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Different types of bank accounts in the UAE and benefits of opening them

Business Setup Consultants in Dubai

UAE has many popular banks; also, bank accounts in the UAE offer many great features and benefits. There are so many bank accounts in the UAE, from personal savings to business solutions; they provide safety, global reach, and tax advantages.

If you want to open a bank account in the UAE, it’s better to follow this guidance which is written by Afdal setup business, in this article. It can help you reduce your risks. And in the end, we will give you a game-changer option to make your risk ZERO.

We are going to check the importance of selecting the right bank for opening an account. We are going to discover the top 10 banks, including First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Commercial Bank in the UAE. It’s important to know that we cover all aspects of opening bank accounts and business setup in Dubai and the UAE.

Banks in UAE

Banks are inseparable parts of our life. When it comes to business in any topics, you need to have a bank account to transfer money. If you want to keep your money safe, invest on some industries, earn easy money and manage your family financial, you can also open a bank account to make them happen. As you know, there are so many kind of banks and so many types of bank account, follow this part to know best banks in UAE.

Selecting the Right Bank in UAE

Choosing the right bank is more important than you think; it can significantly impact your financial success, whether you’re an individual or a business manager. Banks in the UAE are different in terms of services, fees, and specializations. Selecting the right one can make a difference in your banking experience, impacting many factors in bank accounts in the UAE like privacy, financial growth, and ease of international transactions.

Also read it: Mainland Business Setup Dubai

Top 10 Banks in the UAE

As we understand, there are so many varieties of banking in the UAE. Here we want to explore the top 10 banks in the UAE. I sorted these banks based on my individual experience and knowledge + the newest data from users. Then you can easily trust this human-written table:

Bank Name Assets (in billions) Headquarters Services Offered
First Abu Dhabi Bank $183 Abu Dhabi Corporate, retail, private, and Islamic banking services
Emirates NBD $100.1 Dubai Retail banking, wealth management, investment banking, mortgages, credit cards, etc.
Abu Dhabi Commercial Bank $70.32 Abu Dhabi Retail, commercial, Islamic banking, and financial services
Dubai Islamic Bank $64.97 Dubai Consumer banking, corporate banking, real estate development, treasury, etc.
National Bank of Ras Al-Khaimah (RAKBANK) $15.2 Ras Al-Khaimah Retail and commercial services
Abu Dhabi Islamic Bank $44.68 Abu Dhabi Personal, business, private, and corporate banking services
Union National Bank $50.56 Abu Dhabi Various financial products and services
National Bank of Fujairah $13.8 Fujairah Various banking services like opening some types bank accounts in the UAE
Mashreq Bank $40.2 Dubai Retail, commercial, investment banking, asset management, and more
Commercial Bank of Dubai $36.3 Dubai Corporate banking, commercial banking, personal banking, and Islamic banking services

opening bank account in dubai

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB),known as the largest bank in the UAE, was formed in 2017 through the merging of The National Bank of Abu Dhabi (NBAD) and First Gulf Bank. Headquarter of this bank is in Abu Dhabi. FAB also offers a wide range of banking services, including corporate, retail, private, and Islamic banking. In my opinion, This can be a good choice for large businesses.

Emirates NBD

Emirates NBD, established in 2007 became after merging of Emirates Bank International (EBI) and the National Bank of Dubai (NBD), has #2 ranks among the UAE’s largest banking groups. This bank based in Dubai, Emirates NBD provides a plethora of services, encompassing retail banking, wealth management, investment banking, and more, People also select this for open bank accounts in the UAE.

Also read it: Dubai Freezone Company Setup

Abu Dhabi Commercial Bank (ADCB)

The headquarters of Abu Dhabi Commercial Bank (ADCB) is in Abu Dhabi. Its name is because of the headquarters’ place. This bank was formed in 1985 by merging three banks. Also, ADCB offers retail, commercial, Islamic banking, and various financial services to their customers.

Dubai Islamic Bank

Dubai Islamic Bank is the UAE’s first Islamic bank, with a founding year of 1975. This old bank is situated in Dubai, and it’s great in Shariah-compliant banking. Many Muslim people choose this bank because of their policy.

National Bank of Ras Al-Khaimah (RAKBANK) – Bank accounts in the UAE

This special bank has received impressive awards because of its good activity in helping many people and businesses. This bank is the best choice for startups and small businesses. Let’s check their awards:

  1. SME Bank of the Year: National Bank of Ras Al-Khaimah (RAKBANK) (Rank 7 in our table) received this award at the Arabian Business StartUp Awards, showcasing their support for small and medium-sized enterprises. This bank showed that any kind of small businesses can rely on their help for growing and developing in the UAE.
  2. Internet Banking Product of the Year: RAKBANK also earned this recognition from The Asian Banker, emphasizing the bank’s technological advancements and user-friendly online banking services.

