Open a bank account in Dubai

Open a bank account in Dubai: These are the 5 best banks

Dubai and the UAE as a whole are not only known for their impressive skyscrapers and luxurious lifestyles, but also as a global financial center. For business people and investors looking to enter the UAE market, it is therefore essential to know the leading banks and their offerings. That's why we'll introduce you to the best banks in Dubai below and go into more detail about the special features of opening an account in Dubai.

Table of contents

The most important facts in brief
What are the top 5 banks in the UAE?
1. Emirates NBD
2. Abu Dhabi Commercial Bank (ADCB)
3. First Abu Dhabi Bank (FAB)
4. Emirates Islamic Bank
5. Mashreq NEO Bank
How much does an account cost in Dubai?
How can I open an account in Dubai?
How to activate your account
What are the differences between a private and a corporate account?
Conclusion: Which bank is the best in Dubai?
FAQ
Can I take out a loan from a bank in Dubai?
Can I open an anonymous account?
Can I open an account in Dubai as a German?

The most important facts in brief

• The best banks in Dubai are currently the: Emirates NBD, Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Emirates Islamic Bank and Mashreq NEO Bank.
• In order to open a private and/or corporate bank account in Dubai, you must meet certain requirements. These vary from bank to bank.
• However, the following documents are always required to open a bank account: Emirates ID, valid passport, resident visa, account opening forms, proof of residence and business documents (optional).
• Some banks also require a minimum deposit. This can be between AED 3000 and AED 22,000 - depending on whether you want to open a private or corporate account.

What are the top 5 banks in the UAE?

At Extent we work with a number of banks in the UAE. However, which bank we choose in each individual case depends on the needs of the client. Nevertheless, we can highly recommend the following banks from our own experience: Emirates NBD, Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Emirates Islamic Bank and Mashreq NEO Bank.

1. emirates NBD

Emirates NBD is present in more than 10 countries and on 3 continents, making it one of the largest banks in the UAE. It offers a wide range of services specifically tailored to the individual needs of companies and high net worth individuals.

Emirates NBD also has the most ATMs in the country, so you can get cash quickly wherever you are.

Advantages at a glance:

• Online banking,
• Access in several currencies (USD, AED, JPY, Euro),
• Exclusive commercial banking facilities

 2. Abu Dhabi Commercial Bank (ADCB)

The majority of ADCB's shares are held by the Abu Dhabi Investment Council, which cooperates with the government. This has enabled development projects to be carried out within the UAE.

With total assets of around 75 billion US dollars, the bank also offers its private and business customers customized solutions in its various business areas.

Advantages at a glance:

• Premium Currency Account
• Internet banking
• Multi-currency flexibility
• Relationship Manager
• Exclusive customer service

3 First Abu Dhabi Bank (FAB)

FAB is arguably the largest share-based bank in the UAE and is committed to providing the best advice to its customers and promoting the financial growth of its shareholders.

First Abu Dhabi Bank also has numerous branches around the world, making it one of the best banks within the United Arab Emirates for expats and UAE nationals.

Advantages at a glance:

• Business Advantage Account
• Competitive fee structure

4 Emirates Islamic Bank

As part of the Emirates NBD Group, Emirates Islamic Bank offers a combination of traditional and modern banking services. As the name suggests, this bank is fundamentally committed to Islamic values and principles.

In concrete terms, this means that the bank generally only invests in companies that are halal and therefore not involved in alcohol, gambling or tobacco. In addition, the bank does not pay interest and instead relies on business partnerships with risk sharing.

The products sold include Islamic bonds (sukuk), sales with a premium (murabaha) and risk-sharing investments (mudaraba).

Advantages at a glance:

• Kunooz Savings Account (participation in lotteries through regular use of the account and savings deposits)
• Comprehensive digital services

5. Mashreq NEO Bank

Mashreq Bank is one of the oldest banks in the UAE and offers all its services completely branchless and paperless. It is also the first digital bank in the UAE and offers services such as Quick Remit. A service that allows customers to send money to more than 20 countries free of charge.

The bank also has various early booking discounts and cashback offers from which you earn reward points. Mashreq NEO Bank is also the leading and most secure mobile banking app in the Middle East.

Advantages at a glance

• Mashreq Bank Savings Account
• Innovative digital solutions

What does a bank account in Dubai cost?

