Banks in Dubai
Dubai Banks List : List of the top major banks in Dubai with contact details including Bank names, contact details, telephone numbers, email addresses, websites, location map, driving directions, deals, offers, prices, costs, coupons, vouchers, reviews and ratings. Top banks in Dubai UAE. List of the top banks in Dubai with bank names, telephone numbers, contact details, bank branches & ATMS location, bank SWIFT code & emails.
There are several reputable banks in Dubai, including well-known names like HSBC and Standard Chartered. However, banks that operate internationally rarely have connections with their counterparts in other parts of the world, so you won’t be able to manage accounts held in other countries through your Dubai account. To open an account in most banks, you need a residence visa or to have your residency application underway. To apply, you will need to submit your original passport, copies of your passport (personal details and visa) and an NOC from your sponsor and/or a salary certificate from your employer.
Some banks set a minimum account limit – this can be around Dhs.2,000 for a deposit account and as much as Dhs.10,000 for a urrent account. This means that at some point in each month your balance must be above the minimum limit (normally covered by a monthly wage deposit). Most banks offer online banking, so you can check your balance, transfer money and pay bills online.
Banks Opening Hours in Dubai : Banks are open from 8am to 1.30pm, Saturday to Wednesday, and 8am to noon on Thursday. Some branches, especially in the malls, stay open until later, even as late as 10pm. All banks are closed on Fridays.There are also numerous money exchanges; try Al Fardan Exchange if you want to buy or sell currency.
Online Banking in Dubai : Banks in the UAE offer online facilities where you can send a transfer, set daily withdrawal limits, check your balance and apply for a loan. It’s easy to set up and usually works in conjunction with your mobile phone, in that any security codes required for online transactions will be sent to your mobile for you to then input online.
Credit Cards in Dubai: It’s quite easy to get a credit card and if you’re eligible your bank will probably call you to offer you a Visa or MasterCard. For American Express visit americanexpress.ae. Eligibility usually depends on a minimum salary, a salary certificate detailing your earnings (provided by your employer) and a copy of your passport with your residence visa and work permit. Dubai is relatively safe but the same security measures apply regarding credit cards as anywhere: report lost or stolen cards to your bank immediately, and change your PIN frequently.
Pre-Paid Cards in Dubai : Pre-paid cards are available from a number of national banks. These are great for under 18s, as they can shop safely online, can stop the card if it’s lost which means they don’t lose the money, and parents can track online what they’ve been spending money on. Using pre-paid cards can mean two for one deals in some eateries too.
An offshore account works in the same way as a conventional account, but with additional flexibility. Money can be moved where it will produce the best rewards, and cash accessed whenever you need it, in your desired currency. Offshore accounts allow for management through the internet and over the phone, in a range of currencies (commonly in US dollars, euros or pounds sterling). If you are travelling outside the UAE, make sure your account comes with 24 hour banking, internationally recognised debit cards, and the ability to write cheques in your preferred currency.
To open an account, there is usually a minimum balance of around $10,000. Do some thorough research before opening an account, and check the potential tax implications in your home country. It is important to seek independent financial advice, and not just the opinion of the bank offering you an account. To open your account, you may have to produce certain reports or documents from your chosen country. However, for those willing to do the research and undertake the admin, offshore banking can prove to be a lucrative investment. One of the main reasons for expats setting up an offshore account is to avoid their money being frozen in a UAE bank as can be the case when they learn you are leaving your current employment, cancelling your visa or, a more unlikely situation, find yourself in prison.
Previously, post-dated cheques were mainly been used to secure finances and pay rent, with a year’s rent being ‘paid’ up front in several cheques. The country’s first direct debit system came into force in October 2013, with the aim of reducing the need for post-dated cheques in order to guarantee loans. Bear in mind that if you do write a post-dated cheque, it is a criminal offence if the cheque bounces. More than four bounced cheques in one year will get you blacklisted by the UAE Central Bank, and your account may be closed.
Remember too that a cheque cannot be cancelled unless it is lost or stolen, and so think ahead when writing post-dated cheques. In some cases you can be prosecuted, lose your visa or even face a few years in jail.
The UAE’s first direct debit system began in October 2013, in a bid to reduce the use of post-dated cheques. Direct debit payments can be set up for loans, with plans to extend this to monthly transactions including electricity, water, telecommunications, and credit card payments. The Al Etihad Credit Bureau is a new federal agency set up to assess a customer’s creditworthiness. It is due to be fully operational by 2015, so banks, telecoms and utilities companies can get a better understanding of a customer’s financial track record.
You now need to provide an IBAN number when making a transfer to or from a UAE bank. The IBAN (International Bank Account) is an international standard for identifying bank accounts. Your bank will notify you of your IBAN number.
Commercial Banks in Dubai UAE
Links to Commercial Banks and Representative Offices in Dubai UAE. If you are looking to use commercial banking you have properly got a new business or an existing business that needs funding of some sort or another. Commercial banking is normally offered by specialist commercial lenders. However, some normal day to day banks do offer business and commercial lending and services.
Commercial banking is usually defined as giving financial services and lending to small businesses, new or existing businesses and to large companies and businesses. That is why some companies prefer to offer banking services separately to day to day banking as they can solely focus on their business clients. Banking is today more diverse than it has ever been before. You can now get a huge range of services from a commercial banking sector. Some of those services are as follows:
- Business Credit Cards
- Business loans
- Business and investment mortgages
- International finance
- Trade credit for businesses
- Business insurance
Some banking services in Dubai are not available to all businesses, so check with your bank or lender that they have what you need for your business. There is no point using a commercial bank that can’t give you what you need to make your business successful or take it to the next level. Speak to an advisor if you are unsure as to what commercial banking services you will need and what they can offer you for your business. Some commercial banking institutions only deal with businesses that have extremely high turnovers. If this is the case, they will more than likely have a business sector that will deal with your business if you have a low turnover.