Best UAE Banks For Non Residents part 1 – that will be the topic of today’s article.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

The UAE is one of the world’s most popular expat destinations, with hundreds of thousands of people arriving in the country each year. However, many people are unaware that there are specific banks for non-residents in Dubai and Abu Dhabi to help them manage their international finances.

If you’re thinking about moving abroad, this article will explain which banking options are available to you. But before that, let’s quickly go over what exactly is meant by ‘non-residents.’

There are actually two types of foreign workers in the UAE; residents and non-residents. Resident expats will open a bank account at any branch in the country, while non-residents must use specific providers. These banks were explicitly designed for people who need a bank account but don’t have a residence visa, and the requirements are strict.

As well as being able to offer international banking facilities, many of these banks also have branches in other countries across the world. This means that you’re much less likely to be reliant on expensive money transfer services.

In fact, there are locally based banks in the country, so it might be better to think of them as UAE foreign exchange specialists. In this article, we will walk you through the best banks available in the UAE for non-residents. So, worry less if you’d love to open a bank account.

Requirements to Open UAE Bank for Residents

Are you a resident of the UAE who is looking to open a UAE bank account? If yes, then in this article, we will discuss the requirements and steps involved to open your own private bank account in UAE.

In order to get the account opened by the concerned bank authority, certain documents have been mandated by the banks from time to time. These documents can be submitted in person or through a designated agent operating on your behalf.

In addition to the documents, you may also need to furnish some more information that is not part of the set requirements but will facilitate the smooth opening of your account. So what are these additional pieces of information required by UAE Banks? Find out further in this article!

• Copy of your passport and Emirates ID (You can get these copies done from the internet cafes at a fee. Some banks also provide these copies in their office)
• Residency visa and sponsor’s letter (This is proof that you are a resident in UAE and living here on an employment visa for which your employer or sponsor has agreed to open the account.)
• A minimum of Dh 1000 in cash, cheque, or DD (This is in lieu of opening balance. The bank keeps your cash with itself until you meet the required minimum.)
• Rental contract (If you are staying in rented accommodation, then this is proof that you are paying rent and belongs to that particular location. This is usually mandatory when renting accommodation in Dubai)
• Employment contract (The employment contract holds the details of your salary and designation. If you are employed in any organization, then this is a must.)

5 Requirements to Open UAE Bank for Non-Residents

A bank account is one of the essentials for today’s life. Many bank accounts provide various benefits like a credit card, debit card, and more facilities to their customers.

Bank accounts are now compulsory to complete almost every task in our daily life like receiving salaries or paying bills. If not done through an ATM or online banking services, it has to be done through a bank counter. 

As a non-resident in the UAE, opening a bank account becomes more difficult. If you want to open a bank account in the UAE as a non-resident, you need to fulfill five requirements:

• Keep your monthly average balance of AED 25000 for at least six months;
• Open an NRE (non-resident) current account and keep AED 100000 for at least six months;
• Keep an average monthly balance of AED 100000 in the NRE current account for six consecutive months
• Submit a salary certificate from your employer or other acceptable documents to prove your job status in the UAE.
• Send copies of your passport and residence visa with the application.

7 Benefits of Opening a UAE Bank Account

If you’re a non-resident of the UAE thinking about opening a bank account, here are some reasons why you should.

Keeps Track Of Your Finances

Opening a bank account in the UAE will allow you to keep an accurate record of your incoming and outgoing transactions, allowing you to manage your daily finances better. It is one of the first steps towards building a credit history. This can be particularly important if you’re thinking of buying property in the UAE or investing in the market.

Savings and Investment Accounts

One of the main advantages of having a bank account is that you can access savings accounts and investment facilities, such as mutual funds. You can easily set up recurring deposits in an internet or phone banking application – this way, you can have money automatically transferred into your bank account at regular intervals, meaning you don’t have to worry about making a deposit.

Free Cheque Books

Unlike many other countries, the UAE allows customers to get free checkbooks from their accounts at any bank. This makes it easy for you to withdraw cash from ATMs or write cheques without worrying too much about using cheques and making withdrawals.

Convenient for Businesses

Having a bank account in the UAE makes it easier to open businesses, as many businesses will require you to show proof of financial resources before they can be established. It also allows individuals living abroad (like expat workers) to quickly transfer money back home through international banking facilities.

Safe and Secure

UAE banks are well protected against cyber terrorism and fraud with advanced security measures such as military-grade encryption, making it a safe place for you to keep your money. Additionally, UAE banking is not only regulated by the Central Bank of the United Arab Emirates but also by international financial authorities like the IMF (International Monetary Fund).

