Banks in Dubai

List of Banks in Dubai and UAE

Tuesday 06 January 2009 (UAE)

Banks in Dubai and the UAE

There are both foreign and local banks in Dubai and the UAE ready to look after your money, or lend you someone else's money. All dirhams lead back to the UAE Central Bank (www.centralbank.ae) which governs and licences financial institutions in the UAE. They have a handy out of date (March 2003) list of banks operating in the UAE on their website. Retail customers will usually head to one of the commercial banks or Islamic banks. There are two other types of bank categories - merchant or investment banks, and industrial banks.

Check with your company if they have any special arrangements with a particular bank in Dubai. Sometimes you may get preferential rates on money transfers, or lower minimum balance requirements. You may also see your salary a day or two earlier if you're at the same bank as the one your company uses.

All (or nearly all) banks in Dubai and the UAE will have a minimum balance requirement for a current account ranging from 1000 to 5000 dhs. There's a monthly fee of 50-100 dhs if you go below that limit during the month - you only have to do that once to get hit with the fee. A savings account with a Dubai bank usually has a much lower, or no minimum balance requirement.

Most people will eventually collect a story or two about poor customer service. What seems to happen is that you open an account at a bank (based on where your company banks, location, or what someone else suggests). Eventually you'll get annoyed with something they've done, close your account and repeat the process at another bank. Usually this only happens once every couple of years or so, so it's unlikely you'll run out of banks for this procedure.

Best Banks in Dubai and the UAE

Everyone has different opinions about whether a bank is any good or not, and any comments here should be regarded as subjective opinions only, but there is an organisation called Ethos Consultancy that surveys UAE banks. Results for their 4th annual survey were released in November 2008 (based on 1500 visits to 29 banks by Ethos researchers) and RAK Bank took the award as the best overall bank (for the 3rd year in a row). Both RAK Bank and First Gulf Bank scored highly on many of the individual survey criteria used by Ethos. But who surveys the consultants? Best and worst banks in some categories according to Ethos were:

Best Bank Overall: RAK Bank (or National Bank of Ras Al Khaimah), followed by First Gulf Bank. Worst bank overall was United Bank Limited.
Best Islamic Bank: Emirates Islamic Bank
Best International Bank: Lloyds TSB Bank
Best Call Centre Performance: Dubai Islamic Bank followed by First Gulf Bank and RAK Bank. Worst were Al Masraf Bank, Bank of Sharjah and Doha Bank
Best websites and online services: First Gulf Bank and RAK Bank, followed Noor Islamic Bank. Worst were Al Masraf Bank, Emirates Islamic Bank and Commercial Bank International.
Best New Bank: Al Hilal Bank
Best for face-to-face customer interaction: RAKBank, National Bank of Dubai (NBD) and Commercial Bank. Worst were Bank of Sharjah and National Bank of Umm Al Quwain.
Customer service improved noticeably at RAKbank, First Gulf Bank, Abu Dhabi Commercial Bank, Emirates Islamic Bank, Mashreq Bank, Commercial Bank of Dubai and Barclays Bank.
Worst for customer service were HSBC, Standard Chartered Bank and Citibank. Notably declining levels of customer service at National Bank of Abu Dhabi (NBAD), Union National Bank (UNB) and Royal Bank of Scotland (RBS) (previously ABN Amro).

Overall UAE bank rankings (out of 29 banks surveyed by Ethos Consultancy):

National Bank of Ras Al Khaimah (RAKBank)
First Gulf Bank
Emirates Islamic Bank
Abu Dhabi Commercial Bank
Dubai Islamic Bank
National Bank of Dubai
Mashreq Bank
Lloyds TSB Bank
Commercial Bank of Dubai
Al Hilal Bank
Noor Islamic Bank
Barclays
Commercial Bank International
Citibank
Emirates Bank International / meBank

National Bank of Abu Dhabi
Standard Chartered Bank
HSBC Bank
National Bank of Sharjah
Union National Bank
Dubai Bank
Royal Bank of Scotland (RBS) (formerly ABN Amro)
Abu Dhabi Islamic Bank
Al Masraf
Doha Bank
National Bank of Umm Al Quwain
SAMBA
Bank of Sharjah
United Bank Limited

Checks / Cheques in Dubai

Cash or credit cards are usually used for day to day transactions such as buying a few shawarmas, filling up the car (note that as of mid-2007, EPPCO, ENOC, and EMARAT service stations do not accept credit cards), or going to the furniture shop for a new sofa. Cheques are more likely to be used for bill payments and annoyingly, to secure credit cards and loans. A couple of important points to note about using checks in the UAE.

