The United Arab Emirates, in a relatively short period of time, has become the major international financial and tourist center. Today, the UAE is the large state with the stable economy. Business, payment, and financial management requirements primarily drive the opening of a corporate or personal bank account in the UAE. The local banking system ensures a high level of asset protection and compliance with banking secrecy requirements under current legislation.

Opening a bank account in the UAE is available to individuals and legal entities interested in preserving and managing assets, subject to compliance procedures (KYC/AML) and verification of the source of funds. UAE banks offer a wide range of deposit products and safe deposit services, the terms of which vary depending on the specific bank.

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 body supervises and regulates banking activities, including AML/CFT requirements and licensing of financial institutions. The UAE imposes stringent requirements on its banks. 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

There are licensed banks operating in the UAE market, whose activities are regulated by the Central Bank of the UAE. 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. Banks use modern technologies to protect data and transactions that comply with international security standards.

Banking Compliance Requirements (KYC/AML)

Banks in the UAE are required to comply with international and national anti-money laundering and counter-terrorism financing (AML/CFT) requirements. As part of these procedures, financial institutions conduct mandatory customer identification (KYC), including verification of identity, company ownership structure (including ultimate beneficial owners (UBOs), source of funds, and the nature and purpose of the proposed activity. Depending on the client's profile, the bank may request additional documents, including a business plan, proof of business activity, and economic presence in the UAE. Completion of these procedures is a prerequisite for opening and maintaining a bank account.

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;
• Having a bank account in the UAE is required to conclude various legal transactions in the UAE (renting an apartment, 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: 05.17.2026
• Published on: 09.06.2015
• Author: Andrey Melnichuk