Top 10 list of the best banks in Dubai

Moving to Dubai from the UK? If it’s a long-term move, you’ll need to think about how to best manage your money in UAE dirhams (AED).

You could find it useful to open a Dubai bank account, especially if you’re working and getting paid, or have bills to cover. But which is the best bank for your needs?

Read on for a full rundown of the top banks in Dubai, including the likes of Emirates NBD, First Abu Dhabi Bank, Mashreq Bank, RAKBANK and HSBC UAE. We’ll also give you some info on the accounts each bank offers.

An overview of banking in Dubai

Dubai’s banking sector is sophisticated and well developed, like in the rest of the UAE. The market is made up of commercial, investment, industrial and Islamic banks, and regulated by the Dubai Financial Services Authority (DFSA).

To open a current account in Dubai, you’ll usually need to be a resident. However, you might be able to open savings accounts there without living in the country. The good news though is that opening an account as a foreigner in Dubai is pretty easy, as the city state is home to a large expat community.

While it can vary from bank to bank, the documents you’ll likely need to open a bank account in Dubai are:¹

• Proof of ID, such as a passport
• Proof of residence status, such as your visa
• Emirates ID
• Proof of salary.

In terms of banking fees, you’re likely to encounter fees for falling below a minimum monthly balance of around 5,000 AED. There are also fees for ATM withdrawals, cheques and closing an account.¹ However, fees and charges vary between banks.

And like banks in many other countries, some Dubai banks may charge high fees for overseas transfers.

If you need to manage your money internationally and want to save money, check out the Wise account instead. It’s not a bank account but offers some similar features.

With Wise, you can send secure transfers internationally in 40+ currencies to 160+ countries. You’ll also get dedicated support for large amount transfers.

Learn more about the Wise account 🚀

Request a call back when sending large amounts 📞

Top 10 banks in Dubai

Now, let’s take a look at some of your options when it comes to choosing a bank in Dubai.

Here are some of the biggest and most popular banks operating in Dubai:

Bank name	Operational HQ
Emirates National Bank of Dubai (NBD)	Dubai
Emirates Islamic	Dubai
First Abu Dhabi Bank	Abu Dhabi
Abu Dhabi Commercial Bank (ADCB)	Abu Dhabi
Dubai Islamic Bank	Dubai
Mashreq	Dubai
Standard Chartered UAE	Dubai
RAKBANK	Ras Al-Khaimah
Commercial Bank of Dubai (CBD)	Dubai
HSBC UAE	Dubai

Emirates National Bank of Dubai (NBD)

Emirates NBD was launched in 2007 following a merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD).

The bank has a wide selection of accounts and banking packages, as well as cards, loans and business bank accounts. It also offers Islamic banking, corporate and institutional services, and private banking.

For everyday money management, there’s a Standard Current Accountwhich comes with a debit card and can be opened in a foreign currency if needed.

Emirates Islamic

A leading bank in Dubai and the UAE, Emirates Islamic was founded in 2004 and focuses on Sharia-compliant products and services.

Products for personal customers include e-savings accounts, credit cards and personal loans. A popular choice for day-to-day banking is its standard Current Account, which can be opened in multiple currencies and comes with a debit card.

For businesses, Emirates Islamic offers accounts, working capital solutions, cards, payments solutions, cash management tools and banking packages.

First Abu Dhabi Bank

The biggest bank in the UAE, First Abu Dhabi Bank was formed following the merger of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank in 2017. It’s headquartered in Abu Dhabi but offers services in Dubai and across the UAE.

Personal customers can choose from a range of current and savings accounts, including the FAB One Account. You can open it via mobile app, and it has everything you need for everyday banking including a debit card and a few extra perks.

For businesses, First Abu Dhabi Bank offers accounts, cards, loans, trade and working capital, FX solutions, cash management and much more.

Abu Dhabi Commercial Bank (ADCB)

Launched in 1985, ADCB is based in Abu Dhabi but offers retail, commercial, private and Islamic banking in Dubai and across the UAE.

Current accounts on offer at the bank include the ADCB Current Account, designed for people working in the UAE. It offers all the essentials for everyday money management, including online and mobile banking.

