Dubai Banks

There are both foreign and local banks in Dubai ready to look after your money, or lend you money. Current and deposit accounts are available from a selection of international banks, including HSBC, Citibank, Standard Chartered, and British Bank of the Middle East’s can be made without difficulty as there is no exchange

control and the dirham is freely convertible. Transfers can be made without difficulty All Dubai banks will have a minimum balance requirement for a current account raging from 1000 to 5000 dhs. There’s a monthly fee of 50-100 dhs if you go below that limit during the month. A Dubai banks savings account has a much lower, or no balance requirement.

Opening the door to Swiss bank in Dubai

The setting up of BCP’s {a universal Swiss bank} office is the evidence of the growing significance of Dubai as a regional hub for financial services with its operations comprising of Trade finance, correspondent banking, treasury and private banking.

To open a bank account you usually need a residency visa, some Dubai banks will accept a letter from your employer saying that your residency visa has been applied for or even a letter of introduction from a bank in your home country. HSBC bank does not require a residency visa to open an account. You need to carry your passport and a copy, a form of identification, e.g., driving license, salary certificate. If you need to apply for a personal loan from the bank, you will need a job with a regular salary or several months, if self-employed a bank statement. Since different banks have different lists of approved companies and you work in one of these it will be easier and quicker to obtain a loan. Most banks offer online banking.

Dubai Islamic Bank

Banks are usually open between 8 a.m. and 1p.m. from Saturday to Wednesday and many re-open between 4.30 and 6.3, p.m. Some banks in major shopping areas are open later into the evening. Local banks finance most non-oil investment in the UAE. Since the UAE Dirham is tied to the US dollar, interest rates tend to parallel those in the US. Dubai Islamic bank is the first fully fledged Islamic Bank combined with the best of Islamic values with the technology that characterize the best of modern banking. The National bank of Dubai announced its partnership with Dubai Islamic Insurance and Reinsurance Co. The National Banking of Dubai provides commercial banking products and services in the UAE and internationally.