Best Current Accounts in Dubai and UAE – Detailed Comparison

Almost all the banks in the UAE offer current accounts with their own benefits and services. With so many banks providing these accounts, it becomes confusing for customers to choose the best option suiting their needs. This article highlights the list of popular current accounts in Dubai and UAE with their features and benefits and will help you to choose the best one.  

Many trades, businesses, and other commercial activities do a lot of transactions every day, more than a regular savings account can handle. To deal with this problem, banks in the UAE offer current accounts with no limits on transactions. These accounts are designed for people who need to make big transactions every day. Some current accounts do give interests, others don’t. But the best thing about them is that they come with useful features like a checkbook and overdraft options, depending on the bank.

In the UAE, almost all banks have their own current accounts, each with its own services and perks. With so many choices, customers might find it hard to pick the best one for their unique requirements. This article lists some popular current accounts in the UAE, explaining what makes each one special and how they can help you make a good decision

What is a Current Account?

A current account is a regular bank account that most banks and other financial institutions in the UAE offer. You can easily switch between current accounts as the banks offer this facility.

This account is where your salary or other income gets deposited, and you use it to pay your day-to-day expenses and daily or monthly bills. Current accounts typically come with a debit card, allowing you to spend the money in your account.

Some current accounts are basic, offering features like debit card payments, direct debits, and standing orders. Others come with extra perks such as shopping discounts, interest, cashback, and many other additional benefits.

Advantages and Disadvantages of Current Accounts

Here are the pros and cons of such a current account:

Advantages:

• Your money is easily accessible
• You can earn interest
• A debit card for convenient spending
• You will get a chequebook for an account
• Day-to-day banking services
• Plenty of options to choose from, as almost every bank offers a current account

Disadvantages:

• Some accounts with the highest interest may have a monthly fee or minimum balance requirements
• Interest rates are usually lower compared to savings accounts
• The interest you earn may not be tax-free

Best Current Accounts in Dubai, UAE

There are a lot of banks that offer different current accounts in the UAE. Each one of them comes with a distinct set of features and benefits that are suitable for people having different requirements or demands. So, to make things easy for you, we did all the hard work and hand picked some of the best options that you can opt for.

After detailed research, we have found the best current account in Dubai, UAE for businessmen, investors, entrepreneurs, and other individuals. These options not only offer amazing perks for account holders but also help you manage your finances and funds-related activities with ease.

Emirates NBD Current Account

Emirates NBD offers a complete current account that provides a lot of features and advantages, creating an efficient banking experience for its account holders. Here’s a detailed breakdown of the key aspects:

Key Features:

• Emirates NBD’s current account comes with the convenience of DirectRemit, enabling account holders to make transfers in just 60 seconds. This feature ensures swift and efficient fund transfers, saving valuable time for customers.
• The current account is open for application by non-salaried, salaried, and self-employed individuals, promoting acceptance and catering to a wide range of customer profiles.
• The account maintains a decent requirement of a minimum balance and salary threshold set at AED 3,000. This makes the Emirates NBD current account accessible to a broader audience.
• Account holders can benefit from significant savings through exclusive deals and discounts when using the Emirates NBD debit card. This feature enhances the overall value proposition of the current account, providing cost-effective solutions for everyday expenses.
• Emirates NBD eliminates the burden of account opening fees, making it financially accessible for individuals to initiate their banking relationships. This customer-friendly approach aligns with the bank’s commitment to providing transparent and convenient services.
• The current account supports a range of currencies, including  KWD, SAR, QAR, OMR,  AED, USD, GBP, AUD, CAD, SGD, JOD, and BHD. This multi-currency capability caters to diverse financial needs and facilitates international transactions.
• Emirates NBD goes the extra mile by providing the first chequebook free of charge, simplifying financial transactions for account holders.
• Depending on the chosen banking package, account holders can enjoy up to 10 free teller transactions each month. This feature enhances accessibility and ensures cost-effective banking for customers.

ADCB Current Account

Here are the features of the ADCB current account:

• It accepts requires a minimum deposit of AED 5,000 or USD 1,500.
• The minimum monthly salary for residents employed in the UAE is 5,000 AED.
• The account is open only to UAE residents.
• The account holders can get a free chequebook and e-statement facilities.
• The users can have easy access to the account using the ADCB online and mobile app banking.
• It is available in AED and other major currencies.