And if you’re looking to start a business in Dubai, ADCB also has a range of business accounts and services available. This includes trade finance, payment solutions, loans and corporate cards.

Dubai Islamic Bank

Founded in 1975 with Islamic principles embedded into its banking practices, Dubai Islamic Bank offers both consumer and corporate banking.

For everyday banking, there’s a choice of accounts - including the Al Islami Current Account and Johara Current Account, both of which come with a debit card.

For businesses, the bank has a range of accounts, deposits, foreign exchange, trade services and cards available.

Mashreq Bank

One of the oldest privately-owned banks in the UAE, Mashreq Bank was founded in 1967 and today has its headquarters in Dubai.** It operates across several countries, and has a presence in the UK**.

Mashreq offers personal, private, business and international banking services. This includes accounts, cards, loans and investments for personal customers, with its NEO Current Account a popular choice.

Services for businesses include accounts, cards, trade and merchant solutions, plus loans, investments, forex and transfer services.

Standard Chartered UAE

The UAE arm of the British multinational bank Standard Chartered was established in 1958. Today, its operating headquarters is in Dubai and it serves both individuals and companies.

Services for personal customers at Standard Chartered UAE include accounts, cards, loans, insurance and investments. It also has Shariah-compliant products available.

A popular choice for everyday banking is the Standard Chartered Current Account, which is available in multiple currencies and comes with a debit card.

Commercial banking services include accounts and deposits, cards, cash management services and trade transaction support.

RAKBANK

The National Bank of Ras Al- Khaimah, commonly known by its trading name of RAKBANK, is based in the Emirate of Ras Al-Khaimah. It’s part government owned, and serves both personal and business customers, including SMEs.

For day-to-day banking, one option to check out as a personal customer is the RAKBANK Current Account. It’s available in multiple currencies if needed.

If you run a business, you can take advantage of services such as accounts, cards and payment processing solutions.

Commercial Bank of Dubai (CBD)

Commercial Bank of Dubai is another of the UAE’s major banks, founded in 1969 and today headquartered in the Deira district of Dubai.

The bank offers personal, elite and private banking, as well as business services such as accounts, investments, cards, financing and capital solutions.

A popular choice for everyday banking at CBD is its Current Account for personal customers. It comes with discounts and other perks, as well as the standard features you’d expect.

HSBC UAE

A familiar name to UK customers due to HSBC’s presence on British high streets, HSBC UAE is one of the biggest international banks in the Middle East. It’s also one of the oldest, with routes dating back to 1889.

Today, HSBC UAE offers banking services to personal and business customers.

This includes everyday banking products similar to those offered by HSBC in the UK, such as the HSBC Advance Account. Other retail banking services include loans, mortgages, credit cards and investments.

For business customers, HSBC UAE has eCommerce collection services, trading platforms and foreign exchange platforms, alongside accounts and everyday money management services.

Best online bank accounts and money management alternatives in Dubai

Along with traditional banks, there are also online banks, money apps and other alternatives operating in Dubai and the UAE.

A few of the most popular alternatives are:

• Liv - a digital-only bank backed by Emirates NBD, offering accounts, cards, loans and more, all managed via mobile app
• Mashreq Neo - a digital banking service from Mashreq, offering accounts, cards, loans and more
• YAP - a neobank without any physical branches which offers digital accounts and cards. It isn’t licensed, but works with partners such as RAKBANK to offer some services.

Manage your money internationally? Check out the Wise account

If you want to send money internationally, or use your debit card when you travel, you could find it expensive with a Dubai bank.

The good news is that there’s an attractive alternative – the Wise account. Cutting out the complexities of a bank, this allows you to send money worldwide for low fees* and a great exchange rate, with no complicated markups to consider.

Here are the main benefits for using Wise:
Dedicated support for large transfers Fast and easy setup with no physical paperwork Low, upfront, transparent fees* Fully trackable transfers Fast transfer times Two-factor authentication and real-time notifications

Join Wise today

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Sources used:

1. Expatica - How to open a bank account in the UAE

Sources last checked on date: 31-Oct-2024