The UAE’s banking sector is booming, with a diverse range of financial institutions catering to both residents and expats. Whether you’re looking for personal banking services, business solutions, or the latest in digital banking, banks in UAE offer numerous options to help you manage your finances.
From international banks with some of the top names in the financial sector to more niche digital services, banks in UAE offer something for everyone. We explore everything you need to know about choosing the best banks in the UAE. Whether you’re a UAE citizen, expat, or business owner, this article will guide you through everything you need to know about banking in the UAE.
In this guide you will learn about:
Banking in UAE
The UAE’s banking sector is robust, highly capitalized, and technologically advanced, offering a mix of local, international, and Islamic banking options. Major domestic players include Emirates NBD and First Abu Dhabi Bank (FAB), while global institutions such as HSBC also maintain a strong presence. Islamic banking is well-represented, with leaders like Dubai Islamic Bank providing Sharia-compliant services.
Expats with residency can open accounts relatively easily, whereas non-residents face stricter requirements, though many leading banks still provide tailored services. The sector’s conservative lending practices, combined with recent regulatory improvements, ensure secure, efficient transactions and a reliable banking environment for both individuals and businesses.
The investor-friendly regulations, tax incentives, and range of business and investment opportunities have truly put the UAE on the map for foreign investment, with options like the UAE Golden Visa growing in popularity. Luckily, the UAE banking sector has kept up, with multiple banks and branches throughout the United Arab Emirates offering tailored services to foreign investors.
Top 10 Banks in UAE
Here is a top ten best list of banks in the UAE, offering some of the best services to expats and locals. Whether you are looking for a banking partner for personal or business banking, the United Arab Emirates has a range of banking options available.
- First Abu Dhabi Bank (FAB)
- Emirates NBD
- Dubai Islamic Bank (DIB)
- Abu Dhabi Commercial Bank (ADCB)
- Mashreq Bank
- RAKBANK
- Abu Dhabi Islamic Bank (ADIB)
- United Arab Bank (UAB)
- Citibank United Arab Emirates (Citi UAE)
- Standard Chartered UAE
01/ First Abu Dhabi Bank (FAB)
One of the biggest banks in UAE, formed from the merger of First Gulf Bank and the National Bank of Abu Dhabi. First Abu Dhabi Bank offers a wide range of retail and corporate banking solutions, including wealth management and investment banking services.
02/ Emirates NBD
Launched in 2007 after the merger between National Bank of Dubai (NBD) and Emirates Bank International, Emirates NBD is one of the most prominent banks in the UAE. It is known for its extensive digital banking services and a strong presence in retail banking services, corporate banking, and private banking services.
03/ Dubai Islamic Bank (DIB)
Started in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE. DIB provides Sharia-compliant financial solutions, including personal finance, home finance, and business banking.
04/ Abu Dhabi Commercial Bank (ADCB)
Launched in 1985, Abu Dhabi Commercial Bank is a key player in retail, corporate, and investment banking in the UAE. ADCB offers a variety of products, including mortgages, personal loans, commercial banking services, and wealth management services.
05/ Mashreq Bank
Started in 1967, Mashreq Bank is one of the oldest and most innovative banks in the UAE. Mashreq Bank is well known for its digital banking solutions, trade finance, and corporate banking services.
06/ RAKBANK
Also known as the National Bank of Ras Al Khaimah, RAKBANK is focused on personal and SME banking with a strong emphasis on customer service and financial products tailored for small businesses.
07/ Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank is a major player in UAE Islamic banks, offering a comprehensive range of Sharia-compliant financial services, including personal and corporate banking, wealth management, and digital banking solutions.
08/ United Arab Bank (UAB)
United Arab Bank offers a range of financial services, including personal banking, corporate banking, and Islamic banking solutions. UAB has a presence across multiple emirates in the UAE, providing comprehensive banking solutions to its customers.
09/ Citibank United Arab Emirates (Citi UAE)
Citi UAE offers a comprehensive range of services, including consumer banking, corporate and investment banking, and wealth management. The bank operates full-service branches in Abu Dhabi, Dubai, and Sharjah, and has established offices in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) to cater to its clients’ needs.
