With Dubai’s status as a major international financial center and its huge expat population, there is a choice of Bank to suit any financial demand. However, given that there are more than 40 banks in the United Arab Emirates, it is obvious that selecting the best bank for your needs may not be an easy thing to do. For this reason, we are here to help you out.

In this breakdown, we will list down the best banks in Dubai for expats where you can open an account and fulfill your financial needs.

7 Best Banks in Dubai for Expats

Following are the top-rated Dubai banks where expats can open their accounts and take their financial journey in the city to another level:

 

 

Emirates NBD

In 2007, the merger of Emirates Bank International (EBI) and the National Bank of Dubai (NBD) gave rise to Emirates National Bank of Dubai (ENBD), forming the largest bank in the GCC region. ENBD operates in over 10 countries across three continents and boasts the highest number of ATMs in the UAE.

ENBD is a trusted name in Dubai, catering to expats with a strong online and offline presence, delivering a simplified banking experience. With a footprint in 13 countries, 17 million customers, 879 branches, and 4,130 ATMs/SDMs, ENBD is a testament to its success. The bank offers a variety of credit cards, including those tailored for expats with travel rewards and cashback options.

Emirates NBD, a prominent player in the UAE’s banking sector, is recognized for its digital banking capabilities and extensive branch network. It offers a range of banking solutions, including private, retail, Islamic, and corporate banking services, known for its innovative digital platforms and customer-centric approach.

About Bank

• Total Assets: AED 836 billion (Nov 2023)
• Total Profit: AED 17.5 billion (Nov 2023)
• Employment: 3256 employees
• Customer Base: over 14 million customers
• Helpline: +97142130000

Key Products:

• Emirates NBD Personal Loan: ENBD offers six personal loan options, with interest rates beginning at 2.38%.
• Emirates NBD Credit Card: Multiple credit card types are available, starting at 1.49% interest, requiring a minimum monthly salary of 5,000 AED.

Key Services:

• Wakala Deposits: ENBD provides opportunities to invest in Sharia-compliant financial products.
• Factoring: Businesses can boost cash flow by selling their receivables bills.

Bank Accounts Offered

• Standard Current Account
• Special Current Account
• Savings and Deposit Accounts
• Gold Investment Account
• Value Account
• Business Current Account
• Business Fixed Deposit Account
• Business Call Deposit Account

 

First Abu Dhabi Bank (FAB)

The First Abu Dhabi Bank (FAB) is the UAE’s largest equity-based bank. It is dedicated to offering customized solutions and products to its customers. With a strong emphasis on a customer-friendly banking experience and supporting shareholders’ financial growth, FAB has gained recognition as one of the best banks in the UAE for both ex-pats and UAE nationals.

With its strong presence in the region, FAB is a leader in the banking sector, known for its innovative digital banking solutions and an extensive network of branches. It has a vast global branch network, providing exceptional customer support and a wide range of banking services.

FAB offers a comprehensive suite of financial services, catering to both corporate and individual customers. These services include Islamic banking, corporate banking, retail banking, and investment banking solutions.

About Bank:

• Total Assets: AED 1.2 trillion (Nov 2023)
• Total Profit: AED 4.3 billion (Nov 2023)
• Employment: 13,684 employees
• Customer Base: over 1.7 million customers
• Helpline: +97142130000

Key Products:

• FAB Credit Card: FAB provides 19 credit card options, each offering a range of benefits to meet specific customer needs. The minimum salary requirement for FAB credit cards ranges from AED 5,000, with interest rates starting at 3.25%.
• FAB Personal Loan: FAB offers a variety of personal loans, including loans for newcomers to the UAE. The interest rate for FAB personal loans starts at 1.62%, with a minimum salary requirement of AED 7,000.

Key Services:

• FAB at Work: FAB supports organizations in their growth by facilitating employees’ onboarding and financial needs, further enhancing its commitment to both corporate and individual customers.
• FAB Accelerator: This service allows you to personalize your banking experience with three choices:

I. Booster

II. Booster Plus

III. Turbo Booster

It requires opening a Current Account with FAB and maintaining a monthly balance transfer of at least AED 15,000.

