Dubai Travel
Complete Dubai travel guide & vacation planning

Dubai Banks

Dubai is full of banks which normally serve with all the services which we could get used to, when dealing with banks. There are of course some differences, for example the Islamic banks, but these are more often used by companies than by individuals. Hereby we give you some useful information on Dubai banks:

There are basically two types of Dubai Banks: the investment banks, which are also called merchant banks and the industrial banks. Banks are either national or Gulf area banks or branches of Western banks. In Dubai, every bank is licensed and governed by the Central Bank of Dubai. Also, branches of Western banks must ask for an individual branch bank licence in case of each one of their branches in the area of the United Arab Emirates.

When it comes to opening regular bank accounts in Dubai banks, most banks work with a minimum balance. This balance ranges from AED 1000 up to AED 10.000. When you are to open a bank account, Dubai banks will require you to have your residence visa and along with it, your job as well. You will need all your papers and copies also salary paper from your employer. Most often, it is the best for you to open your bank account in the same bank in which your employing company keeps its account too. Monthly fees are between 50-100 Dirhams. Savings accounts though have usually no obligatory balances. Dubai banks though have minimum salary requirements that are bad for many living out of lower wages as mostly they start from AED 10,000 per month. You must ask about it before going to a bank, in order to avoid the long a useless waiting.

Every year, Dubai banks are tested and surveyed for statistic reasons. Dubai’s main bank surveyor is called Ethos Consultancy who releases all their annual statistics on Dubai banks. The statistics are based on surveys measuring the level of customer service, the level of call centre, the level of bank services and also the yearly income they make. According to their last yearly statistics, the best bank of the United Arab Emirates is the RAK Bank (Bank of Ras Al Khaimah emirate) which has its branch offices in Dubai. The First Gulf Bank is the second best of Dubai banks with exceptional customer service. Dubai Islamic Bank, National Bank of Dubai is also famous for having good quality services.

In the recent years, there has been some worsening in the whole bank system of Dubai on an international level. This has resulted in the biggest international banks either pulling out or limiting their services drastically. Several international banks have released almost 50% of their crew and they have stopped dealing with bigger value or commercial loans

Apart from this fallback Dubai banks work with double force and according to recent projects, they do their best to outwork a plan in order to create offshore banking possibilities for expats and for foreign investors.