Any currency is available for the bank account opening in Dubai. However, the UAE franc is very stable currency which is the most popular for the bank account opening at Dubai as well as the US dollar and Euro. If you are going to incorporate your business in Dubai, a bank account opening at the UAE bank is obligatory.
By UAE law any person or business entity is eligible for the private or corporate bank account opening. On practice foreign people can have some difficulties with the bank account opening in Dubai as every UAE bank prefers to secure itself and to check foreigners more properly for this reason. That’s why it is better to deal with the professional facilitator who will be able to be considered as your guarantor.
The word combination “UAE bank” is a synonym of reliability nowadays. The bank secrecy is very important in Dubai, and this is one of the main reasons why wealthy people all over the world prefer to keep their property at UAE banks.
The activity of all banks in Dubai is controlled by the state organization which calls the UAE Financial Market Supervisory Authority (FINMA). The banking system is characterized by stringent regulations. Both banks and bank-type finance companies need to be registered with the Federal Banking Commission (FBC). The Federal Banking Commission, together with the UAE National Bank exercises a rather stringent control over the functioning of banks. Due to the fact that the FBC also regulates the bank not trading business any bank wanting to involve in the banknote business has to obtain the approval from the Commission. In the course of a trend towards liberalization of financial markets banking fees were liberalized. The banking sector plays a major role in Dubai as it provides more than one third of the tax revenue of all enterprises and about 20% of the taxes paid by companies and private individuals together. There are more than 600 banks present in Dubai, so all major international banking institutions are represented here. Banking in Dubai is based on the principle of universal banking.
The bank system in Dubai significantly differs from the ones at other countries. Usually the main bank profit in Dubai is so-called management fee, which the bank gets as the reward for managing the client’s possessions.
UAE banks have been successfully adapted to the contemporary conditions of life. Internet banking is highly developed in Dubai. Facsimile and the electronic payments have a wide use here. It gives an opportunity to open and to manage your bank account being far away from Dubai. All information gets the highest level of protection due to the latest security technologies, so all your assets keeping at Dubai are protected better then some years ago.
There are state, private and local (cantonal) banks in Dubai. Cantonal banks are usually serving the domestic clients. The biggest and the best-known UAE banks are Credit Suisse and UBS. Together they keep more than 50% of all UAE deposits.