The Best Banks for Expats in Dubai

Beginning a new stage in Dubai, whether it is for a new job or entrepreneurial exploits, requires one critical action – opening a bank account. While navigating the complexities of moving to another country might seem overwhelming, particularly regarding banking, it is a crucial decision that needs to be taken for your financial safety. An ideal bank for an expatriate should strive to be quick and easy, have great customer service and be cost-efficient. Reliability and consistency are not negotiable.

 
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7 Top Banks for Expats in Dubai

Today we peel back the layers to provide you with a carefully crafted guide to finding the best banks for expats in Dubai, smoothing out your financial path as you settle into your new place of residence.
 
 

1. Emirates NBD

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Emirates NBD is one of the leading banks in the GCC, doing business across 13 countries on three continents. With the largest network of ATMs in the UAE and multiple branches located in convenient locations make Emirates NBD one of the best banks for expats in the UAE.

With a diverse range of products and services, Emirates NBD serves the unique needs of expatriates diligently. It is one of the most trusted banks in the UAE for its dedication to providing a simpler banking identity as well as having a powerful online and offline presence.

Moreover, Emirates NBD is acknowledged for its digital banking capability and wide branch network having the highest number of ATMs in the country along with 33 branches. From a global footprint and range of account choice perspectives, it stands as the undisputed leader for expatriates seeking the best UAE banking facilities.

 

Branches in : Downtown Dubai, Palm Jumeirah

 

 

2. First Abu Dhabi Bank (FAB)

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FAB is the biggest equity-based bank in the UAE and commands a formidable position which makes it one of the best banks for expats. The strength of FAB is the high level of customer satisfaction it inspires.

The Abu Dhabi based bank provides a wide array of financial products and makes sure that expats have tailor-made solutions to handle their banking needs. One of the reasons is that FAB’s global presence and local knowledge place it as an ideal bank for expatriates seeking efficient and reliable banking services, whether it's international transferring, management of wealth or day-to-day banking.

 

Branches in : Business Bay, Dubai Hills Estate

 

 

3. Standard Chartered Bank

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Standard Chartered Bank, renowned for its global fame, provides an international touch to expatriates in the UAE. It is one of the largest international banks that provide conventional and Islamic banking to clients across the UAE. The parent company Standard Chartered PLC is a British multinational firm that works globally. Standard Chartered Banks are widely available in the UAE.

Standard Chartered Bank positions itself as a reliable partner for expatriates managing financial affairs in the ever-evolving UAE environment by offering innovative products and solutions. Standard Chartered Bank is unique in that it provides specialized expat-friendly services, competitive pricing and unfailing dedication to innovation offering one of the most superior banking experiences in UAE.

 

 

4. Abu Dhabi Commercial Bank (ADCB)

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ADCB effortlessly combines a local understanding with an international outlook, making it a great bank for expatriates establishing themselves in the UAE. It’s the comprehensive range of financial tools that ADCB offers, along with its dedication to customer satisfaction, that allows expats to handle their money without any hassle.

From adaptable account options to advanced digital banking services, ADCB stands out as a bank designed and dedicated to the singular needs of expats.

 

 

5. Mashreq Bank

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Expatriates looking for technologically advanced banking facilities can find a perfect partner in Mashreq Bank, which is committed to innovation with all its efforts. Being one of the oldest banks in the United Arab Emirates, Mashreq has adapted to change and provides expatriates with modern banking solutions.

Mashreq Bank stands as a technological innovator, developing new high-tech digital banking products that increase customer satisfaction. It’s due to this undying passion for innovation that Mashreq is one of the fastest-growing banks in the country. The bank caters to a diverse clientele including expatriates and provides all types of banking services such as retail, treasury, and corporate products.

The smartphone application of Mashreq Bank is one of the special features that can prove its forward-thinking strategy. Using the app, users can easily send money to more than 20 countries without charges and in so doing increasing financial accessibility and convenience.