High-Quality Customer Service

If you plan on opening a bank account, you can expect to receive high-quality customer service from all UAE banks. Banks offer advanced 24/7 phone support and even have dedicated call centers for their services, which can be reached through local numbers. Additionally, most central banks in the UAE offer free English-speaking services and advanced online or mobile banking facilities.

Protection against Identity Fraud

If your identity is stolen while you’re abroad, having a UAE bank account can be extremely helpful in recovering it quickly and preventing further damage, as most of these banks have dedicated fraud divisions that assist their customers in such cases.

Requirements to Open a Bank account in the UAE

Opening a bank account in the UAE is possible, provided that you know what requirements are needed. For information purposes only, these requirements can vary between banks and even depend on your nationality (and sometimes also depending on your profession). These requirements to open a bank account in the UAE might vary if you’re a UAE national or not.

1.    Required Documents – UAE National

The required documents to open a bank account in the UAE, for a UAE national, can vary between banks and might even depend on your profession. The most common required documents will be:

• A copy of your passport (and sometimes also a residence permit)
• Two Emirates ID pictures (3cm x 4cm)
• Your company’s trade license (if you’re employed)
• A copy of your work contract (if you’re employed – and this might differ if you work under a limited or unlimited contract)

2.    Required Documents – Expat with UAE Work Visa

The required documents to open a bank account in the UAE for an expat with a UAE work visa can vary between banks and might depend on your profession. The most common required documents will be:

• A copy of your passport (and sometimes also a residence permit)
• Two Emirates ID pictures (3cm x 4cm)
• UAE Labour Card
• Signed employment contract issued by your employer
• Copy of the labor card application form

3.    Required Documents – Expat with UAE Residence Visa

The required documents to open a bank account in the UAE for an expat with a UAE residence visa can vary between banks and might depend on your profession. The most common required documents will be:

• A copy of your passport (and sometimes also a residence permit)
• Two Emirates ID pictures (3cm x 4cm)
• UAE signed resident visa counterfoil stamp
• Copy of the labor card application form

4.    Required Documents – Expat without UAE Residence Visa or Work Visa

The required documents to open a bank account in the UAE for an expat without a UAE work visa or residence visa can vary between banks and might depend on your profession. The most common required documents will be:

• A copy of your passport (and sometimes also a residence permit)
• Two Emirates ID pictures (3cm x 4cm)
• Your company’s trade license (if you’re employed)
• A copy of your work contract (if you’re employed – and this might differ if you work under a limited or unlimited contract)

5.    Required Documents – Expat with UAE Family Visa

The required documents to open a bank account in the UAE for an expat with a UAE family visa can vary between banks and might depend on your profession. The most common required documents will be:

• A copy of your passport (and sometimes also a residence permit)
• Two Emirates ID pictures (3cm x 4cm)
• Your husband’s/wife’s UAE signed family visa counterfoil stamp
• Copy of the labor card application form

Why Moving to UAE in 2022

The UAE’s capital is known for its skyscrapers and because it has more luxury hotels than any other city in the world. But as a global hub of culture, industry, and tourism, Abu Dhabi is well worth considering as a place to settle down.

Right now, many expats have already done just that. So what are the reasons why the UAE should be the next stop on your move abroad list?

World-Class Education Systems

With public schools mandated for all children by age 6, education in Abu Dhabi is widely available to both citizens and expats alike. Reflecting the diversity of its population, students may choose between Arabic language schools and international schools, such as British and American institutions.

Additionally, many home-schooling options cater to parents who value experiential education and those who can’t afford or don’t want to send their kids abroad for extended periods.

Although these options were designed to help compensate for the vast number of students in a single classroom, the UAE has recently rolled out a new education system that will see children split into much smaller groups and receive more individualized attention throughout their years of schooling.

Successful National Healthcare System

Although Abu Dhabi is home to many expats and international healthcare professionals, it’s also home to a well-developed national healthcare system. In fact, Abu Dhabi residents pay less in monthly health insurance premiums than they would for their auto insurance!

And with several hospitals and medical centers, including the well-equipped Sheikh Khalifa Medical City Hospital, all residents have access to a full range of healthcare services no matter how they choose to approach their private healthcare options.

Access to the World’s Best Cuisine

As residents of Abu Dhabi, you’ll be happy to know that you’re in one of the best spots in the world to indulge your epicurean tastes. With internationally acclaimed restaurants and award-winning chefs, it’s no wonder that travelers from around the globe flock here for luxury food tasting tours!

But that’s not to say that you need deep pockets to enjoy the best food the world has to offer. For example, Abu Dhabi is home to many traditional Emirati restaurants – perfect for satisfying your craving for Middle Eastern street food without having to travel down south.

Low Pollution Rates

As one of the world’s most well-developed countries, it should come as no surprise that the UAE has set strict environmental standards for itself. As a result, all local garbage is carefully recycled to reduce landfill waste and use the country’s natural energy resources. This includes electricity generated by burning gas extracted from landfills!