The cost of opening and maintaining an account in Dubai varies depending on the bank and account type. Some accounts may have monthly fees, minimum balance requirements and other costs.

As a rule, however, most banks require a minimum balance of between AED 3000 and 5000 (between 700 and 1,250 euros) to be paid into the account in advance. When opening a company account, the costs are around AED 22,000 (approx. EUR 5,000).

How can I open an account in Dubai?

In order to open a bank account in Dubai, you must first of all visit a bank branch in person. In this context, you must also fulfill certain requirements in order to be allowed to open a bank account at all. These can vary from bank to bank. In addition, you will always need the following documents:

• One Emirates ID
• A valid resident visa
• A valid passport
• Proof of residence (e.g. by means of a rental agreement or bills)
• The Bank's account opening forms
• Optional: Business documents in the case of opening a company account

You should also bear in mind that Dubai places the highest value on transparency and security, which is why all funds in your future account must be legally acquired. Therefore, there may be restrictions on use if you are involved in gambling or similar (illegal) activities.

These strict rules apply because Dubai must comply with international standards against money laundering and terrorist financing.

Good to know: Every bank in Dubai must be able to verify the origin of funds and the identity of its customers. You should therefore have all the necessary information and documents to hand, otherwise you may not be able to open an account.

To activate your account

Once you have submitted all the necessary documents and information to the bank of your choice, the bank will verify your identity and the authenticity of your documents. This may take some time.

Additional information may also be required from you during the processing time, so please ensure that you are available for any queries. Otherwise the verification of your account cannot be completed.

If the verification was successful, you will receive your account details within 4 weeks so that you can proceed with the activation of your account. The bank will provide you with specific instructions for this.

What are the differences between a private and a company account?

In Dubai, as everywhere else, you have the option of opening not only a private account, but also a company account. However, there are a few differences that you should be aware of.

When opening your company account, you will not only need all the documents mentioned above, but also additional business documents. These include, for example, a trade license, a certificate of trade registration or other relevant company documents.

The same regulations regarding money laundering and terrorist financing also apply to corporate accounts as to private accounts. The bank will therefore also check your business activities and the legitimacy of your company.

This also involves a longer processing time (approx. 6-8 weeks) for your documents to ensure that you meet all the requirements.

There may also be higher fee structures or minimum deposits for opening your company account. It is best to seek advice on this from an employee at your chosen bank.

Good to know: Opening a company bank account in Dubai in particular can often lead to difficulties. This is because many business activities when setting up a company are "blacklisted" by the banks, which prevents the opening of a company account.

This means that you can do business in Dubai, but you cannot generate income because you do not have a bank account. This is why we at Extent get in touch with the banks before you set up your company to clarify whether or not your business activities will be accepted by the respective institutions.

Based on this information, we set up your company in accordance with the guidelines so that no problems can arise when verifying your account.

Conclusion: Which bank is the best in Dubai?

As you can see, there is an impressive selection of banks for business people and investors in both Dubai and the UAE. But which one is best for you depends on your plans and preferences.

Do you only use the online banking service, for example? Then Mashreq NEO Bank with its digital solution is probably the best option for you.

If, on the other hand, you prefer personal support and advice, Abu Dhabi Commercial Bank is the right partner for you.

If, on the other hand, you want to open a corporate account, the services of Emirates NBD and Emirates Islamic Bank will be most useful to you. However, we at Extent also open many corporate accounts with ADCB, which is why we can also recommend this bank in this context.

FAQ

Is it possible to take out a loan from a bank in Dubai?

As long as you have the necessary documents ready and meet the relevant criteria, you can take out a loan from a bank in Dubai. However, each bank has specific criteria for granting a loan. For example, you may be required to have a certain minimum income or creditworthiness.

In addition, foreign companies and individuals who are not resident in the UAE cannot take out personal or business loans in most cases.

Is it possible to open an anonymous account?

If you are planning to open an anonymous account in Dubai, you will not be able to do so. This is because various jurisdictions in Dubai have strict international regulations to prevent money laundering and financial crime. Therefore, it is a mandatory criterion that you can provide sufficient proof of identification when opening a bank account.

Can I open an account in Dubai as a German?

Yes, as a German you can open a bank account in Dubai. However, be aware that the respective requirements of the banks may vary. In general, however, you should have a valid passport, a visa (if applicable) and proof of residence.