10/ Standard Chartered UAE
Standard Chartered UAE has been operating since 1958 and serves as the regional hub for the bank’s Africa and Middle East operations. It offers a wide range of conventional and Islamic banking services. The bank is also focused on innovation and sustainability, launching initiatives like the Islamic Sustainable Account to support environmentally and socially responsible projects.
List of International Banks in UAE
If you would prefer to use an international bank in the UAE, the UAE Banks Federation recognizes the following and more:
- Doha Bank
- BNP Paribas
- Bank Melli Iran
- Al Ahli Bank of Kuwait
- HSBC
- Arab African International Bank
- Habib Bank AG Zurich
- Gulf International Bank
- Samba Financial Group
- Bank of China
- United Bank Limited
- Barclays Bank
- Industrial and Commercial Bank of China
- Banque Misr
Digital Banks in UAE
Digital banking platforms in the UAE are fully online banks or financial institutions that offer banking services through digital platforms, without the need for traditional physical branches. They are designed to provide convenient, fast, and user-friendly financial services.
List of digital banks in the UAE
- YAP
YAP is a branchless digital bank offering quick, paperless account setup via its app. YAP offers smart money management tools, including expense tracking, budgeting, and real-time spending alerts. Users can enjoy virtual cards for secure online payments, easy international transfers, and complete fee transparency.
- Neo by Mashreq
Mashreq Neo is a fully digital bank powered by Mashreq, designed for a smart, mobile-first lifestyle. Operating entirely through your smartphone, it allows users to open an account instantly, manage finances, transfer money locally and internationally, pay bills, and even trade stocks
- Wio Bank
Wio Bank is a fully digital bank based in Abu Dhabi, backed by major UAE institutions including ADQ and First Abu Dhabi Bank. It offers both personal and business banking through a user-friendly mobile banking app, with features like multi-currency accounts, high-interest savings, virtual cards, and built-in invoicing tools.
- Liv. by Emirates NBD
Liv is a fully digital financial platform developed by Emirates NBD Group and licensed by the Central Bank of the UAE. Designed exclusively for individuals, Liv blends traditional banking reliability with a modern, digital-first experience. Liv benefits from strategic partnerships with Emirates NBD and Emirates Islamic Bank.
Comparison of the Best Banks in the UAE
With so many strong banking options across the UAE, the best bank for you will depend on the type of services you’re looking for. Whether you need everyday banking, digital convenience, Islamic finance, or business support, UAE banks offer tailored solutions for residents and expats alike. Here’s a simple overview to help guide your choice:
| Your Banking Need | Best UAE Bank Solutions | Why These Banks Work Well |
|---|---|---|
| Everyday Personal Banking | Emirates NBD, Abu Dhabi Commercial Bank (ADCB), RAKBANK | These banks offer wide branch networks, strong customer support, and a full range of account types suitable for both residents and expats. |
| Digital-Forward Banking | Mashreq Bank, Liv. by Emirates NBD, Neo by Mashreq, Wio Bank | Ideal if you prefer quick onboarding and app-based banking. These platforms offer seamless digital services, smart tools, and easy transfers. |
| Islamic Banking | Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), United Arab Bank | These institutions specialise in Sharia-compliant products, offering ethical finance, profit-sharing accounts, and Islamic investment solutions. |
| International Banking | Citibank UAE, Standard Chartered UAE, HSBC | A strong fit for expats or global professionals needing multi-currency accounts, international transfers, or overseas account connectivity. |
| Loans, Credit and Mortgages | ADCB, RAKBANK, Emirates NBD | Known for competitive loan rates, fast approvals, and accessible mortgage options for both residents and eligible expats. |
| Business and Corporate Banking | First Abu Dhabi Bank (FAB), ADCB, Emirates NBD | These banks offer excellent business services, from SME accounts and trade finance to corporate lending and regional expertise. |
How to open a bank account in UAE?
Opening a bank account in the UAE is a straightforward process, but the requirements differ for residents and non-residents. Understanding the necessary documents and steps will make the process smoother.
