Banks in Dubai: A guide to the top banks

Moving to Dubai from the UK means sorting out your finances quickly. Whether you're starting a new job, setting up a home, or covering everyday costs, finding the right bank in Dubai is one of the first things to tackle. But with a wide range of local, Islamic, and international banks to choose from, knowing where to start can feel overwhelming.

This guide covers the best banks in Dubai, how the banking system works, what documents you'll need, and the key factors to weigh up as a UK expat.

We’ll also show you a smart alternative to a bank account from the money services provider Wise - the Wise account. It’s not a bank account but offers some similar features, and your money is safeguarded.

You can register for a Wise account online in minutes and start managing your money in GBP, AED and dozens of other currencies. There are no monthly fees and Wise carries out all foreign currency exchanges at the mid-market exchange rate, only adding a low, transparent fee.

➡️ Learn more about the Wise account

Note: Eligibility is subject to verification of customer’s identity.

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.

Banks operating across the UAE are regulated by the Central Bank of the UAE (CBUAE).¹ It's worth noting that the Dubai Financial Services Authority (DFSA) is a separate regulator. It only covers institutions based within the Dubai International Financial Centre (DIFC) free zone, not the broader UAE banking system.²

To open a current account in Dubai, you'll usually need to be a resident. However, you might be able to open savings accounts without living in the country. The good news is that opening a bank account in Dubai as a foreigner is generally straightforward, as the city 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:

• 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 3,000 AED.³ There are also fees for ATM withdrawals, cheques, and closing an account. However, fees and charges vary between banks.

Some Dubai banks may also charge significant fees on international transfers and may build a margin into the exchange rate itself rather than just an upfront fee. If you'll be sending money between the UAE and the UK regularly, it's worth checking the total cost of transfers before you commit to a particular bank.

Top banks in Dubai ranked by total assets

Here is a summary of major banks operating in Dubai, ranked by total assets. This gives you a quick picture of the scale and type of each institution.

A common question is what the difference is between conventional and Islamic banking.

Islamic banking (also called Sharia-compliant banking) operates without charging or paying interest. Instead, it uses profit-sharing and fee-based arrangements.¹³

Non-Muslim expats can usually open accounts at conventional banks without any issue. Some Islamic banks also accept non-Muslim customers, but this varies by institution.

First Abu Dhabi Bank (FAB)

First Abu Dhabi Bank is the largest bank in the UAE by total assets. It was formed in 2017 following the merger of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB). It is headquartered in Abu Dhabi but operates across Dubai and the wider UAE.¹⁴

Personal customers can choose from a range of current and savings accounts, including the FAB One Account. It can be opened via mobile app and covers everyday banking including a debit card.¹⁵

For business customers, FAB offers accounts, cards, loans, trade and working capital solutions, FX services, and cash management tools.

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).¹⁶

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 Current Account which comes with a debit card and can be opened in a foreign currency if needed.¹⁷

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.¹⁸

Current accounts on offer include the ADCB Current Account, designed for people working in the UAE. It covers everyday banking needs including online and mobile access.¹⁹

For businesses, ADCB also has a range of services available, including 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.²⁰

For everyday banking, there's a choice of accounts, including the Al Islami Current Account²¹ and Johara Current Account²², 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 continents, with international offices in Europe, Asia, Africa and the US.²³

Mashreq offers personal, private, business and international banking services. This includes accounts, cards, loans and investments for personal customers, with the NEO Current Account standing out as a popular cashback option.²⁴

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

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 roots dating back to 1946.²⁵ If you're living in Dubai as an expat and already bank with HSBC in the UK, it's worth asking whether your existing relationship can speed up the onboarding process in Dubai.