Banks will normally ask you for a blank check as security against a credit card or personal loan. Sometimes a maximum amount can be written in. There's not much you can do about this except to go without a credit card and only take out car loans or home mortgages. Or buy your own bank and change the rules. If you know of any banks where this doesn't apply, fire away in the Dubai forum, or let us know.
In Dubai and the UAE, bouncing a check is an offence that can land you in jail, and this is not one of those theoretical laws that is often ignored. People often do end up in the clink when the machine goes ka-boing instead of ka-ching. Company managers who have signing authority occasionally get caught out by this rule and are held in jail until a court case sorts things out.

Opening a bank account in Dubai

You'll usually need a residency visa first before you can do this although some banks will accept a letter from your employer saying that your residency visa has been applied for (your employer should be able to tell you which banks) or even a letter of introduction from a bank in your home country. HSBC is one bank apparently that does not require a residency visa to open an account (but you have to pay a fee of several hundred dhs). Go to the bank of your choice with

Passport and copy.
Another form of identification eg Driving License (and copy).
Salary letter or certificate (especially if you want a credit card). You may not need this if you just want a savings account.
Current accounts come with an ATM card and chequebook (checkbook) as standard.

Bank Loans in Dubai

It's relatively easy to borrow money as a personal loan - and a lot cheaper than using a credit card. You will need a job with a regular salary or several months, at least, of company accounts and bank statements if self employed. Maximum loan amount will be up to 10-24 times your monthly salary.
Different banks have different lists of approved companies. If you work for one of these, it may be easier or quicker to obtain a loan. Alternatively, not being in the list might mean no loan at all. Just try a different bank.
You'll need at least passport & copies, salary certificate or letter (original - ask your company for one), possibly your employment contract. The bank will tell you exactly what you need.
Auto loans are easier to arrange because the bank has ownership of the vehicle - you may not even need to have an account at the bank where you get the car loan. Interest rates are cheaper than for a personal loan. See the buying and selling cars in Dubai page for more information.
See also information about home mortgages if you want to finance a property purchase.

Online Banking in Dubai and online banking security

Most, if not all, banks by now offer online banking. The usual security risks apply and you should probably be a little more wary in Dubai than in other countries where the online banking industry is more established.

Obtain the URL to the online site from an official bank source and type it in carefully. Remember that some scam sites register common typos and misspellings as domain names and put up a site that looks similar to a bank site to fool people into entering personal information.
Don't EVER click on a link in an email to access your online account, and be very wary of clicking a link from search engine results to login to your account.
Banks should NEVER ask you for account details and/or passwords in an email.
Check the beginning of the URL says https:// (not http:// without the 's').
Check there is a padlock icon somewhere near the lower right corner of your browser/screen/window.
If you receive a phone call from someone claiming to be from your bank, they should not ask you for online account login details. If they do, don't give them. Banks do occasionally phone customers but it's only a matter of time before scammers start to do this to try and con people out of their personal information.

Bank Charges in the UAE (typical or average figures)

Setting up an account: usually nothing
Minimum balance in savings account: usually nil
Minimum balance in current account: 1000-5000 dhs (one or two require 10,000 dhs)
Fee for going below minimum: 50-100 dhs in any month
Loan processing fee: 1-1.5% of loan amount, minimum 250-500 dhs
Early loan settlement fee: 1-5% of remaining balance (most are 5% - watch out)
Loan clearance letter: 0-150 dhs
No liability letter (needed for loan applications with other banks): 250-500 dhs
Telegraphic transfer: AED 20-100 (overseas is usually AED 50-100)
Bank cheque or Manager's cheque: AED 10-20
Duplicate bank statement: AED 10-100

Sometimes fees are reduced if you have a higher minimum balance in your account, or have salary transferred to your account, or pay a set fee per month to become a VIP / Privilege / Status customer (about 100 dhs for economy level VIP status).