Bank Accounts Offered

• Bank Accounts
• Current Accounts
• Savings Accounts
• Personal Current Account
• FAB One Account
• Elite Current Account
• FAB Etihad Guest Account
• FAB Etihad Guest Elite Account
• Personal Savings Account
• Elite Savings Account
• Personal Call Account
• Business Call Accounts
• Business Current Accounts
• Business Basic Account
• Business Advantage Account
• Business Preferred Account
• Business Fixed Deposit Term Account

Standard Chartered Bank

Standard Chartered Bank, founded in 1958 in Sharjah, is a major international bank offering both conventional and Islamic banking services in the UAE. It has a wide presence across the UAE. Standard Chartered PLC is a British multinational company that operates worldwide.

Standard Chartered Bank provides a variety of services in Dubai, including personal and trade finance, corporate banking, and wealth management. It is actively involved in financing major projects.

With a growing focus on Islamic banking, Standard Chartered is one of the country’s largest providers of Sharia-compliant financial services, serving corporate and retail sectors, and capitalizing on Dubai’s global business hub status.

About Bank:

• Total Assets: AED 3,088.46 billion (2022)
• Total Profit: AED 3.4 billion (Nov 2023)
• Employment: 83,195 employees
• Customer Base: over 48 million customers worldwide
• Helpline: +971600522288

Key Products:

• Standard Chartered Futura: It is a low-cost lifetime insurance coverage for UAE residents and expats.
• Standard Chartered Xtra Saver Account: It is a high-interest savings account with a 1.2% APY available in USD and AED, featuring an international debit card.
• Global Choice: It is a savings account for children with above-average interest rates.
• Standard Chartered Saadiq Personal Finance: Sharia-compliant personal finance with profit rates starting at 7.55% APY, offering a free chequebook and debit card.

Key Services:

• Priority Banking Service: Users can earn up to 7,000 AED in cashback through this service.

Abu Dhabi Commercial Bank (ADCB)

Abu Dhabi Commercial Bank (ADCB) is a prominent financial institution in Dubai, United Arab Emirates for ex-pats. With 58% of its shares owned by the Abu Dhabi Investment Council, it is a key part of the Abu Dhabi government and stands as one of the top three largest and most trusted banks in the UAE.

ADCB offers an extensive range of banking services catering to local and ex-pat individuals, businesses, and government entities. With a strong commitment to customer satisfaction and a keen focus on digital innovation, ADCB has emerged as the preferred choice for those searching for tailored financial solutions.

About Bank

• Total Assets: AED 537 billion (Nov 2023)
• Total Profit: AED 5.752 billion (Nov 2023)
• Employment: Over 13,000 employees
• Customer Base: over 1.6 million customers
• Helpline: 600 50 2030 (within UAE) or +9712-6210090 (Outside UAE)

Key Products:

1. ADCB Business Loan: Entrepreneurs and businesses have access to a wide range of financing options, including

• Loans for equipment financing
• Insta-loans
• Commercial real estate loans

ADCB’s streamlined approval process ensures loans are sanctioned

• With a competitive 17% interest rate
• Within seven days
• With a nominal 2% processing fee

2. ADCB Personal Loan: Customers can choose from a variety of personal loan types, such as

• Rental loans
• Ex-pat loans
• Smart finance

These loans offer

• A minimum required monthly salary of 5,000 AED
• Flexible interest rates starting at just 2.89%

Key Services:

1. Offshore Accounts: Clients can establish offshore accounts with ADCB, enabling them to hold multiple currencies outside of the UAE, thereby diversifying their financial portfolios.
2. Treasury Services: ADCB provides clients with the opportunity to participate in treasury trading, optimizing their financial strategies.

Bank Accounts Offered

• ADCB Current Account
• ADCB Savings & Call Accounts
• Emirati Millionaire Savings Account
• Millionaire Destiny Savings Account
• Active Saver Account
• Fixed Deposit Account
• Upfront Interest Deposit
• Regular Interest Deposit
• Etihad Guest Aspire Account
• Etihad Guest Privilege Account
• Etihad Guest Excellency Account
• Business Current Accounts
• Business Call Accounts
• Business Fixed Accounts

Mashreq Bank

Mashreq Bank is one of the oldest banks in the United Arab Emirates. It holds a long and distinguished history. The bank’s significance in the financial market is evident through its enduring presence.

