How do you Choose a Bank in the UAE?

Answer 1

With well over 30 options, choosing a bank in the UAE can be confusing. Many residents will pick a bank recommended by their employer or friends. While this may be the fastest way to make a choice, it does not necessarily mean you will have the best experience.

Where do you bank?

If you are an expat, you more than likely also have a bank account in your home country. Whether it is Bank of Baroda, Citibank, HSBC or Standard Chartered, you need to research the advantages of banking with them in the UAE. International remittances will not necessarily be cheaper, as many banks now offer free or discounted international transfers to countries such as India. Moreover, you should check what interest rates and other financial services are offered, as their financial products are unique to each country. For the most part, international banks tend to have less branches than their local counterparts; so if this is an important consideration for you, check their bank branch & ATM network in the UAE.

Locations and timings

Choose a bank that works with your schedule. If you are too busy with your job during the weekdays, finding a bank with a branch location close to home will probably be more convenient. Most bank branches close quite early, so if you find yourself having to visit the bank late relatively frequently, then make sure the bank you choose has locations at a mall, as these tend to be open until the evening. While you can withdraw money from the ATM of any bank, if you are averse to paying a fee for each withdrawal, then make sure there is a convenient ATM location close to your office or home.

Other facilities

If you are looking for a credit card, personal loan, auto loan or mortgage, then you should compare the offerings in the UAE. To get the lowest interest rate possible for a loan, transfer your salary to the bank you are borrowing from.

Online banking

Nowadays, you almost never have to visit a physical branch to pay bills or use banking facilities. So before choosing a UAE bank, ask any colleagues or friends how happy they are with their current online banking platform. Choosing the right one will make your life much easier as you can usually pay all your recurring bills online, in addition to things such as airline tickets and traffic fines. If you remit money to your family back home often, then some banks even allow you to transfer money via Western Union online. internet banking has become one of the most important items to consider when choosing where to bank.