International Banks in Dubai: Our Guide for 2022

International Banks in Dubai: Our Guide for 2022

Author

Wissam Kassouf

Date

Have you thought about opening an account at one of the international banks in Dubai? Dubai is an international city with a diverse population. This makes it an ideal place to do business. It is also one of the best places in the world to live and work, as well as being an excellent center for global trade.

Many expats from around the world choose to settle down here. This means that financial services providers must be able to cater to a wide range of nationalities with different requirements and expectations.

There are several companies offering banking services in Dubai but this article will on some of the best ones. It will also work you through how and where to bank in Dubai.

What Kind of Visa Do You Need to Open an Account in Dubai, UAE?

There are a few different types of visas that allow you to open a bank account in Dubai, UAE. The easiest way is if you have AED 10 million – around 2 million GBP lying around for an investment that will get you a golden visa.

This can also help you get residency relatively effortless for a few years. But there are some other options if you don’t have access to that kind of cash.

Visa on Arrival

This is the most common visa offered by the UAE government. It allows you to stay in the country for 30 days.

During this time you can open an account and use it for transactions before leaving. If you plan to make multiple short trips to Dubai throughout the year this could be the best option for you.

Student Visa

If you’re studying at an approved university or college, chances are there’s an option for student visas that will permit access to bank accounts while still allowing students enough time in Dubai without worrying about overstaying their welcome.

This option also gives students more freedom when it comes to moving around because they won’t need a sponsor or guarantor while they’re here (although they will need one once they graduate).

Work Permit Visa

If you’ve been offered work by one of Dubai’s many companies or businesses, then getting a work permit should be easy enough. This in turn means you can get a bank account to receive your local salary.

And when you open your account doing so don’t forget to pay any applicable taxes. Speak to your employer about this if you are in this situation.

Is It Easy to Transfer Money Out of UAE?

If you plan on transferring money from the UAE to another country, there are a few things you should know about Dubai and UAE bank accounts.

First of all, the UAE is a member of many international organizations that facilitate global trade and commerce. It’s a member of the Gulf Cooperation Council (GCC). This is an economic union of the United Arab Emirates, Oman, Qatar, Bahrain, Kuwait, and Saudi Arabia.

The UAE also belongs to the World Trade Organization (WTO). This organization aims to help create an open world economy with more jobs for everyone through trade liberalization policies. These include lowering tariffs on imports or eliminating them.

Finally, if you’re looking for stability in your investment portfolio during uncertain times like Brexit or other economic crises around the world then we recommend considering investing in countries that belong to organizations like the WTO and the GCC to give you additional protection.

Why Bank in the UAE?

Dubai is a great place to do business, live, visit, and bank. The UAE has some of the best banking institutions in the world so you can choose from many options when choosing where to open your company’s account. You’ll find that Dubai has some of the lowest taxes in the region.

You’ll also find it has excellent infrastructure and other benefits that make it easy for you to operate your business efficiently.

The UAE also offers several tax benefits if you invest here through its Free Trade Zone (FTZ) program. You can also use other means such as purchasing property or opening an offshore company in one of its free zones. One of these is the Dubai International Financial Centre (DIFC).

What are the advantages of zones like this?  These zones offer access to zero percent tax on profits derived from activities conducted within their borders. This makes them very attractive places for businesses looking for low-cost solutions with the minimal bureaucracy involved

The best international banks in Dubai offer a range of services from personal banking to corporate accounts. You can also choose between different types of currency and currencies for your deposits. This depends on the country where you wish to trade or invest in.

There are many options available so you must do your research on which bank will suit your needs best before making any decisions

HSBC

HSBC is one of the largest international banks in Dubai. It’s been operating in the UAE since 1987 and has a large branch network across the country. The bank offers a wide range of banking services, including personal banking, commercial banking, and wealth management solutions.

HSBC offers many personal banking services that you may find useful if you’re living or working in Dubai. These include cash cards and online transaction facilities such as internet banking, telephone banking, and mobile applications. You can also set up standing orders or direct debits through HSBC to pay bills reliably every month (e.g., electricity).

These services can be beneficial if you don’t have time to go to the bank in person and prefer to manage your account online. HSBC provides a debit card that you can use for making purchases from ATMs.

Standard Chartered

Standard Chartered is one of the oldest banks in Dubai. It has been operating in what is today the UAE since 1896. The bank has a large branch network, with its main office located on Sheikh Zayed Road.

Standard Chartered offers a wide range of services. This includes personal banking, commercial banking, investment banking, and wealth management services.

Standard Chartered’s credit card range includes Gold Mastercard and Platinum Mastercard cards. They have different rewards programs depending on your spending habits.

