Best Banks for Expats in Dubai [Updated for 2024]

Moving to Dubai or planning to relocate soon? One of the essential steps in your journey is setting up a Dubai bank account.

Having a bank account in Dubai is essential for receiving your salary, paying rent, managing bills, and handling other expenses conveniently.

Setting up a personal account is relatively straightforward, and many banks offer no-minimum balance accounts if your salary is at least AED 3,000.

In this article, we’ll guide you through choosing the best bank in Dubai for expats and provide tips to simplify the banking process, ensuring you have a smooth financial transition to your new life in the city.

Required Documents to Open a Bank Account in Dubai for Resident Expats

As an expat new to Dubai or planning to move soon, knowing the necessary documents to open a bank account will make the process smoother and more efficient. Here's what you need:

For Personal Accounts:

Copy of Passport: This must include the page with your residence visa stamp, as you need to be a resident to open a bank account.
Original Passport: Required to validate the copy of your passport.
Sponsor’s Letter of No Objection: This letter, provided by your employer, confirms that your sponsor has no objections to you opening a bank account.

For Business Owners:

If you own a business in Dubai, the requirements differ slightly. You can bypass the sponsor's letter of no objection, but you will need:

Proof of Residence: Such as utility bills or a rental agreement to confirm your address.
Business License Copy: To verify your business ownership and income source.

For Salary Transfer Accounts:

To open a salary transfer account, which is common for receiving your salary directly into your bank account, you will need:

Salary Certificate: A document from your employer detailing your monthly salary.
Appointment Letter or Contract Copy: These can substitute the salary certificate, proving your employment and income.

By having these documents ready, you can ensure a hassle-free experience when setting up your bank account in Dubai. This preparation will help you avoid any delays and get your finances in order quickly as you settle into your new life.

Best Banks in Dubai for Expats

Understanding the documentation is just the first step. Now, let's delve into the best banks that offer tailored services for expatriates in Dubai.

These banks are known for their expat-friendly policies, comprehensive services, and ease of access, making them ideal choices for new arrivals and long-term residents alike.

Emirates NBD

Emirates NBD stands out as one of the top choices for expats in Dubai, known for its trustworthiness and exceptional service. As the largest bank in Dubai, it offers a robust banking experience both online and offline, ensuring convenience and accessibility.

Extensive Reach: With a footprint in 13 countries, serving nearly 17 million customers through 879 branches and 4,130 ATMs/SDMs, Emirates NBD ensures easy accessibility for all its customers.
Expat-Friendly Services: Emirates NBD is renowned for its expat-friendly services, offering a wide range of personal and business banking solutions tailored to meet the needs of expatriates. Whether you need a basic personal account, a savings account, or business banking services, Emirates NBD has you covered.
Credit Card Benefits: The bank offers a variety of credit cards designed to cater to the needs of expats. These cards come with attractive benefits such as travel rewards, cashback, and exclusive offers, making them a great choice for those looking to maximize their savings and enjoy additional perks.

Emirates NBD Accessibility and Services

Emirates NBD is committed to providing convenient and exceptional customer experiences through its comprehensive network and digital platforms.

Branch and ATM Network: Emirates NBD boasts an extensive branch network across Dubai, making it easy for customers to visit a branch near their home or workplace. The friendly and knowledgeable staff at these branches are always ready to assist with any banking needs. Additionally, the vast network of ATMs ensures that you can access cash withdrawals, balance inquiries, and other transactional services conveniently.
Digital Banking: Emirates NBD offers a robust online banking platform and a user-friendly mobile app, allowing you to perform a wide range of banking transactions from anywhere. You can transfer funds, pay bills, manage your accounts, and much more with just a few clicks.
Customer Service: Emirates NBD provides excellent customer service, with multilingual support and dedicated relationship managers to help expats navigate their banking needs.