Foreign Banks list with 'branches' in Dubai and the UAE

Branches of foreign banks are not actually branches or subsidiaries - they're set up as separate entities from the mother bank and are run independently, with a license from the UAE Central Bank (there was apparently a UAE law imposed in 1982 banning the setting up of subsidiaries of foreign banks - it may be revoked one day). Foreign banks are subject to 20% corporation tax on their profits in Abu Dhabi, Dubai, and Sharjah, local banks have no tax liability in the UAE.

There may be some benefits if you go to the same bank in Dubai as you use in your home country - transfers may be easier, cheaper and quicker for example. Just check there is a branch in a convenient location since many in this list only have one or two branches in the UAE. One advantage in dealing with a local bank is the greater number of branches in Dubai and the UAE.

See below the local bank section for representative offices of foreign banks (not the same as a bank).

ABN-Amro Bank - branches in Bur Dubai, Sharjah (Al Durrah Tower, Buhaira Corniche - moved from King Faisal St, as of 12 May 2007), tel +971-4-3080000
Al Ahli Bank of Kuwait
ANZ Grindlays Bank (joined with StanChart Bank?)
Arab African International Bank (Egypt), branches in Abu Dhabi (tel +971-2- 6323400) and Dubai (tel +971-4-3937773), www.aaibank.com.
Arab Bank
Bank Melli Iran
Bank of Baroda, branches in Abu Dhabi, Deira, Sharjah. Opening hours 8am to 1pm and 4pm to 8pm (extended Nov 2007).
Bank of Tokyo-Mitsubishi UFJ (wholesale bank license issued 15 December 2008), not a retail bank, plans to open a branch in Abu Dhabi.
Bank Saderat Iran
Banque du Caire
Banque Libanaise pour le Commerce (pour Commerce?)
Barclays Bank - www.barclays.ae, tel 800-22725297, branches in Dubai, Abu Dhabi (18 June 2008 open)
BNP Paribas
Citi Bank / CitiBank - www.citibank.com. UAE network has 50 ATMs, 5 branches including Bur Dubai opposite Al Khaleej Center and Jebel Ali, 4 customer service centers or Electronic Banking Units (EBUs) - Al Heel Tower Abu Dhabi, Al Rigga Palace Dubai, Marina Heights Towers next to Marina Walk in Dubai, and Crystal Plaza in King Faisal Street Sharjah. UAE CEO and Middle East Managing Director is Mohammad Al Shroogi (information from 22 June 2007).
Commerzbank AG, Dubai International Financial Center (DIFC), investment bank for corporate and institutional clients.
Credit Agricole Indosuez
Deutsche Bank (wholesale bank license issued 15 December 2008), not a retail bank, plans to open a branch in Abu Dhabi.
Doha Bank - first UAE branch opened in Dubai July 2007
El Nilein Bank (Sudan bank, branch in Abu Dhabi only?).
Habib Bank AG Zurich - www.habibbank.com
Habib Bank Limited
HSBC Bank Middle East - www.hsbc.ae - mixed reports. Some customers are happy, some unhappy. Don't get caught by the office on Jumeirah Beach Road - it's a representative office of their offshore bank (Guernsey?), not a branch of HSBC UAE. That means they can't do your UAE HSBC transactions. HSBC is well established in the Middle East but Dubai branches are only in Bur Dubai (parking is almost impossible), or Jebel Ali, and there's a customer service centre in Mercato Mall on Jumeirah Beach Rd (which means they'll smile, offer to help you, and then tell you to go to one of the other branches to do whatever it is you need to do).
IndusInd Bank (India) representative office in Dubai, and has an alliance with Union National Bank in the UAE.
Industrial & Commercial Bank of China Ltd (ICBC) - applied to open branch in Dubai (Oct 2007 news). ICBC Middle East branch open in Dubai International Financial Center (DIFC) October 2008. Wholesale bank license issued 15 December 2008
Janata Bank
Lloyds TSB Bank (Lloyds Bank PLC) - useful as it's open all day, six days a week at main branch in Jumeirah. Some customer service centers open till 8 pm and on Fridays. PO Box 3766, Dubai, tel +971-4-3422000, fax +971-4-3422660, email ltsbbank@emirates.net.ae, web www.lloydstsb.ae. Locations in Arabian Ranches, DHCC (Dubai Healthcare City), Green Community, Jumeirah Mirdiff. Min 5,000 dhs for current account. Quite fussy when opening an account - lots of questions. The Islamic Student Account - Sharia compliant account for Muslim students (launched Aug 2006).
National Bank of Bahrain
National Bank of Oman
Rafidain Bank (Iraq) - www.rafidain-bank.org (Arabic, UAE branch not listed - Dec 2006).
Royal Bank of Scotland (RBS) - open 10 September 2008 on Bank Street, Bur Dubai.
Standard Chartered Bank - www.standardchartered.ae - mixed comments.
Standard Chartered Grindlays Bank - same as ANZ Grindlays (Australia New Zealand)?
United Bank Limited
YES Bank (India)- has a partnership with MashreqBank to offer Global Indian Banking Services to Mashreq Gold customers.