Standard Chartered also offers several savings accounts to choose from. ISA (individual savings account), Saver Plus ISA (ISA), and Fixed Term Certificate of Deposit (CD) with fixed interest rates for up to five years. You can also get Lifetime ISA where you can invest money each month until retirement age without paying tax on any interest earned

Standard Chartered is one of the oldest banks in Dubai and has been operating in the UAE since 1896. The bank has a large branch network, with its main office located on Sheikh Zayed Road.

Standard Chartered offers a wide range of services, including personal banking, commercial banking, investment banking, and wealth management services. Standard Chartered’s credit card range includes Gold Mastercard and Platinum Mastercard cards with different rewards programs depending on your spending habits

Citibank

Citibank is one of the oldest global financial institutions in Dubai, with a presence in the region since 1981. It has grown to become one of the largest banks on earth. It offers a wide range of products and services to individuals, businesses, and governments around the world.

One of its most popular offerings is Citigold Private Client, where clients can enjoy exclusive benefits such as concierge service for their needs (personal shopping assistance). You can also take advantage of travel concierge services that offer support 24/7.

Some of these services include:

  • Home delivery service
  • complimentary restaurant reservations while traveling internationally (up to 180 days);
  • Access to private viewing rooms at art galleries around the world;
  • Priority access at major concert venues

Citibank has branches across multiple countries including Abu Dhabi. This is where it operates through Banque de France SAOC (BDFA), a subsidiary established under Emirati law based on Shari’a principles.

Do bear in mind  Shari’a principles governs all financial transactions between customers and employees alike in the UAE.

Bank Muscat

Bank Muscat is a leading international bank in the Middle East. It has been operating in the UAE since the 1950s. It has a large network of branches throughout the country. The bank offers a wide range of products and services, including personal banking, corporate banking, private banking, and treasury facilities.

Bank Muscat offers three different types of accounts. There is a basic account with no monthly fee, a plus accounts with monthly fees but better benefits, and an elite account.

The Bank Muscat website offers an online banking service that allows customers to make payments and transfer funds electronically.

Bank Muscat also offers online banking services and has a wide variety of credit cards available to customers who want to earn rewards points on their purchases. The bank also offers loans for people who need extra money to buy a home or car, as well as investment products like mutual funds.

Al Hilal Bank

If you’re wondering where to bank in Dubai, Al Hilal Bank is an Islamic bank that offers a wide range of banking products and services. It could be a great option.

It operates in the UAE, Oman, Qatar, and Bahrain with more than 70 branches. The bank has a strong presence in the Gulf region thanks to its large customer base and strong business relationships.

The bank was founded in 1994 by His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi who is also the president of Sharjah Investment Group (SIG). Al Hilal Bank offers commercial lending solutions to small businesses as well as large corporations looking to expand their operations beyond the UAE borders.

It provides personal banking services including home loans and car financing. This is so you can buy or refinance your home at affordable rates while saving money on interest rates compared to other banks’ fees for similar products.

Emirates NBD Bank

Emirates NBD Bank is an international bank that has a presence in over 50 countries. The bank has a strong presence in the UAE and the GCC member states and is also one of the largest banks in Dubai.

Emirates NBD Bank was incorporated as ‘Emirates National Bank of Dubai’ in 1980. It was later renamed Emirates NBD Bank after being acquired by Abu Dhabi-based International Petroleum Investment Company (IPIC).

The bank belongs to Emirates Banks Group, one of the best international banks in Dubai. It provides financial services across several segments including retail banking, private banking, corporate banking, and treasury products

Dubai Is an Excellent Hub for International Banking Services

In addition to the Dubai international banks mentioned above, the country is also home to several other financial institutions that offer high-quality international banking in Dubai services.

These include:

  • Emirates Islamic Bank
  • Dubai Islamic Bank – DIB Group
  • Abu Dhabi Commercial Bank (ADCB)

Dubai is a global hub for business and finance. As such, the city offers several financial services that are available to those who live here or visit frequently.

Dubai has many banks with branches all over the world, so if you’re looking for an international bank in another country, one will likely be located within driving distance.

Don’t forget Dubai also has excellent international links thanks to its massive and modern airport. The chances are you can fly directly to Dubai from most places in the world.

International Banks in Dubai Are Great

We hope this list of the best international banks in Dubai has been helpful to you and assisted you in making your decision about which bank to open an account with. As we mentioned earlier, the banking industry is one of the most competitive ones in Dubai.

But this means you are likely to get a good deal whoever you decide to bank with.

For more about doing business or opening a business account in Dubai, be sure to contact us today.

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