Best UAE banks to open an account

The UAE is rightly considered a global financial center with a developed banking sector. Banks in Dubai and other emirates offer a full range of services, from basic personal banking to investment and corporate banking, and are rapidly embracing new developments, including artificial intelligence. Mobile banking is available and popular, adding to the user experience. Even a non-resident can open a bank account in the UAE.

Both foreign and local banks, owned by the Emirates government, operate in the country. They are also divided into conventional (operating under the license of the Central Bank of the UAE) and Islamic (subject to Sharia law). Generally speaking, the banking system in the Emirates is efficient and rapidly evolving in line with new technologies and challenges, offering a high level of asset security and flexibility in asset management. Abu Dhabi Commercial Bank (ADCB) and Emirates NBD are among the most reputable banks in the country offering the best services.

What are the advantages of having a bank account in Dubai and other emirates?

Opening an account with UAE banks comes with the following benefits:

• Relatively low fees for transferring funds between accounts;
• Unrestricted capital movements and withdrawals;
• Stable exchange rate of the national currency;
• High level of client data confidentiality;
• Strong banking infrastructure with well-coordinated processes;
• Excellent level of service.

Opening an account in this country is quite easy and maintaining it is in most cases cheaper than in Europe. Due to the variety of banks, one can choose the best institution and financial product for one’s purposes.

The UAE allows you to save capital, make international transactions and investments without currency controls. In addition, the UAE is crisis resistant, so many people choose to open a company in Dubai, for example, with a corporate account. Minimal or no taxes in the UAE make things easier. Wealthy people who care about the safety of their personal funds also choose secure banks in the Emirates.

To ensure maximum safety of your money, you can set up a trust fund in the UAE. Our specialists are ready to provide comprehensive support.

Types of bank accounts and payment cards in the UAE

UAE accounts are distinguished into several types depending on their purpose and use:

• Current.
  It is possible to open a personal account for daily transfers. The account’s opening is accompanied by the issuance of a bank debit card, a checkbook and, in some cases, a credit card. The account may be linked to payroll payments, so for employment, it is better to use the same bank in the Emirates that the company cooperates with for the fastest transfers. Current accounts in Dubai and other emirates can be standard, with the usual features, or with additional benefits, such as travel insurance.
• Savings.
  Designed to accumulate funds while earning interest at a fixed rate of return. Bank accounts of this type usually offer higher interest rates than checking accounts, but may have restrictions on withdrawals, including penalties for such transactions. The interest rate may be fixed or variable. This type of account can also be used to deposit paychecks.
• Investment.
  This type of account is also intended for storing and increasing funds, but the interest rates are even higher than in the case of a savings accounts. Its special feature is that access to the funds is limited. In addition to the limits, for a certain period of time the use of the money can be completely closed. The account is opened on the basis of an investment agreement with the bank concluded for a certain period. The annual return can be from 3% to 7%. Depending on the institution, the amount of the initial deposit and the conditions for annual or monthly transfers vary.
• Corporate.
  Such an account is used exclusively for commercial purposes when registering a company in the UAE. Current cards cannot be used in this case, so it is necessary to create separate bank accounts for personal and business use. Through this account one can manage company assets, pay bills and control cash receipts.

Some banks also have special branches that allow customers to trade on exchanges, for example, for cryptocurrency. In this case, a special brokerage account is opened, which is used for transactions with securities, currencies and other financial instruments.

List of the best banks in the UAE to open an account

If you want to open an account in the UAE, it is important to choose the best bank to work with – you can do so by using the rating below. Its compilation considered the reputation of the institution and its market position, the attractiveness of product offers ( e.g. interest rates), the available additional options and digital banking. The volume of the bank’s assets was also factored in – the larger it is, the more stable the functioning of the system, the lower the risks for clients.

Based on these criteria, a list of the five most attractive national banks in the UAE:

• Abu Dhabi Commercial Bank (ADCB). It is the largest bank in the UAE, founded in 1985, has a significant market share, has branches in several countries (including USA, UK, Singapore). It offers the widest range of universal banking and brokerage services, with quite favorable and competitive conditions in the market. Many types of accounts are available for opening, including with free checkbook issuance and no fees for electronic statements. In 2019, ADCB acquired Union National Bank, which also weighed on the market, and eventually solidified its status and increased its assets.
• Emirates NBD. A major banking group in the Middle East, headquartered in Dubai. It has more than 200 branches and over 1,000 ATMs worldwide. The bank offers a wide range of services to individuals and operates in various business segments such as asset management, retail and wholesale banking. The organization is considered one of the leaders in introducing modern technologies and innovative services. For example, the bank’s customers can use a robot assistant.
• Mashreq. One of the oldest banks in the UAE, founded in 1967, but still maintains the status of a reliable, stable and innovative institution. It is a subsidiary of the HSBC banking group with an extensive network of domestic branches and representative offices abroad. Mashreq offers commercial and private banking services as well as investment, brokerage, asset management and Islamic banking services. According to Brand Finance, the bank is recognized as the fastest growing brand in the Middle East. When opening a savings account, a debit card is issued free of charge and online services are available within 2 minutes.
• United Arab Bank. Established in Sharjah in 1975, it has since expanded to all major emirates. It offers a range of retail and corporate banking services and is a leading provider of industrial base development solutions in seven emirates. United Arab Bank is preferred by large corporate clients, as a large number of products are designed for small and medium enterprises, treasury services. Sadara Privileged Banking is available to high net worth individuals with a personal banker and more flexible terms and conditions.
• Dubai Islamic Bank. It is a large regional bank with branches throughout the country. Founded in 1975, it is considered a pioneer in Islamic banking and is the largest institution of its kind in the state and worldwide. Attractive products are available for corporate and individual customers. The organization is actively growing, attracting an increasing number of regular customers – for example, since the start of the current year, the volume of assets has increased by 4.97%, and the growth in net profit was 22% year-on-year.

