Dubai Bank Account Opening: TOP5 banks 2023!
- Comparative Table of Banking Costs
- Emirates NBD
- Mashreq and Mashreq Neo
- First Abu Dhabi Bank - FAB
- Dubai Islamic Bank - DIB
- Abu Dhabi Commercial Bank - ADCB
- WIO Online Bank
Opening a bank account in Dubai is essential whether you want to start a business or live there. Opening a bank account in the UAE is one of the most convenient and best location Dubai. At the start of setting up a company, we need to deal with opening a bank account. Opening a bank account in the United Arab Emirates is not easy, it is necessary plan ahead. There are a large number of financial institutions, many of which have won several awards among the world's best banks. The following banks are available for those who already own a Freezone company or who are about to start a business and want to bank in Dubai. Private individuals personal income tax, or no corporate tax, so for many business people super offshore location.
Comparative table and rating to discover the banks' rates
We have prepared a comparative table to help you assess the costs you should expect to pay at the banks. It is important to note that this is not an offer and not a complete set of information. Each bank has several account packages, which can vary certain parameters in both positive and negative ways. We have put together the packages we think are most widely available from banks, with a number of bank account packages available. Open a foreign bank account always challenging, thorough requires preparedness and local assistance.
|Account management fee with minimum balance
|monthly fee below minimum balance
|200AED (AED 50k balance above 0)
|kp Recruitment UAE
|free of charge
|10 free of charge, above AED 2
|kp recruitment abroad
|interchange fee on a card transaction in another currency
|transfer fee abroad
|1 free, above 20 aed
|transfer fee domestic
|9 free, above 1 aed
|whether there is mailing abroad
Emirates NBD is the largest bank in the UAE, offering a wide range of services including commercial, investment and private financial services. These are used by both registered freezone, mainland companies and resident individuals. The bank was established in 2007 through the merger of two major Emirati banks, Emirates Bank and National Bank of Dubai.
Emirates NBD currently has more than 228 branches and ATMs in the UAE and a number of international branches. Emirates NBD has a strong focus on digital services and has online banking facilities.
The bank offers award-winning services and has been recognised as one of the world's best banks. The current CEO of Emirates NBD is Shayne Nelson, who took over the bank in 2013. The bank is led by a dynamic and innovative management team that aims to achieve continued growth and maintain its market leadership. If you're setting up a company in Dubai, this is one of the best options for your bank account.
Mashreq Bank is one of the country's largest and most respected banks, established in Dubai in 1967. Many Dubai-based companies have bank accounts with Mashreq Bank. Its services include commercial, investment and private banking as well as real estate and investment advisory.
Mashreq Bank is the largest private sector bank in Egypt and the Middle East. The bank is present in 12 countries and has more than 50 branches in the UAE.
It pays particular attention to digital services and has online banking facilities.
The bank has been among the leaders in innovation and technology for years, winning several awards for its services. Its current CEO is Ahmed Abdelaal, who took over in 2019.
A Mashreq Bank in a strong and stable financial position has many large companies and institutions among its clients, which is why chosen by many entrepreneurs setting up a mainland or freezone company. One of the Bank's key missions is to ensure customer satisfaction.
Mashreq Neo - the digital bank
Mashreq Neo is a digital-only bank launched by Mashreq Bank, one of the oldest and largest financial institutions in the country. Mashreq Neo serves both retail and corporate customers. The bank operates entirely through a mobile app, even through an online platform, without physical branches. A full-fledged bank account is available for its customers. Along with WIO, ENDB and Mashreq, it is also a really popular banking solution for Freezone companies.
The Mashreq Neo bank account is known for its innovative and user-friendly features.
Mashreq Neo places a strong emphasis on security and protection of personal data, with advanced security features built into its platform to protect customer data and transactions. Customers can in-app chat through its function 24/7 customer service is also available.
One of the key benefits of Mashreq Neo is convenience, as customers can open a bank account quickly and easily via the mobile app. The company offers instant digital login, no need to visit a branch.
Mashreq Neo services are available to both local and foreign customers. The bank has won several awards for its digital services, including the Best Digital Bank in the UAE at the 2020 Global Finance Awards.