Local and Foreign Banks planning to open in Dubai / UAE

Ahli United Bank (AUB), Bahrain - comment in Reuters report Jan 2008 that AUB intend to open branches in the UAE. No time frame given.
Al Hilal Islamic Bank (Crescent Islamic Bank) - Abu Dhabi based bank established July 2007 and first branches opened June 2008
China Construction Bank - plans to open branch in Dubai (mentioned in 20 December 2007 news from Reuters)
Crescent Islamic Bank - see Hilal Islamic Bank
Doha Bank (Qatar) - planning to open UAE branch or branches (mentioned in Reuters news 20 December 2007) , licence awarded late 2007
Emirates NBD - merger of Emirates Bank International and National Bank of Dubai announced April 2007. However, the merger has ended up with ENBD as a holding company while EBI and NBD continue to operate as separate entities from the perspective of the customer.
Faisal Private Bank - a Swiss private bank for rich people, perhaps in 2008 in Dubai (Reuters 04 Feb 2008)
Indian Overseas Bank (IOB) - planning to apply to open a representative office.
International Bank of Azerbaijan (IBA) - representative office license granted Dec 2007. Opening date unknown.
Kenanga Investment Bank, Malaysia - planning to operate Sukuk financing and a brokerage service through Mena Financial Group.
National Bank of Azerbaijan (NBA) - Representative Office expecting to be registered mid-2007
National Bank of Kuwait (NBK) says they will open branch if/when UAE Central Bank awards a license (July 2007 news).
Noor Islamic Bank (NIB) - 02 January 2008 start - see below in UAE banks list for more information.
Oceanic Bank International (Nigeria)
Samba Banking Group of Saudi Arabia - bank licence issued late 2007
The Federal Bank Ltd or Federal Bank of India (India) - opening a Representative Office in Abu Dhabi (Aug 2007 news, opening date unknown)
The Union Bank of India (India) - expecting to open a Representative Office in Abu Dhabi by Dec 2007. Approval has been issued.

GCC banks and Arab Banks - possibly with branches in the UAE

CIB - Commercial International Bank Egypt - www.cibeg.com
GFH - Gulf Finance House - www.gfhouse.com

Other banks with connections to the UAE

EGIBL (or EGIB) - Emirates Global Islamic Bank Limited, despite the name, is a Pakistan based bank with no branches in the UAE. The UAE based Emirates Investments Group, through its financial subsidiary Emirates Financial Holdings, is the sponsoring shareholder of EGIB. EGIB operations commenced in February 2007. Web www.egibl.com.

Local UAE Banks List

Branches usually in Dubai, Abu Dhabi and Sharjah. Possibly also in Ajman, Al Ain, Fujairah, Ras Al Khaimah, Dibba, Kalba, Khorfakkan, Ruwais. Websites given for information only. You should not use these for online banking login. Usually a domain ending in .ae is a little less risky than .com since it is more difficult to register a .ae domain name. Many banks have registered both the .ae and .com version of their names, but not all. Emirate of head office in brackets.

