Banking in the UAE: the best banks for expats in 2026

The UAE offers a modern banking system with 52 local and foreign banks serving expats with digital banking, extensive ATM networks, and various account types. The currency is the UAE Dirham (AED), pegged at 3.67 to USD 1. You can open an account with your residence visa, and major banks include First Abu Dhabi Bank, Emirates NBD, and Mashreq. Account opening is free, but minimum balance requirements up to AED 5,000 may apply.

As you might expect from a major global financial hub, the UAE boasts an advanced banking industry. Banks in the UAE are quick to embrace new developments, from blockchain to artificial intelligence. Expats living in the country naturally benefit from this proactive approach, with bank officials often visiting residents in their homes or offices to help with financial transactions. Browse our comprehensive expat guides for more information on living abroad.

Major Banks in the UAE

Top National Banks

First Abu Dhabi Bank (FAB): The largest bank by assets, created from the merger of National Bank of Abu Dhabi and First Gulf Bank. Offers Etihad Airways air miles on transactions.

Emirates NBD: The largest banking group in the Middle East with 221 branches and 1,023 ATMs in the UAE and overseas. Known for innovative services like robot assistants and 60-second money transfers.

Mashreq: Founded in 1967, one of the oldest private banks in the UAE. HSBC Group associate operating around 45 domestic branches and 20 international branches.

Islamic Banking Options

• Dubai Islamic Bank: Established in 1975, serves approximately 1.7 million customers with 90 branches
• Abu Dhabi Islamic Bank: International network extending to Egypt, Iraq, Saudi Arabia, and the UK

International Banks

26 foreign banks operate in the UAE, including HSBC, Citibank, Standard Chartered, Bank of Baroda, and Habib Bank AG Zurich.

UAE Currency: The Dirham

The UAE dirham (AED or Dhs) is the official currency, permanently pegged to the US dollar at AED 3.67 to US$1.

• Each dirham = 100 fils
• Bank notes: 5, 10, 20, 50, 100, 200, 500, and 1,000 dirhams
• Coins: 25 fils, 50 fils, and AED 1

How to Open a Bank Account in the UAE

Opening a bank account in the UAE is straightforward but requires a residence visa. The process takes anywhere from a day to a couple of weeks.

Standard Process

1. Obtain your residence visa
2. Contact a bank via website or hotline
3. A bank agent will visit your office or home within 1-2 days
4. Complete the application process

Note: It's possible to open a savings account before arriving, but minimum balance requirements can be up to AED 100,000.

Banking Services Available

Account Types

• Current accounts: Standard everyday accounts, student accounts, joint accounts
• Savings accounts: Higher interest rates without checkbooks

Financial Products

• Personal loans and overdrafts
• Mortgages for property purchases
• Investments (funds, bonds, shares, insurance-linked pension plans)

Digital Banking

Mobile-only banks like Liv (backed by Emirates NBD) and Neo (powered by Mashreq) allow you to open accounts entirely online within hours. You'll receive your debit card within a day via local delivery.

ATMs and Cash Access

The UAE has 5,261 ATMs (as of 2018) covering malls, shopping arcades, and community centers.

• ATMs dispense notes of AED 50 and above
• Using another bank's ATM costs AED 2 per withdrawal
• All ATMs connected via UAESwitch network

Payment Methods

• Cash: Essential for small purchases under AED 10
• Checks: Required for rental contracts and as credit security
• Payment cards: Widely accepted across the country
• Digital wallets: Apple Pay, Google Pay, Samsung Pay supported
• Direct debits: Available for utility bills, phone charges, and rent

Bank Account Fees (2018 Regulations)

Money Transfers

Local Transfers

Local transfers between UAE banks can be completed within 1-2 days once you've added a beneficiary. Some banks may require recipients' Emirates ID and passport copy.

International Transfers

Most UAE banks offer international remittance services. You'll need the recipient's IBAN and SWIFT/BIC code. Free transfers to some countries (like India) are common.

Alternative services include UAE Exchange, Al Ansari Exchange, Lulu Exchange, CurrencyFair, and XE.

Banking Security and Fraud

The UAE has invested heavily in cyber fraud awareness campaigns. Common fraud types include:

• Phishing: Fake emails requesting sensitive information
• Smishing: Text message scams
• Vishing: Phone calls from fake bank staff
• SIM Swap: Duplicating your SIM card for financial transactions

Security Measures

• Chip-enabled payment cards that cannot be skimmed
• One-time passwords (OTP) for online transactions
• SMS and email alerts for all transactions
• Enhanced encryption and QR codes on checkbooks

Banking Hours

• Saturday to Wednesday: 08:00 to 15:00
• Thursday: 08:00 to 12:00
• Friday: Closed