By choosing Emirates NBD, you’re opting for a bank that understands the unique requirements of expats and provides a seamless banking experience designed to make your transition to life in Dubai as smooth as possible.

Abu Dhabi Commercial Bank (ADCB)

As the third-largest bank in the UAE, Abu Dhabi Commercial Bank (ADCB) offers a seamless and efficient banking experience, making it a popular choice among expats in Dubai.

With its origins in a three-way merger in 1985, ADCB has grown to have a significant presence in Dubai, known for its quick account opening process, attractive credit card offers, and affordable loans.

Quick Account Opening: ADCB is renowned for its smooth and fast account opening process, which is particularly beneficial for expats who want to get their finances in order quickly upon arrival.
Credit Card Benefits: ADCB provides a variety of credit cards tailored to meet different needs and lifestyles. Whether you're looking for cashback rewards, travel privileges, or dining discounts, ADCB has a card that offers these benefits and more.
Affordable Loans: For expats needing financial support, ADCB offers competitive loan options with attractive interest rates and flexible repayment terms. Whether it’s for education, home renovation, or starting a business, ADCB’s loan products can help you achieve your financial goals.

ADCB Convenience and Digital Services

ADCB ensures a convenient and user-friendly banking experience through its extensive branch network and advanced digital services.

Branch Network: ADCB has strategically located branches across Dubai, providing easy access for face-to-face banking and personalized service. Knowledgeable staff are available to assist with all your banking needs.
Online Banking: ADCB’s online banking platform offers a secure and intuitive interface, allowing you to manage your accounts, make transactions, pay bills, and apply for loans or credit cards from the comfort of your home or office.
Mobile Banking: The ADCB mobile app extends the convenience of online banking to your mobile device. With the app, you can access your accounts on the go, perform quick transfers, pay bills, and find the nearest branch or ATM with ease.

By choosing ADCB, expats can benefit from a bank that understands their needs and offers a comprehensive range of services to make banking in Dubai straightforward and stress-free.

Mashreq Bank

Established in 1967, Mashreq Bank has been a prominent financial institution in Dubai for over five decades. Known for its comprehensive personal and corporate banking services, Mashreq Bank is a notable choice for expats.

Digital Banking Focus: In recent years, Mashreq Bank has shifted its focus towards digital banking, significantly enhancing its online services. This makes it a convenient option for tech-savvy expats who prefer managing their finances digitally.
Comprehensive Services: Despite a reduced physical presence, Mashreq Bank offers a wide range of services, including personal accounts, loans, and corporate banking solutions, tailored to meet the needs of expats and residents alike.
Customer Support: The bank provides dedicated customer support to ensure a smooth banking experience. Their customer service team is readily available to assist with any queries or concerns, enhancing the overall banking experience.

Mashreq Bank Digital Banking

Mashreq Bank excels in digital banking, offering innovative and user-friendly solutions through its smartphone app and online platform.

User-Friendly App: Mashreq Bank’s mobile app provides a seamless banking experience, allowing you to manage your accounts, transfer funds, pay bills, and monitor your investments with ease. The app is designed to be intuitive and accessible, making everyday transactions straightforward.
24/7 Accessibility: With Mashreq’s digital banking services, you can access your account anytime, anywhere. This flexibility is particularly beneficial for expats who need to manage their finances across different time zones.
Quick Remittance Service: The bank offers a fast and efficient remittance service for international transactions. With just a few taps on your smartphone, you can send money to family, friends, or business partners overseas without the hassle of paperwork and long waiting times.

By choosing Mashreq Bank, expats can enjoy the convenience of advanced digital banking solutions, making financial management in Dubai easier and more efficient.

First Abu Dhabi Bank (FAB)

Formed in 2016 through the merger of First Gulf Bank and National Bank of Abu Dhabi (NBAD), First Abu Dhabi Bank (FAB) has quickly become a leading financial institution in the UAE.

It is the largest bank in the UAE in terms of assets and market capitalization and has been recognized as the safest bank in the UAE by Global Finance.