Abu Dhabi Real Estate Bank - see Real Estate Bank
ADCB - Abu Dhabi Commercial Bank (Abu Dhabi) - www.adcb.ae - expanding its network of branches in the UAE. As of Oct 2006 40 branches, 100 ATMs, 24 hr tel 8002030, home mortgage finance available.
ADIB - Abu Dhabi Islamic Bank (Abu Dhabi) - www.adib.ae
Al Hilal Islamic Bank - same as Hilal Islamic Bank
Ajman Bank / Ajman Islamic Bank www.ajmanbank.net (not note that www.ajmanbank.com is spam)
Al Noor Islamic Bank - same as Noor Islamic Bank
Arab Bank for Investment and Foreign Trade (ARBIFT), www.arbift.com ok, www.ardift.ae gives DNS error. Rebranded as Al Masraf Bank tel 800-2199, Government owned. Official website is www.al-masraf.ae. Bad URLs www.al-masraf.com is spam, www.almasraf.com and www.almasraf.ae give DNS errors, www.almasrafbank.com is not valid.
AEI Bank - Arab Emirates Investment Bank PJSC (Dubai) - www.aeibank.com
BOS - Bank of Sharjah - www.bankofsharjah.com (Sharjah)
CBD - Commercial Bank of Dubai - www.cbd.ae (Dubai)
CBI - Commercial Bank International - www.cbiuae.com (Ras Al Khaimah), tel 8004844.
Central Bank of the UAE - www.centralbank.ae (Abu Dhabi, tel +971-2-6652220), branches in Dubai, Sharjah, RAK, Al Ain, Fujeirah/Fujairah. Not a retail bank. Develops UAE banking, credit and monetary policy, is banker and financial advisor to the UAE Government and central bank for the UAE.
Crescent Bank - same as Hilal Islamic Bank
Dubai Bank - www.dubaibank.ae (Dubai)
Dubai First - www.dubai-first.com (Dubai). A consumer finance subsidiary of Dubai Holding offering credit cards, mortgage finance and personal loans.
DIB - Dubai Islamic Bank (Dubai) - web www.dib.ae or www.alislami.ae (Dubai)
Emirates Bank Group - umbrella stand for EBI, EIB, meBank, and MEB.
EBI - Emirates Bank International - www.emiratesbank.ae (Dubai). From November 2006, extended opening hours from 0800-2100 at some locations: Umm Suqueim, Sahara Mall and Sharjah City Mall in Sharjah, Mall of the Emirates (opened late 2006, hours 1000-2100), Ajman in the Escape Tower (open Nov 2006). From June 2007 open 0800-2000 in Dubai Festival City, Trade Center, Mizher, Mirdiff and Green Community branches Saturday to Thursday. Ramadan opening hours (2007) 1000-2100 at Sharjah City Center & Mall of the Emirates, 0900-2100 at the Umm Sequeim Branch on Al Wasl Road, and Al Shindagha Market Branch. New branches (26 Jan 2008) Old Town Dubai, Dubai Healthcare City
EIB - Emirates Islamic Bank - www.emiratesislamicbank.ae (Dubai). Bur Dubai and Khaleej Center branches open 0800-2000 Sun-Thu and 0800-1300 on Sat. Other branches open 0800-1500 but may also start to open extended hours.
EIB - Emirates Industrial Bank www.emiratesindustrialbank.net (Abu Dhabi, branch in Dubai), chairman Dr Mohammad Khalfan Bin Kharbash (Minister of State for Industry and Financial Affairs), arranges finance for UAE industrial organisations. Not a retail bank.
FGB - First Gulf Bank - www.fgb.ae (Abu Dhabi)
Hilal Islamic Bank - established July 2007, first branches opened June 2008. Not related to the Al Hilal Islamic division of Ahli United Bank in Bahrain.
Invest Bank - www.invest-bank.com (Sharjah)
Mashreq Bank (Dubai) - www.mashreqbank.com, one of first banks to be open in the afternoons, has a large number of branches around the UAE. Renamed as just Mashreq.
meBank - (Dubai) a internet banking subsidiary of EBI - www.me.ae. Not the same as Middle East Bank (MEB), although MEB is also a subsidiary of EBI.
MEB - Middle East Bank (Dubai) - www.meb.ae - part of Emirates Bank Group.
NBAD - National Bank of Abu Dhabi (Abu Dhabi) - www.nbad.ae - one of the largest UAE banks.
NBD - National Bank of Dubai (Dubai) - www.nbd.ae
NBF - National Bank of Fujairah (Fujairah/Fujeirah) - www.nbf.ae. Jan 2008 - new Jebel Ali branch, 11 in UAE, 4 more by end 2008.
NBQ - National Bank of Umm Al Quwain (UAQ or Umm/Um Al Qaiwain/Qawain/Quwain) - www.nbq.ae
NBS - National Bank of Sharjah (Sharjah) - renamed to Sharjah Islamic Bank
Noor Islamic Bank - subsidiary of Dubai Holding, established in 2007 (Dec 2006 news) with AED 4 billion of capital. CEO Hussain al-Qemzi. Operations start 02 January 2008 with 10 branches in the UAE. Dubai branches: Al Fattan Tower, Al Garhoud, Al Mamzar, Bur Dubai near Burjaman Center, Dubai Media City, on Sheikh Zayed Road (between Crowne Plaza and Defense Roundabout). Other branches in Abu Dhabi (Al Mansoori Tower), Al Ain, Sharjah (Al Bohairah & Al Rolla). Tel +971-4-3627300, website www.noorbank.com.
RAK Bank - National Bank of Ras Al Khaimah (RAK) - www.rakbank.ae - seems to be quite a popular choice with good reports. Claim a best bank rating for customer service from Ethos International (Nov 2006 advertisements) but, strangely, EI is a US based NGO (Non-Government Organisation) trying to improve supply of clean water for children around the world.
REB - Real Estate Bank (or UAE Real Estate Bank) - Abu Dhabi based bank established in 1981 but didn't commence operations until 1999. Capital of AED 2 billion, fully owned by the Government. The Bank facilitates real estate credit in the UAE for UAE nationals, establishments, companies and cooperative societies. Website www.realestatebank.ae.
SIB - Sharjah Islamic Bank (Sharjah) - www.sib.ae - previously known as National Bank of Sharjah, NBS.
UAB - United Arab Bank (Sharjah) - www.uab.ae
UAE Central Bank - www.centralbank.ae
UNB - Union National Bank (Abu Dhabi) - www.unb.ae

