Best Banks in UAE (and Dubai) for Expats

With top marks in global business competitiveness, happiness, quality of life and innovation, the UAE continues to attract expats from around the world. In fact, the expat concentration in the UAE is one of the highest worldwide, with about 80% non-Emirati.

Choosing a bank is among the first things to do as an expat when moving to a new country, so we’ve compiled a banking guide with a list of the best banks in the UAE for expats.

Opening a bank account in Dubai and the UAE for expats

Before opening a bank account in the UAE, you need to prove your residence & employment status. Here are the standard documents required to open a UAE Bank Account:

• • International passport with 2 photocopies
  • Residency visa
  • Proof of employment: If self-employed, provide original trade license. If your spouse is sponsoring you, you will need to provide your spouse’s work ID or labor card.
  • Proof of residence address e.g. utility bill, rental agreement etc.
  • UAE-acceptable identity card e.g. Emirates ID, valid driver license, labor card etc.
  • Employment letter stating title and salary

Things to consider when selecting a bank in the UAE

If you’ve got all your documents ready, we’ll discuss things you need to consider when choosing a bank in the UAE. 

Competitive rates 

It should go without saying that finding competitive savings and loan rates are important in your search for a bank in the UAE. However, rates may not be the most important consideration for an expat, especially as the UAE bank market is extremely competitive. The difference in rates (savings and loans) among banks is mostly within basis points (0.01%) of each other.

Bank & employer relationship 

The relationship between your employer and your bank isn’t usually a consideration in most countries. But, in the UAE, you may receive recommendations from your employer to use certain banks. These banks may offer quicker salary receipts, lower minimum balance requirements and cheap rates on international transfers. If your employer has such a relationship, it might be in your financial interest to bank there as well.

Branch & ATM network

Getting your bearings right in a new country is tough. Don’t make it any harder by choosing a bank with branches far from your home or office in UAE. I’d recommend you select the bigger banks with larger footprints and ATM networks to save on charges from using other bank ATMs. However, with technology, this might be less of a consideration especially if you use Apple, Google or Samsung Pay. Thankfully, most places in the UAE take cards, maybe except some souks, which prefer cash.

International transfer fees

As an expat, you may come alone or with your family to the UAE. Usually, you will still need to pay bills at home or even send money to your loved ones back home. Thus, it is important to check out international transfer fees to your home country as this may be a significant expense in your annual budget.

Minimum balance requirements

Banks in the UAE usually have minimum balance requirements on current accounts and charge heavy fees for not maintaining them. Fees for non maintenance of balance start from around 26.25 AED ($7.15). So, it’s crucial to shop around and keep this in mind when looking for a bank. Most savings accounts have a zero minimum balance. However, almost all UAE banks stipulate that you maintain a minimum balance of 3,000 AED – 5,000 AED ($272 – $1,361) for current(checking) accounts.

Loan options

Generally, UAE banks offer loans that are 10 – 20 times your monthly salary. You will also need to show sufficient proof of employment and satisfactory work history to qualify. On the other hand, mortgages are more accommodating. A home mortgage loan of 50 – 70 times your monthly salary is common in the UAE. Local banks tend to offer better rates than international banks in terms of loan size and interest rate. Always compare banks for the specific type of loan you are interested in.