HSBC Premier Account

The next account is the HSBC Premier account. It is a foreign currency account with competitive rates. This special account from HSBC gives you and your family lots of opportunities. You can easily support your loved ones, plan for the future, buy a new home, and enjoy the rewards of your efforts. It’s a breeze to open a Premier account through our app, and it also gives Premier status to your spouse and kids.

Key Features

• Get exclusive offers, rewards, and privileges with the Premier World MasterCard Credit Card and the Premier Visa Signature Debit Card
• Automatic Premier status in 29 markets globally
• Support for overseas account opening before moving or working abroad
• View all your international accounts in one place
• Premier Debit Card for priority servicing and support
• Make no-fee transfers with a Global Money Account
• Get connected to a Premier Relationship Manager for correct financial decisions
• Preferential rates on mortgages, term deposits, loans, savings, and global funds transfers
• Fee-free fund transfers to 200 countries and regions in over 25 currencies, including INR, PH, PKR, and EGP
• Worldwide support network for cards with emergency cash advances up to USD 10,000 daily (subject to available funds) and next-day card replacements in case they are stolen or lost somewhere

Eligibility Criteria:

To apply for Premier, you must not be currently banking with HSBC in the UAE, be 18 or older, and opening an account for yourself. Additionally, you need to meet one of the criteria given below:

• Have a parent or spouse who already holds, and qualifies for, a Premier account.
• Deposit an ongoing individual monthly net income of at least AED 40,000 into the account.
• Hold a mortgage with the bank with a drawdown of AED 3,000,000 or above for the first 24 months, after which other eligibility criteria apply.
• Maintain a TRB (Total Relationship Balance) with the bank of AED 350,000 in investments and/or deposits.
• Already hold, and qualify for, a Premier account in another region or country.

United Arab Bank Current Account

UAB’s Current Account is a great option for professionals and businesspeople in the UAE. It offers both businesses and individuals the flexibility for easy and quick transactions.

Features:

• Receive account-related SMS notifications.
• Available in AED and major foreign currencies like the Euro.
• Deposit and withdraw at any UAB branch.
• Individuals need a minimum average monthly balance of AED 3,000.
• Get a free ATM card for 24/7 account access at over 18 million ATMs worldwide. The UAB ATM card is accepted at more than 27 million shopping outlets globally.
• Enjoy a personalized chequebook.
• Companies require a minimum average monthly balance of AED 25,000.
• Receive free monthly eStatements.
• Access free electronic banking services, including online banking, phone banking, ATMs, and Cheque/Cash deposit machines.

Emirates Islamic Current Account

The next option is the Emirates Islamic Current Account. It is a Shariah-compliant current account with remarkable benefits. Here are the features of this account:

Features:

• Enjoy personal checking facilities designed for UAE residents.
• Access free online banking to conveniently view, manage, and conduct transactions.
• No charges for maintaining a minimum balance if your salary is transferred.
• Get a free internationally recognized debit card for AED transactions only.
• Utilize phone banking for anywhere, anytime access to your accounts.
• Choose from a variety of available currencies, including GBP, AED, USD, Euro, Kuwaiti Dinar, Yen, Canadian Dollar, Bahraini Dinar, Saudi Riyal, Omani Riyal, and Qatari Riyal.
• Receive SMS updates for charge card balances and other transactions.

Eligibility

• Require a minimum salary of AED 5,000.
• Maintain a minimum balance of AED 3,000.
• Open to businesses and individuals, including partnerships, sole proprietorships, as well as Joint Stock and Limited Liability organizations.

ADIB Current Account

The Abu Dhabi Islamic Bank Current Account operates on the principle of ‘Qard Hasan’, following Islamic banking guidelines. This account offers flexibility, allowing you to pay bills, apply for chequebooks, transfer salary funds, and free cash withdrawals at over 500 ADIB ATMs across the UAE.

Key Features:

• The current account can be opened for customers with a minimum salary of AED 5,000.
• Free unlimited teller transactions at more than 60 branches across the UAE.
• A nominal initial deposit of AED 3,000 is required.
• The first chequebook in AED currency is free, and additional ones can be obtained for AED 25 each.
• It comes with a free ADIB Visa Debit Card which can be used only in AED currency.
• Choose to maintain your account in GBP, AED, or US Dollars.
• Offers an overdraft facility for instant access to funds in case of emergency (requires a minimum salary transfer of AED 8,000).
• Set up automatic payments for regular transactions on chosen dates such as for paying installments, bill payments, and donations.
• Manage your account through the ADIB Mobile Banking App and other digital platforms.
• Access 24-hour banking services, including Telephone Banking, e-ADIB Internet Banking, and SMS Banking.
• Receive free monthly e-statements delivered to your mailbox.