Representative offices of overseas and foreign banks in the UAE

This list may overlap with the list of foreign banks in the UAE eg HSBC has a bank presence with branches in most emirates, and also has a representative office on Jumeirah Beach Road in Dubai not connected with the UAE branches. You cannot do your normal UAE based banking activities at a representative office but they may have an ATM.

American Express Bank
Abbey National PLC
Aberdeen Asset Managers Ltd
AG Assets Management International
Andhra Bank (India)?
Arab Banking Corporation BSC (ABC) - www.arabbanking.com, large Bahrain based bank with a representative office in Abu Dhabi (tel +971-2-6447666).
Axis Bank - in DIFC
Bank of America
Bank Brussels Lambert
Bank of Bahrain and Kuwait
Bank of Beirut and the Arab Countries (BBAC s.a.l.), open 20 December 2008, location Mourour Street, C60 Building, PO Box 41840, Abu Dhabi, Tel +971-2-4461516/517, fax +971-2-4461518, web www.bbac.com.lb
Bank of New York
Bank Muscat
Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) - office in Abu Dhabi. DIFC license received Aug 2007.
Bank Gesellschaft Berlin AG
BNP Paribas
Clearstream Banking SA
Coutts & Co
Credit Lyonnais
Credit Suisse
Creditanstalt AG
Deutsche Bank AG
Dresdner Bank AG
The Equitable Life Assurance Society
Fidelity Investments International
First Union National Bank
Gulf International Bank
HDFC Bank Representative Office, 104 Al Kifaf Commercial Bldg, Trade Centre Road, opposite Bur Juman Centre, PO Box 64546, Dubai. Tel +971-4-3966991, fax +971-4-3967010. NRI services.
The Housing Bank for Trade & Finance
HSBC International Ltd
Investment Bank for Trade & Finance
Kuwait Interests for Financial Investments
Merrill Lynch Bank Suisse
Man Investment Products Ltd
Nationwide International Ltd
Natexis Banque - BFCE
Philippine National Bank
Prudential-Bache International Ltd - can't find it mentioned on www.prudential.com - Prudential Financial website (Dec 2006).
Qatar Islamic Bank
Royal Bank of Canada
Salmon Smith Barney Inc
Scottish Widows Int'l Ltd
Societe Generale Bank
Standard Bank London Ltd
State Street Bank & Trust Company
Tempelton Worldwide Inc
Towry Law Asia HK Ltd (office closed?)
UBS AG
Union Bancaire Privee
Union des Banques Arabes et Francaises
Unit Trust of India
United Bank of Kuwait
Westdeutsche Landesbank Girozentrale

