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, the UAE offers something for everyone.
In this guide you will learn about:
Banking in UAE
The UAE has quickly become a hotspot for potential investors, with UAE banks offering a range of services, helping propel the UAE economic landscape into the future. At the forefront, the Central Bank UAE, ensuring all financial institutions remain compliant and securing the future of the UAE economy.
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.
Whether you’re looking for international banking services or UAE banks, there are a range of options to choose from, each offering fantastic services to ensure all your financial needs are well taken care of.
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
1. First Abu Dhabi Bank (FAB)
One of the biggest banks in UAE, formed from the merger of First Gulf Bank and 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank is a major Islamic bank offering a comprehensive range of Sharia-compliant financial services, including personal and corporate banking, wealth management, and digital banking solutions.
8. 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.
9. 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.
How to open a bank account in UAE?
For UAE residents
For UAE residents to open a bank account they should:
- Step one: Choose a bank: Research and select a bank based on your financial needs.
- Step two: Prepare documents: Commonly required documents include:
- Passport copy with a valid UAE visa
- Emirates ID (or a copy of the application receipt)
- Salary certificate or proof of income
- Utility bill or tenancy contract as proof of address
- Step three: Visit a bank branch: Submit your application along with the required documents.
- Step four: Verification process: The bank will review your documents and may conduct a background check.
- Step five: Account activation: Once approved, you will receive your account details, card, and online banking credentials.
For foreign nationals
Expats who want to open a UAE bank account must go through the same process as those with UAE citizenship, with some more stringent requirements. Some bank accounts may not be available for foreign nationals, so it’s important to check with the bank branch directly to see what you qualify for.
Expats may also be required to provide more in-depth information, including proof of UAE residency. Luckily, if you are approved for the UAE Golden Visa, you will have more than enough evidence to show you are a legitimate resident of the UAE. Plus, with the Golden Visa, there are a range of investment opportunities 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:
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.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
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