The Ultimate Banking Guide for Expats in the UAE

There are exciting benefits of moving to the UAE, but there are some small changes that you will have to make in the area of finances. It is very important for expats in you to understand how the bank works; this guide takes you completely from A to Z of banking in the UAE-from opening an account to effective financial management.

Choosing the Right Bank in the UAE

The UAE is home to many of the largest banks in the world, which do have services to cater both for the nationals & the expatriates. Some of the most popular banks of the region are Abu Dhabi Islamic Bank, Emirates Islamic Bank, & First Abu Dhabi Bank (FAB). They provide services such as personal accounts, savings accounts, loans, & credit cards. Do your comparison on bank fees, services, & internet banking before you make the final decision for yourself.

Opening a Bank Account in the UAE

Opening a bank account may be relatively simple in the UAE, but there are specific documents that must be provided. Banks usually require these: a clear passport, residency visa, proof of address, & Emirates ID. Also, based on which bank you use, it may require some minimum amount to be deposited upon opening a new account. An expatriate considering opening an account should know whether to open a personal or business account. Actually, both account types have varying features & benefits.

Types of Accounts for Expats

Various types of accounts for expats are offered by banks in the UAE. The most commonly offered types of accounts include current, savings, & fixed deposit accounts. Current accounts are meant for day-to-day transactions & provide cheque-book & debit card services. Savings accounts have Profit rates while fixed deposits are meant for saving money for a specific period in exchange for guaranteed returns. 

Managing Your Finances in the UAE

Once you have opened a bank account, keeping a proper eye on your finances comes next. Track your spending habits, savings, & cash flow so that your account does not go out of order. Many banks are now online, which means they have enabled customers online banking, through which you can check statements, pay bills, transfer funds, or set standing instructions. Other services like Ratibi Balance Check help you find out salary deposits & check if the salary has been credited after the due date.

Understanding Fees & Charges

Banks in the UAE generally charge a number of fees including those for maintaining an account, ATM withdrawal fees, & payment for international transactions. It is important to comprehend all these charges before settling on a bank or opening an account. A case in point is the banks that charge no account maintenance fees on minimum balances while others charge a monthly fee. Understanding such charges beforehand will enable one to make an informed decision on which bank suits them best.

Credit Cards & Loans in the UAE

For expatriates, the accessibility to credit cards & loans is often very important. The banks have a whole range of credit cards that offer myriad benefits including cashback, air miles, travel rewards, & more. With services like FAB Bank Balance Check, everyone can easily manage their accounts & see their remaining balance.

Digital Banking & Mobile Apps

Let most of the banks in the UAE offer mobile banking applications that allow you to manage your account anywhere, anytime. With these apps, it becomes easy to make transactions, check your balance, pay bills, & even transfer money internationally. Most of the banks also offer a digital wallet to make it easier for expats to manage their finances without ever having to step into a branch.

ATMs & Cash Withdrawals

ATMs are plenty in the UAE, & many banks provide ATM cards that can be used on both local & international networks such as Visa & MasterCard. These ATMs also allow expatriates to draw cash, check their balance & transfer money from one account to the other. However, withdrawing cash at ATMs other than your bank may be liable to a fee.

Understanding Islamic Banking

Islamic banking is a widely accepted substitute for traditional banking among expatriates in the UAE. Under Sharia law, Islamic banks avoid the payments and receipt of interest on loans. Instead, they conduct profit-sharing arrangements, which for some customers may prove beneficial as compared with interest payments. The presence of such banks within Dubai and Abu Dhabi comprises Dubai Islamic Bank and Abu Dhabi Islamic Bank, among others.

Conclusion

Much is required from the UAE expatriate in terms of banking so that they may have control over their finances. From picking the correct bank to using services like FAB Bank Balance Check & Ratibi Balance Check, there are numerous tools to ensure a smooth banking experience. The Emirates E-Portal website provides a comprehensive guide to all the banking services needed by expatriates.