Best UAE Banks For Non Residents part 2 – Part one is here.

Best UAE Banks for Non Residents

So you’ve just made your first trip to Dubai and Abu Dhabi. Now that you’re here, what’s the best option for banking? As a non-resident, there are many options available to you, including:

Banks that allow non-residents to open an account (you don’t actually need a visa or permit) only allow non-residents to open an account with a certain type of visa that they offer (i.e., Women’s/Family VIP visas) Banks which only allow residents either by nationality or residence. Well, here are our picks for the best UAE banks for non-residents.

HSBC

HSBC is globally recognized as a premier bank for non-residents looking to open an account. The best part of an HSBC account is that their services are the same worldwide so that you won’t be hanging around just in Dubai or Abu Dhabi. They have over 7000 branches and 800 ATMs in 79 countries across Africa, Asia, Europe, and North America.

HSBC offers free incoming and outgoing international transfers on accounts opened with a minimum of USD 50,000. On top of that, they offer an exclusive ‘HSBC Premier’ account which provides services such as dedicated relationship managers, higher cash withdrawal limits, the more maximum number of transactions per month, a 24/7 customer service hotline, preferential rates on buying currency, and free local and international money transfers.

The account opening process for HSBC is a bit more complicated than other banks in the UAE, but nothing too strenuous if you have all the required documents presented to them. Other things worth mentioning include their 1% cash withdrawal charge, which can be avoided with an HSBC Premier account, a 1% monthly account management fee, and a minimum balance requirement of USD 25,000.

Mashreq Bank

Mashreq is one of the most well-established banks in the UAE. They are well known for their customer service overall, with their branches being open longer hours than almost all other banks in the UAE (their only competition being Emirates NBD).

Mashreq allows non-residents to open an account with their ‘Family’ visa, available for women only. This type of visa allows you to bring any family members legal residents in the UAE (spouses and children) with you when entering the country.

Besides, they also offer a dedicated Platinum account for non-residents, which gives you all the same benefits as their personal and SME accounts (no transaction fees, no minimum balance requirements, and up to 16 free transactions per month).

Their customer service telephone line operates from 9 am to 5 pm on weekdays, and their website is also quite helpful when it comes to accounting opening procedures. Overall, an excellent option for non-residents if you have a Family visa!

Dubai Islamic Bank (DIB)

Dubai Islamic Bank is the only Shari’a Compliant bank in the UAE that allows non-residents to open an account. This means that Dubai Islamic Bank offers an interest-free product unique in the UAE. However, Shari’a Compliant or Shari’a Non-Compliant doesn’t really matter if you live outside of the UAE, as this has no bearing on how much tax you’ll pay on your account.

Although DIB doesn’t offer a physical branch, they provide online banking and support through their call center (which operates until 8.30 pm every day). So if you’re comfortable with online banking, DIB is definitely worth checking out!

Emirates NBD

Emirates NBD is one of the biggest banks in the UAE and offers a range of non-resident services, including:

• A dedicated 24/7 hotline for non-residents
• Non-resident rates on currency exchange and cheque books, as well as a free Emirates NBD Visa Debit Card
• Free incoming and outgoing international transfers (on accounts opened with a minimum of USD 50,000 or an Emirates NBD ‘Premium’ account)
• A free account opening for new customers (which includes one free cheque book and either four free transactions or USD 120,000 of daily cash withdrawal limit per month on their current account)

In addition, all the fees typically associated with international bank accounts are waived for non-residents, which means you can benefit from having no monthly account management fee, no minimum balance requirement, and up to 12 free monthly cheque transactions!

So if you’re looking for a bank that offers the best options for non-residents in the UAE, Emirates NBD is definitely an excellent choice.

Abu Dhabi Commercial Bank (ADCB)

Abu Dhabi Commercial Bank is another excellent option for non-residents in the UAE. ADCB offers a wide range of services which include:

• International bank guarantees issued by ADCB for customers outside of the UAE to ensure that your money reaches its destination safely
• An international debit card to withdraw cash from any ATM in the world (no transaction fees, up to USD 50 cashback per month, and 150 free transactions included)
• No monthly account fee or minimum balance requirement
• Free incoming international transfers (on accounts opened with a minimum of USD 25,000 or an ADCB ‘Premium’ account)

ADCB has branches worldwide, so opening an account on their website is easy and straightforward. Plus, their customer service team can be reached by phone or email if you need any assistance. So whether you’re looking for accounts that are geared towards non-residents or simply want an international bank account with no fees, ADCB ticks all the boxes!

