The UAE’s banking system is one of the most developed and mature in the world. There are almost 50 banks in Dubai alone. You can open an account at any bank in Dubai.
Banks also offer credit cards, which you can use to purchase goods and services. Most banks use ATM machines for withdrawals, deposits and transfers etc.
UAE’s banking system
- UAE is a major player in the banking industry, with some of the most developed and mature banks in the world.
- The country has a very developed banking system that makes it easy for you to make transactions both online and over the phone.
50 banks in Dubai
There are almost 50 banks in Dubai alone. There are more than 200 bank branches in Dubai, while the number of ATMs and cash points has increased over time to reach 5,000 today.
Open an account
You can open an account at any bank in Dubai. But be aware that you will have to pay a fee for opening the account and using the ATM, as well as other fees that depend on which bank you choose.
Banks offer credit cards
- The credit card is a great way to build your credit history and demonstrate that you can afford to pay for things in full.
- It’s also an efficient way of paying for goods and services, as the bank will help manage the transaction process so there’s no need for cash or checks.
- However, you should always be aware of what kind of interest rate applies on purchases made with a credit card before signing up.
If this is something that interests you then keep reading.
Banks use ATM for withdrawals, deposits and transfers
- Most banks offer ATM machines, which are easy to use and safe.
- They also allow you to withdraw money from your bank account, deposit checks and make transfers between accounts at the same time as making a purchase in a store or restaurant.
- The good news is that most banks have ATMs located throughout all of the UAE’s seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman).
- If you live in one of these emirates but don’t have an ATM nearby then you can still access this service by visiting any branch office where they may be available.
If there are no ATMs available near your home then it might help if your bank has other ways for customers who do not have access within walking distance (such as using their mobile phone or computer).
Traditional banking systems have been overtaken by online banking
With the advent of online banking, traditional banks have been overtaken by the new technology. There are many advantages to using an online bank over a brick-and-mortar bank.
- Convenience: Online banking allows users to access their accounts from any internet-enabled device at any time and from anywhere in the world. It’s also much easier to transfer funds quickly between accounts and make payments without having to go through complicated procedures or visit a branch office. For example, for FAB balance enquiry and funds transfer, the customers use FAB mobile banking app.
- Security: Online security is a key concern for consumers when choosing where they’ll store their money. However, most traditional banks are not nearly as safe as you might think.
For example, hackers recently compromised some Chase Bank customer accounts by intercepting their login information through third parties who installed malware on their computers and that’s just one example among many.
There are many banks for you to choose from in Dubai
There are many banks in Dubai that you can choose from. You can open an account at any bank and use it to deposit money, pay bills, make transfers or withdraw cash from the ATM machines installed within their premises.
Most banks also offer credit cards which you can use to purchase goods and services from any retail establishment that accepts them as payment methods.
Conclusion
The UAE has a banking system that’s among the most developed and mature in the world. You can open an account at any bank in Dubai, which allows you to choose from over 50 different banks. 1st Abu Dhabi BAnk, is the best bank and you can do a FAB bank balance check any time on your phone on the FAB app.
Banks also offer credit cards, which allow you to purchase goods and services using your monthly income or savings. Most banks use ATM machines for withdrawals, deposits and transfers. Traditional banking systems have been overtaken by online banking nowadays.
About the Author:
Ramneek Sidhu is a digital marketer and founder of digital kings, a digital agency. He loves to travel abroad with his family as a tourist. He also loves writing, reading, gardening and doing other stuff for entertainment. His agency mainly deals with the marketing for entertainment projects like movies and dramas.
