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Banks in Dubai

Dubai, a traditional and cultural hub of Middle East, holds an outstanding record of hosting national, international and regional conferences, exhibitions and conventions. Banking provides new and innovative financial solutions to drive growth in such a competing world. There are number of local and foreign banks available in Dubai and UAE to look after your money or lend money. All banks in Dubai and UAE have a minimum balance requirement for an account ranging between 1000 to 5000 dhs. Central Bank governs and licenses financial institutions in UAE.

The central bank manages five branches in major cities of the country, with the head office located in the capital city Abu Dhabi.

Opening a bank account in Dubai:

Formalities for opening a bank in Dubai is quiet simple, as you only need following documents.

Residency Visa:

You usually need a residency visa before you apply for an account. Although some of the banks accept a letter from your employer confirming that you have applied for residency visa. HSBC is the only bank that does not ask for a residency visa to open a bank account.

Passport and Visa copy:

  • Any other form of identification like driving license;
  • Salary letter or certificate;
  • Current accounts with ATM card and chequebook.

 

Charges for opening an account in Dubai:

  • Setting up a new account: No charges.
  • Min balance for saving accounts: Nil
  • Min balance for current account: 1000-5000 Dhs
  • Loan processing fee: 1-1.5% of the loan, minimum 250 – 500 Dhs
  • Early loan settlement fee: 1-5% of remaining balance.
  • Loan clearance letter: 0-150 Dhs
  • No liability letter: 250-500 Dhs
  • Telegraphic transfer: AED 20-100 nationally, AED 50-100 for iverseas.
  • Bank cheque or manger cheque: AED 10-20
  • Duplicate bank statement: AED 10-100
  • Sometimes the fees are reduced if you have a high minimum balance amount in your account.

Use of Cheques in Dubai:

Cash or Credit cards are used for day to day transactions, while cheques are more likely to be used for bill payments.

Banks normally ask for a blank cheque as a security against a personal loan or credit card.

• In Dubai bouncing of a cheque is a severe offence that can land you in jail. This law is strictly observed for the bank mangers who have the signing authority and can be held in jail until court sought out these things.

Branches of international banks in Dubai:

Banking has become a very vast business worldwide and it has never been so competitive. Here is a list of international banks which offer their exclusive services in Dubai, as well.

Habib Bank Limited in Dubai: PO Box 888, 1-2 Bus Cen-Juma Al-Majid Commercial Bldg., Khalid Bin Al-Waleed Rd., Dubai, , United Arab Emirates
()971 04 2268171, 971 04 2267493 fax

ABN-Amro Bank: PO Box 2567, Dubai, United Arab Emirates
+971 04 3512200, +971 04 3521110 fax

Al Ahli Bank of Kuwait: PO Box 1719, Abu Baker Al Siddique St., Diera, Dubai, , United Arab Emirates
()971 04 2681118, 971 04 2684445 fax, http://www.abk-kuwait.com

ANZ Grindlays Bank: PO Box 4166, Dubai UAE
Tel: +971-4-5088111
Fax: +971-4-5088222

Arab African International Bank: PO Box 1049, Art Twr., Al Mina Rd., Dubai, United Arab Emirates
+971 04 3937773, 971 04 3937774 fax, http://www.aaibank.com

Arab Bank: PO Box 11364, Al Ittihad St., Deira, Dubai, , United Arab Emirates
+0971 04 2950845, 971 04 2955974 fax, http://www.arabbank.ae

Bank Melli Iran: PO Box 1894, Beniyas St., Dubai, , United Arab Emirates
()971 04 2015100, 971 04 2295454 fax, http://www.bmi.co.ae

Bamk of Baroda: P.O. Box 3162, Govt. of Dubai Real Estate Building,
Ali Bin Abi Talib Street, Dubai UAE.
00971-43538093 www.aaibank.com
Fax: 00971-43530839

Bank of Saderat Iran: PO Box 4182, Al Maktoum St., Dubai, , United Arab Emirates
()971 04 2264805, 971 04 2266543 fax, http://www.bank-saderat-iran.com

Banque du Caire: PO Box 1502, Juma Almajed Bldg, Salah Al Din St., Dubai, United Arab Emirates
+971 04 2715175, 971 04 2713013 fax, http://www.bdc.com.eg

Banque Libanaise pour le Commerce: PO Box 4207, Al Maiden Twr, Al Maktoum St., Dubai, , United Arab Emirates
+971 04 2281716, 971 04 2279861 fax.

Barclays Bank in Dubai: PO Box 1891, Enoc House, Oudh Metha Rd. Zabeel, Dubai, , United Arab Emirates
+971 04 3626700, 971 04 3663133 fax.

BNP Paribas: Twin Towers
Office Building, 19th floor, Beniyas Road, PO Box 7233, Dubai, UAE
Phone: (+971) 4 210 6767
Fax: (+971) 4 222 5849

Citibank of Dubai: PO Box 749, Real Estate Dept Bldg., Al Maktoum St., Dubai, United Arab Emirates
+971 04 3114887, 971 04 3243045 fax.

Commerzbank AG: P.O Box 506596, Commercial Real Estate, Dubai, United Arab Emirate.
Phone: +971 4 428 4972, Fax: +971 4 428 4975

Credit Agricole Indosuez: Phone: +971 4 3314211.

Habib Bank Zurich: P.O Box 3306, Bader Obaid Building, Beniyas Square, Dubai.
Phone: +971 4-221-4535, Fax: +971 4-228-4211. www.habibbank.com

HSBC Bank Middle East: PO Box 66, Dubai, United Arab Emirates
+971 04 3535000, fax 971 04 3531005.

Investment Bank for Trade & Finance: +971 04 228555, Fax: +971 04 2220818

Jannata Bank: PO Box 3342, Dubai, , United Arab Emirates
+971 04 2281442, +971 04 2246023 fax, http://www.janatabank-bd.com

Lloyds TSB Bank: PO Box 3766, Dubai, tel +971-4-3422000, fax +971-4-3422660.

National Bank of Abu Dhabi: PO Box 4436, Dubai, United Arab Emirates
+971 04 2226141/4, 971 04 2226145 fax, http://www.nbad.com.

National Bank of Ras Al Khaimah: PO Box 1531, Sultan Business Centre, Dubai, United Arab Emirates
+971 04 2226291/5, fax 971 04 2281312.

Standard Chartered Bank: PO Box 999, Al Mankhool Rd., Dubai, United Arab Emirates
+971 04 3520455, fax 971 04 3526679, http://www.standardchartered.com/ae.

Union National Bank: PO Box 6811, Sheikh Ahmed Bin Al Sheikh Mejrin Bldg., Al Maktoum St., Deira, Dubai, United Arab Emirates
+971 04 2211188, fax 971 04 2243501 fax.


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