Opening accounts with international banks in Dubai can be daunting. This is especially true if you are planning a trip to Dubai for this purpose alone.
In short, the investment required, the difficulty in preparing to meet each bank’s requirements, and the time it takes to successfully open can often make other jurisdictions more attractive for foreign non-residents.
In this article, we’re going to help you navigate your options and decide which of the international banks operating in Dubai are best for you. We’ll also answer common questions we receive on the topic.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- International Banks in Dubai
- Who Can Open a Bank Account in Dubai?
- Frequently Asked Questions
- Ready to Explore Your Options?
International Banks in Dubai
There are 23 international banks operating in Dubai, representing 12 different countries. Most applicants will look to open accounts with one of the international banks that has a global presence, of which there are 10 to choose from.
That said, UAE banks that are most well suited to each applicant vary based on the type of applicant, their client profile, and desired deposit amount.
Importantly, unless you are looking to make a sizeable deposit, it will be very difficult to open accounts in Dubai remotely. That said, there are a few exceptions, including larger international banks that cater to expat and non-resident clients.
Of course, to open accounts with these banks, you will need to demonstrate that you are a potentially profitable client. In other words, you’re not looking to deposit $500 and then close the account in six months.
On the other hand, local online-only banks in the UAE and offices of regional banks that focus on commercial trade, will not be suitable options for foreign non-residents to consider.
Banks in Dubai cater to wealthy individuals. And, in most cases, these individuals have strong ties (if not residency) in the region. With this in mind, when it comes to determining where to open accounts, we typically suggest that opening in Dubai only be considered by individuals who have a clear reason to bank here.
In the next section of the article, we’ll take a closer look at who can open a bank account with international banks in Dubai.
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Who Can Open a Bank Account in Dubai?
The individuals who can open accounts with international banks in Dubai include:
- Foreigners with residency in Dubai
- Foreigners willing to travel to Dubai to open accounts
- Foreigners with commercial interests in Dubai
- Foreigners with real estate investments in Dubai
Of course, in all instances, the foreigner opening accounts still need to meet the account opening requirements of the bank where they apply. This will include a deposit of approximately 250,000 and up (depending on the bank), along with sufficient supporting documentation.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into international banks in Dubai. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Best International Bank in Dubai?
There are several candidates for the best international bank in Dubai. However, ultimately, the best bank is the one that matches your client profile, offers the services you require, and is willing to open an account for you. With this in mind, it’s critical that you review your profile and compare it to the banking options available before you start applying for accounts.
How Many Foreign Banks Are in Dubai?
There are 23 foreign banks with their national headquarters in Dubai. Out of the 37 foreign banks that operate across the United Arab Emirates. That said, most foreigners will look to open with one of the 10 foreign banks with a global footprint, including those from the United States, United Kingdom, France, Germany, and elsewhere.
Which Bank Is an International Bank in the UAE?
An international bank in the UAE is one of the foreign banks that has received a license to operate from the Central Bank of the United Arab Emirates. In total, there are 37 international banks from 22 different countries that are approved to operate in the UAE.
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