The Emirates has already earned the unspoken title of the capital of the world economy. It offers the most comfortable business conditions, the best service and banking services. Every entrepreneur is obliged to open an account and it is important to choose a reliable bank here. One of these is the First Abu Dhabi Bank, which will be discussed in the article.
A large financial institution highly appreciated by the world banking community. They positively characterize First Abu Dhabi Bank:
- subscribers all over the world;
- a variety of services;
- modern standards of service.
Cooperation with him will expand the capabilities of the resident, allows you to better manage your finances in a foreign country
Why choose FAB
The Emirates is a progressive state. The banking sector is developing rapidly, services are aimed at meeting customer needs, are diverse, and are suitable for any business. The focus is on the introduction of new technologies, for which the whole department is responsible. This approach allows us to offer relevant solutions, promptly respond to any client’s request, and resolve any issues that arise.
There are several advantages of cooperation with FAB:
- a personalized approach;
- range of services;
- reliability;
- an innovative approach;
- issue of the first checkbook without commission;
- free Mastercard Debit Card;
- access to the waiting rooms of a number of airports without payment.
The Bank is working on increasing its presence in the international market, introducing technologies, and digital transformation.
Banking services
The Bank offers solutions for small and medium-sized businesses. FAB can be contacted for personal or corporate services. The connection of a financial institution with global markets also opens up many opportunities for clients.
Personal
Private clients of the bank can open current and savings accounts. They, in turn, also differ in some parameters. So, the current ones can be as follows:
- Calculated. The opening implies the existence of a self-employed status or a contract with a local employer. The holder gets access to the FAB Mastercard debit card. It is serviced for free.
- FAB One. To open, you need to receive a minimum of 10 thousand dirhams per month. It is allowed to independently deposit the amount to the account by the holder himself. There is no minimum balance, the client receives a Platinum Mastercard debit card, as well as special offers from commercial premium partners.
- Elite. Elite is a multi-currency one, which allows the holder to issue an unlimited number of checkbooks for free, as well as make the first international transfer without commission. The holder receives an Elite Gold Mastercard World debit card, which can be used to withdraw cash without fees at any ATM in the Emirates.
FAB Bank savings account in Dubai or Abu Dhabi also offers in three formats:
- Usual. The opening is available in dirhams or other international currencies. The minimum balance is 3 thousand dirhams or an amount in another currency equivalent to this one. The holder receives a debit card with free mastercard service. It is also available to foreign residents.
- iSave. An online account in local currency with a rate of 5.25% per annum. A service with instant opening via a mobile application or online banking. There are no minimum balance requirements, as well as restrictions on the number of outputs.
- Elite. Multicurrency with no restrictions on the minimum balance, but with a multi-level system of interest rates on a savings account. They are small and do not exceed 0.07% per year.
Private clients can use a large number of different services in the bank, including investment. To open a client account, you must be a resident, have an official local employer, or have the status of a self-employed person. Prepare the documents in advance:
- application for opening;
- copies of a valid passport, resident visa, Emirates ID and originals of these documents;
- documents certifying the existence of legal income.
Sometimes banks require the provision of other documents that need to be provided without delay.
Corporate
Comprehensive service solutions are available to corporate clients:
- opening and maintenance of current and savings accounts;
- instant international transfers;
- cash register service;
- Asset management;
- supply chain financing;
- liquidity management;
- structured trade and commodity financing;
- managing virtual accounts.
Options for corporate clients:
- The standard one. It has restrictions on the minimum average monthly balance of 50 thousand dirhams per month.
- Business plus. Holders receive a personal public relations manager. It has a limit on the average monthly balance of 250 thousand.
- The Preferred business account. Cash transactions without commissions. The balance limit is 500 thousand dirhams.
- On demand (Business Call). Multi-currency for residents and foreigners, the balance is 10 thousand.
- Deposit account. It is open for a period of one to ten years, a limit of up to 50 thousand, the possibility of early withdrawal of funds, competitive interest rates.
To open an account, select the one you like, prepare the required set of documents, and submit an application to the manager.
How to open an account
In order not to make a mistake when signing a contract with a Wab Bank in Dubai or Abu Dhabi, follow some recommendations:
- choose a bank based on business needs or personal preferences;
- collect the documents (for individuals – passport, resident visa, bank statements, proof of address, for corporate clients – constituent documents, documents for senior management, copies of passports of managers, confirmation of financial viability);
- provide additional documents if required;
- deposit funds (if required);
- sign a contract with a financial institution.
Service fee
Opening is a free service, and no service fee is charged if the minimum balance is maintained. It can be different, depending on the terms of the contract. Services are provided in local and English languages. The opening period is from one month.
Incoming transfers are made without fees. Transfers in the SWIFT system are up to 25 dirhams. You will have to pay up to 200 dirhams per month for using Internet banking. Depending on the tariff plan, the cost may vary.
Conclusion
First Abu Dhabi Bank is the optimal partner for opening a corporate account. He attracts international partners, helps the business with his high-quality service, timely and modern solutions. For beginners, the opening procedure may seem complicated, therefore it is better to contact specialists. The services of the First Abu Dhabi Bank will become more accessible if you contact Relocate UAE for support. Professional assistance for individuals and corporate clients will significantly simplify the opening of any account for residents and foreigners.
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