The UAE’s banking sector is booming, with a diverse range of financial institutions catering to both residents and expats.
Whether you’re looking for personal banking services, business solutions, or the latest in digital banking, banks in UAE offer numerous options to help you manage your finances.
In this guide you will learn about:
Banking in UAE
The UAE has quickly become a hotspot for potential investors, with UAE banks offering a range of services, helping propel the UAE economic landscape into the future. At the forefront, the Central Bank UAE, ensuring all financial institutions remain compliant and securing the future of the UAE economy.
While the investor friendly regulations, tax incentives, and range of business and investment opportunities have truly put the UAE on the map for foreign investment, the UAE banking sector has kept up, with multiple banks and branches throughout the United Arab Emirates.
Whether you’re looking for international banking services or UAE banks, there are a range of options to choose from, each offering fantastic services to ensure all your financial needs are well taken care of.
How to open a bank account in UAE?
For UAE residents
For UAE residents to open a bank account they should:
- Step one: Choose a bank: Research and select a bank based on your financial needs.
- Step two: Prepare documents: Commonly required documents include:
- Passport copy with a valid UAE visa
- Emirates ID (or a copy of the application receipt)
- Salary certificate or proof of income
- Utility bill or tenancy contract as proof of address
- Step three: Visit a bank branch: Submit your application along with the required documents.
- Step four: Verification process: The bank will review your documents and may conduct a background check.
- Step five: Account activation: Once approved, you will receive your account details, card, and online banking credentials.
For foreign nationals
Expats who want to open a UAE bank account must go through the same process as those with UAE citizenship, with some more stringent requirements. Some bank accounts may not be available for foreign nationals, so it’s important to check with the bank branch directly to see what you qualify for.
Expats may also be required to provide more in-depth information, including proof of UAE residency. Luckily, if you are approved for the UAE Golden Visa, you will have more than enough evidence to show you are a legitimate resident of the UAE. Plus, with the UAE Golden Visa, there are a range of investment opportunities available, offering a fantastic welcome to the UAE investment world.
Read our UAE Golden Visa Guide
Top 10 Banks in UAE
Here are some of the top banks in the UAE:
1. First Abu Dhabi Bank (FAB)
1. First Abu Dhabi Bank (FAB)The largest bank in the UAE by assets, formed from the merger of First Gulf Bank and National Bank of Abu Dhabi. FAB offers a wide range of retail and corporate banking solutions, including wealth management and investment banking services.
2. Emirates NBD
One of the most prominent banks in the UAE, known for its extensive digital banking services and a strong presence in retail banking services, corporate banking, and private banking services.
3. Dubai Islamic Bank (DIB)
The largest Islamic bank in the UAE, providing Sharia-compliant financial solutions, including personal finance, home finance, and business banking.
4. Abu Dhabi Commercial Bank (ADCB)
A key player in retail, corporate, and investment banking, ADCB offers a variety of products, including mortgages, personal loans, commercial banking services, and wealth management services.
5. Mashreq Bank
One of the oldest and most innovative banks in the UAE, Mashreq is well known for its digital banking solutions, trade finance, and corporate banking services.
6. RAKBANK
Also known as the National Bank of Ras Al Khaimah, RAKBANK is focused on personal and SME banking with a strong emphasis on customer service and financial products tailored for small businesses.
7. Abu Dhabi Islamic Bank (ADIB)
A major Islamic bank offering a comprehensive range of Sharia-compliant financial services, including personal and corporate banking, wealth management, and digital banking solutions.
8. United Arab Bank (UAB)
United Arab Bank offers a range of financial services, including personal banking, corporate banking, and Islamic banking solutions. UAB has a presence across multiple emirates in the UAE, providing comprehensive banking solutions to its customers.
9. Citibank United Arab Emirates (Citi UAE)
Citi UAE offers a comprehensive range of services, including consumer banking, corporate and investment banking, and wealth management. The bank operates full-service branches in Abu Dhabi, Dubai, and Sharjah, and has established offices in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) to cater to its clients’ needs.
10. Standard Chartered UAE
Standard Chartered UAE has been operating since 1958 and serves as the regional hub for the bank’s Africa and Middle East operations. It offers a wide range of conventional and Islamic banking services. The bank is also focused on innovation and sustainability, launching initiatives like the Islamic Sustainable Account to support environmentally and socially responsible projects.
List of International Banks in UAE
If you would prefer to use an international bank in the UAE there are a range of options available, including:
- JPMorgan Chase
- Credit Suisse
- BNP Paribas
- Royal Bank of Canada
- Deutsche Bank
- Bank of China
- Barclays
- HSBC
- Standard Chartered Bank
Benefits of Banking in UAE
Banking in the UAE comes with a range of benefits, including:
 | Tax efficiency: Taxes in UAE are very beneficial for expats and residents. There is no personal income tax and corporate taxes are limited to specific sectors with certain caps. |
 | Economic stability: The UAE has a significantly stable economy, with a well-regulated banking sector. The Central Bank UAE is at the forefront, ensuring the financial sector remains stable and regulated. |
 | Islamic banking options: The UAE is a global hub for Islamic banking, offering Sharia-compliant financial products. |
 | Business friendly environment: The United Arab Emirates offers one of the most business-friendly environments across the globe. It is an investment hotspot with residency programs expanding to include a range of investment options, including UAE real estate investment. |
 | International banking options: The UAE is a hub for global investment services, with international banking options available to citizens and expats. |
 | Crypto-friendly nation: The UAE is one of the top crypto-friendly nations in the world. It ranks 3rd on the GCS Global Crypto-Friendly Nations Report, with many UAE banks offering services tailored to cryptocurrency. |
 | Innovative banking solutions: As one of the top global technology innovators, the UAE offers some of the most advanced banking solutions. This offers efficiency and convenience to all UAE bankers. |
How To Choose the Right UAE Bank
Choosing the right UAE bank for your needs is essential. Here are some considerations before making your decision:
- Bank type: Select a bank type that suits your needs. Generally, this means deciding between a local bank like Emirates NBD or an international bank like Barclays. A deciding factor may also be your residency type as some UAE banks are best suited for UAE citizens (those with a UAE passport).