Ajman Bank Current Account

The Ajman Current Account is designed to provide convenient and efficient service for both business and personal transactions. Ajman Bank offers this Sharia-compliant current account in the UAE, ensuring that it aligns with Islamic principles. This account comes with various features:

Features:

• Your first chequebook is provided at no cost.
• You will get free monthly statements, with the option for e-statements.
• The Current Account is available in UAE Dirhams, Pounds Sterling, and US Dollars.
• It is suitable for both individuals and companies.
• Access to online and SMS banking services.
• Free utility bill payments for services like ADDC, FEWA,  Salik Recharge, DEWA, AADC, SEWA, Etisalat, and du.
• Free MasterCard Platinum debit card with Chip Security.
• The account also allows for teller transactions.

Standard Chartered Bank Current Account

The following are the features of Standard Chartered Bank Current Account:

Features:

• You will receive a globally accepted debit card
• The age requirement for an account is a minimum of 21 years old
• There are no monthly service charges for this account
• Easily access your funds with higher withdrawal limits per day through the bank’s extensive network of ATMs or UAE Switch ATMs.
• Enjoy the convenience of paying major utility bills such as Etisalat, DEWA, and Du through Online Banking.
• Secure eStatements are provided for your account.
• A minimum deposit of AED 10,000 is required.
• Maintain an average monthly balance of AED 3,000 or more.
• Stay informed about your account activity with SMS alerts for every transaction on your credit card or account.
• Easily manage your account through the bank’s award-winning mobile and online banking platform.
• It accepts multiple foreign currencies, including EUR, USD, and GBP.
• It offers unlimited transaction limits.
• The account is only for UAE nationals and residents

Citibank Current Account

Here are the key features of the Citibank Current Account:

Features:

• The account provides a personalized chequebook.
• The account offers a globally accepted debit card for fund access.
• The minimum monthly average balance for the account is AED 3,000.
• The account accepts multiple currencies, including USD, GBP, and EUR.
• Users can manage the account anytime, anywhere through online banking and the mobile application.
• You can enjoy unlimited checking facilities.
• Residents of the UAE are eligible to open the account.
• The daily withdrawals are limited to AED 40,000.
• The minimum age requirement for applicants is 18 years old.

Dubai Islamic Bank – Al Islami Current Account

Experience the ease of the DIB Al Islami Current Account for your everyday banking. With this account, you will get a debit card accepted worldwide, along with modern services like online and mobile banking, plus e-statements.

With the Al Islami Current Account, the current account holders can effortlessly manage their daily life. You can pay utility bills and telecommunication service bills online for Etisalat, Du, DEWA, SEWA, FEWA, Ajman Sewerage, ADDC, Emicool, RTA, DED, Noqodi, Trakhees, Air Arabia, flydubai, and EMAAR.

Additionally, if you transfer your salary to your DIB Account, you can enjoy the flexibility of getting your salary in advance, anytime during the month, in case of unexpected financial requirements.

You can benefit from the first six teller transactions being free every month, and receive a free chequebook.

Mashreq Bank Current Account

Mashreq Bank offers a current account that can suit your requirements and help you in achieving your financial goals. This account brings flexibility and convenience together, offering both non-financial and financial advantages.

Here are the features and eligibility criteria for this account.

Features:

• You get a Visa Infinite Debit Card that provides exclusive privileges and global recognition

• Account holders can do free transactions and remittances.
• Convenient online access to your funds anytime, anywhere.
• Access to complimentary transactional and banking services.
• Available for UAE residence visa holders, UAE nationals, and GCC nationals.
• Enjoy the ease of accessing your funds through 1.8 million ATMs in over 200 countries, making it a convenient and globally recognized banking solution.

