If you are moving to UAE for a long-term basis, then having a bank account here is quite necessary to manage all your day-to-day finances. And to open one, it would help to understand the basic banking system here. This information would come in handy to you once you move here.
All banks in UAE come under the Central Bank. Like many other states of the world, its primary task is to control the economy of the country. Furthermore, it has to also look after the stability of the currency following the state's general policy, oversee prices, inflation, government’s gold funds and foreign currencies, etc.
Here are the different types of banks that come under the Central Bank-
Broadly there are 4 types-
- Commercial (also known as retail banks)
As an expat, you will be interested in the commercial banks. These banks provide all the fundamental financial services to the general public. It is in these banks that you will open your account in UAE.
There are more than 50 domestic and international banks across the UAE. You may wonder which one should you choose for opening your bank account in the UAE. Well, let us tell you that the local banks here are highly reliable and provide excellent financial services.
One of the top 5 local banks in UAE is Emirates NBD. We are the largest banking group in the Middle East. We are the leading providers of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region. Having more than 50 branches in Dubai and more than 200 branches across the country and overseas, we offer cutting-edge banking solutions to expats and locals alike!