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As the number of businesses and expats in the UAE continues to rise, so does the demand for top-notch services, including banking services. Being a global financial hub, the banking sector of the UAE is highly regarded worldwide. If you are someone who is looking for business setup in Dubai, you would find some of the most advanced international banks in Dubai where you can open a business bank account. From business credit cards to wealth management, the foreign banks in UAE offer every financial service you could ever need.
In this blog, we have compiled a list of top international banks in UAE that you can consider for your financial needs. Understanding the banks and the services they offer will facilitate making the right choice. We understand that banking processes can be a bit confusing, especially for foreigners, which is why we will also explain how you can open a bank account in UAE in simple steps. Let us begin.
It is very encouraging to know that in the Middle East region, the UAE stands as the leader in banking, with total assets worth more than 813 billion US dollars. This figure is massive and clearly reflects the robustness and diversity of the UAE’s banking landscape.
UAE is home to about 52 banks, including 22 local banks, 7 GCC banks (one of which is wholesale), 22 foreign banks, and 11 wholesale banks. Many of the world’s largest banks are located here, coming from various regions, including France, the US, the UK, South Asia, North Africa, and the Middle East. Dubai, which is the largest city in the nation, is home to many of these banks.
The UAE’s banking sector is both extensive and advanced, leading the world in adopting technologies like blockchain and AI. Banks actively integrate digital solutions to enhance convenience and efficiency for their customers. For those who prefer personal service, branches and ATMs are readily accessible in malls and key areas, and some banks even offer home or office visits for financial transactions.
Overall, banks in the UAE always prioritize customer service, security, and accessibility, ensuring they are always ready to meet their client’s banking needs.
Currently, there are around 29 international banks in UAE. All of them are licensed and regulated by the Central Bank of the UAE. If you are looking to start a business in Dubai, have an existing business engaged in international trading, or are interested in offshore banking options, you can choose from top international banks in Dubai for your needs. Additionally, expats and residents seeking banking services can also take advantage of these options.
Here are the top 10 international banks in UAE and Dubai to consider in 2024:
Established in 1964 in Abu Dhabi, Citibank’s journey began in the UAE in 1964, and since then it has been delivering excellence and has always been at the forefront of introducing the latest banking products and services to the UAE market. In 1971, it expanded to Dubai and today, it stands as one of the most renowned international banks in Dubai.
Location: Al Wasl branch, Sheikh Rashid Road, next to Wafi city
Working hours: Monday to Thursday and Saturday, from 9 am to 6 pm
Contact details: +971 4311 4000
Emirates NBD is one of the largest institutions in the GCC region, with a dominant presence in the UAE. It stands as the flagship bank of Dubai and has over 150 branches across the UAE. The bank also has international branches in the UK, Saudi Arabia, Singapore, and India. It serves public sectors, large corporations, multinationals, and retail clients.
Location: Emirates NBD Building, Al Wasl Road, Dubai
Working hours: Monday to Saturday, from 8 AM to 3 PM (1 PM on Friday)
Contact details: 600 540 000
The growth of HSBC has mirrored that of the great Emirates itself. It started as a single branch in Dubai and now stands as one of the largest businesses in the entire Middle East. HSBC has been catering to and supporting governments, multinationals, conglomerates, entrepreneurs, as well as individuals.
Location: HSBC Tower, Downtown Dubai
Working hours: Monday to Friday, from 8 AM to 6 PM
Contact details: 600 554 722
Standard Chartered Bank is a leading international banking group with over 150 years of industry experience. It established its presence in the UAE in 1958, starting in Sharjah, and has grown tremendously since then. Today, its headquarters are in Dubai and is known for its strong global network and local expertise.
Location: Standard Chartered Tower, Dubai Downtown
Working hours: Saturday to Thursday, from 8 AM to 5 PM
Contact details: 600 548 282
With a strong presence of more than 50 years, Arab African International Bank is next on the list of top UAE international banks. It caters to a variety of clients, including individuals, businesses, and government organizations.
Location: DNI Building, Al Wasl Area, Sheikh Zayed Road, Dubai
Working hours: Monday to Saturday, from 8:30 AM to 2:30 PM
Contact details: +971 4374 6666
The Royal Bank of Canada, the largest financial bank in Canada with the best credit ratings, is one of the top foreign banks in UAE. With 17 million clients worldwide, Royal Bank is trusted for comprehensive banking and financial needs.
Location: Park Palace Towers, Sheikh Zayed Road, Dubai
Contact details: +971 4331 3196
Established in January 2008 in Dubai, Noor Bank is one of the most renowned international banks in Dubai. It is currently located across the UAE in Abu Dhabi, Dubai, Sharjah, and Al Ain. The bank is a full-service Shariah-compliant institution catering to various clients, including businesses, individuals, government entities, and investors.