- Services: The bank you choose needs to have the facilities and services you need for banking in the UAE. This includes the account types, investment options, loans, and access to Islamic banking services.
- Access: You should choose a bank that you have convenient access to when necessary.
- Fees: You may benefit from comparing the fees and charges to evaluate which bank offers the best bang for your buck.
- Reputation: Speaking with locals or fellow expats may be the deciding factor. You want to select a UAE bank that offers great customer service and has a good reputation among its customers.
- Expat friendly benefits: If you’re an expat, consider banks offering multi-currency accounts, international transfers, and expat-specific benefits.
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Frequently Asked Questions About Banks in UAE
What are the top international banks in the UAE?
Some of the top international banks in UAE include:
- JPMorgan Chase
- Credit Suisse
- BNP Paribas
- Royal Bank of Canada
- Deutsche Bank
- Bank of China
- Barclays
- HSBC
- Standard Chartered Bank
Which are the top banks in the UAE for expats?
Some of the top banks in the UAE for expats include:
- Mashreq Bank
- Dubai Islamic Bank (DIB)
- Standard Chartered Bank
- Abu Dhabi Commercial Bank (ADCB)
- Emirates NBD
What are the top 10 banks in the UAE?
The top 10 banks in the UAE include:
- First Abu Dhabi Bank (FAB)
- Emirates NBD
- Dubai Islamic Bank (DIB)
- Abu Dhabi Commercial Bank (ADCB)
- Mashreq Bank
- RAKBANK
- Abu Dhabi Islamic Bank (ADIB)
- United Arab Bank (UAB)
- Citibank United Arab Emirates (Citi UAE)
- Standard Chartered UAE
Which international banks have branches in Dubai?
Several international banks have branches in Dubai, including:
- Standard Chartered
- Citibank
- Barclays
- Deutsche Bank
- JPMorgan Chase
- Royal Bank of Canada
Are there any global banks with operations in Abu Dhabi?
Some global banks operating in Abu Dhabi include:
- Citibank
- Standard Chartered
- Barclays
- Deutsche Bank
- JPMorgan Chase
What is the rate of interest offered by UAE banks?
The rate of interest in UAE banks varies based on the bank and the service. For example, interest earned on a savings account will differ from fixed deposits.
How do international banks in the UAE compare to local banks?
International banks in the UAE will have products tailored to international customers and investors, while local UAE banks will have a better understanding of the UAE domestic market. Both bank types offer a variety of services at a high standard, however, they differ in their specialties.
Can expats open accounts with international banks in the UAE?
Yes, expats are welcome to open accounts with international banks in the UAE as long as they meet the requirements for the account type and provide the necessary documentation.
Which UAE banks offer the best interest rates for savings accounts?
UAE banks with the best interest rates for savings accounts include:
- CBI: 1.5%-3.25%
- National Bank of Fujairah: 2%-2.5%
- RAK Bank: 1.75%
- Standard Chartered: 2%
- Emirates NBD: 1%-2%
Are there any Islamic banks in the UAE?
Yes, there are Islamic banks in the UAE, including:
- Sharjah Islamic Bank
- Emirates Islamic Bank
- Ajman Bank
- BOK International Bank
- Dubai Islamic Bank
- ElNilein Bank
- Abu Dhabi Islamic Bank
- Al Hilal Bank
What are the best banks for business accounts in the UAE?
- Emirates NBD
- First Abu Dhabi Bank (FAB)
- Mashreq Bank
- Abu Dhabi Commercial Bank (ADCB)
- Dubai Islamic Bank (DIB)
- Standard Chartered UAE
- RAKBANK
- HSBC UAE
- Commercial Bank of Dubai (CBD)
- Sharjah Islamic Bank
Which international banks in the UAE provide mortgage services?
Several international banks in the UAE provide mortgage services, including:
- HSBC UAE
- Standard Chartered UAE
- Citibank UAE
- Barclays UAE
- RBC (Royal Bank of Canada) UAE
- Deutsche Bank UAE
- JPMorgan Chase UAE
How can I find the nearest branch of an international bank in the UAE?
Most international banks in the UAE will offer an app where you can locate the nearest branch. Alternatively, Google Maps will have the information needed to locate the branch.
What documents are required to open an account with an international bank in the UAE?
Documents to open a UAE bank account include:
- Passport copy with a valid UAE visa
- Emirates ID (or a copy of the application receipt)
- Salary certificate or proof of income
- Utility bill or tenancy contract as proof of address
Are there international banks in the UAE that support cryptocurrency transactions?
Absolutely, the UAE is one of the most crypto-friendly countries in the world. In fact, it ranks 3rd on the GCS Global Crypto-Friendly Nations Report. Many international banks have taken the opportunity to launch a range of products tailored to the growing crypto market in the UAE.