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 with access to a wealth advisor and international transfers. Other retail banking services include loans, mortgages, credit cards and investments.²⁶

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

Commercial Bank of Dubai (CBD)

Commercial Bank of Dubai is one of the UAE's established banks, founded in 1969 and today headquartered in the Deira district of Dubai.²⁷

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.²⁸

Emirates Islamic

A leading bank in Dubai and the UAE, Emirates Islamic was founded in 2004 and focuses on Sharia-compliant products and services.²⁹

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.³⁰

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

RAKBANK

The National Bank of Ras Al-Khaimah, commonly known by its trading name RAKBANK, is based in the Emirate of Ras Al-Khaimah. It's part government-owned, and serves both personal and business customers, including SMEs.³¹

For day-to-day banking, one option to consider as a personal customer is the RAKBANK Current Account. It's available in multiple currencies if needed.³²

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

Online bank accounts and money management alternatives in Dubai

Along with the major banks listed above, there are also digital 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 app³³
• Mashreq Neo - a digital banking service from Mashreq, offering accounts, cards, loans and more
• YAP - a digital-only service without physical branches, offering accounts and cards. YAP is not a licensed bank itself but works with Ruya Community Islamic Bank to deliver some of its services³⁴

Wise – An international alternative to a bank account in Dubai

If you're an expat looking for an international account with multiple benefits, then consider checking out the Wise account.

With the Wise account you can manage your money in 40+ currencies and send international payments worldwide to 140+ countries for low, transparent fees and mid-market exchange rates. You’ll also get dedicated support and volume discounts when sending large amounts. On a £50,000 transfer, you could save up to £1,000 with Wise vs your bank.

There’s even a Wise card you can get for a one-time cost of £7 for spending in countries. This clever card automatically converts your pounds to the local currency at the mid-market exchange rate, only adding a low, transparent conversion fee – or it’s free if you already have the currency in your Wise account.

✅ Sign up with Wise for free

**Investments are not guaranteed, and your capital is at risk.

Wise is an Electronic Money Institution (EMI), so features like Interest and Stocks may be covered by the Financial Services Compensation Scheme (FSCS). For standard cash balances, we safeguard your funds to meet regulatory obligations.

In the UK, Interest and Stocks are provided by Wise Assets, the trading name of Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA number 839689).

We do not provide investment advice, and taxes may apply. If unsure, seek qualified financial advice. Full fund information is available on our website.

How to choose a bank in Dubai as a UK expat

If you're not sure which bank to go with, you're not alone, since this is one of the most common questions UK expats have when relocating. The right choice depends on what you actually need from a bank in Dubai.

Here are the key factors to consider:

• Fees and minimum balance. Most Dubai banks require a minimum monthly balance, often around AED 3,000.³ If your balance falls below that threshold, you'll typically face a fee. Some accounts waive this requirement if your salary is paid directly into the account, so it's worth checking the terms carefully.
• Digital banking. If you're used to managing your money through an app in the UK, check how each bank performs digitally. Mashreq Neo and Liv are built around digital-first experiences, while most major banks also have capable apps.
• International transfer costs. Banks in Dubai can charge significant fees on overseas transfers and often build a margin into the exchange rate on top. This means the total cost of sending money to the UK may be higher than the headline fee suggests. If you send money home regularly, this is worth comparing across providers.
• English-language support. Most major banks in Dubai offer English-language services, but the quality of support varies. HSBC UAE is a strong option on this front for UK customers.
• Salary transfer and visa-linked accounts. Some current accounts are designed specifically for people receiving a UAE salary. Linking your salary to your account can unlock better terms, lower fees, or higher credit limits. In some cases, your account may be tied to your employer or visa, which is worth understanding before you sign up.

One thing worth knowing is that if your visa or employment situation changes in Dubai, you may need to update your banking arrangements, so it's worth choosing a bank that offers flexibility.

If Sharia-compliant banking is important to you, Dubai Islamic Bank and Emirates Islamic are dedicated Islamic banking options. If it isn't a priority, any of the conventional banks listed above will cover everyday needs.

For a fuller picture of what life in Dubai costs and involves, reading up on the pros and cons of living in Dubai and the cost of living in Dubai can help you plan your finances before you arrive.