Location: Emaar Square, Sheikh Zayed Road, Dubai
Working hours: Saturday to Wednesday (8:30 AM to 3:15 PM), Thursday (8:30 AM to 12:45 PM)
Contact details: 04 427 4343
Living up to the city it carries in its name, Dubai Islamic Bank is the first full-service Islamic bank in the world and the largest Islamic bank in the UAE.
Location: Sheikh Zayed Road, Dubai
Working hours: Monday to Thursday (8:00 AM to 2:00 PM), Friday (7:15 AM to 12:15 PM)
Contact details: +971 4 609 2222
When discussing the top international banks in UAE, Habib Bank AG Zurich cannot be overlooked. Founded in 1967, this Swiss multinational commercial bank has been operating in the UAE since 1974, serving the multicultural business community.
Location: Umm Al Sheif, Sheikh Zayed Road, Dubai
Working hours: Monday to Saturday (8:00 AM to 3:00 PM), Friday (7:30 AM to 12:30 PM)
Contact details: +971 4 419 5555
BNP Paribas, a leading bank with extensive local expertise, concludes our list of top foreign banks in UAE. Operating in over 63 countries, it has established a strong global network and stands as a top choice for the UAE populace.
Location: DIFC, ICD Brookfield Place, Dubai
Working hours: Monday to Friday, 8 am to 5 pm
Contact details: +971 4 374 5800
Note: List of international banks in UAE goes even beyond this. For more information, contact Dubiz Business Setup.
International banks in UAE and Dubai offer a variety of modern and efficient financial services to businesses and expats. Here is a list of the main services that you can find at international banks in UAE:
These are just some general banking services. The actual service variety is vast and diverse!
Want to select the best international banks in Dubai for your business and banking needs? Follow these criteria to choose the right one:
The bank’s reputation in the offshore financial centers, should be strong. Assess their track records, customer reviews, regulatory compliance, industry ratings, and more.
Check the range of banking services the bank offers. It is always beneficial to choose a bank that caters to all your banking needs under one roof.
The world is evolving, and finance is not staying behind. Consider the online and innovative banking solutions that banks offer. In a country like the UAE, where internet access is high, these services can enhance your banking experience.
Consider the cost of banking with a bank. Minimum balance requirements, interest rates, and other service charges should be manageable within your budget. Also, consider exchange rates and fees for international transactions.
Consider the bank’s number of branches, ATMs, and locations, both local and international, to assess their network presence and ease of accessing services. A well-established bank is essential for your business, especially for international affairs.
The banking institution you choose must have expertise in the industry to which you belong. This ensures they understand your business needs and can provide tailored services.
The quality of customer service matters. The bank should be readily available, as this is critical for banking and financial emergencies and concerns.
Here are the simple steps to open a bank account in Dubai:
Gather necessary documents like your passport, address proof, income proof, along with other documents. Some banks may even ask for a police clearance certificate in Dubai.
You can open an account online if bank offers that, or else you will need to visit the bank in person to open the account.
You must select from the account options available with the bank. For example, for offshore banking there is an option of offshore trust.
Once your documents are ready, submit the application and wait for verification and approval.
Deposit the funds as specified by the bank and start using your account.
Need assistance? Feel free to contact our expert at Dubiz Business Setup.
UAE is a global rising star in the banking sector, and UAE international banks are at the forefront. They leave no stone unturned in providing best services. Whether you are a person looking for banking solutions or a business seeking banking services, international banks in Dubai are fully equipped to meet all your financial needs.
If you are in search of an ideal international bank in UAE for your business or financial needs, you have come to the right place. Our experts at Dubiz offer expert guidance that will make the process easy, from recommendations and documentation to applications for bank accounts. Other than that, our experts also offer exclusive tax and accounting services in Dubai for businesses.
Feel free to reach out for a consultation. The first one is on us!
Contact or WhatsApp us at +971563695485 or mail us at info@dubiz.co for any inquiries.
Offshore banking, also known as overseas banking, means holding a bank account in a country where one does not reside. It is usually found in countries that offer better financial conditions and advantages. Individuals, companies, and investors open these accounts to protect their assets, manage wealth globally, and conduct cross-border trade from the city.
Here is why Dubai is chosen for offshore banking:
The best banks in Dubai include HSBC Middle East, Citibank, Standard Chartered Bank, Emirates NBD, Royal Bank of Canada, Arab African International Bank, and more.
As a foreigner or expat, you will need to provide your visa to open a bank account in the UAE.
There are over 20 international banks in Dubai that provide a comprehensive range of banking services to individuals and corporations
An Islamic bank in the UAE is a financial institution that operates based on Sharia law, which governs banking practices. These banks differ from traditional banks by offering interest-free loans. Instead, they use profit-sharing agreements and other Islamic financing methods.
