Corporate Banking in the UAE: Options and Comparison

As everyone is aware of, the UAE boosts a banking system that makes it one of the most sought after places for corporate bank accounts . People from all over the world come and get started here. The rules and regulations of the country make this place a great option for all those who are looking forward to new developments. Expats living in the nation benefit from the advancements and growth.This blog offers detailed information about corporate banking in Dubai and all the details related to it. Read on to learn more about the options available. You can also contact a Corporate Banking Consultant in Dubai to get started with your corporate bank account.

Banking in the UAE

The UAE is regarded as one of the best places for banking worldwide. This place is the banking and financial hub of the world. There is an ease of banking in the emirate of Dubai. The high net worth individuals in the country make it one of the most preferred places for investment in the UAE. There is an ease of funds transfer and you can operate with multiple currencies. There are around 52+ local and international banks in the UAE.

Types of bank accounts in the UAE

There are four types of bank accounts in the UAE. These are-

• Commercial bank
• Investment bank
• Industrial bank
• Islamic bank

Major banks in the UAE

There are many banks in the UAE. These are different from each other in their reputation, fees and services as well. The major banks in the UAE are as follows-

• First Abu Dhabi Bank- This bank was formed as a result of the merger of two major banks- The National Bank of Abu Dhabi and First Gulf Bank. This created a bank which is considered one of the largest by assets.
• Emirates NBD- This bank has its headquarters in Dubai. This bank provides various services and is one of the first to provide robot assistants and other innovative services for banking needs of its customers.
• Mashreq- This bank is regarded as one of the oldest private banks in the UAE. This bank was established in 1967. This bank is associated with the HSBC group and provides a variety of services including Islamic banking.
• Dubai Islamic Bank- This bank has its headquarters in Dubai and was founded in 1975. It is the fourth largest bank by assets in the UAE after it acquired the Noor bank.

Abu Dhabi Islamic Bank- It was set up in 1997 and has a network over the world. The activities of this bank covers sectors like wholesale banking, global retail banking and private banking amongst others.

International banks

International banks in the UAE are  HSBC, Citibank, Standard Chartered and others. These are some of the most trusted banks in the nation and all over the world. They follow common rules in the UAE.  They however have their own rules and regulations and minimum deposits in the UAE. There are rules in the nation to allow only 8 branches per international bank in the UAE.

Bank Account charges

There are different charges for various bank accounts in the UAE. However the basic amounts are as follows-

• Minimum balance – Maximum of AED 5000
• Minimum balance penalty- AED 50
• Using another bank’s ATM- AED 2
• New cheque book- AED 25
• Account balance letter- AED 50
• Bounced cheque fee- AED 100
• Account closure fee- AED 100

How much does opening a bank account in the UAE cost?

There are different requirements for opening a corporate bank account at each bank in the UAE. It is easier to know the exact cost after knowing your unique needs. For this reason, you can get help from a business setup consultant in the UAE. You can also enter your specific needs in our cost calculator.

How can RadiantBiz help?

We at RadiantBiz are a group of business setup experts with years of experience in the industry. We can help you get any type of assistance that you need for your business and related services. You can rely on our experts for the best advice according to your unique needs. Our team members have been in the industry for many years and know how to help you make the right choice. Contact us now to get started on your corporate bank account opening process.