- Which bank your employer uses. Choosing the same one may facilitate more efficient direct deposits.

- Proximity of ATMs to your office or home. You’ll save yourself time if you don’t have to go out of your way to withdraw cash.

- Availability and ease of online banking and apps.

- Minimum balance requirements. Because a lot of offshore banking is done in Dubai by investors with lots of money, some banks have established hefty minimums and exorbitant fees to go with them when you don’t maintain your balance.

How to open a bank account in Dubai – what documents you need to open an account

To start, you’ll need a few documents (and a few extra copies of each) on hand. When you go to meet with your banker to open your account, you should have:

  • Your passport, along with some copies and extra passport pictures
  • A letter of no-objection from either your sponsor or employer

How to open a bank account in Dubai – what documents you need to open an account

  • A copy of your visa if you’re a new resident of the UAE
  • A document showing your employer’s name and the amount of your salary (your HR department should be able to provide you with one)
  • An Emirates ID card, or a copy of the application you submit to get one
  • A recent utility payment receipt or signed rental contract to confirm your address
  • A letter of recommendation from another bank, like the one you use in your home country

Do you need help with opening a new bank account in Dubai?

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While based in the UAE, we offer comprehensive services for doing business in the Middle East including all the Free Trade Zones, including offshore company formation.

Therefore, we have solutions to all your queries related to licensing requirements for company formation in the UAE. We are committed to provide the best business advisory services on a timely basis with personal dedication to each client, helping them with their plans and being available to help and solve simple and complex problems.

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