Top 5 business accounts in Dubai

Dubai hosts ample options to foreign investors for selecting a specific bank. It has the presence of some of the large global banks as well as a number of local and Islamic banks that offer a wide variety of banking solutions to cater to every business need. Banks play a vital role in facilitating the success of a business. It can be a very tedious task to select a specific bank, but it is equally important to choose the one that aligns with your specifications, goals, objectives and interests.

Listed below are some of the favorable business accounts in Dubai:

Emirates NBD Business banking

The Emirates NBD provides a number of customized banking packages, one of which is its Business banking account. It facilitates all the basic banking necessities.

Features and benefits

• Exclusive facilities of business banking can be availed. 
• It has branches, ATMs and cash deposit machines throughout the UAE.
• Online banking facilities related to the business are available.
• The account can be accessed in multiple currencies like USD, AED, JPY and Euro.

Fees and charges for the Emirates NBD Business banking account:

• 0% Interest rate
• Minimum balance to be maintained AED50K
• AED 250 is charged on Non-maintenance of minimum balance
• Currency account
• Approval time 3 days
• Local transfer cost AED 45 & International transfer cost AED 85

Best Business Accounts

Business banking services for your business from checking account to interest-earning is provided by Emirates.

• Call Deposit Account– In a range of major currencies. Call Deposit provides a convenient and flexible account.
• Current Account– Current account is best for routine business needs
• Fixed Deposit– Business balance can be grown and maintain the flexibility that you need.

Abu Dhabi Commercial Bank (ADCB) Premium Current Account

ADCB commits on addressing various business needs and meeting each requirement. They provide six different business accounts, each tailor-made to meet specific requirements. Premium Current account is one of the six accounts, it fulfills all the basic requirements of commercial banking

Features and benefits:

• Unlimited teller transactions
• Internet banking 
• Multi-Currency flexibility accounts are available in USD, EUR and AED and GBP
• Payment preferences are made for internet banking and transactions.
• Dedicated and Responsible Relationship Manager
• Card facility for easy access
• Products are Shariah Compliant
• Receive special discounts on payment transactions- ProCash

Fees and charges for the ADCB Premium current account:

• Interest rate 0%
• Min balance to maintain AED 100K
• AED 300 is charged on Non-maintenance of minimum balance
• Relationship Manager
• Approval time 3 Days
• Loan against Import LC-Trust Receipt

Commercial Bank of Dubai (CBD) My Business account

CBD offers business bank account packages that are not only value-packed but also designed to meet your everyday banking requirements and expectations. The My Business account package is suitable for clients who prefer to maintain lower bank account balances.

Features and benefits:

• Choice of 6 account currency denominations.(AED, USD, GBP, EURO, JPY, CNY)
• Approval time 2 days
• Free first chequebook and complimentary business debit card.
• Branch-based client relationship management.
• Complimentary Dubai Chamber of Commerce prepaid card.
• Access to website-based business advisory services and business planning toolkits through Resource Centre.

Fees and charges for the CBD My Business account:

• Minimum monthly balance AED 20k or equivalent in foreign currency.
• Monthly charge AED 150 for not maintaining the minimum balance
• Interest rate 0%
• Local transfer cost AED 50 & International transfer cost AED

Business Banking Solutions

Flexible business financing– It provides fast and quick access to secured and collateral free loan with more ease and convenience.

Cash Flow Management– With greater ease and convenience you can manage your business cash flow and working capital requirements.

Multiple Delivery Platforms– Round the clock safe and secure access to your bank accounts and business funds.

Dedicated Relationship Management– Experienced business banking relationship managers to provide advice, guidance and individual client support.

FAB Business Advantage Account

FAB offers an array of banking solutions tailor-made for every business type and size. The business advantage account is offered with cheque book facilities and low minimum balance requirements.

Features and benefits

• Highly competitive fee structure.
• Should maintain a balance of AED 10,000 as minimum.
• Mid-Market, SMEs and multinational companies can avail multiple currency options.

Fees and charges for the FAB Business advantage account:

• Interest rate 0%
• Minimum balance to maintain AED 250K
• Free unlimited cheque books
• Relationship Manager.
• Currency Account.
• Approval time 2 Days.
• Free inwards local and international remittances

Abu Dhabi Islamic Bank (ADIB) Business Elite Account

ADIB’s Business Elite account offers personalized business banking solutions to cater to every single need. It comes with a Relationship manager for banking convenience.

Features and benefits:

• Free monthly statements and unlimited teller transactions.
• Minimum monthly average deposit balance more than AED 500,000.
• Business Platinum debit card with high ATM and POS limits.
• Personalized ADIB business Platinum chequebooks.
• Over 15 currencies including USD, EUR, GBP, JPY, CNY, etc.
• A dedicated Relationship Manager assigned to meet your business needs
• Upto 40 monthly free teller transactions
• Business Platinum Debit Card with high ATM and POS limits 
• Personalized ADIB Business Platinum Cheque books
• Open your account in select currencies
• Bank on the go and enjoy telex transfers with ADIB Business internet Banking by competitive pricing
• Preferred Rates on FX and Investment Accounts

Fees and charges for the ADIB Business elite account:

• Interest rate 0%
• Monthly fee AED 25
• Minimum balance AED 200K
• Approval time 1 day
• Relationship manager
• International and local transfer cost AED 0

There are a number of banks in the market offering customized/personalized banking solutions for smooth and ease of financial management. Every account is tailor-made to meet the need of certain business type/size. Understand your business banking requirement and compare them with what the banks are offering and go for the one that aligns.