Over the years, life in the UAE has become more and more accessible in the UAE, even more than it already was. With its affordable rent and variety of residency options available, anyone can start a life in the UAE. However, before that, you must sign up with a trusted bank. There are plenty of options for banks in the UAE, but our guide will cover the best banks for expats in the UAE.
What You Should Consider When Choosing a Bank in the UAE?
Before picking the best banks for expats in the UAE, it’s important to keep certain factors in mind, including:
Convenience
One of the most important factors to consider when choosing a bank in UAE is convenience and availability. The banks should have a vast network of branches and ATMs in the country. This allows you to easily offer facilities such as offline banking and withdraw cash from ATMs whenever you choose.
So, make sure to pick a bank that has plenty of available branches and ATMs all over the country.
Fees
Another crucial factor worth considering is the bank fees. What does the bank charge for its services?
These include account maintenance fees, transaction fees, and foreign exchange charges. Ideally, you want a bank that offers services with the lowest possible fees or no-fee services.
It’s also important to consider your own wants and needs before choosing a bank. If you’re dealing with clients from abroad, then you would want a bank with low foreign exchange charges.
Customer Service
A bank is represented by the treatment that the staff shows to its employees. Choosing a bank with staff that is friendly, knowledgeable and champions customer service is crucial. Staff that builds strong interpersonal relationships with customers ensure the customers keep coming back.
Always consider the treatment and helpfulness of the staff when deciding on a bank in the UAE.
Netbanking
When choosing the best banks for expats in the UAE, net banking is a very important factor. It allows customers to track information, manage their accounts and conduct transactions from their homes. Banks need to offer convenient net banking services that offer security and a user-friendly experience.
If you’re someone who does a lot of transactions via phone, then choose a bank with good net banking services.
Benefits
A great bank offers its customers various perks and benefits in both spending and saving their money. These come in the form of special offers with discount on various services or a percentage cashback at certain transactions.
Make sure to pick a bank that offers a broad variety of benefits that fit your personal wants and needs.
The Best Banks for Expats in UAE
UAE’s leading banks offer high-quality customer service with great benefits and many ATMs and branches all over the country. Here are some of the best banks for expats in the UAE.
Abu Dhabi Commercial Bank
The Abu Dhabi Commercial Bank – or ADCB for short – is the third largest bank in the UAE. Formed in 1985, the bank has left its footprint all over UAE with 48 branches across the country.
ADCB is also highly regarded among expats for its fast and responsive service. Additionally, the bank offers a variety of credit cards and a plethora of other offers for expats. With cashback, restaurant discounts and travel privileges, ADCB has got you covered.
What’s more is that ADCB also offers affordable loans. Loans can be taken by both locals and expats for a variety of purposes including home loans in the UAE.
Emirates NBD
The Emirates NBD is among the country’s largest and most well-reputed banks. It has 879 branches in 13 countries, 17 million customers, and 4,130 ATMs.
Not only that, but the bank also has plenty of benefits to help expats make the most of their savings. The Emirates NBD has plenty of credit card options. They come with benefits like travel rewards, cashback and other exclusive perks and offers.
Dubai Islamic Bank
The Dubai Islamic Bank stands out thanks to its adherence to Islamic Sharia law.
The concept of Interest is forbidden in Islam. As such, Dubai Islamic Bank and other Islamic banks in the UAE offer Sharia-compliant banking services. That includes Emirates Islamic and Abu Dhabi Islamic Bank.
Another aspect of Dubai Islamic Bank that makes it attractive is that it promises appealing profits on faith-based investments. It’s also notably the largest Islamic bank in Dubai and the third-largest Islamic bank in the world. It has over 1.7 million customers across 500 branches today.
First Abu-Dhabi Bank
This bank was born of a merger between First Gulf Bank and the National Bank of Abu Dhabi in 2016. The First Abu-Dhabi Bank offers a wide range of options for getting a bank account in the UAE.
Customers can choose between creating current accounts, savings accounts or fixed deposit accounts. Taking assets and market capitalization into account, the First Abu-Dhabi Bank is the largest bank in the entire country.
Moreover, the bank is recognised as the safest bank in the UAE. As such, customers can rest easy knowing their hard-earned money remains safe and sound.
Additionally, the First Abu-Dhabi Bank offers credit cards with benefits like cashback, travel privileges and other exclusive perks.
RakBank
The National Bank of Ras Al Khaimah (or RakBank) is among the best banks for expats in UAE. It’s widely favoured by locals and expats alike for its impeccable customer support, widespread network and wide range of services.
Moreover, RakBank has earned numerous distinctions, such as being the SME Bank of the Year and Best Internet Banking rewards. The bank serves over 1.7 million customers and has 33 branches in the UAE.
FAQs
Expats can easily open bank accounts in the UAE. However, they must first complete an application and sign the appropriate documents in person at the bank.
The minimum account balance for most banks in the UAE is AED 3000.
Banks have increasingly made life significantly more appealing for expats moving to the UAE. With plenty of appealing offers and benefits, there is no shortage of options when it comes to picking the best banks in the UAE.
Moving into the UAE as an expat? You can’t miss out on important things such as banking. Luckily, this guide will walk you through every step! You can also check out our guide on UAE citizenship for expats.