Strong Presence and Reputation: As the largest bank in the UAE, FAB offers a wide range of personal banking services tailored to meet the needs of expats. Its strong reputation and extensive resources make it a reliable choice for managing your finances in Dubai.
Personal Bank Accounts: FAB provides a variety of personal bank accounts, including savings accounts, current accounts, and fixed deposit accounts. These accounts come with features such as online banking and mobile app access, making it easy for you to manage your money conveniently.
Credit Cards: FAB offers an impressive range of credit cards designed to cater to different lifestyles and preferences. Whether you're looking for cashback rewards, travel benefits, or exclusive privileges, FAB has a credit card to meet your needs. These cards offer convenience, flexibility, and security, making them a top choice for expats.
Lending Services: FAB is a leading book-runner for syndicated loans, providing comprehensive lending solutions for personal and business needs.

FAB Accessibility and Services

First Abu Dhabi Bank is committed to providing a seamless and hassle-free banking experience for expats in Dubai.

Branch and ATM Network: FAB has an extensive network of branches and ATMs across Dubai, ensuring easy access to banking services. Whether you prefer in-person banking or using an ATM for quick transactions, FAB's widespread network ensures convenience.
Digital Banking: FAB’s online banking platform and mobile app offer a secure and user-friendly experience. You can perform various banking transactions, manage your accounts, and access a range of financial services from the comfort of your home or on the go.
Customer Service: FAB provides excellent customer service with a dedicated team of professionals ready to assist you. Whether you need help opening an account, choosing the right credit card, or understanding loan options, FAB’s customer service team is there to guide you through your banking journey.

By choosing First Abu Dhabi Bank, expats can benefit from a bank that combines robust financial services with exceptional security and customer support, ensuring a reliable and efficient banking experience in Dubai.

Dubai Islamic Bank (DIB)

Dubai Islamic Bank (DIB) stands out as a pioneer in Islamic banking, offering a comprehensive range of Shariah-compliant products and services.

Established in 1975, DIB has grown to be the largest Islamic bank in Dubai and the third-largest in the world, serving approximately 1.7 million customers.

For expats seeking ethical banking solutions aligned with Islamic principles, DIB is an excellent choice.

DIB Shariah-Compliant Banking

DIB’s products and services are designed to comply with Islamic principles, ensuring all transactions are ‘Riba-Free’ (interest-free). This makes DIB an attractive option for those who follow the Muslim faith.

Instead of paying interest, DIB offers attractive profit rates based on faith-compliant investments, allowing customers to grow their wealth in a manner that aligns with their beliefs.

Savings and Deposits

DIB offers a variety of savings accounts that provide competitive profit rates and flexible withdrawal options, ensuring that your money works for you while adhering to Islamic principles.

General Savings Accounts: Ideal for everyday savings with competitive profit rates.
Children’s Savings Accounts: Designed to help parents save for their children’s future.
Fixed-Term Deposits: Offer higher profit rates for funds locked in for a specific period.

Financing Solutions

DIB provides a comprehensive range of financing solutions tailored to meet the diverse needs of its customers.

Home Financing: Shariah-compliant options for purchasing or constructing a home.
Personal Finance: Ethical financing options for personal expenses.
Auto Finance: Interest-free financing for purchasing vehicles.
Business Financing: Solutions to support the financial needs of businesses while adhering to Islamic principles.

Investment Products

For customers interested in investment opportunities, DIB offers a range of Shariah-compliant investment products that enable individuals to invest their funds ethically.

Equity Investments: Opportunities to invest in shares and equities in compliance with Islamic principles.
Real Estate Investments: Faith-compliant options for investing in property.
Islamic Mutual Funds: Diversified investment options managed in accordance with Shariah law.

Accessibility and Digital Services

DIB combines traditional banking services with modern conveniences to provide a seamless banking experience for its customers.

