Banks in Dubai
In Dubai, there are both local and foreign banks. These banks in Dubai are always
ready to take care of your money as well as lend other’s money. UAE central Bank
governs all financial institutions of Dubai and licenses them. Retail customers
generally open account in Islamic banks or commercial banks. All dirhams are lead
back to the UAE Central Bank. In Dubai, there are two other types of categories of
bank- investment or merchant bank and industrial banks.
All or most of the banks in Dubai have a requirement of minimum balance for a
running account ranging from 1000 dhs to 10,000 dhs. You will have to pay
monthly fee of 50 dhs to 100 dhs, if your current balance is les than the required
amount. For most of the banks in Dubai, you will need to pay this fee once. But, a
savings bank account in Dubai generally has no balance requirement or lower
amount of balance. But, some bank have requirement of minimum salary of
10000 AED to 20000 AED per month to run a bank account.
Number of banks and branches in Dubai:
In Dubai there are total 532 banks according to the survey of 2009. The number
was same in 2008. Among these 52 banks, 24 banks are national and 28 are
international. Though the number of bank has not increased, the number of
brunch has increased from 2008 to 2009 by 10%. In 2008, the number was 860,
but, now it is 948. These branches include head offices, branches and banking
services units. The number of ATMs in Dubai has also increased 48%. It was
2,420 at the end of 2008 but it became 3,599 at the end of 2009. Among all the
banks branches and ATMs of ADIB (Abu Dhabi Islamic bank) have been increased
most. Its branches increased from 44 to 52 and ATMs increased from 116 to 204.
RAK bank also started 2 new branches and 12 new ATMs in 2009.
Dubai Bank Ranking List of top ten banks [According to the survey of 29
banks in Dubai]:
1. National Bank of Ras Al Khaimah (RAK Bank).
2. First Gulf Bank.
3. Emirates Islamic Bank.
4. Abu Dhabi Commercial Bank.
5. Dubai Islamic Bank.
6. National Bank of Dubai.
7. Mashreq Bank.
8. Lloyds TSB Bank.
9. Commercial Bank of Dubai.
10. Al Hilal Bank.
You must check your working company that they have any particular provision
with any particular Dubai bank. If you have the same bank account as your
company arrangements, you may get special rates on your money transfer or
requirements of lower minimum balance. You can also know the amount of your
salary if you have same bank account as your company.
There are many more stories of poor customer service of banks. Very often it
happens that, you have a bank account and you are facing lots of problems bank
service. You may choose the bank according to the bank reputation, location and
the suggestions of others. But, because of poor service you are bothered and need
to change the bank by closing account. So, it would be better for you if you
choose the best bank according to your facilities.