Banks in UAE
Dubai and Abu Dhabi Banking
UAE banking is quite straight forward. When traveling or moving to Dubai or Abu Dhabi you need to keep your finances under control. There are hundreds of different banks in UAE. both local and international to choose from.
Whether you are paid onshore or offshore you can use any of the local banks to make the transfer of many easier for you.
Expatriate life in the UAE will necessitate a bank account!
To do any type of serious banking, you will need a residency visa, but without one, you can open a saving or deposit account at a limited number of banks.
We opened an account at HSBC and because we had other HSBC accounts in our home country it was easy and we could do so before the residency visa was ready to check out if your bank has a branch in the UAE as it maybe smoother!
Local checkbooks are in Dhs or Dirhams which roughly translates to 3.67 Dhs equals $1.00. In order to access your account, you have to produce your visa.
You can get a credit card at any of the banks with ATM attached to them. Some have debit cards. Most ATM cards won’t work outside of the United Arab Emirates.
It’s against the law in the United Arab Emirates to bounce a check. They will call the police, so be sure you have the funds before writing a check. This has happened to friends of mine so be sure you don’t bounce checks!
Banks are open from 8:00 am to 2:00 pm 6 days a week. They are all closed on Friday.
UAE Banking Tips
These tips will help you establish your financial banking when you move to United Arab Emirate or Abu Dhabi
• A reference letter from your existing bank will help you choose the right bank. Since there are no bad banks in Abu Dhabi, they are picky who they take on as customers.
• A letter from your employer may help your secure an introduction to a bank.
• Establish your banking needs in Abu Dhabi before you cancel your home accounts. There are times when establishing credit in Abu Dhabi may be difficult.
• Use the internet to access your local home bank and your new bank in Abu Dhabi.
• Monitor your accounts to be sure all transactions are there. They are just like other banking institutes around the world and that means they are human and make human mistakes.
• You will need 3 months of bank statements in order to open an account in Abu Dhabi. Carry them with you or have them shipped to you.
• Abu Dhabi banking specials often include services for expats such as multi-currency accounts and international online deposits.