Credit Cards in the UAE

Banks will fall over themselves to try and give you a Visa or Mastercard credit card and they're relatively easy to obtain but you do need:

a job with a regular salary, or income records for several months at least if self employed.
bank statements for 3-6 months.
residence visa.

Most standard cards will be free or cost 100 dhs per year. Gold cards are free to 400 dhs per year and Platimum cards 500-1000 dhs per year. Some banks offer "free-for-life" cards of all types, other banks will give you home theatre systems, toasters, or other useful home appliances, car beakdown service memberships, discounts on meals and hotel rooms, travel services including insurance, transport to airport, airport lounge access, airmiles. To become a victim ... er recipient of these wonderful promotions, just write down your mobile number anywhere it's asked for, throw a few business cards into those goldfish bowls at restaurant reception areas and you should be in a telephone promoter's database in no time.

Be careful of hidden or obscure fees and charges, and opt-in services where you are opted in by default. For example things like personal accident insurance, credit card repayment insurance. The UAE credit card market is not regulated in the same way as in the US or Europe so banks can get away with less consumer-friendly and more profitable-for-shareholders activities. Credit card limits will usually be 1-3 times your monthly salary. Late payment fees will usually be 50-100 dhs for each month payment is late.

Some bank credit card deals and charges are (quoting APR - Annual Percentage Rate - calculated as the monthly rate applied repeatedly without paying off any principal but ignoring late or non-payment charges). Information valid December 2006 unless otherwise stated.

ABN Amro Jul 2007 - NRIs can get a MasterCard with free monthly money-remittances, life insurance, free domestic flights on Kingfisher Airlines, rent-free mobile SIM cards, and discounts at selected Indian restaurants.
ABN Amro Nov 2006 - APR 34.3%, 2.49% monthly, annual fees 200-400 dhs.
CBI (Commercial Bank International) Oct 2006 - APR 16.1%, monthly 1.25%, "free-for-life" zero annual fees.
CBD (Commercial Bank of Dubai) Nov 2006 - APR 19.6%, 1.5% per month, annual fees 100-400 dhs.
Citibank Nov 2006 - APR 34.3%, 2.49% monthly, 250-3000 dhs annual fees.
FH (Finance House) Nov 2006 - special offers include auto insurance from 3.25%, "free-for-life" zero annual fees, 1.25% monthly interest on balance transfers, free annual subscription to Gulf News, Inside Out, and Aquarius publications. Offer expires 31 December 2006.
HSBC Nov 2006 - APR 30.6%, 2.25% per month, 150-400 dhs annual fees, gold card holders get free one way chauffer drive if tickets booked with Thomas Cook, airport lounge access and extra airmiles.
Lloyds TSB Nov 2006 - APR 12.5%, 0.99% per month.
me Bank Oct 2006
Standard & Chartered Nov 2006 - APR 42.4%, 2.99% per month, annual fee 150-600 dhs.
RAK Bank Nov 2006 - APR 17.5%, 1.35% per month, "free-for-life" no annual fees, sometimes promotions for winning cars or a big pile of money.