Overall, the Mashreq Neo the UAE's leading digital bank, which on its mobile app and through its online platform many innovative solutions offers its customers.
First Abu Dhabi Bank (FAB), created by the merger of the National Bank of Abu Dhabi and First Gulf Bank in 2017. FAB offers a wide range of financial services to those who have established a business in the UAE. Its current CEO is André Sayegh, who took over in 2018. The bank has a strong focus on digital services, with a range of online banking options. FAB has won several awards and prizes for its services, including Best Banking, Best Digital Bank and Best Corporate Bank. FAB is in a stable financial position. It is present in several countries outside the Emirates, with more than 200 branches internationally, including is easily accessible for owners of companies registered in Dubai.
Dubai Islamic Bank (DIB) is one of the largest Islamic banks in the UAE, operating in accordance with Islamic law. It was founded in 1975 and has been a leader in the Islamic finance sector ever since. DIB's global presence and network extends beyond the country's borders, operating in many countries. Committed to developing innovative solutions and services, it is constantly innovating its services to meet the needs of its clients. DIB has received several awards for its achievements in the financial sector, including the "Best Islamic Bank of the Year" and the "Best Digital Bank of the Year" recognition for.
Abu Dhabi Commercial Bank (ADCB) is a leading full-service bank in the UAE. Established in 1985, ADCB provides financial solutions in a wide range of areas, including private and business services. The bank is constantly developing and upgrading its services to meet the needs of its customers. Committed to innovation and digital development, it has introduced a number of new services in recent years, such as smart banking and mobile payment solutions. ADCB has received several awards for its achievements in the financial sector, including the "Best bank of the year" and the "Best Digital Bank of the Year" awards. ADCB's global presence and network is available outside the EU and operates in many countries.
Currently, the most popular bank account option, and the one most used by our clients when setting up their companies in the FTZ.
Wio is a financial services provider offering digital solutions for companies and individuals based in Dubai. Wio aims to offer simple and efficient financial solutions to individuals and companies, especially those who do not have access to traditional account management services. Currently Our clients who have already gone through the Dubai incorporation process have chosen this service in the largest number.
Through Wio's digital platform, customers can send and receive money, withdraw cash and open bank accounts. A WIO can also be thought of as the Wise of Dubai. Wio offers customers secure and reliable financial solutions and its platform encrypts all transactions. It offers customers a simple and transparent pricing structure with no hidden costs or fees. Its platform is intuitive and easy to use and customers can access their account at any time via the web or mobile app.
A Wio available internationally and customers can make transactions in more than 100 countries at any time. Its aim is to revolutionise the financial sector by offering customers simple and efficient solutions. Wio's customer service team is made up of skilled professionals who tailor their solutions to the needs of their customers. Wio is constantly evolving and expanding, adding new features to its platform for clients.
Opening a bank account United Arab Emirates Key facts:
- offshore companies do not open an account, yet we regularly call it an offshore account when it is necessary to open a foreign bank account.
- is required to appear in person
- usually a reference letter or 6-month bank statement confirming the bank account history
- a business plan is required with the bank account application, including the company's activities, partners and expected turnover.
- defining the activity is one of the initial steps in setting up a company. The activity, the business plan and the cash flows in the bank account must be consistent.
- the director or owner of the company must have a residence permit, a local identity card is required. You can read more about this here: https://orderoffshore.com/dubai-vizum/
- Depending on the bank and the situation of the customer, the bank may ask for different types of proof of residence. We can help with all of them.
In our own experience, we prefer Emirates NBD, where we have the right contacts to help you through the entire account opening process. We can also recommend the WIO service. For those who already use WISE services, I think it will be very close. There are other good banks that we have not highlighted in this article. In general, keeping and investing your money in the UAE is safe and secure, one of the safest banking systems in the world. There is a Deposit Insurance Fund, operated by the Central Bank of United Arab Emirates (CBUAE), with a deposit insurance amount of AED 100,000 per person per bank account. The conditions for opening an account depend on the client's situation, so they can vary widely.