For UAE Residents
Residents have access to a full range of UAE banking services for residents, from basic savings accounts to advanced current accounts.
Key Documents Required:
- Passport: Original and copy
- Emirates ID: Physical card or application receipt
- Residency Visa: Copy
- Proof of Address: Tenancy contract, utility bill, or Ejari certificate
- Proof of Income: Salary certificate, payslips, or employer letter (for employed individuals)
- UAE Mobile Number
- Bank Reference Letter: Sometimes requested
Steps to Open an Account:
- Choose Your Bank: Compare options based on your needs—popular choices include ADCB, HSBC, and RAKBANK.
- Select Account Type: Decide between current, savings, or basic accounts.
- Gather Documents: Collect originals and copies of all required paperwork.
- Apply: Either online through the bank’s website or in-branch with your documents.
- Verification: The bank reviews your application and may request additional information.
- Account Activation: Once approved, you’ll receive your debit card, checkbook, and online banking access.
For Non-Residents
Non-residents can still open UAE bank accounts, but requirements are stricter and account options are more limited. Here’s a guide on how to open a bank account in UAE for expats:
Key Requirements:
- Passport: Original and copy
- UAE Mobile Number
- Proof of Wealth or Income: Bank statements or employer letter
- Bank Reference Letter: Often required from your home bank
Account Options:
- Typically limited to basic savings or non-salary accounts
- Some banks may offer investment or multi-currency accounts
Process:
- Choose Your Bank: Not all banks accept non-residents, so confirm before applying.
- Prepare Documents: Gather all required paperwork, including proof of wealth/income.
- Apply: Submit your application online or in-branch.
- Verification: The bank may request additional documentation or reference checks.
- Account Activation: Once approved, you’ll receive your account details and online banking access.
Plus, with the Golden Visa, there is a range of investment opportunities for foreigners available, including real estate investment in the UAE, offering a fantastic welcome to the UAE investment world.
Benefits of Banking in UAE
Banking in the UAE comes with a range of benefits, including:
- Tax efficiency: Taxes in UAE are very beneficial for expats and residents. There is no personal income tax, and corporate taxes are limited to specific sectors with certain caps.
- Economic stability: The UAE has a significantly stable economy, with a well-regulated banking sector. The Central Bank UAE is at the forefront, ensuring the financial sector remains stable and regulated.
- Islamic banking options: The UAE is a global hub for Islamic banking, offering Sharia-compliant financial products. Some of the top 20 banks in UAE are Sharia-compliant.
- Business-friendly environment: The United Arab Emirates offers one of the most business-friendly environments across the globe. It is an investment hotspot with residency programs expanding to include a range of investment options, including UAE real estate investment.
- International banking options: The UAE is a hub for global investment services, with international banking options available to citizens and expats.
- Crypto-friendly nation: The UAE is one of the top crypto-friendly nations in the world. It ranks 3rd on the GCS Global Crypto-Friendly Nations Report, with many UAE banks offering services tailored to cryptocurrency.
- Innovative banking solutions: As one of the top global technology innovators, the UAE offers some of the most advanced banking solutions. This offers efficiency and convenience to all UAE bankers.
How To Choose the Right UAE Bank
Choosing the right UAE bank for your needs is essential. Here are some considerations before making your decision:
- Bank type: Select a bank type that suits your needs. Generally, this means deciding between a local bank like Emirates NBD or an international bank like Barclays. A deciding factor may also be your residency type as some UAE banks are best suited for UAE citizens (those with a UAE passport).
- Services: The bank you choose needs to have the facilities and services you need for banking in the UAE. This includes the account types, investment options, loans, and access to Islamic banking services.
- Access: You should choose a bank that you have convenient access to when necessary.
- Fees: You may benefit from comparing the fees and charges to evaluate which bank offers the best bang for your buck.
- Reputation: Speaking with locals or fellow expats may be the deciding factor. You want to select a UAE bank that offers great customer service and has a good reputation among its customers.
- Expat-friendly benefits: If you’re an expat, consider banks offering multi-currency accounts, international transfers, and expat-specific benefits.
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