Mashreq Bank stands out as a leader in technology innovation, consistently introducing advanced digital banking solutions to enhance client satisfaction. This unwavering commitment to innovation has made Mashreq to become one of the country’s most rapidly growing banks.

The bank serves a diverse clientele including ex-pats, offering a complete range of banking services, including retail, treasury, and corporate products.

A notable feature is Mashreq Bank’s innovative smartphone application, showcasing its forward-thinking approach. With the app, users can conveniently send money to over 20 countries without incurring any fees, thus improving financial accessibility and ease of use.

About Bank

• Total Assets: AED 200 billion (Nov 2023)
• Total Profit: AED 5.8 billion (Nov 2023)
• Employment: 5400 employees
• Customer Base: over a million customers
• Helpline: +97144244444

Key Products:

• Mashreq Bank Credit Card: Those with a minimum monthly salary of 7,000 AED can acquire a Mashreq Bank credit card, enjoying a competitive 2.99% interest rate.
• Mashreq Bank Personal Loan: For individuals maintaining a monthly salary of at least 3,000 AED, a range of loans is available with interest rates commencing at just 5.99%.

Key Services:

• Mashreq Neo: As the United Arab Emirate’s premier digital bank, Mashreq Neo distinguishes itself as a branchless institution, offering a host of benefits, including reward points, cashback incentives, and exclusive discounts, enhancing the overall banking experience.
• Islamic Brokerage: Mashreq Bank extends Sharia-compliant brokerage services with its exclusive trading platform, aligning with Islamic financial principles.

• Mashreq Gold: It is a dedicated website offering exclusive privileges for gold customers.

Bank Accounts Offered

• Current Account
• Neo Current Account
• Neo Nxt
• Neo Savings Account
• Mashreq Noon Savings Account
• Money Multiplier Account
• Daily Bonus Account
• Easy Saver Account
• Dream Saver Account
• Non-Resident Indian Account
• Non-Resident Egyptian Account
• Foreign Currency Account
• Fixed Deposit Account
• Unfixed Deposit Account
• Step-Up Deposit Account
• Happiness Account
• Basic Savings Account
• Easy Saver Plus Account
• Gold Edge Investment Account
• Business Select
• Business Platinum
• Business Premium
• The Digital Business Bank

Dubai Islamic Bank (DIB)

Dubai Islamic Bank (DIB), the United Arab Emirate’s largest Islamic bank, has been recognized as the region’s best Islamic bank. Established in 1975, DIB is headquartered in Dubai, UAE. The bank holds the distinction of being the first bank to offer Islamic finance solutions to United Arab Emirates residents that adhere to their values.

DIB’s commitment to Islamic principles is unwavering, making it a trusted institution for local and ex-pat customers seeking ethical banking solutions. The bank offers a wide array of Sharia-compliant financial services and products, including investment banking, retail banking, corporate banking, and wealth management.

About Bank

• Total Assets: AED 313 billion (Nov 2023)
• Total Profit: AED 6,286 million (Nov 2023)
• Employment: 4,233 employees
• Customer Base: over 1.7 million customers
• Helpline: +97146092222

Key Products:

• DIB Personal Loan: Consumers can apply for nine different personal loans with interest rates starting at 6%. Applicants should have a minimum monthly salary of 3,000 AED.
• DIB Credit Card: Various DIB credit cards are available with interest rates ranging from 0% to 3.25% for individuals earning a minimum monthly salary of 5,000 AED.

Key Services:

• Johara Ladies Savings Account: A special Sharia-compliant savings account in AED and USD that offers advanced salary access and bill payment services.
• Islamic Sukuk Investments: DIB Treasury facilitates trading in Sukuks and other Sharia-compliant financial products.

Bank Accounts Offered

1. Al Islami Current Account
2. Johara Current Account
3. Al Islami 2-In-1 Account
4. Al Islami E-Savings Account
5. Al Islami Savings Account
6. Shaatir Savings Account
7. Johara Savings Account
8. Al Islami Payroll Account

RakBank

RakBank, also known as the National Bank of Ras Al Khaimah, is a favored choice among ex-pat and Dubai residents and businessmen & investors, owing to its excellent customer support, convenient locations, and comprehensive services. It has received notable accolades, including Best Internet Banking and SME Bank of the Year awards.

