There are plenty of options for a foreign investor to select a bank for opening corporate bank account in Dubai. The city is home to large global banks as well as various local and Islamic banks that offer wide variety of banking solutions that caters to every business needs.
Banks play a key role in business success. Selecting a suitable bank can be a tedious task but it is utmost important to choose a bank that aligns with your business goals, interests and specifications.
If you are a new entrepreneur in Dubai and looking to open a business bank account, would you go from bank to bank to choose the one that suits your business? Surely not.
Would you rather prefer to have information on all shortlisted banks in Dubai which makes your decision process a little easier? Of course!
In this article, we have narrowed down top 5 banks in Dubai who would be favorable for your corporate accounts.
1. Emirates NBD
Having more than 300 branches in Dubai alone, Emirates NBD provides variety of business packages to suit everyone’s business objectives but the most popular is Business Banking that takes care of all basic banking needs.
- Access to special business banking centers
- Large network of branches, ATMs(Automated Teller Machine), and cash deposit machines across UAE
- Comprehensive online business banking services
- Business Accounts offered in AED as well as other major foreign currencies like USD, EURO, GBP, JPY
- Interest rate 0%
- Minimum monthly average relationship balance required – AED 50,000
- Maintenance fee of minimum monthly average balance – AED 250 / month
- Approval time – 3 days
2. Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank allows companies to choose from six account options, each tailor-made to meet specific requirements. General features of account include,
- multi-currency flexibility
- preferential pricing on payment transactions
- internet banking,
- access to 50 branches and 300 ATMS across the UAE
- a dedicated relationship manager
Fees and charges
- Interest rate 0%
- Min balance to maintain between AED 25000 to AED 100,000.
- Monthly fee AED 100
3. Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank provides four kinds of business accounts: Business Elite, Business Premium, Business one and Merchant account. Business elite accounts caters to every single business needs. Its features include,
- A dedicated Relationship Manager assigned to meet business needs
- Up to 75 monthly free teller transactions
- Business Platinum Debit Card
- Personalized ADIB Business Platinum Cheque books
- Open account in select currencies
- Bank on the go and free telex transfers through Internet Banking
- Free monthly e-statements
- Minimum Monthly Average Relationship Balance of AED 200,000.
- AED 25 per month maintenance fees
4. Commercial Bank Of Dubai
Commercial bank of Dubai provides business bank account packages that are value-packed as well as designed to meet everyday banking requirements and expectations. The My Business account package is appropriate for clients who prefer to maintain lower bank account balances.
Features and benefits:
- Choice of 6 account currency denominations.(AED, USD, GBP, EURO, JPY, CNY)
- Approval time – 2 days
- Free first cheque book and complimentary business debit card.
- Branch-based client relationship management.
- Complimentary Dubai Chamber of Commerce prepaid card.
- Access to internet business advisory services and business planning toolkits via Resource Centre.
- Minimum monthly balance AED 20,000 or equivalent in foreign currency.
- Monthly charge AED 150 for not maintaining the minimum balance
- Interest rate 0%
5. Mashreq Bank
They offer three kinds of business accounts: Value Plus, Premium and Platinum.
- Multi-currency flexibility
- Online banking
- Free business cheque books
- Preferential access to insurance and financing products
- Visa Business platinum debit card
- Minimum account balance required between AED 25,000- AED 150,000
If you are a foreign investor looking to open a bank account in Dubai, contact our Business Setup Dubai consultants to get our support services. We also provide complete business registration services in Dubai and across UAE.