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Opening a Bank Account in Dubai

Bank accounts opening

Be it on a personal or business level, the bank entities should always meet your security, profit and transparency expectations. Therefore Bestington specialists know how important it is from the beginning, to choose a bank in Dubai or financial platform whose services fulfill the best your future personal or professional investment plans.

You DO NOT need to be a UAE resident in order to open a bank account in Dubai/UAE, but your presence is required when signing the account opening application in front of the banking officer. In the case of opening a business bank account in Dubai, we can take care of all the formalities on your behalf:

  • We acknowledge your future expectations; expansions plans; and recommend the most appropriate financial entity.
  • Complete and submit applications for opening a bank account and chequebook issuing.
  • Introduce and inform you about all the benefits and services the bank provider is offering.
  • Follow up on bank account opening approval.

Guide to banking services in the UAE: The unit of Emirates is the UAE dirham (AED), which is divided in 100 fills. The dirham is strongly linked to the US dollar, and in consequence, the AED value reflects the strength of the US dollar. As of the past 5 years, the exchange rate was approximately 3,673 AED to 1 $ (US $). The banks in the UAE are regulated by the Central Bank of the UAE.

The following are the Bank Types on the UAE territory:

Commercial Banks with its leaders on the market:

  1. Abu Dhabi Commercial Bank (ADCB),
  2. Mashreqbank PSC
  3. Dubai Islamic Bank
  4. National bank of Abu Dhabi
  5. National bank of Dubai ( NBD)
  6. Union National Bank
  7. First Gulf Bank
  8. Union National Bank etc.

Foreign Banks operating in the Emirates:

  1. ABN AMRO Bank NV
  2. Citibank NA
  3. Habib Bank AG Zurich
  4. Barclays Bank
  5. HSBC Bank Middle East
  6. Standard Chartered Bank
  7. Lloyds TSB bank

Bank branches can be easily found throughout Dubai and other Emirates, it is commonly met to visit bank branches located within numerous malls and commercial centers, and the ATM machines number is impressive. Online banking is widely available and the use of credit/debit cards is widely accepted. Telephone banking is available in both English and Arabic, and bank statements and all other correspondences can be requested in both languages as well. UAE banks offer accounts types as Current Accounts, Savings Accounts, Deposit Accounts (Deposit accounts offer a high interest rate but it might not suit you if you need access regularly to your funds.)

UAE banks are continuously competing in services offers, high-tech products and best rates, it is a flourishing market which might be over exciting at times, but it is advised to regularly assess the bank products, the situation your account is in and be cautious regarding the fees and payments banks are adding.

If any further questions have risen while exploring our wide range of services and brief information presented online, please feel free to approach any of our team members via email or call and we will be ready to be at your disposal.