With Dubai's talent pool due to its high wages and low tax advantages, it is vital to understand the visa regime and account opening process in Dubai before choosing to work there. In this article, we will analyse the types of accounts, account opening requirements and key processes of major banks in Dubai to help you make an informed financial decision.

Types of Bank Accounts in Dubai

Most Dubai banks offer current and savings accounts in multiple currencies, though some may require minimum balances for each currency. Typically, account holders are required to meet certain salary criteria (usually starting from AED 5,000) or deposit a larger initial sum to avoid service fees.

Required Documents

For instance, at Emirates NBD, personal resident account holders need to provide the following documents:

• Passport and UAE ID (or ID application proof)
• UAE residency visa (for non-GCC nationals)
• Salary certificate (for salaried accounts)

Foreigners wishing to open an account in Dubai must hold UAE residency and are generally advised to wait until they obtain their Emirates ID before proceeding with the bank account opening process.

Overview of Major Dubai Banks

Emirates NBD (Stock Code: ENBD)

• Emirates NBD is the largest bank in the Middle East with a widespread global network.
• Key account types include Beyond Package, Plus Maximizer Package, and Plus Package, tailored to different salary levels and deposit requirements.
• Provides a diverse range of financial products and services including investment management and loan facilities.

Its main accounts include:

• Beyond Package: Designed for salaries ranging from AED 15,000 to 49,999, offering premium services and wealth management options.
• Plus Maximizer Package: Suitable for middle-income earners with salaries between AED 5,000 and 14,999.
• Plus Package: Geared towards general income earners with salaries between AED 5,000 and 14,999.

Emirates NBD also offers mobile and online account opening services for convenience.

Dubai Islamic Bank (Stock Code: DIB)

• DIB is the world's first Islamic bank, operating under Sharia principles.
• Supports multiple currencies including AED and USD.F
• ocuses on interest-free banking and Islamic financial principles, suitable for clients seeking Sharia-compliant financial services.

Its main accounts include:

• Current Account: Basic current account requiring a minimum balance of AED 3,000, with no monthly fee if the balance is maintained.
• 2-in-1 Account: Combines savings and current account features, with a minimum balance requirement of AED 3,000 and no monthly fees if the balance is maintained.
• E-Savings Account: Designed for clients depositing less than AED 1,000, with no monthly fees, supporting AED currency only.

DIB offers flexible account opening requirements and a variety of options for clients.

First Abu Dhabi Bank (Stock Code: FAB)

• Formed by the merger of FGB and NBAD, one of the largest banks in the UAE with a global presence.
• Supports multi-currency transactions including AED, USD, GBP, etc., providing efficient cross-border payment and savings solutions.

Its main accounts include:

• Personal Current Account: Basic current account requiring a minimum balance of AED 3,000, with no monthly fees if the balance is maintained.
• FAB One Account: Requires a minimum monthly salary or initial deposit of AED 10,000, with no monthly fees.
• FAB iSave Account: Designed for savings with no monthly fees, suitable for clients managing accounts through online banking.

FAB offers extensive financial solutions and services to its clients.

Abu Dhabi Commercial Bank (Stock Code: ADCB)

• ADCB is the third largest bank in the UAE, serving over a million customers.
• Supports AED and foreign currency transactions, suitable for clients with international business needs.
• Operates multiple branches and offices domestically and internationally, offering comprehensive financial services and support.

Its main accounts include:

• Current Account: Basic current account requiring a minimum balance of AED 5,000, with no monthly fees if the balance is maintained.
• Savings Accounts: Including ADCB Savings Accounts and ADCB Active Saver Account, requiring minimum balance and monthly salary of AED 5,000.
• Active Saver Account: Offers high-interest savings options, limited to existing customers.

ADCB's account options cater to various financial needs and income levels.

Conclusion

These banks offer various account types suitable for different income levels and financial needs. Choosing the right account type not only helps in managing personal finances effectively but also enables customers to enjoy discounts and professional financial services provided by the banks.

When selecting a Dubai bank account, besides considering opening conditions and fees, it's essential to choose based on personal income levels and financial goals. Most banks offer flexible account opening procedures and diverse service packages to meet varying customer needs. It's advisable to thoroughly understand each bank's policies and charges before opening an account to ensure it meets individual requirements.