The bank’s widespread presence in Dubai, with branches in key city areas, ensures easy accessibility for customers. It offers SME banking, retail banking, and wholesale banking solutions for businessmen and entrepreneurs.

RakBank, with 52.75% government ownership, has opened 33 branches across the UAE. The bank gives easy access to customers to its wide range of services, including digital banking solutions, savings & investment accounts, credit cards, and business & personal loans.

About Bank

• Total Assets: AED 72 billion (Nov 2023)
• Total Profit: AED 1.35 billion (Nov 2023)
• Employment: 3256 employees
• Customer Base: over 1.7 million customers
• Helpline: +971 4 213 0000

Key Products:

• RAKBANK Business Loan: Businesses can apply for loans of up to 3 million AED to fund their operations.
• RAKBANK Credit Card: A range of credit cards is available with interest rates between 2.95% and 3.19%, accessible to individuals with a monthly salary of at least 5,000 AED.

Key Services:

• RAKmoney Transfers: The bank offers low-cost international money transfers to the Philippines, Nepal, India, and Sri Lanka, facilitating global financial transactions.
• Business Equipment Finance: Businesses can access financing for construction, medical, & general equipment, and commercial vehicles, helping in their growth and development.

Bank Accounts Offered

• Current Account
• Saving Account
• Business Account
• Deposit Account
• Business Deposit Account
• Business Current Account
• RAKstarter Account

NeoBanks for Expats in Dubai, UAE

Neo-banks are direct banks that operate exclusively online and don’t have any traditional physical branch networks. Thanks to the growing popularity of this banking approach and the advancement in technology, many banks in the United Arab Emirates have started their own online-only banks to make it easier and faster for people to open accounts.

Liv. by Emirates NBD

Liv. is a digital-only bank from the renowned Emirates NBD. It was launched back in 2017. It provides all the standard banking services, including loans, current & savings accounts, debit cards, and credit cards. Customers can use a mobile app to manage all of these services.

Mashreq NEO by Mashreq

Following Liv.’s lead as one of the first neo-banks in Dubai, UAE, Mashreq Bank introduced its own competing platform, Mashreq NEO, in 2017. It aligns with Mashreq’s aim to establish a solid and prominent online presence and offers services similar to other digital banks in Dubai.

Xpence

Xpence is a neobank in the United Arab Emirates that provides bookkeeping and banking services through a single app. The app is suitable and designed especially for entrepreneurs and businessmen. It was created by Saad Ansari, Zain Ansari, Hussain Alherz, and Konstantin Danilkov in 2018. Xpence received the “Best Expense Management Platform in the United Arab Emirates” award from the International Business Magazine in 2022.

Required Documents for Opening a bank account for UAE residents

To open a bank account as an ex-pat, you typically need the following documents, although requirements may vary slightly between banks:

• Original Passport with 2 copies
• A valid copy of your personal bank statements for the last six months, from anywhere in the world or in your country of origin
• Residency visa
• An Appointment Letter, Salary Certificate, or Salary Transfer Letter (showing your job title and annual income) with a copy of the original document
• Proof of employment
• Proof of address, such as a tenancy contract displaying your home address or a utility bill
• Any valid form of UAE identification, including a labor card, an Emirates ID, or a valid driving license
• For business customers, a Trade License (with a copy of the original document)
• A no-objection letter from your employer having information about your job title and salary
• A reference letter from a bank in your home country (with a copy of the original document)

Factors to Consider When Choosing a Bank in UAE for Expats

Selecting the right bank in Dubai, as an expat, demands careful consideration of several crucial factors. To ensure smooth and informed decision-making, make sure to check these factors:

Physical and Online Banking

Having nearby bank branches and ATMs is useful, but most of your transactions will likely be online. Local banks often have more ATMs in malls and public places. So, ensure the bank has a user-friendly online website and mobile app. Don’t forget to ask about any fees for electronic transfers.

