Are you emigrating to Dubai? Anyone planning to emigrate to Dubai will sooner or later have to deal with the banking system in the United Arab Emirates. Whether you want to work, invest, start your own business or retire in Dubai, finding a reliable bank in Dubai is very important.
But how exactly does banking work in Dubai? Can you just open a bank account as a foreigner? And what are the best choices? In this article, we answer these and many more questions, so you are well prepared for your financial future in the UAE.
This article is intended for anyone who wants to move to Dubai, already lives in the city, or wants to do business there. We cover everything from opening a bank account to understanding Islamic banking, so you can manage your finances without worry.
Top 10 Banks in Dubai
To make it as easy as possible, we have first made a list of the top 10 banks in Dubai. The top 10 banks in Dubai are:
- Emirates NBD
- First Abu Dhabi Bank (FAB)
- Abu Dhabi Commercial Bank (ADCB)
- Mashreq Bank
- Dubai Islamic Bank (DIB)
- Emirates Islamic
- HSBC UAE
- Standard Chartered UAE
- Citibank
- Habib Bank AG Zürich (HBZ)
1. Emirates NBD
Emirates NBD, established in 2007, is the largest banking group in the GCC region (Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman). Emirates NBD is the favorite among expats and local residents alike. This bank offers personal and business accounts, loans, credit cards, and digital services through its popular app. Their excellent customer service, international reach, and Islamic banking options make it a versatile choice. Additionally, their headquarters are located in Dubai.
- Services: retail banking, corporate banking, private banking, investments
- Review: 1.9 on Trustpilot*
- Dubai branch: yes
2. First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank is a relatively new bank established in 2017. FAB is the largest bank in the UAE based on assets and is considered the safest bank in the country. First Abu Dhabi Bank excels in personal loans with low interest rates and comprehensive business banking packages. The FAB Accelerator and mobile services make it attractive for wealthy clients and people who want to start a business in Dubai.
- Services: corporate banking, retail banking, private banking, investment banking
- Review: 1.3 on Trustpilot*
- Dubai branch: yes
3. Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank is an older bank established in 1985. ADCB has a strong presence in Dubai and offers a good balance between traditional and modern banking services. Their fast credit approvals, offshore accounts, and digital customer service make this bank a popular choice for entrepreneurs and expats.
- Services: retail banking, corporate banking, private banking, wealth management
- Review: 2.5 on Trustpilot*
- Dubai branch: yes
4. Mashreq Bank
Mashreq Bank was established in 1967. As one of the oldest private banks in the region, Mashreq is particularly popular due to Mashreq Neo, their digital banking platform. They offer personal loans from AED 3,000 salary and a wide range of Islamic brokerage services.
- Services: retail banking, corporate banking, international banking, fintech solutions
- Review: 1.1 on Trustpilot*
- Dubai branch: yes
5. Dubai Islamic Bank (DIB)
Dubai Islamic Bank was established in 1975. As the world’s first Islamic bank, DIB offers fully Sharia-compliant services. They combine important traditions with modern technology such as a mobile app and focus on both retail and corporate customers. A top choice for those who want to bank ethically and consider faith important.
- Services: Sharia-compliant retail banking, business banking, real estate financing
- Review: 1.4 on Trustpilot*
- Dubai branch: yes
6. Emirates Islamic
A subsidiary of Emirates NBD (the number 1) specializes in Islamic banking. Emirates Islamic offers accounts in multiple currencies, credit cards, and excellent business solutions. Particularly suitable for entrepreneurs seeking Sharia-compliant financing.
- Services: Sharia-compliant retail banking, business banking, private banking
- Review: 1.2 on Trustpilot*
- Dubai branch: yes
7. HSBC UAE
HSBC is an international player with a strong network in the Middle East and its headquarters in Dubai. This bank is good for expats who travel or do business internationally. They offer wealth management, credit cards, home financing, and top-quality digital tools.
- Services: retail banking, corporate banking, wealth management, international banking
- Review: 1.4 on Trustpilot*
- Dubai branch: yes
8. Standard Chartered UAE
This British bank has had a presence in Dubai since 1958 and is known for its strong presence in emerging markets. They offer tailored solutions for wealthy clients, business loans, and Sharia-compliant products.
- Services: corporate banking, investment banking, wealth management
- Review: 1.3 on Trustpilot
- Dubai branch: yes
9. Citibank
Citibank is available in Dubai and has its headquarters in New York. With global coverage in more than 100 countries, Citibank is perfect for expats with international connections. Their private banking, investments, and digital tools such as Citigold Private Client make them a premium choice.
- Services: retail banking, corporate banking, wealth management, global banking
- Review: 1.5 on Trustpilot
- Dubai branch: yes
10. Habib Bank AG Zürich (HBZ)
A Swiss bank with a solid reputation in trade finance and personal service. HBZ offers both conventional and Islamic banking solutions and is known for customer-oriented customization and strong compliance.
- Services: private banking, retail banking, trade finance, Islamic banking
- Review: 2.8 on Trustpilot*
- Dubai branch: yes
* last update: April 5, 2025, as you can see, most banks have quite poor reviews. If you’re considering a bank, definitely read the most popular reviews. It may be that many people find a bug annoying and that’s why the company has many bad reviews, which is much less serious than when a bank, for example, is unreachable during problems or has suddenly significantly adjusted its rates.
What do you need to open a bank account in Dubai?
To open a bank account in Dubai, you need to provide certain documents. What you need may vary per bank, but generally, you’ll need the following:
- Valid passport: Ensure you have a copy of your passport, including the page with the visa stamp (if applicable).
- Emirates ID: If you live in the UAE, a valid Emirates ID is mandatory. Some banks also accept an application proof if your ID is still being processed.
- Income or employer statement: For personal accounts, you often need to provide proof of employment or income, such as a pay slip or employment contract.
- Proof of registration: For example, a rental contract or utility bill. In some cases, a letter from your employer with your address is sufficient.
- Chamber of Commerce extract in UAE* (for business accounts): For entrepreneurs or business owners, a trade license or Chamber of Commerce extract of the company is also required.
*in the UAE, the institution that handles business registration is of course not called the Chamber of Commerce.
How does the banking system work in the UAE?
The UAE has a dualistic banking system consisting of:
- National banks (such as Emirates NBD and Dubai Islamic Bank)
- Foreign banks (such as HSBC and Standard Chartered)
- Islamic banks (which operate according to Sharia principles)
