11.08.2025
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How do they work? Banks in the UAE differ little from similar institutions in other countries. They offer the same private and commercial services, insurance, provide loans, and issue various types of cards. Although some, especially the Islamic ones, have their specific differences.
What to pay attention to? While residence visa holders gain access to the local financial system without any problems, other foreigners find it more challenging, as not every bank in the emirates is going to work with them.
The country has many credit and financial institutions that can be divided into Islamic, European/American, Asian and others.
Most banks operate until noon, while branches located in entertainment areas, such as shopping centres, work until evening and mainly deal with the opening of personal accounts. Corporate divisions are located in separate offices.
Its specifics include: prohibition on investments in pork and alcohol; exclusion of usury (interest-based lending) — this is considered sinful according to the Quran, but there are some exceptions; difficulties with opening investment accounts and buying shares, for example, Apple.
Most Islamic banks have an extensive network of terminals and branches, specific online banking, and a very bureaucratic verification system. Most information is sent by mail, which requires patience due to possible delays.
It's important to use a local SIM card and keep calm, as no one hurries in this country. All these banks have several common characteristics, including:
After a month of using such a bank's services, one can get used to its peculiarities, but be prepared that you won't get the service level that you were used to in your homeland.
Financial institutions from these regions readily open personal and corporate accounts for Russians, subject to similar compliance procedures as in Islamic banking.
To submit documents for opening a corporate account, a passport other than Russian is required. If you have another document, the bank’s doors are open; otherwise, don’t bother trying.
Includes financial institutions from India, China, Hong Kong, Singapore, and other countries from that region. A common feature of these banks is their preference for trading companies. Most will open accounts only for citizens of their country.
However, for Russians, this service direction in the UAE may be more attractive compared to European or American banks.
UAE banks provide access to the local financial system to all Emirates ID or residence visa holders. But only a few are ready to work with non-residents, and even then, additional conditions must be met.
For example, tourists need to maintain a minimum balance of about $20,000, provide a visa, a confirmed UAE residence address (at least with a paid utility bill) and proof of income.
When meeting all the requirements, a non-resident can receive plastic cards but not a chequebook, which is very important in the UAE. This material will list banks willing to consider opening accounts for such people, as well as those that are considered convenient and reliable. They all have a long-term rating from international rating agencies not lower than BBB+, indicating an extremely low probability of bankruptcy.
Holds leading positions in Dubai Business Insight rankings and is considered to be one of the financial institutions that are most loyal to Russians. This largest UAE bank was created in April 2017 through the merger of First Gulf Bank and National Bank of Abu Dhabi.
FAB's largest shareholder is the state investment company Mubadala Investment Company with a 37% stake, and 15.3% of its securities belong to Abu Dhabi's ruling dynasty.
FAB is regularly included in lists of the world's safest banks and is recommended on expat forums as "one that is too big to fail". It has branches in 19 countries worldwide, as well as convenient online and mobile versions in English.
Theoretically, FAB can open accounts for non-residents, but only after thorough verification. Since Dubai banks in the UAE are integrated into the global financial system, they strictly comply with US regulator requirements, making their own requirements stricter compared to offshore zones.
People with long-term residence permits can open accounts remotely, but non-residents need to personally visit the bank's office in the UAE.
This is the second-largest bank in the UAE and one of the country's oldest financial institutions. National Bank of Dubai was founded in 1963, and in 2007 it merged with Emirates Bank International (EBI), creating Emirates NBD Bank. Its shares were immediately listed on the Dubai Stock Exchange, with the controlling stake owned by the state Investment Corporation of Dubai.
Emirates NBD is known for its investment services and leads in the asset management segment. Clients with account balances of more than $55,000 can expect premium service. The bank is also tolerant of those who occasionally conduct cryptocurrency operations, although frequent transactions may raise questions.
Emirates NBD has an English version of the website and a mobile application. The bank can open an account for a non-resident of the UAE, however, will likely require additional documentation or conduct a personal interview.