ADCB Business Choice Current Account – Silver

ADCB Business Choice Current Account – Silver is an option that has very low minimum balance requirements. Here are its features and benefits:

• Business Choice Accounts are available only in AED currency.
• Access to ADCB Mobile, Phone, and Personal Internet Banking services
• Access to ProCash mobile app for easy finance management
• The monthly minimum average balance requirement is AED 10,000
• 1 free Cheque book per quarter
• Free e-statements
• If the account balance falls below the minimum requirement, AED 150 monthly charges are applied
• Get a Business Choice Debit Card that is accepted worldwide

Required Documents

• A valid trade license
• Power of attorney (if applicable)
• A valid tenancy contract

Why Should You Get A Current Account in UAE? (Features and Benefits)

Individuals can open a current account with various commercial banks in the UAE to efficiently manage their funds, especially when dealing with large and daily transactions. In order to satisfy the various needs of enterprises and other relevant entities, banks and financial institutions now provide a wide range of catchy bonuses and features on current accounts.

Here are some key reasons to consider having a current account in the country:

Segregate Business and Personal Finances

Opening a separate current account for business transactions helps distinguish between business and personal finances. This not only aids in better personal financial planning but also provides an accurate overview of the business’s financial status in the future.

Provide Payment Proof

Cheques issued from a current bank account serve as written proof of payments. This proof is crucial for tax purposes and some registration processes like company registration.

No Restrictions on Deposits and Withdrawals

Current accounts allow for both deposits and withdrawals of funds without limiting the number of transactions per day.

Overdraft Facility

Account holders can use overdraft facilities as needed. This allows them to temporarily exceed their account balance to cover a shortage of funds. It’s a short-term borrowing option, and the bank may or may not charge interest on it.

Ease of Payment

A current account provides account holders with the convenience of making a large number of transactions with banks in a systematic way.

ChequeBook Facility

Many UAE banks offer a chequebook facility to current account holders, making their transactions more convenient.

Credit and Debit Card Feature

Most Emirati banks provide free credit cards and debit cards along with the current account. Account holders can use these cards for instant access to their funds and use for other purposes.

Banking Services

Current bank accounts offer easy access to secure and advanced mobile banking services, internet banking, phone banking, and SMS banking to the users.

Frequent Transaction Facility

Current accounts are designed to accommodate frequent transactions such as fund transfers, cash transactions, and receiving cheques.

Eligibility Criteria for Opening a Current Account in the UAE

All Emiriti banks have predetermined eligibility requirements for opening current accounts, which must be verified by every individual applying for an account. However, the following list of some standard requirements to be met:

Age of the Applicant

In the United Arab Emirates, there is a minimum age requirement to open a bank account. In the UAE, this age is often 21. It might, however, differ from bank to bank.

Proof of Residence

Only citizens of the United Arab Emirates are permitted to open current accounts with most banks. In these situations, the applicant needs to provide legitimate evidence of residency in order to open a bank account.

Minimum Income Requirements

To set up a current account in the United Arab Emirates, an applicant must meet a minimum monthly income requirement. The relevant bank for the account determines the required income.

Required Documents to Open a Current Account in the UAE

Similar to the requirements for opening a current account in the United Arab Emirates, all banks have different documentation required to complete the account application. The following is a list of fundamental paperwork needed to open a current account in the United Arab Emirates:

• Original passport along with a copy
• Proof of income
• UAE Resident Visa
• Photographs of the applicant
• Emirates ID
• Reference letter or salary certificate (only for salaried applicants)
• Bank statements for last six months
• Proof of employment

The applicant may be required to provide more documentation at the bank’s sole discretion.

How to Open a Current Account in Dubai?

Opening a bank account in Dubai involves a pre-defined process. By following the essential steps involved in the process, you can successfully establish your current account in this dynamic financial hub. Please bear in mind that there can be more or less steps depending on the bank where you want to open an account.

The general steps are as follows:

Research and choose a bank

The first step is to conduct thorough research and choose a bank that best suits your financial needs and preferences. Given the diverse range of banking options in Dubai, it’s crucial to consider factors such as services offered, fees, and the overall reputation of the bank. This step sets the foundation for a banking relationship that aligns with your unique requirements.

Gather necessary documents

Once you’ve selected the bank, the next step is to gather the necessary documents. To comply with the typical paperwork requirements, you will need your valid passport, a copy of your UAE visa, proof of address (which can include utility bills or a rental agreement), a salary certificate as proof of income, and a few passport-sized photographs. Ensuring you have these documents ready will help you easily complete the account opening process.

Visit the bank in person

This step involves visiting the branch of the chosen bank in person. While most banks in Dubai typically require a physical visit to a branch for account opening, it’s worth noting that certain banks may offer online account opening services like Mashreq Neo Banking Services. Confirm with your chosen bank if online account opening is available, as this could provide a more convenient option for you.