Frequently Asked Questions about banks in Dubai

Which bank is the best in Dubai?

There is no single answer, as the right bank depends on your personal situation. Key factors include minimum balance requirements, fees, international transfer costs, the quality of the mobile app, and whether you need Sharia-compliant products. It's worth comparing a few options before you open an account.

Which is the largest bank in Dubai?

First Abu Dhabi Bank (FAB) is the largest bank in the UAE by total assets, with AED 1.21 trillion as of 2024.⁴ It is headquartered in Abu Dhabi but has a strong presence in Dubai and across the wider UAE.

Which bank in the UAE is best for expats?

The UAE has a large expat community, and most major banks are well set up to serve international customers. HSBC UAE offers familiar structures for UK nationals, while Emirates NBD and FAB are widely used across the expat community. If you're moving to Dubai on a long-term basis (for example under the UAE Golden Visa), some banks offer tailored packages for residents with that visa status.

Which bank is used by billionaires?

Wealthy individuals in Dubai often use private banking services from major institutions such as FAB Private Banking, HSBC UAE's private banking arm, or global private banks with a presence in the UAE. Dubai has attracted significant wealth management activity due to its tax environment and financial infrastructure. If you are considering buying property in Dubai, your bank or a specialist lender can guide you on financing options for higher-value purchases.

Key takeaways

• Dubai's well-developed banking sector is regulated by the Central Bank of the UAE (CBUAE), though the Dubai Financial Services Authority (DFSA) separately oversees institutions within the Dubai International Financial Centre (DIFC) free zone.
• Expats opening a current account in Dubai generally need to provide proof of residency, a visa, an Emirates ID, and proof of salary.
• Most major Dubai banks require customers to maintain a minimum monthly balance of around 3,000 AED to avoid incurring non-maintenance fees.
• The market features a mix of conventional and Islamic banking models, with Islamic institutions operating on profit-sharing and fee-based systems without charging or paying interest.
• While international money management can often lead to high exchange rate markups and account complexity, a Wise account solves this pain point by allowing travellers and expats to hold multiple currencies and spend abroad with no monthly fees and mid-market exchange rates with low, transparent fees.

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Sources used:

1. Central Bank of the UAE (CBUAE) - About the CBUAE
2. Dubai Financial Services Authority (DFSA) - About DFSA
3. Emirates NBD - Schedule of charges
4. First Abu Dhabi Bank - 2024 Annual Report
5. Emirates NBD - Annual Report 2025
6. Abu Dhabi Commercial Bank - 2024 Annual Report
7. Dubai Islamic Bank - Annual Report 2025
8. Mashreq - 2025 Annual Report
9. HSBC UAE - 2025 Annual Report
10. Commercial Bank of Dubai - Annual Report 2025
11. Emirates Islamic - Annual Report 2025
12. RAKBANK - 2025 Annual Report
13. Emirates NBD - Difference between Islamic and conventional banks
14. First Abu Dhabi Bank - FGB-NBAD merger
15. First Abu Dhabi Bank - One Current Account
16. Emirates NBD - EBI and NBD merger
17. Emirates NBD - Current Account
18. Abu Dhabi Commercial Bank - 40 years of ambition
19. Abu Dhabi Commercial Bank - Current Account
20. Dubai Islamic Bank - History
21. Dubai Islamic Bank - Al Islami Current Account
22. Dubai Islamic Bank - Johara Current Account
23. Mashreq - About us
24. Mashreq - NEO Current Account
25. HSBC UAE - About
26. HSBC UAE - Advance Account
27. Commercial Bank of Dubai - About
28. Commercial Bank of Dubai - Current Account
29. Emirates Islamic - About
30. Emirates Islamic - Current Account
31. RAKBANK - About
32. RAKBANK - Current Account
33. Liv - About
34. YAP UAE - Homepage

Sources last checked on 11-Jun-2026