Overview of Major Savings and Current Account Options in Dubai
Bank Name | Account Type | Number | Number |
First Abu Dhabi Bank | FAB | 74 | 100+ |
Emirates NBD | Emirates NBD | 33 | 1,081 |
Abu Dhabi Commercial | ADCB | 72 | 450 |
Emirates Islamic Bank | Kunooz | 50 | 39 |
Dubai Islamic Bank (DIB) | DIB | 90 | 520 |
Abu Dhabi Islamic Bank | ADIB | 89 | 577 |
RAK Bank | RAK Bank | 26 | 131 |
National Bank of Fujairah | NBF | 48 | 48 |
Mashreq Bank | Mashreq Bank | 31 | 31 |
Standard Chartered Bank | XtraSaver Account | 5 | 42 |
Situation-Based Banking Recommendations
Most Representative Bank in Dubai: Emirates NBD
Top Digital Bank in Dubai: WIO Bank
Commercial Account Opening: First Abu Dhabi Bank (FAB)
SME Account Opening: Abu Dhabi Commercial Bank (ADCB)
Savings Account Opening: Abu Dhabi Commercial Bank (ADCB)
Cost of Opening a Corporate Bank Account in Dubai
When opening a corporate account in Dubai, there is no initial fee; however, each bank requires a minimum balance to be maintained. This table offers a detailed comparison of corporate account options and the minimum maintenance balances required by major banks in the UAE.
Bank Name | Corporate Account Name | Minimum Maintenance |
Emirates NBD | Emirates NBD Business Banking | AED 50,000 |
Abu Dhabi | ADCB Premium Current Account | AED 100,000 |
Commercial Bank of Dubai | My Business Account | AED 20,000 |
First Abu Dhabi Bank | Business Advantage Account | AED 10,000 |
Abu Dhabi Islamic Bank | Business Elite Account | AED 500,000 |
Key Features of Major Banks in Dubai
Emirates NBD
Emirates NBD, based in Dubai, offers corporate accounts with a low maintenance requirement, making it ideal for small and medium-sized businesses. The minimum balance is AED 50,000, and for those unable to maintain it, a monthly fee of AED 250 is applied. Corporate accounts come with no fees for domestic and international remittances, and a debit card is provided at no extra cost for individual business accounts. This account supports multiple currencies, including AED, USD, EUR, and GBP, which is advantageous for businesses engaged in international trade. However, the account may lack advanced features for larger corporations.
Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank, headquartered in Abu Dhabi, provides six types of corporate accounts, each tailored to various business needs. While the high minimum balance of AED 100,000 might be challenging for some small businesses, ADCB compensates with a no-fee remittance policy and an array of account features, such as free window trading and internet banking. ADCB accounts are multi-currency (USD, EUR, AED, and GBP), and the bank has operated since 1985, offering both conventional and Sharia-compliant financial solutions. However, the high maintenance balance may make it less accessible to newly established corporations.
Commercial Bank of Dubai (CBD)
Located in Dubai, the Commercial Bank of Dubai offers a corporate account that requires a minimum balance of AED 20,000, making it accessible for new and smaller businesses. There is no account fee, with a nominal AED 150 fee only applied if the balance falls below the minimum. CBD supports transactions in multiple currencies, including AED, USD, EUR, GBP, JPY, and CNY, though each account is limited to one currency, reducing flexibility. CBD also offers initial checkbooks and prepaid cards through the Dubai Chamber of Commerce. However, its corporate account lacks some of the functionalities found in other banks.
First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank provides a corporate account with a low minimum balance requirement of AED 10,000, suitable for businesses of various sizes, especially newer companies. Account holders benefit from no remittance fees for both domestic and international transactions, as well as access to a range of additional services like foreign exchange solutions, asset management, and insurance. While the bank assigns a dedicated manager for each account and offers free checks, it only allows transactions in AED, which may limit options for companies with extensive international dealings.
Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank offers corporate accounts tailored to professional businesses, requiring a substantial minimum balance of AED 500,000. In return, ADIB provides extensive benefits, including a platinum debit card and access to ATM and POS services. The bank supports over 15 currencies for transactions and assigns a dedicated administrator to each corporate account to ensure businesses’ needs are met. While ADIB’s high maintenance balance may be a barrier for smaller companies, it is well-suited to established corporations seeking specialized banking solutions in line with Sharia principles.
Major Benefits of Offshore Banks
Offshore banks offer several significant benefits due to their unique regulatory environment. These institutions are often subject to less stringent regulations compared to traditional banks, which enhances their financial management flexibility. Additionally, offshore banks provide access to a diverse range of investment opportunities, including foreign currencies, stocks, and other assets, which can help mitigate investment risks.
Another key advantage of offshore banking is the high level of privacy and security they offer. Many offshore banks maintain strict confidentiality policies and do not disclose personal information to third parties without the account holder’s consent. This ensures that clients’ financial information remains secure and private.
Premia TNC's Industry-Leading Corporate Management Services
Premia TNC offers a full spectrum of corporate management services, including the establishment and operation of companies in Dubai, accounting settlement, audit, tax services, and visa assistance. Our expert team is dedicated to ensuring seamless corporate operations and compliance with all regulatory requirements. For any related assistance or inquiries, please do not hesitate to contact us. We are here to support your business needs with professionalism and efficiency.