Bank Fees and Minimum Balance Requirements

Bank fees and minimum salary or balance requirements vary among financial institutions in the UAE. Before you commit to a bank, make sure to understand these financial details to avoid extra fees.

Islamic Banking

If you need Islamic banking services, many banks in Dubai, including Mashreq Bank and DIB, specialize in offering them.

International Transfers

As an ex-pat, you might need to send money abroad often. Look for a bank that offers affordable and reliable international money transfer services.

Account Opening Requirements

Go for a bank that has a less number of requirements for opening an ex-pat account. Understand what you need to open an account, as there might be specific rules for expats.

Range of Services

Go for banks that offer a wide range of well-regulated services, competitive rates, and account types to suit your needs. Consider both big international banks like DIB, Standard Chartered Bank, etc. as well as local options like Mashreq Bank, RAK Bank, Emirates NBD, and FAB.

Additional Financial Services

Consider if the bank provides extra financial perks, such as:

• Special rates if you transfer your salary to your new bank account
• Complimentary credit cards
• Free chequebooks
• SMS alerts
• Free supplementary cards for family members

Service Quality

Good customer service can make a big difference.  Assess the quality of customer service, including whether English-speaking staff are available and how responsive the bank is to inquiries and issues. Furthermore, check customer reviews, especially for local banks that may provide competitive private banking services.

Special Conditions

Check if the bank has any unique requirements, especially for US or UK citizens or others with specific circumstances.

Employer Recommendations

If your employer recommends a bank, you may consider that advice as it could come with extra benefits like better rates on transfers, lower minimum balances, and faster salary processing.

Loan Services

If you plan to take a loan, compare the rates and terms offered by different banks. Local banks usually offer competitive rates and larger loan amounts.

Fees and Charges

Pick a bank that has minimal fees to maintain your account, ATM withdrawals, monthly or annual charges, hidden charges, and best currency conversion. It is not necessary that every bank will have a fee, but usually, there are some charges for these services.

Benefits of Opening a Bank Account in the UAE as a Non-Resident

Here are the benefits that you can get by opening a bank account in Dubai as a non-resident:

• Diversification: Having an account in another country alongside a UAE account spreads financial risk, protecting against bank instability.
• Currency Stability: It shields against adverse currency fluctuations, allowing for money transfers from the foreign account to the UAE account when needed.
• Swift Transfers: A foreign account enables quicker international money transfers, beneficial for urgent financial transactions.
• Investment Opportunities: Comparing rates and services with offshore brokerage providers can enhance investment choices.
• Offshore Account Benefits: Opening an offshore bank account in the UAE offers convenient fund transfers, privacy, higher interest rates, multi-currency options (AED, EUR, USD), and various financial services, appealing to expats.

Frequently Asked Questions – FAQs

Can non residents open UAE bank account?

In the UAE, non-residents are limited to opening a savings account. They are not eligible for the current account. The applicant needs to have a transit or visitation visa. The applicant also needs to come in person to the bank.

Which is the most trusted bank in the UAE?

Here are the most trusted banks in the UAE for nonresidents:

1. Emirates National Bank of Dubai (ENBD)
2. Abu Dhabi Commercial Bank (ADCB)
3. DIB
4. Standard Chartered
5. Abu Dhabi Islamic Bank (ADIB)
6. Mashreq
7. FAB

Which is better FAB or ENBD?

ENBD is better than FAB for non-residents.

Which is better ADCB or ENBD?

ENBD is a far better bank than ADCB for foreigners.

Which bank is best for salary in Dubai?

The following are the best banks for salary in Dubai:

1. Abu Dhabi Islamic Bank (ADIB)
2. Mashreq
3. FAB
4. Emirates National Bank of Dubai (ENBD)
5. Abu Dhabi Commercial Bank (ADCB)

Get Bank Account in Dubai for Ex-pats with RIZ & MONA CONSULTANCY

Learning how to open an account in the United Arab Emirates (UAE) as an expat is important for business growth and expanding it. It’s very easy to open a bank account and manage your funds with the help of our helpful guide.

If you’re ready to open a UAE account, RIZ & MONA CONSULTANCY can help! Contact our team, and we’ll make it simple for you by guiding you through the process of opening an account in Dubai.

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