 

 

6. Dubai Islamic Bank (DIB)

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DIB is a pioneer in the UAE’s banking industry, offering the best Sharia-compliant banking solutions to their clients. As the first Islamic bank in the United Arab Emirates, DIB provides expatriates with a unique banking service tailored to their beliefs.

With an unshakeable commitment to Islamic principles, Dubai Islamic Bank is renowned for being a dependable institution for locals and expatriates who are looking for an ethical bank. The bank provides a wide range of financial products and services like investment banking, retail and corporate banking, and wealth management. DIB is an ideal bank that meets the different needs of expats in the UAE, making it one of the top options for banking services.

 

 

7. RAK Bank

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RAK Bank, also known as the National Bank of Ras Al Khaimah has become one of the preferred banks for both expatriates and locals in the UAE. RAK Bank is a name that stands for high-quality customer service, easy access and complete solutions preferred by residents of Dubai, businessmen and investors. A good example is the awards won by the bank, which include “Best Internet Banking” and “SME Bank of the Year” among others.

With its 33 well-placed branches in the UAE, RAK Bank provides convenient access to its diverse client base. The bank offers SME banking, retail banking and wholesale banking services targeted at the dynamic needs of expatriate businessmen and entrepreneurs. In addition, 52.75% of RAK Bank is owned by the government of Ras Al Khaimah which gives assurances to clients on stability and reliability.

 

 

Advantages of Opening a Bank Account in the UAE

Apart from offering world-class banking solutions that are stable and reliable, there are multiple advantages to opening a bank account in the UAE such as:
 
Full confidentiality of personal information and your company’s assets and funds - This is guaranteed due to the strict regulations imposed by the government and banks. 
 
Easy and reliable international transactions with no foreign exchange control - As UAE banks support the IBAN system, this means that their clients can freely get payments from Europe. Aside from that, in the UAE, there are no legal restrictions on withdrawing money abroad. 
 
The high security of banks – This has been confirmed by multiple international credit rating agencies. Fitch sovereign rating for the UAE  stands at AA- with a stable outlook, which is the third best result.
 
The Central Bank of the UAE stabilises the financial system – The Central Bank of the UAE does not issue new banking licenses so that the volume of proposals meets the market's needs.
 
Free account maintenance - Accounts that meet the requirements of minimum balance or regular top-ups incur no maintenance costs. In European banks, maintenance is generally paid for.
 
Interest on deposits is higher than inflation - interest rates can be up to 2% with an inflation rate of less than 1%. The average annual inflation rate in the UAE over the past five years has been negative in the range of -2 to 2%.
 
No income tax or withholding tax - Residents of the country are exempt from many taxes. For instance, you don't pay taxes on personal income, capital gains, interest, dividends, royalties, luxury, inheritance, and gifts.
 
Robust online and phone banking systems - Ensuring safe and secure transactions.
 
Access to international banks and their services is readily available.
 
A variety of currency exchange options are offered to cater to different needs
 
Comprehensive facilities for personal, business, and car loans are provided.
 
Credit cards with unrestricted purchase options are available.
 
Banks in the UAE offer reasonable interest rates compared to banks in India and countries in Europe.
 
Multiple currency accounts add to the convenience of their services.
 
 

In conclusion, the dynamic landscape of the UAE's banking sector not only meets the diverse needs of expatriates but elevates their financial experiences. Whether it's the seamless services offered by RakBank, the international excellence of Standard Chartered Bank, or the ethical banking solutions provided by DIB, expatriates have an array of choices tailored to their preferences. Each bank, from Emirates NBD to FAB and beyond, contributes to the UAE's reputation as a global financial hub.

As you navigate through your financial journey in this vibrant region, these banks serve not just as institutions but as trusted partners in your goal of financial excellence.

 
* Please note the information in this article does not constitute as financial advice. All opinions in this article are for informational purposes only. Consult with experts to make an informed decision regarding your financial plan.