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The best bank in UAE for expats

The best bank in UAE for expats

The contemporary global financial system is characterized by some certain level of the general instability of the national economies and fluctuations on the labour markets. At the same time, the United Arab Emirates enjoys stable social, political and financial systems.

The UAE, being located at the intersection of the world’s major trade routes, remains one of the most looked-for destinations for expatriates from all over the world.

The Government of the United Arab Emirates strives to create the most attractive and favourable conditions for living and carrying on business activities. Thus, the UAE welcomes all the private persons, investors, business persons and entrepreneurs from all over the globe to live and work in the business-friendly environment.

Among the numerous aims of the United Arab Emirates financial sector, there is a provision of all the necessary financial tools and banking services for expatriates. As of today, numerous UAE banking institutions provide the various services for expatriates, including foreign private persons and entrepreneurs.

There are some banks that are worth to be singled out. So, what is the best bank in the UAE for expats? The list of the TOP-3 best banks for expatriates in the UAE includes:

  • Emirates NBD;
  • Mashreq Bank;
  • Standard Chartered.

All these banks provide a full range of banking instruments for expatriates. However, each bank has its own features and specifics.

Emirates NBD

Emirates NBD is the best bank in the UAE regarding the various indicators. In fact, this banking institution holds top positions in the numerous regional and international rankings.

Besides, Emirates NBD provides expatriates with all the necessary financial services. Among the numerous banking products, there are various types of accounts, loans, insurance programmes, etc.

Emirates NBD offers an opportunity of obtaining a special home loan for expatriates. This loan is provided under the following conditions:

  • Maximal loan amount — AED 15.000.000,- or 70 salary multiples (whichever is lower);
  • Up to 75% of the market property value may be financed by the bank;
  • Maximal loan term — 25 years;
  • Availability of a pre-approval facility.

We need to note that such home loans are available both for salaried and self-employed individuals.

Furthermore, expatriates may use all other banking tools and services including current and saving accounts, plastic cards, personal loans, insurance programmes, etc. All these characteristics make Emirates NBD the best bank in the UAE for expatriates.

Mashreq Bank

Mashreq Bank is the second among the TOP-3 UAE banks for expatriates. This bank provides expatriates with the full range of banking services.

For example, Mashreq Bank provides an opportunity of obtaining personal loans for expatriates. Besides, such a loan may be provided with a zero balance Current Account if the amount of the fixed salary exceeds AED 25.000,-

Standard Chartered

Standard Chartered PLC is a British multinational company that operates in the area of banking and financial services.

Standard Chartered Bank offers all the major financial services for expatriates, including expatriate accounts, credit cards, loans, etc.

The two most popular loans for expatriates are Personal Loan and Home Loan, or the so-called Home Suite Bundle Account.

Personal Loans are available both to the UAE nationals and to expatriates. They can be granted for any purposes. At the same time, such loans are convenient, simple and quick.

The general maximal amount of a Personal Loan is AED 1.000.000,- and the exact maximal amount for each person depends on the monthly salary and terms of employment contract.

Personal Loan tenures are offered of up to 48 months. Besides, there is a flexible loan service system, which allows the possibility of postponing monthly payments twice a year, applying for additional financing during loan tenure, etc. Moreover, there are no minimum balance requirements during the loan period.

The service of a Home Suite Bundle Account provides various opportunities for purchasing real estate on the territory of the United Arab Emirates.

The maximal amount of a Home Loan is AED 18.000.000,- for free hold properties. In the case of purchasing completed properties, expatriates may count for the loans of up to 75% of property market value.

Standard Chartered Home Loans are available with flexible repayment tenures of up to 25 years. Also, expatriates get all the advantages of other related banking services, including various insurance offerings, access to Online-Banking, etc.

It is also worth noting that all the Standard Chartered loans are processed quickly via the 5-minute procedure. Moreover, all the banking services are easily accessible to expatriates.

Conclusion

The United Arab Emirates, being a highly-developed and modern country, offers all the necessary banking, financial and other opportunities for expatriates. What is worth to note that all the banks in our list do provide services in the English language including English-speaking personnel, internet banking, all banking forms, etc.

The UAE banking institutions provide the full range of financial tools and banking services for expatriates under the most competitive environment and terms.

 

 

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