Ranks third in the Dubai Business Insight rankings. The bank was founded in 1985 as a public joint-stock company resulting from the merger of three financial institutions (Emirates Commercial Bank, Federal Commercial Bank, and Khaleeji Commercial Bank) to meet the needs of the UAE's growing economy.
Today ADCB is one of the most modern banks in the country. It was the first in the UAE to launch a mobile application and continues to actively invest in technological development.
The bank focuses on corporate clients but also serves retail customers. Account opening is not available to non-residents. However, ADCB serves offshore companies registered in the UAE.
Founded in 2004, it is one of the largest banks in the United Arab Emirates specialising in providing services in accordance with Shariah principles. Emirates Islamic Bank was recognised as the "Best Islamic Bank in the UAE" by leading international publications — World Finance Magazine and Global Banking and Finance Review.
The Shariah principles this financial institution follows mean that all its operations and products comply with Islamic principles. This means not using interest rates, no investments in religiously prohibited industries, and some other unique aspects of Islamic banking. Emirates Islamic Bank is part of the Emirates NBD group and is indirectly controlled by the Dubai government.
The bank provides the opportunity to open accounts for both residents and non-residents, as well as offshore companies registered in the UAE. However, this process for legal entities requires the beneficiary's personal presence at the bank.
It is necessary not only to provide the relevant documents but also to answer questions from bank representatives. Emirates Islamic Bank may also require a minimum non-reducible balance in the account; in case of insufficiency, a penalty is charged.
For foreign clients, service is convenient thanks to it being in English and a mobile application, which significantly simplifies interaction with the bank.
Was founded in 1985 and offers a wide range of services in both traditional and Islamic formats for retail and commercial clients. The controlling stake in the bank belongs to the government of Ras Al Khaimah, one of the seven emirates, and its board of directors includes members of the emirate's ruling family, as well as entrepreneurs from the UAE and Kuwait. About 27% of shares belong to UAE citizens, and approximately 20% — to foreign investors.
The bank has won various awards, including "Bank of the Year" at the Arabian Business Achievement Awards in 2012, as well as a prize for the best internet banking initiative two years later. As part of its strategy until 2026, RAKBank is investing $163.5 million in digitalising of services and developing new business directions.
The bank is actively engaged in cash management, trading, currency exchange, and also provides trade financing, account discounting, and supply chain support. An important development direction is the expansion of asset management services.
RAKBank accepts clients from both the UAE and other countries, including Russia, however, for non-residents, the account opening process may be associated with certain difficulties. For example, it will be necessary to answer questions and provide necessary documents.
Foreign citizens often face difficulty opening accounts in UAE banks due to the requirement to provide references from other banks where they previously had accounts. This can be difficult to fulfil, especially if someone has recently arrived in the country and is opening their first account.
If such references are still necessary, it's useful to request them in English from any foreign bank where you previously had an account. Otherwise, you can provide references and statements from a Russian bank with an official translation.
It represents a network of credit and financial institutions, including the Central Bank of the UAE, local commercial financial institutions with full and limited licences, branches of foreign (including Islamic) and investment banks.
It carries out the formulation and implementation of banking, as well as the monetary and credit policy of the country to achieve the state's economic goals. It is also responsible for maintaining the stability of the UAE national currency — the dirham, and its convertibility.
Among them, First Abu Dhabi Bank and Emirates NBD are in the top positions. These institutions provide a wide range of financial instruments and services, and possess advanced banking infrastructure both within the country and beyond.
The most optimal way is the exchange of US dollars to local currency. Exchange and payments in dollars present no problems due to how widespread they are. It is impractical to take Russian rubles or currency from other CIS countries because of unfavourable exchange rates.
In 2023, the UAE banking system demonstrated resilience and growth prospects, despite challenges related to OPEC oil production cuts. The country remains one of the world leaders in reliability and convenience of bank services. This creates favourable conditions for local residents and expats planning to place their savings in stable financial institutions of the state.
