The United Arab Emirates, in a relatively short period of time, have become the major international financial and tourist centre. Today, the UAE is the large state with the stable economy. In addition to the fact that it is very prestigious among the business communities to have a corporate or a private bank account in the UAE, there is a number of objective factors in favor of the UAE. For example, the local banking system is focused on the client and ensures the security of the entrusted assets and information being subject to bank secrecy.

Persons, who intend not only to maintain, but also to increase the available financial assets can also open an account in the UAE. The service of depositing of various values and assets is very developed in the United Arab Emirates. In general, the UAE is a quite rich and prosperous country, where GDP per capita is among the highest in the world. Besides, the favorable geographical location and attraction of the direct investments into the national economy became a key to the future success.

Banks in the UAE – modern financial institutions

Banks in the UAE are included into the unified financial system, where the leading role belongs to the Central Bank of the United Arab Emirates. This particularly authority exercises a supervision and control over all the financial institutions, which are represented in the local market. It should be noted that the requirements applicable to banks in the UAE are quite stringent. This approach ensures that the unscrupulous players or the so-called "bubble" banks will not enter the market. In addition, the banking system includes commercial and investment banks and representative offices of foreign banks and credit institutions.

Banking infrastructure and service

As only the serious and time-tested banks are represented on the local market of the UAE, each of them has well-established banking infrastructure. First of all, these are branches and representative offices of banks, a large network of ATMs, a full range of modern banking tools and the availability of appropriate technologies and possibilities.

Possibility of the remote banking account management via the Internet is of the special interest for foreign citizens. Statistics shows that the Dubai Internet banking is highly demanded and is used actively not only by entrepreneurs but also by private persons. You get maximum protection of your assets and efficiency of all the banking operations owing to the modern technologies.

Information for tourists:

• You can withdraw money from the ATM of another Bank, but with the applicable commission;
• Credit card in the UAE gives the owner a number of advantages and opportunities when using it (discounts, bonuses, gifts, etc.);
• Along with the other types of settlements, there is a system of cheque books in the United Arab Emirates, and issued cheques are treated quite seriously;
• You need to open an account in the UAE in order to conclude various legal transactions in the country (apartment rent, credit card, etc.).

Regarding bank accounts for private persons, banks in the UAE offer deposit, saving and current bank accounts. There are no restrictions on the currency of the account. Besides, you can open several additional sub-accounts in different currencies.

• Checked / Updated: 07.25.2022
• Published on: 09.06.2015
• Author: Vlad Burtynsky