And also, the ranks #6 to #10 Banks in the UAE are: #6 Abu Dhabi Islamic Bank #7 Union National Bank #8 National Bank of Fujairah #9 Mashreq Bank #10 Commercial Bank of Dubai (CBD)

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Benefits of Having Bank Accounts in UAE

Bank accounts in the UAE (United Arab Emirates) have many options and services, with their info and people’s experience. Their benefits make them a high-quality and useful choice for both individuals and businesses. These advantages cover financial, security, and convenience aspects. In continuation, we are going to cover their benefits and services:

Services Provided by UAE Banks

  1. Retail Banking: Providing standard banking services to individual customers, including savings and checking accounts.
  2. Corporate Banking: Offering a suite of financial services for specific needs of businesses, such as loans, credit, and treasury management.
  3. Islamic Banking: Using Shariah principles, these services help Muslim individuals and businesses use banking services in religious guidelines and ensure their finances are in line with Islamic law.
  4. Investment Banking: Banks also help savvy customers invest in various industries to make more money, including mergers and acquisitions, initial public offerings, asset management, and brokerage.
  5. Wealth Management: They can also help customers keep their wealth safe and manage it easily.
  6. Open a bank account in Dubai online: You can also provide your documents and try to open your bank account online.

Pros and Cons of Banking in the UAE

As you know, any banking system has pros and cons. I know that if people know all aspects of Banking in the UAE, they can easily make a choice. I want to help you with my experiences and knowledge that come from UAE people. Follow my research about UAE pros and cons:

Pros of Banking in the UAE

There are many advantages of Banking in UAE that are so attractive for any foreign people and businesses. Their banks also offer UAE bank accounts for non-residents to reduce any struggle!

Also read it: PRO Services

  1. Tax Benefits: The best tax environment with no personal income taxes and low corporate taxes.
  2. Financial Stability: The country’s robust regulatory framework and well-established banking institutions ensure financial stability.
  3. Global Connectivity: Access to international financial markets and a wide range of currencies, facilitating global trade and investment.
  4. Islamic Banking: Islamic banking services appeal to those seeking Shariah-compliant financial solutions.
  5. Technological Advancements: Embracing cutting-edge technology, providing efficient and secure online banking options.
  6. UAE bank account for non residents: YES. As you may know, many UAE banks also offer opening bank account in Dubai for foreigners.

Cons of Banking in the UAE

And also, there are some drawbacks to UAE banks; check this out:

  1. High Initial Deposit Requirements: Some bank accounts require you to deposit money. It’s essential to note that not all banks or account types have these high requirements. The deposit amounts can vary widely. You can ask your lawyer or read the policy of each bank to understand them.
  2. Account Fees: Banks may charge various fees for different services and transactions. However, the fee structure can vary between banks and types of accounts.
  3. Complex Regulatory Environment: It can be a good point, but understanding the entire UAE’s banking regulations can be complex, particularly for businesses. On the other hand, you can use lawyer services from many reputable companies like Afdal (We will check their services in the 3 headers next). They can help you not waste your time learning new policies.

bank account in uae

Opening a Bank Account in Dubai (UAE)

Opening a bank account in the UAE can provide many aspects and open many doors for your business. If you want to start a business or convert your business into an international business in a business central, you may need to open a bank account in Dubai! This city has a powerful financial infrastructure, various banking account options, and stability in the economy, changing this place from a normal city in the Middle East to the commercial capital of the world!

Bank Account Types in the United Arab Emirates

We are going to open a new account in UAE banks, but there is a main question, which account is suitable for us? In short, there are many bank accounts in the UAE, and each of them is useful for some reason! You need to know them and choose the best type. Okay, now we want to check the most important account types in the UAE and introduce them:

Personal Accounts

For manage your personal finances in the UAE, you have a wide range of options that you can select. If you don’t know which option is better (like me in past) or you are not sure how to set up your bank account, just follow me in this article:

My Personal Selection! Savings Accounts

Savings accounts in Dubai are designed to help individuals save money while earning modest interest rates. They are ideal for those looking to build a financial safety net.

Current Accounts

This kind of bank account in the UAE, popularly known as current accounts, also known as checking accounts among people, is designed for everyday banking needs. They offer features like checkbooks, debit cards, and electronic transfers.