The rating of banks includes only local organizations that have the largest market share. However, foreign institutions that also offer advantageous products and demonstrate high stability and stable development should not be forgotten. These include Deutsche Bank AG, Habib Bank AG Zurich and HSBC Bank Middle East Limited.

How to choose a bank to open an account with

Choosing the best UAE bank to open a corporate or personal current account is based on the assessment of numerous factors. The main ones are:

• Opening and maintenance costs.
  Each bank has different rates depending on the type of account and package offered. Some institutions may even offer free account registration or service for a certain period of time for new customers.
• Interest rates.
  The rates for the same type of financial product are within a certain range, but still vary slightly from bank to bank. For example, Mashreq offers 0.15% APR for a savings account, while Emirates NBD offers 0.20% as standard, but there may be other options based on the currency.
• Restrictions.
  Any limits are mainly connected with savings and investment accounts, where there is no permanent access to funds. The bank determines how often and how much money the customer can withdraw.
• Minimal balance.
  Banks can set a minimum amount that must be in the account at all times, either as salary or not. For example, First Abu Dhabi Bank has no limit on some savings accounts, while others have a limit of AED 3,000 (USD 817).
• Remote account opening.
  For many foreigners, this is a convenient option, but not all banks practice it. In most cases, a face-to-face meeting with a representative of the institution is required, but it is still possible to find remote service options. For example, a Mashreq NEO account can be opened remotely in a matter of minutes.
• Accessibility for foreigners.
  While all institutions in the country work with residents, there may be some subtleties when it comes to foreigners without residency in the UAE. First Abu Dhabi Bank, for example, offers three of its four savings accounts to non-residents.
• Cash withdrawal terms, transfer fees.
  All types of accounts are subject to fees for withdrawals and other transactions – within a few percent of the amount. Depending on which transactions are a higher priority for the client, it may be possible to find a favorable option with a lower fee.
• Bonuses.
  Many banks are now in the business of providing customers with pleasant additional options – for example, a free debit card or even several, a multi-currency account, financial bonuses when transferring salary to the card, cashback on transactions, rewards on loans, insurance.

How to open a bank account in the UAE as a non-resident

Since the UAE’s policy is to attract foreign capital, residents of the country are entitled to open an account in the Emirates on almost the same terms as citizens. There may be some restrictions for non-residents, but overall it is still possible to open an account. For example, many banks only allow non-residents to open savings accounts. However, service packages and their benefits may vary, so it’s wise to check out the offers available at specific banks.

The procedure for opening an account in the UAE consists of the following steps:

1. Choosing a bank and getting the best deal. Given the number of banks in the UAE and the variety of their services and packages, it pays to carefully analyze all available solutions to choose the most favorable. The official websites usually have up-to-date information. You can also arrange a meeting with representatives to find out all the details. Especially in the case of non-residency, it is important to personally discuss all the details with the staff and choose the best option.
2. Preparing documents. Each bank individually determines the contents of the application file, which differs for citizens, foreigners with or without a residence permit. Residents are usually required to provide copies of their passport with valid residence permit, Emirates ID card and income statement. For non-residents, a copy of a passport including the UAE entry stamp page, bank statements for the last few months and a resume are mandatory. In many cases, a letter of recommendation from a bank where the applicant already has an account is also required.
3. Submitting an application. Once the previous steps have been taken, the foreigner can make an appointment with a bank employee. Along with the prepared documents, it is also preferable to have the original passport to confirm your identity. The specialist reviews the information and presents a list of available services. Depending on the type of account, a customer can sign a special agreement with the bank for a certain period of time and make a deposit.
4. Getting a response. It usually takes the bank some time ( a few days to a week or two, depending on the case) to consider the application to open an account. If the application is approved, the client is given access to the account, receives the necessary guidance, is issued a card and a checkbook, if the type of account provides for it, and activates it. Once these steps have been taken, the account is ready to be used and financial transactions may be carried out.

Russian cards and accounts in the UAE

In 2025, there may be some restrictions on paying with cards issued by Russian banks in the UAE. MasterCard and Visa cards issued by Russian banks are in most cases not accepted in Dubai and other emirates, and you have to use UnionPay cards.

Even these, however, do not always work – it depends on which Russian bank issued the card. As for the blocking of all accounts of Russians in the country – there are cases like this, but it is difficult to call it a widespread occurrence, the reasons are individual. For making easy paymenst in the UAE, it is best to become a client of a local financial institution.