The United Arab Emirates is rapidly developing into a financial hub in the Middle East. Banks, financial institutions and insurance service providers are catering to the needs of an ever-growing, diverse population. Banks, in particular, offer their customers countless benefits throughout the year, enabling everyone to pursue their goals.
In this blog, we highlight the best banks in the UAE in terms of product offering, customer service, accessibility and technology.
Opening an account – Requirements
It is important to know that you can only open a bank account if you are a resident in the UAE and have an Emirates ID. You can find out how to get this in this article.
You also have to be on site to open an account. These are not fintech accounts, which can be opened remotely. The application is made on site, but you have to sign the opening on site.
TOP 5 banks at a glance
Below is an overview of the best banks for private and business purposes in Dubai. The evaluation was primarily based on the following criteria: Offer, conditions (fees), online banking and support.
Emirates NBD
With a presence in more than 10 countries on 3 continents, ENBD is by far the largest and most reliable bank from the UAE. The bank was formed in 2007 from a merger between the National Bank of Dubai and Emirates Bank International. The bank is headquartered in Dubai and offers a wide range of services to its customers.
From prime banking services to customized investment management solutions, the bank offers its services to individuals, businesses, high net worth individuals and institutions. The bank also has the most ATMs in the country. Even if you are camping in the outskirts of Fujairah, you will find an ENBD ATM nearby.
What makes them unique?
- A wide range of products and nationwide access to services.
Nearby communities
- Jumeirah Beach Residence
- Green Community Dubai
- Palm Jumeirah
ADCB
Abu Dhabi Commercial Bank (ADCB) is a bank that has long contributed to the development of the United Arab Emirates. The majority of the bank’s shares are held by the Abu Dhabi Investment Council, which works with the Abu Dhabi government to implement development projects in the country. With total assets of over 75 billion US dollars, the bank offers its customers solutions for private and business customers, Islamic banking and investment management in its various business areas. One of the bank’s highlights is its customer service.
ADCB leaves the silos of traditional banking and goes the extra mile to help customers. One of their biggest strengths is customer service – no matter which branch you visit, you don’t have to wait in long lines for your turn, a customer service representative is always there for you.
What is unique about them?
- Exceptional customer service
Nearby municipalities
- Jumeirah Lake Towers
- Dubai city center
Commercial Bank of Dubai
and at the same time designed to meet your everyday banking needs and expectations. The My Business account package is suitable for customers who prefer to maintain a lower account balance.
Features and benefits:
- Choice of 6 account currencies (AED, USD, GBP, EURO, JPY, CNY)
- Authorization period 2 days
- Free first checkbook and free business debit card.
- Branch-based customer relationship management.
- Free prepaid card from the Dubai Chamber of Commerce.
- Access to internet-based business consulting services and business planning toolkits via the Resource Center.
Fees and costs for the CBD My Business account:
- Minimum monthly balance AED 20k or equivalent in foreign currency.
- Monthly fee of AED 150 if the minimum balance is not reached
- Interest rate 0%
- Local remittance charges AED 50 & International remittance charges AED
FAB – First Abu Dhabi Bank
First AbuDhabi Bank is the largest share-based bank in the United Arab Emirates, offering customized solutions and products to its customers. It strives to provide a customer-friendly banking experience and support the financial growth of its shareholders. It has an extensive network of branches around the world. FAB is one of the best banks in the UAE for expats and UAE nationals.
Mashreq NEO
An offshoot of the UAE’s oldest bank, Mashreq Neo is the first digital bank in the UAE. The bank is completely branchless and paperless and offers all traditional banking services as well as some unique offerings to attract a young clientele. The smartphone banking application offers many exciting solutions, such as Quick Remit, which allows you to send money to more than 20 countries for free. This feature offers excellent exchange rates and is used by expats to send and receive money in a jiffy.
In addition, Mashreq Neo offers many early bird discounts and cashback offers – even if you recommend the app to a friend, you will receive reward points and cashback. In terms of security, the digital bank was ranked by World Finance 2020 as the leading and most secure mobile banking app in the Middle East. Mashreq Neo Smart Bank users praise the simplicity, intuition and security features of the app, which is updated every week to close any loopholes.
What makes them unique
- A fully-fledged bank in an app that is environmentally friendly, saves time and offers its customers many rewards and cashbacks.
The banking sector in the United Arab Emirates is growing at an unprecedented rate, but there are few that can live up to the claim of the perfect bank. Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai, Emirates NBD, First Abu Dhabi and Mashreq Neo are our favorites.
International banks
The presence of international banks in Dubai demonstrates the city’s attractiveness as a global financial center. With their deep understanding of local markets and close relationships with key stakeholders, international banks are well positioned to help everyone realize their visions.
HSBC, for example, has been operating in Dubai for over 50 years. These international banks offer a wide range of services to businesses and individuals in Dubai. From corporate banking and investment services to retail banking and lending, they can cater to the needs of almost any customer. They play an important role in supporting businesses and helping investors to grow and prosper. They also provide important financial services to individuals, enabling them to live and work in Dubai.
Take a look at the list of the 10 best international banks in Dubai:
- HSBC Middle East
- BNB Paribas Middle East
- Standard Chartered Bank
- Citibank N.A.
- Royal Bank of Canada
- Credit Suisse AG
- Arab African International Bank
- Habib Bank A.G. Zurich
- BanqueLibanaise Pour Le Commerce
Summary
There is a very good selection of stable banks in Dubai. Starting from the local Arab banks such as Emirates NBD, ABCD and many more to the big international banks HSBC. The choice of the right bank clearly depends on the project and purpose. Some banks are better suited to start-ups, others to international corporations.
We are happy to help you choose the right bank for your private and business needs. Simply contact us via our contact page.
