UAE banks have provided excellent financial services in the past few years. With all the customer-oriented financial tools, these banks have achieved excellence in terms of yearly growth. Owing to the fast growth and lucrative trade and job opportunities, expatriates from all over the world choose UAE for work and as a career destination. As an expatriate, one of the first things to do is to set up the finances. In this article, we have listed some of the best banks in the UAE for expats.
1. EMIRATES NBD
EMIRATES NBD is one of the largest banking groups in the middle east. It has branches in UAE, Egypt, Saudi Arabia, Singapore, India, and the UK. It is one of the best banks for expats who want to set up their finances in the country. It provides all kinds of financial assistance, including home loans, personal loans, and business loans.
Mashreq is one of the oldest banks in the UAE. It is a privately-owned bank that provides financial services to individuals and businesses in the UAE. There are over 12 overseas offices of Mashreq across Europe, North America, Asia, and Africa. It is one of the most reliable banks for expatriates and UAE nationals.
Standard Chartered is a British Multinational bank. It came into UAE in the year 1958. Currently, it has branches all over the UAE. It offers various financial services for expatriates, which includes expatriate accounts, credit cards, personal loans, etc.
The Commercial Bank of Dubai is one of the oldest in the UAE. It offers various financial services such as insurance, credit cards, personal loans, and more. It is one of the most convenient banking options for expatriates.
The National Bank of Fujairah offers financial services such as investment options, deposits, loans, and credit cards. If you are a new resident in the UAE and want to work and live here, opening an account in this bank is a good option.
Dubai Islamic Bank (DIB) is one of the oldest banking institutions in the United Arab Emirates. It was established in the year 1975. It is one of the most trusted banks that offer regular and private banking services in the country to UAE nationals and expatriates.
RAKBANK or the National Bank of Ras Al-Khaimah is a public joint-stock banking company. It is headquartered in Ras Al Khaimah. It has over 30 branches in the UAE and provides holistic financial services to UAE nationals and expatriates.
Established in 1979 with its headquarters in Abu Dhabi, one of the most important banks in the UAE, with a total shareholder value of AED 31.2 billion, the Bank has achieved many achievements since its establishment to date. It has acquired the most important transactions in the UAE and has branches across the UAE Middle East.
The second largest commercial bank in the UAE and the government of Abu Dhabi owns 65% of its shares was established in July 1985 with the integration of a group of banks are Gulf Commercial Bank and Emirates Commercial Bank and the Federal Trade Bank.
How to open a bank account for expatriates in the UAE?
The requirements for opening a bank account in the UAE for expats differ from bank to bank. However, the primary documents needed to open an account are:
- Original Passport with 2 copies
- Residency visa
- Proof of employment
- Proof of address
- Letter from employer stating employee’s title and salary
UAE banking companies provide a wide range of banking services for expatriates. When you figure out the best banks to open your account with, you can enjoy even more benefits. Make sure to compare the interest rates and other details before opening an account. Check out bank interest rates in the UAE to find out more.
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