Can you open a Fidelity foreign currency account?
Fidelity doesn’t offer foreign currency accounts, but they do have several international services. Read on to learn more.
American banks in Dubai: branches and more
Dubai is a major global financial hub, attracting international banks from around the world. If you're an American living, working, or even just traveling to Dubai, it can be important to have access to familiar US banks.
Finding American banks in Dubai can make transferring funds between your US and UAE accounts easier and help you save on fees. It can also be comforting to know that you can walk into your US bank's branch even in Dubai.
So, are there any US banks in Dubai? The short answer is yes, but there are important things you should know about banking services in UAE.
| If your life is split between the US and Dubai, Wise makes it easy to pay and get paid globally with low fees. You can send high-speed transfers to 140+ countries with no exchange rate markups. |
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Which US banks have branches in Dubai?
Several US banks have offices in Dubai. Here's where you can find them:
| Bank | Locations in Dubai |
|---|---|
| Citibank¹ | Al Wasl, Sharjah City Centre, Mall of Emirates, and Jumeirah Financial Centre |
| JP Morgan Chase² | Dubai International Financial Center ICD Brookfield Place - Level 25 - Al Mustaqbal St - Trade Centre - DIFC |
| The Bank of New York Mellon³ | Dubai International Financial Center The Exchange Building 5 North, Level 6, Room 601 |
| Bank of America⁴ | Dubai International Financial Center ICD Brookfield Place - Al Mustaqbal St - Trade Centre - DIFC |
| Citigroup⁵ | Oud Metha Tower P.O. Box 749, Opposite WAFI City, Sheikh Rashid Road Dubai International Financial Center, Building 2, Floor 3 & 7, P.O Box 506560 |
| Morgan Stanley⁶ | Morgan Stanley & Co. International plc (DIFC Branch) Level 7, Gate Precinct Building 3, Dubai International Financial Centre, P.O. Box 506501 |
| Goldman Sachs⁷ | Dubai International Financial Centre Level 7, Gate Precinct Building 5 |
Keep in mind that these banks don't always offer the same services in Dubai as they do in the US. They may focus on corporate banking, wealth management for high net worth clients, or investment services instead of regular personal banking.
Wise: a low cost, flexible international bank alternative
If you need a fast, cheap and reliable alternative to international banks, try a provider like Wise.
Wise is a money service business (MSB) that allows you to hold 40+ currencies, spend with your Wise Multi-Currency Card in 150+ countries, and send money to 140+ countries quickly — or even instantly, with the mid-market exchange rate and low fees from 0.41%.
You’ll also get local banking details to get paid to your Wise account from 30+ countries, so you can use your Wise Account to receive, hold, send and spend foreign currencies easily, and with low, transparent fees.
Can a US citizen open a bank account in Dubai?
Yes, Americans can open bank accounts in Dubai. Some Dubai banks let you open accounts online or through their apps, but you'll typically need to visit a branch in person.
You may also need a UAE phone number or an Emirates ID (in some cases).
Ultimately, whether you can open an account depends on which bank you choose and the type of account you want, but many local banks offer non-resident accounts. You can also open an international account with a global bank like HSBC.
💡 Keep in mind that some international banks in Dubai target wealthy individuals and come with high minimum deposit requirements and steep monthly fees. Make sure to carefully read all of the terms and conditions before opening a Dubai bank account.
Which bank is best in Dubai for foreigners?
If you want to open a bank account in Dubai, you have many options to choose from. Many banks cater well to foreigners with English-speaking staff and expat-friendly services.
Here are some of the best banks in Dubai for Americans:
| Bank | |
|---|---|
| Emirates NBD (National Bank of Dubai) | Dubai's government-owned bank with an extensive presence in the Middle East and a large ATM network. |
| Dubai Islamic Bank | Offers Sharia-compliant banking. A good option if you’re interested in Islamic banking principles. |
| HSBC | Global banking network with easy transfers between international accounts. It feels familiar to many Americans. |
| Standard Chartered | One of the leading UAE banks with a strong international presence and a multi-currency account available. |
When choosing a bank in Dubai, consider important factors like how often you'll need to transfer money back to the US and if there are any minimum balance requirements and monthly fees (there typically are).
It's also a good idea to check the quality of the mobile banking app - you should be able to easily access your Dubai bank account even when you're in the US without having to come into the branch.
| Learn about the best banks for international travel in our full guide. |
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Tips on banking in Dubai
For the most part, banking in Dubai is similar to banking in the US, but there are a few things to consider:
- Watch out for fees: Dubai banks may charge higher fees than what you might be used to in the US. If you need to send money to the US, it'll likely come with steep international transfer charges, too
- Currency exchange: You'll likely need to convert between USD and AED, and banks often make money on currency conversions through their own exchange rates
- Tax implications: The US requires its citizens to report foreign bank accounts with over 10,000 USD through FBAR (Foreign Bank Account Report). You may also have to declare the interest earned on your Dubai accounts on your US tax return⁸
- Islamic banking options: Many Dubai banks offer both conventional and Islamic banking (Sharia-compliant). Islamic accounts don't charge or pay interest but may have profit-sharing arrangements
| Learn more about money and banks in Dubai in our full guide. |
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You can find both American and international banks in Dubai since it's a major financial hub. That said, keep in mind that American branches may not offer as many services as they do in the US.
To spend like a local in Dubai, use Wise. Send high-speed, low-fee transfers and move money where it matters with just one multi-currency account.
Sources
- Citibank UAE - Locations
- JP Morgan Private Bank - Location
- The Bank of New York Mellon - United Arab Emirates
- Bank of America - Location
- Citigroup - United Arab Emirates
- Morgan Stanley - Offices in the United Arab Emirates
- Goldman Sachs - Office Locations
- IRS - Report of Foreign Bank and Financial Accounts (FBAR)
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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