Standard Chartered

Standard Chartered is one of the world’s biggest banks and offers an excellent range of products for non-residents. In fact, Standard Chartered is the only bank in the UAE to offer a USD account for non-residents – which comes with a free Visa debit card and no monthly account fees.

In addition, you can also open a multi-currency household account (with up to 5 sub-accounts), send international bank guarantees, and use their global network of branches to make international payments.

So if you’re looking for an international bank account that is open to non-residents, Standard Chartered ticks all the boxes.

Citibank

Citibank offers a range of international accounts, including:

• No monthly account fees or minimum balance requirement
• Free incoming and outgoing international transfers (on accounts opened with a minimum of USD 3,000)
• An international debit card to withdraw cash from any ATM in the world (no transaction fees) 
• No charges for international bank guarantees

In addition, Citibank also has a range of investment products available – including USD savings accounts and tailored solutions for individuals with more complex requirements. In fact, the minimum opening deposit is just USD 10.

So if you’re looking for an international bank account that’s great value and doesn’t charge pesky fees, Citibank is definitely an excellent option.

RAK Bank

RAK Bank is a regional bank that aims to provide customers with high-quality service. In addition, they offer a wide range of services for non-residents. If you open a personal account, you can choose to have your salary deposited into your RAK Bank account. Then, all you need to do is pay for your living expenses using your debit card or withdrawing cash from ATMs around the world.

In addition, RAK Banks offers over 40 international currencies in which you can exchange money. They also offer a range of products for international students – including a USD account with no monthly fees. So, if you’re looking for a bank that’s great value and offers convenience, RAK Bank has got your back.

Al Hilal Bank

Another great option for non-residents in the UAE is Al Hilal Bank. Their accounts range is specially designed to provide customers with exceptional service and convenience. There are two types of accounts you can choose from at Al Hilal: an eAccount (a basic personal account) or a VIP Account (which offers you perks like personalized service and free issuance of cheques).

However, both accounts come with no monthly account fees, and there are no minimum balance requirements either. They also don’t charge any transaction fees on debit card cash withdrawals (in UAE only)

In addition, it’s worth mentioning that Al Hilal currently offers a free international MasterCard as well! So if you’re looking for an international bank account that has great features like no fees and free debit card transactions, Al Hilal Bank could be for you.

Emirates Islamic Bank

Emirates Islamic is a Sharia-compliant bank designed to provide customers with high-quality service in the UAE. And when it comes to their accounts, they feature an excellent range of accounts to suit non-residents.

One of the best things about Emirates Islamic is that you can open their accounts online in just 15 minutes (no matter where you are in the world!). So once you’ve opened your account, make a deposit and start using it straight away.

Their fees are also pretty reasonable – there’s no monthly account fee or minimum balance requirement. And they also offer free incoming and outgoing international transfers (as long as the currency transferred is USD). So, if you’re looking for an international bank account that doesn’t charge fees, Emirates Islamic could be a great option.

Frequently Asked Questions about UAE Banks

Can non-residents open a UAE Bank account?

Of course, you can open a bank account in the UAE provided you are over 18 years old and hold a valid residence visa. That being said, you will need to have a visa of the same class as the bank account you are applying for.

For example, if you want to open a current account at Citi Bank, you must have an employment visa with your name on it. The embassy of your home country in the UAE can help with this aspect.

Can I open accounts for my children?

Yes, you can open an account in your child’s name when they turn 16 years old. You may need to provide a copy of the child’s birth certificate and passport for this purpose. In some cases, you might also be required to provide a notarized letter from both parents authorizing the opening of such accounts.

Can I open accounts in my company’s name?

Yes, you can open accounts for your company at any commercial bank. Usually, banks limit the number of current and savings accounts that they allow to be opened under one name or one business entity.

This is done to minimize the risk of money laundering activities. However, if you wish to open accounts for your company, you must provide a copy of the commercial registration and details about the owner and directors.

Can I open accounts without a UAE residence visa?

It is possible to have a bank account in the UAE as a tourist. However, you must have a valid travel insurance policy from your home country, covering you inside the GCC countries. You may also need to open a bank account with a small deposit of AED500 or less so that you can keep your money safe while you are here.

How much can I deposit in my account?

Your bank may ask you to open an account with a minimum deposit amount of AED500 or more, depending on the type of account you will be opening. For current accounts, banks usually ask for a minimum balance equivalent to three months’ average salary.

Conclusion

For a very long time, opening a bank account in another country was not something easy to do for everyone. Foreigners had several hurdles that included language barriers and legal requirements, which made it difficult or even impossible for them to access banking services anywhere in the world. In recent years, things have changed dramatically with changes in legislation worldwide. This way, you can check this guide if you’re a non-resident in the UAE.

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.