Plenty of Vacation Options

Between long stretches of prime golden beaches and desert dunes that rival many of the world’s most famous countries, there are many stellar options for enjoying a well-deserved vacation in Abu Dhabi. With roughly 365 days of sunshine every year, you’re guaranteed to find yourself feeling rejuvenated after your trip to Abu Dhabi – no matter what time of year you choose to visit!

High-Quality Housing Options

With a thriving real estate market and myriad property developers, there are plenty of housing options for people of all walks of life. Since the UAE is home to many expats who come from various countries, it’s important that they have an ample number of high-quality housing complexes to choose from.

This ensures that residents will never have to put up with any of the drawbacks of living in a community where you don’t fit in. In fact, the UAE has been so successful at attracting residents worldwide that they’ve even started building entire communities specifically designed for foreign buyers.

Conclusion

There are a lot of banks in UAE for expats. Many large international banks have branches and ATMs all over the country, so you should have no problem getting your hands on their services. Nonetheless, refer to this guide to know more about the banking system in the United Arab Emirates.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

To expatriates, especially those newly moved to the UAE, choosing which bank to open an account with can be one of the biggest challenges ever. Banks in the UAE are known for their myriad choices when opening an account.

Still, some banks stand out from the rest. Some may have more branches than others, or they may offer more services to customers. Some have a better international presence than most. The best banks for expats in the UAE, however, go beyond good service and the number of branches.

They also provide attractive options for opening an account, such as having English-speaking customer service representatives and language options on a bank’s website. Banks can also provide different products for expatriates who want to save or invest long-term. These include saving certificates, money market funds, and time deposits.

For those with family members working abroad, banks offer wire transfers for free to foreign countries. Then some services help you manage your money more efficiently, such as Mobile banking. The best banks for expats in the UAE can provide you with all these services plus competitively priced accounts.

All of which is provided through an efficient online or mobile platform—and low fees on international ATM withdrawals. In this article, we will walk you through the best banks for expats in the United Arab Emirates. Not only is that, but you’ll understand the benefits of using them and many others. Read further!

Benefits of Using the Best Bank in the UAE

The world today is very much dependent on the Internet. Banks are no exception to this rule. The importance of Internet banking has risen exponentially because it provides several conveniences to customers worldwide.

Whether you’re at work or home, an easy connection to the internet will give you access to your account with just a few clicks away. As with any other online facility, there are certain risks associated with using Internet banking. That’s why it is important to choose the best bank to ensure top-notch security and reliability. The ten benefits of choosing the best bank in The UAE include:

24/7 Availability

An advantage of using the best bank In the UAE is that you will have access to your account at all times. This is an option that other banks do not provide because their customers need to make a specific request in order for them to grant access outside regular business hours or weekends.

Availability of Services

The best bank In the UAE provides various services designed to give you more control over your account. These include SMS alerts that inform you of any activity on your accounts so you can be aware of suspicious transactions. Mobile banking is also available, which allows you to manage your finances wherever you are.

Better Banking Experience

The best bank In the UAE offers an unparalleled banking experience with efficient and convenient services. You won’t wait in line to make transactions, nor will you need to communicate with staff members over the phone to receive answers to basic questions about your accounts.

Competitive Interest Rates

One of the biggest trade-offs many customers make when choosing a bank is whether or not they will get the best interest rates. However, at the best bank In the UAE, you enjoy some of the most competitive rates, which give you access to better returns on your investments.

24/7 Flexibility

Customers of the best bank In the UAE can enjoy flexibility by using several banking channels. You can visit the branch, call a staff member, chat online or send a secure message to get assistance. This allows you to find an option that works best for your schedule and needs, so you have better access to banking services.

Different Payment Methods

The best bank In the UAE also offers different payment methods to suit your lifestyle. You can easily pay your bills through online transfers, automatic payments, and SMS alerts. There are also several cards issued for different types of expenditures, so you have more options available when it comes time to settle your expenses.

Convenient Access

The best bank In the UAE makes sure that their customers have access to their accounts with just a few clicks. You can view your statements and balance, apply for loans or credit cards, refill your mobile phone’s prepaid credits, and manage all of your accounts in one location.

This option has become so popular among customers because there is no need to go inside the bank if you only want to do basic transactions.

Immediate Bill Payments

Another benefit of choosing the best bank in the UAE is that you can make bill payments quickly and easily. Your monthly phone bills, cable, Internet connection fees, and other bills can be paid immediately at any Kiosk within your preferred bank. This is another reason why the best bank in the UAE has become a favorite for many customers.

Customer Services Representatives

When you need assistance with your account, the best bank in the UAE offers customer services around the clock. You can contact them through email or social media and get a quick response to resolve whatever problems you may be having with your accounts. They are also available via telephone, where you can discuss all of your transactions if you need clarification on any of them.