Salary Accounts

As you can understand from its name, salary accounts are created for receiving salaries, and they offer convenient transfers and provide additional banking services.

Fixed Deposit Accounts

Fixed deposit accounts offer higher interest rates in exchange for locking in a sum of money for a specified period. This is an ideal option for individuals looking to grow their savings securely.

Company Accounts

For business owners and companies, the UAE provides an impressive environment for setting up and managing businesses.

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Corporate Bank Accounts in the UAE

Corporate bank accounts are designed to help the financial needs of larger businesses and corporations.

SME Business Accounts

SEM remain small and medium-sized enterprises (SMEs) are the mainstay of the UAE’s economy. SME business accounts are designed to cover the unique requirements of these businesses.

Offshore Accounts

Offshore accounts are available for non-residents and provide tax advantages and asset protection for international investors.

And also, there are other important bank account types:

  • Multi-Currency Accounts
  • Islamic Accounts
  • Children’s Accounts
  • Joint Accounts
  • Priority or Premier Accounts

Company Registration in the UAE

Company registration in the UAE can be your best choice in your life. In my opinion, you can upgrade your commercial and business life by registering your company or business, or even a small business like a startup, in the UAE. The UAE always welcomes both local and international entrepreneurs. The UAE offers an impressive business environment with various registration options that you can choose from.

Benefits of Registering a Company in the UAE

It’s clear that by registering a company in the UAE, you will receive many advantages. Those advantages include:

  1. Tax Benefits: the tax system of UAE is super impressive, and many businesses love this!
  2. Strategic Location: This country is located at the crossroads of Asia, Europe, and Africa; it’s a lovely option for international businesses.
  3. Stable Economy: The UAE’s stable economy is attractive for everyone, like me.
  4. Ease of Doing Business: The UAE ranks high in business index, which means submitting or registering a company and making money cannot be hard work.

Types of Companies

Like bank accounts, there are some company types in the UAE. I want to introduce them to help you start your business or company in the UAE, ASAP!

  1. Limited Liability Company (LLC): The LLC is popular for business managers like me. LLC is a limited liability but is useful for starting small to medium-sized businesses in the UAE.
  2. Professional Company (Civil Work Company): This type of company is designed for licensed professionals, like doctors, engineers, and consultants. I highly recommend you to talk with an expert company like Afdal to help you choose a company type. Professional companies are allowed to provide professional services in the UAE.
  3. Branch or Representative Office of Foreign Companies: International companies can set up their branches or representative offices in the UAE; this country allows them to work with local businesses.

Finally, How to Set Up a Bank Account in the UAE?

When you want to open a bank account or register a new company in the UAE, you need professional help! In this situation, any small mistakes can cost you or change your path. Don’t risk it; join me to use Afdal services. Who is Afdal Group, and how can they help us? Afdal Group, a well-known company in Dubai, is here to assist you and me in starting our bank account or business in the UAE. In short, Afdal Group’s services include:

  • Residency Assistance: If you want to be a resident of the UAE, Afdal Group can help you make it happen.
  • Company Registration: Afdal Group has too much experience in registering a company and solving issues with the UAE government.
  • Opening a bank account: Afdal group can also help us choose the bank account type and open it super easily!

Why is it better to choose Afdal Group?

  • Official Authorization: Afdal Group is officially authorized by the UAE government.
  • Seamless Process: Afdal business set up in Dubai simplifies the complex migration and setup process.

I highly recommend you to use Afdal Group’s services. They are our trusted partner for a safe and successful bank account setup in the UAE. Keep in touch with them and contact Afdal to have expert guidance.

Conclusion

In this impressive article, I tried to help you understand more about bank accounts in the UAE. We have learned about banks in UAE, top banks, their services, and their benefits. Related to my previous experiences, we also covered pros and cons of the UAE banks to know the number of pros is highly more than cons. After that, we explored all popular types of bank accounts in UAE, and we talked about their advantages. You can always come back to this article and check them again.

As you know, we understand that the UAE is a great country for any businesses and business managers. It doesn’t matter if you have a large company or if you have only an idea to register a startup, you can always use these super useful benefits and make money like me in Dubai or Abu Dhabi.

There are many types of businesses that you can choose from. And finally, we discovered that you can get any guidance from Afdal group. I used their services, and I recommend you to put a ZERO in front of your risk amount and use their services. You can easily use their services to open a bank account, register a company, or provide documents to be a UAE resident.