Branch and ATM Network: DIB has an extensive network of branches and ATMs across Dubai, ensuring easy access to banking services. The knowledgeable staff at these branches are equipped to provide personalized assistance.
Digital Banking: DIB’s online banking platform and mobile app offer secure and user-friendly interfaces. Customers can manage their accounts, perform transactions, and access various banking services from anywhere, at any time.

By choosing Dubai Islamic Bank, expats can benefit from a banking experience that is both ethical and comprehensive, ensuring their financial needs are met without compromising their beliefs.

NeoBanks for Expats: Modern Banking Solutions

Neo-banks have revolutionized the banking landscape in Dubai, offering expats a seamless and entirely digital banking experience.

Operating exclusively online without traditional physical branches, neo-banks provide quick and easy account opening, making them an ideal choice for tech-savvy expats. Here are two popular neo-banks in Dubai:

Liv. by Emirates NBD

Launched in 2017, Liv. is a digital-only bank from Emirates NBD designed to cater to the modern, mobile-first generation. Liv. offers a full suite of banking services, all managed through a user-friendly mobile app.

Quick Account Opening: Open a bank account in minutes with minimal documentation directly through the app.
Comprehensive Services: Access savings and current accounts, debit cards, credit cards, and personal loans all through the app.
User-Friendly Interface: The Liv. app is designed for ease of use, making it simple to manage your finances, make payments, and track expenses.
Exclusive Offers: Liv. provides various offers and rewards, including cashback and discounts on popular services and products.

Mashreq NEO by Mashreq

Following the success of Liv., Mashreq Bank launched Mashreq NEO in 2017, offering a similar digital banking experience.

Mashreq NEO aligns with Mashreq’s focus on building a robust online presence and provides a comprehensive range of banking services.

Hassle-Free Banking: Enjoy a quick and easy account opening process with just a few taps on your smartphone.
Wide Range of Services: From fund transfers and bill payments to savings and investment options, Mashreq NEO offers all the essential banking services.
State-of-the-Art Security: The app incorporates advanced security features to ensure your transactions and data are safe.
Convenience for Expats: With Mashreq NEO, expats can manage their finances from anywhere, making it an ideal choice for those on the move.

Advantages of Neo-Banks for Expats

Neo-banks like Liv. and Mashreq NEO offer several advantages that make them appealing to expats:

Speed and Convenience: Open accounts and perform transactions quickly without visiting a branch.
24/7 Access: Manage your finances anytime, anywhere through intuitive mobile apps.
Innovative Features: Benefit from features like expense tracking, budgeting tools, and personalized offers.
Lower Fees: Often, neo-banks have lower fees compared to traditional banks, making them cost-effective for everyday banking.

By choosing a neo-bank, expats can enjoy a modern, efficient, and hassle-free banking experience tailored to their digital lifestyle.

Important Note: While neo-banks offer the convenience of online and mobile banking, it's important to note that they lack physical branches. This means you cannot visit a branch for in-person assistance. If any issues arise, you will need to rely on online support, which can sometimes be slow due to high volumes of support requests. However, they typically provide efficient ATM services for withdrawals and deposits.

Key Factors for Expats to Consider when Choosing a Bank in Dubai

Choosing the right bank is crucial for expats in Dubai, as it can significantly impact your financial management and overall banking experience. Here are essential factors to consider to help you make an informed decision:

Bank Fees & Minimum Balance Requirements

Understanding the fee structure and minimum balance requirements is vital. Different banks have varying policies, including monthly maintenance fees, transaction fees, and minimum balance requirements. It's essential to:

Clarify Fees: Determine all potential fees associated with the account, including ATM fees, overdraft fees, and foreign transaction fees.
Minimum Balance: Check if the bank requires a minimum balance and what the penalties are for not maintaining it. Choose a bank that aligns with your financial habits and avoids unnecessary charges.