No Minimum Balance Required

The best bank in the UAE does not set a minimum balance requirement on your account, unlike other banks where savings accounts require more money to be deposited. You can open an account with as little as AED 200 and enjoy all the benefits that come with it if you do not have a large amount of capital to deposit.

Best Banks for Expats in the UAE

Banks in the UAE are very supportive of their customers by offering a wide range of products and services. Most expats will want to open an account here, but if you are new to banking or living here, then it can be difficult to know where to start. Here is a list of the best banks for expats in the UAE.

1)    Emirates NBD – Estimated Expat Deposits: $29 billion

The largest bank in the UAE and one of the largest banks in the Middle East – Emirates NBD is known for its professional approach to banking and customer service. They offer a full range of banking products, including personal, commercial, and corporate services.

Not only is that, but they provide investment banking, currency exchange, and trade finance. Customers can bank quickly and easily with internet banking, mobile apps, and 24-hour customer service via call center or at their local branch.

2)    Abu Dhabi Commercial Bank – Estimated Expat Deposits: $28 Billion

ADCB offers all the services you would expect from a successful bank, including a modern 24-hour service across its 13 branches in the UAE. Customers can bank quickly and easily with internet banking, mobile apps, and ATMs located throughout the country. Also, they offer advice on mortgages or investments to help you plan your financial future here in the UAE.

3)    Al Hilal Bank – Estimated Expat Deposits: $15 billion

Al Hilal Bank offers a range of services, including personal banking, commercial banking, cash management, treasury and investment services as well as private banking. Customers can enjoy a full suite of products and services whether they have a small business or an entire corporation to look after.

As well as being the bank behind one of the most popular banks in the GCC, Al Hilal also offers completely secure internet banking and customer service over the phone 24-hours a day.

4)    Mashreq Bank – Estimated Expat Deposits: $7 Billion

One of the oldest banks in the UAE, Mashreq bank, originally started as a brokerage house for pearls in 1959. Today it has grown to be one of the most distinguished banks in the region, providing its customers with a full range of banking services, including corporate banking, retail, mortgage, and international services.

Aside from this fact, they offer Dubai-based customer service over the phone 24-hours a day as well as internet banking for maximum convenience.

5)    Abu Dhabi Islamic Bank – Estimated Expat Deposits: $5 billion

Last but not least is Abu Dhabi Islamic Bank, a provider of consumer and trade finance as well as asset management services. With an impressive international network that includes branches in London, Paris, New York, and Hong Kong, amongst others, this bank is perfect for those wanting to import or export out of the UAE.

Customers can enjoy Islamic banking services as well as personal or commercial accounts, which are full of perks for expats, including free credit cards.

6)    National Bank Of Abu Dhabi – Estimated Expat Deposits: $7 billion

With more than 45 years of experience in the UAE banking sector, NBAD is committed to being a great bank for customers. Customers can bank quickly and easily with internet banking, mobile apps, and 24/7 call center support. They offer all the services you would expect from a successful bank, including credit cards, mortgages, personal loans, and investment advice.

7)    HSBC – Estimated Expat Deposits: $20 Billion

HSBC is one of the largest banking and financial services organizations globally, with over 57 million customers. They offer a full range of products, including current accounts, savings accounts, mortgages, loans, investments, and insurance. HSBC has around 50 outlets across UAE, including branches in Abu Dhabi, Dubai, and Sharjah, as well as a dedicated HSBC Expat hub in Al Garhoud.

8)    Standard Chartered – Estimated Expat Deposits: $17 Billion

Established in 1858, Standard Chartered is a leading international bank operating in more than 71 countries and territories. They offer customers commercial, retail and private banking services and investment management. Customers can manage their finance online or mobile via internet banking or mobile apps.

9)    Rashid & Bin Darwish – Estimated Expat Deposits: $4 Billion

One of the largest Islamic banks in Abu Dhabi, established in 1995, is known for its ethical approach to banking and customer service. They offer a full range of products, including current accounts, trade finance, investment banking, loans, mortgages, and investment services. Customers can also enjoy some of the best customer services in the market, with over 40 branches across the UAE.

10)   Noor Bank – Estimated Expat Deposits: $25 Billion

A private joint-stock bank founded in 2004, well known for its wide network of branches and serving the banking needs of Emiratis and expats. They provide a range of personal and business banking services and Islamic banking and financial solutions for their customers.

Opening an account is simple, with no minimum balance requirements or monthly service charges. Personal banking services include Salary Package Account, Priority Banking Account, Diamond Banking Package, and Family Account. Noor Bank also offers expats access to Investment Solutions such as the Portfolio Management Service and Investment Advisory Consultation.