Banking in the UAE is very popular for personal or business purposes, and it has become very easy to open bank accounts, while banking requirements vary by bank.
In the UAE, there are three types of banking systems:
1. Commercial Banking System
2. Investment Banking System
3. Islamic Banking System (Governed by Shari’a Law)
All the above banking systems are governed by the Central Bank of the UAE. Additionally, the Central Bank regulates financial service companies, monetary. Intermediaries, financial investment companies, and money exchange hubs.
The process of opening a bank account in the UAE is as follows:
There are different types of UAE bank accounts available. But here we will only discuss Current and Savings Accounts here as they are the best accounts for employees in different banks.
You should always make sure you have at least 3 months left on your Visa before applying to any bank. You should also read the bank's rules and regulations, as well as the charges and deductions per transaction, ATM, Credit/Debit or Visa Cards services, as well as a few other important things.
Company Employee Requirements to Open a Bank account:
There are different documents that every bank requires, so please check their individual websites or call their customer service numbers to confirm, but most banks require the following documents to open a current or savings account.
1. Original Passport with minimum 3 Months Expiry Date
2. Copy of Valid Residency Visa page.
3. The salary certificate (NOC) must include a minimum of 3000 AED a month from the employer or sponsor
4. An original Emirates ID card
Different features of saving accounts offered by different banks:
1. It offers attractive profit rates.
2. Available in UAE dirham or US dollars.
3. The opening balance for the account is 500 AED with salary transfer and 1,000 AED for others or US$ 1000 for US$.
4. Statement of Accounts provided for free every quarter.
5. A quarterly profit credit is applied to the account.
6. Bank will provide you with a free debit card with a daily withdrawal limit of AED 10,000 and a daily purchase limit of 7,000 AEDs.
7. With this Debit Card, you can spend your money at thousands of shops and withdraw cash at thousands of ATMs all over the world.
8. Teller transactions are unlimited.
9. Services such as Online Banking, Phone Banking, ATMs, and Cash/Cheque Deposit Machines are free.
10. Pay your Utility bills online for free including DEWA, SEWA, and FEWA.
11. Mobile Banking Service.
12. Free payment facility for Etisalat/Du bills.
13. Recharge your Salik for free.
Different features of current accounts offered by different banks:
1. Bank will provide you with a free debit card with a daily withdrawal limit of AED 10,000 and a daily purchase limit of 7,000 AEDs.
2. With this Debit Card, you can spend your money at thousands of shops and withdraw cash at thousands of ATMs all over the world.
3. Receive a free monthly statement of your account.
4. A free check book is available.
5. Services such as Online Banking, Phone Banking, ATMs, and Cash/Cheque Deposit Machines are free.
6. Pay your Utility bills online for free including DEWA, SEWA, and FEWA.
7. Mobile Banking Service.
8. Teller transactions are unlimited.
Banks in UAE: (Where should I open an account)
The UAE has more than 46 banks. Here we have listed most of them. Please choose your preferred bank from the list below, or click on a name for information about the location and contact details.
Here is a list of UAE banks:
1. ABN Amro Bank NV
2. Abu Dhabi Commercial Bank
3. Abu Dhabi Islamic Bank
4. Al Ahli Bank of Kuwait
5. Al Rafidain Bank
6. Al Hilal Bank
7. Arab African International Bank
8. Arab Bank for Investment And Foreign Trade
9. Arab Bank PLC
10. Bank Melli Iran
11. Bank of Baroda
12. Bank of Sharjah
13. Bank Saderat Iran
14. Blom Bank France SA
15. Banque Du Caire
16. Calyon Bank
17. Al Khaliji France
18. BNP Paribas Bank
19. HSBC Bank Middle East
20. CitiBank NA
21. Commercial Bank International
22. Commercial Bank of Dubai
23. Dubai Islamic Bank
24. Dubai Bank PJSC
25. El Nilein Bank
26. Emirates NBD
27. Emirates Islamic Bank
28. First Gulf Bank
29. Habib Bank AG Zurich
30. Mashreq Bank
31. National Bank of Fujairah
32. National Bank of RAK
33. National Bank of UAQ
34. Noor Islamic Bank PJSC
35. Sharjah Islamic Bank
36. Standard Chartered Bank
37. Union National Bank
38. United Arab Bank
39. Liv (by emirates nbd)
For More Banks in UAE (Location and Contact Details) Click Below:
For ATMs in UAE (Location and Contact Details) Click Below:
Also Read: Here Is How To Open A Bank Account For Free In The UAE