Conditions for International Transfers

As an expat, you'll likely need to send money abroad regularly. Consider the following:

Transfer Fees: Compare fees for international transfers, as these can vary significantly between banks.
Exchange Rates: Look for banks offering competitive exchange rates to ensure you get the best value for your money.
Transfer Speed: Check the time it takes for funds to reach their destination, as some banks process transfers faster than others.

Online and Mobile Banking

Given the convenience of digital banking, it's crucial to choose a bank with a robust online presence:

User-Friendly Platforms: Ensure the bank offers a secure, easy-to-use online banking platform and mobile app. Features should include fund transfers, bill payments, account management, and customer support.
Reliability: Look for banks with reliable digital services that minimize downtime and provide a seamless banking experience.

Offline Presence

While online banking is convenient, having access to physical branches and ATMs is also important:

Branch Locations: Choose a bank with branches conveniently located near your home or workplace for easy access to in-person services.
ATM Network: A wide network of ATMs can save you from paying extra fees for using out-of-network machines and provide easy access to cash withdrawals and other ATM services.

Customer Service

Responsive and efficient customer service is crucial for resolving issues and answering queries:

Support Channels: Look for banks that offer multiple customer support channels, such as phone, email, live chat, and in-branch assistance.
Service Quality: Choose a bank known for its excellent customer service, ensuring you receive prompt and helpful responses when needed.

Also Read: Moving to Dubai from the UK: A Comprehensive Guide

Frequently Asked Questions

Can I open a bank account in Dubai as a non-resident?

While most banks in Dubai require you to be a resident to open a standard account, some banks offer accounts for non-residents. However, these accounts may have higher fees and more stringent requirements.

What documents do I need to open a bank account in Dubai?

Typically, you'll need:

A copy of your passport (including the residence visa page)
The original passport for validation
A sponsor's letter of no objection (if you are employed)
Proof of residence or a business license copy (if you own a business)
A salary certificate or an appointment letter/contract copy for salary transfer accounts

Which are the best banks in Dubai for Expats?

The best banks in Dubai for expats are Emirates NBD, Abu Dhabi Commercial Bank - ADCB, First Abu Dhabi Bank (FAB), Dubai Islamic Bank (DIB), Mashreq Bank, and neo-banks like Liv. by Emirates NBD and Mashreq NEO.

These banks are known for their expat-friendly services, extensive branch and ATM networks, robust digital banking platforms, and comprehensive financial products tailored to meet the needs of expatriates.

Are there banks that offer expat-friendly services in Dubai?

Yes, several banks in Dubai offer expat-friendly services, including Emirates NBD, First Abu Dhabi Bank (FAB), and Dubai Islamic Bank (DIB). These banks provide tailored services such as international transfers, multilingual support, and digital banking solutions.

How do I choose the best bank for international transfers in Dubai?

Consider factors such as transfer fees, exchange rates, and transfer speed. Look for banks that offer competitive rates and low fees for international transactions, ensuring you get the best value for your money.

Is it possible to manage my bank account entirely online in Dubai?

Yes, many banks in Dubai offer comprehensive online and mobile banking services. Neo-banks like Liv. by Emirates NBD and Mashreq NEO are entirely digital, allowing you to manage your accounts, make transactions, and access banking services through their mobile apps.

What are the benefits of using neo-banks in Dubai?

Neo-banks offer several advantages, including quick and easy account opening, lower fees, 24/7 access to banking services, and innovative features like expense tracking and budgeting tools. They are ideal for tech-savvy expats who prefer managing their finances digitally.

Must read: Average Salary in Dubai

Conclusion

So there you have it - the best banks in Dubai for expats. When it comes to picking a bank in Dubai, you have plenty of options. But remember, not all banks and accounts are created equal.

Choose a bank that fits your unique needs and requirements. Do your due diligence to avoid extra fees and hidden charges. If you need something straightforward, an online account with a neo-bank like Liv. by Emirates NBD or Mashreq NEO might be just right for you.