Open bank account in Dubai

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

Dubai and the UAE as a whole are known not only for their impressive skyscrapers and luxurious lifestyles, but also as a global financial center. For businessmen and investors who want to enter the UAE market, it is therefore also essential to know the leading banks and their offerings. That is why we will introduce you to the best banks in Dubai below and also discuss the special features of opening an account in Dubai.

Table of contents

The most important things 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
5th 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 corporate account?
Conclusion: Which bank is the best in Dubai?
FAQ
Can you 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 things in brief

• The best banks in Dubai are currently: 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 account in Dubai, you must meet certain requirements. These vary from bank to bank.
• However, the following documents are 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 to be made. This can be between 3000 and 22,000 AED - depending on whether you want to open a private or corporate account.

What are the top 5 banks in the UAE?

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

1. Emirates NBD

The 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 that are specifically tailored to the individual needs of companies and wealthy individuals.

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

Benefits at a glance:

• online banking,
• access in multiple currencies (USD, AED, JPY, Euro),
• Exclusive commercial banking facilities

2. Abu Dhabi Commercial Bank (ADCB)

The majority of ADCB shares are held by the Abu Dhabi Investment Council, which works with the government. As a result, development projects could be carried out within the UAE.

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

Benefits 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 equity-based bank within the UAE and is always committed to providing its clients with the best advice 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 citizens.

Benefits 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. Because in principle, as the name suggests, this bank represents Islamic values and principles.

In concrete terms, this means that the bank generally only invests in companies that are halal and therefore do not engage in alcohol, gambling or tobacco. In addition, the bank is waiving interest and instead focusing on risk-sharing business partnerships.

The products sold include Islamic bonds (Sukuk), premium sales (Murabaha) and risk-sharing investments (Mudaraba).

Benefits at a glance:

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

5th Mashreq NEO Bank

Mashreq Bank is one of the oldest banks in the UAE and offers all its services completely branch-free and paperless. It is therefore 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 bird discounts and cashback offers, which earn you rewards points. Mashreq NEO Bank is also the leading and most secure mobile banking app in the Middle East.

Benefits at a glance

• Mashreq Bank Savings Account
• Innovative digital solutions

How much does an account cost in Dubai?

The costs of opening and maintaining an account in Dubai vary by bank and account type. Some accounts may include monthly fees, minimum balance requirements, and other costs.

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

How can I open an account in Dubai?

In order to open a bank account in Dubai, you must first audition in person at a bank branch. In this context, you must also meet certain requirements in order to be able to open a bank account at all. These may differ from bank to bank. In addition, in any case, you will need the following documents:

• An Emirates ID
• A valid resident visa
• A valid passport
• A proof of residence (e.g. through a rental agreement or invoices)
• The bank's account opening forms
• Optional: business documents in case of opening a company account

You should also keep in mind that Dubai places great 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 engaged in gambling or engage in 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 money and the identity of its customers. You should therefore have all the necessary information and documents ready, otherwise you may be prevented from opening an account.

How to activate your account

Once you have submitted all 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.

It is also possible that additional information may be required from you during the processing time, so make sure that you are available for any queries. Otherwise, we won't be able to complete the verification of your account.

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

What are the differences between a private and corporate account?

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

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

Corporate accounts also have the same rules regarding money laundering and terrorist financing as for a private account. Therefore, the banking institution will also verify your business activity as well as the legitimacy of your company.

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

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

Good to know: Difficulties can arise more frequently, especially when opening a company account in Dubai. This is because many business activities when a company is founded are “blacklisted” by banks, which prevents the opening of a company account.

This allows you to do business in Dubai, but you can't generate income because you don't have a bank account. That is why we at Extent get in touch with banks even before you set up your company to clarify whether your business activity is accepted by the respective institutions or not.

Based on this information, we will set up your company in compliance with guidelines so that there can be no problems with verifying your account.

Conclusion: Which bank is the best in Dubai?

As you can see, both Dubai and the UAE have an impressive selection of banks for businessmen and investors. However, which one is best for you depends on your project and preferences.

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

If, on the other hand, you value personal service and advice, the 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

Can you take out a loan from a bank in Dubai?

If you have the necessary documents ready and meet the relevant criteria, you can take out a loan from a bank in Dubai. But every bank has specific criteria for granting a loan. For example, you may be required to have a certain minimum income or credit rating.

In addition, foreign companies and individuals who are not based in the UAE cannot obtain private or business loans in most cases.

Can I open an anonymous account?

If you plan to open an anonymous account in Dubai, you won't be able to do so. The reason is various jurisdictions in Dubai, which, with their strict international regulations, want to prevent money laundering and financial crime. It is therefore 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 requirements of each bank may differ. In general, however, you should be able to present a valid passport, a visa (if applicable) and proof of residence.