Complete the application process

Upon visiting the bank, you will need to complete the application process. This involves filling out the necessary forms provided by the bank and submitting all required documents. During this step, the bank may request additional information or details, so it’s essential to be prepared to provide any supplementary documentation or answers as needed. Generally, you just need to tell about yourself or the company for which you are opening an account.

Wait for approval

The final step is to patiently wait for the bank’s approval. Once your application and documents are submitted, the bank will review the provided information. The approval process may take some time, and the bank will notify you once your account is successfully activated. For online applications, it’s important to follow any additional steps or verifications required by the bank.

Keep in mind that specific requirements and procedures may vary between banks, so it’s advisable to consult with your chosen bank for any additional steps or details pertinent to your specific situation.

Things to Consider When Choosing the Ideal Current Account in the UAE

If you don’t take the features and advantages into account, selecting a current account might be quite difficult. Before choosing one, you must review all of the terms, perks, features, restrictions, etc. Here is a list of things that you must consider when you choose the best current account in the United Arab Emirates:

Initial Deposit:

Some banks may require some initial deposit amount to open a current account, typically ranging from AED 5,000 to 25,000. The amount to be deposited totally depends on the bank. Select a bank based on your ability to meet the initial deposit requirement.

Multiple Currencies Accepted:

If you frequently engage in remittances and foreign transactions, opt for a current account that accepts multiple currencies. This makes the process of remittance easier and more efficient.

Banking Services and Facilities:

Look for banks that offer additional services with their current accounts, such as free chequebooks, debit cards, and overdraft facilities. Taking advantage of these benefits can enhance your overall experience with the account.

Minimum Balance Requirements:

Consider the minimum balance requirements per month imposed by the bank as they may impact your account and potentially incur fees if it is not maintained.

Open a Current Account in Dubai with RIZ & MONA CONSULTANCY

Understanding how to open a current account in the UAE is crucial for both residents and expatriates in this business-friendly country. This guide makes the process of opening a bank account straightforward, giving you control over your funds.

Whether you’re looking to open a personal or business account in Dubai, RIZ & MONA CONSULTANCY is here to assist you. Our services offer easy account opening procedures, a range of business solutions, and expert consultation. We prioritize simplicity and user-friendliness in our approach.

For those in search of reliable banking partners in Dubai, RIZ & MONA CONSULTANCY stands out by providing client-focused and professional solutions. If you’re ready to efficiently manage your banking and business needs, connect with us today. You can reach us by phone at +971 45 586339, via WhatsApp at +971 54 582 1012, or through email at info@rizmona.com.

FAQs – Frequently Asked Questions

Do I need to put money in the bank when I open an account in the UAE?

Ans: Yes, when you open an account in the UAE, you commonly have to start with some money, and it can be anywhere from AED 3,000 to 25,000 or more.

Can I open a bank account with my child in the UAE?

Ans: Most banks in the UAE don’t usually allow opening a bank account with a child under 18. But it’s worth talking to the bank to explore your options.

What’s the main reason for having a bank account?

Ans: The main goal of a bank account is to help you smoothly run your business or manage your money efficiently.

Do I need a certain salary to open a bank account in the UAE?

Ans: Some banks might ask for a specific salary to open an account in the UAE, but this can vary between banks.

Who can open a bank account in the UAE?

Ans: Anyone who follows the rules and submits the needed documents can open a bank account in the UAE. It could be for a single person, a business, or even a partnership.

Do I get a free checkbook with my UAE bank account?

Ans: Some of the best banks might give you the first checkbook for free, but you might have to pay a bit for extra ones.

Will I get a card to spend money from my account in the UAE?

Ans: Different banks offer different features. Some give you a card to take out money (debit card), and some offer a credit card for spending.

Is there a charge if I want to close my bank account in the UAE?

Ans: If you close your bank account within a year, the bank might ask for a small fee. But this fee changes from one bank to another.

How old do I need to be to open a bank account in the UAE?

Ans: Every bank has its own rules, but usually, you have to be at least 18 years old. It’s smart to check with the bank because it can be different.

Are there fees to close my bank account?

Ans: Fees for closing a bank account can change from bank to bank. Most banks in the UAE might ask for a small fee if you close the account within a year, so it’s good to check with the bank you want to go with.