In today’s advanced digital era, we have endless banking possibilities. With the turn of the century, digital banking has become more popular in the UAE than ever before! While traditional banks work well in facilitating online services, online banking takes the banking experience to a whole new level. With online banking, you can conveniently get all banking facilities at your doorstep.
Today 72% of the residents of the UAE are using digital banking once a very at the very least. As these numbers increase, so does the number of digital banks in UAE. If you’re interested in opening a digital bank in the UAE, we’re here with the top best options! Let’s have a look.
Why Digital Banking is Needed in the UAE: The Benefits
Digital banking UAE has seen a rapid rise in recent years as more and more people turn to take advantage of the benefits this system offers. Whether opening a digital bank for business or personal finances, digital banking gives you endless possibilities for managing everything from the ease of your home. Why is digital banking becoming popular? What are the benefits it has to offer? Here’s what you need to know.
- You can conveniently apply for the account opening online.
- No paperwork required
- The application and account opening process take less time.
- You don’t need an extensive list of documents for a digital bank account opening.
- Your debit card is delivered to your home.
- You can apply for your account anywhere and keep track of it.
- Good discounts are offered for using the digital account or card.
- You can conveniently and quickly transfer your money.
- Convenient and accessible customer support services.
- Some digital banks offer zero balance maintenance.
- Low to no cost on international money transfers.
While digital banking makes everything secure and easy, you must maintain confidentiality and keep your OTPs and PINS safe.
Best Digital Bank Accounts in UAE
If you want to get the benefits of a digital account in the UAE, here is the list of digital banks in UAE that are popularly known for their services.
1. Mashreq Neo
Starting in 2017, Mashreq Neo is one of UAE’s digital banks, with its base in Dubai. It offers various services to cater to today’s modern baking needs. In 2020, the bank was named by World Finance as the best mobile banking app in the Middle East. Mashreq Neo allows you to open savings, investment, smart, and salary accounts after the process of verification at home or a bank branch.
Mashreq Neo returns users a cashback of AED 350 within the first ninety days of using the bank. Besides banking, you can also invest in Forex, gold, and other stocks on this digital platform. The bank gives the first chequebook for free. You also get a platinum debit card on the bank account opening. To open an account, download the Mashreq Neo app from the store and follow the instructions. Keep your Emirates ID with you.
2. E20 by Emirates NBD
Starting in 2016, E20 by Emirates NBD is a fantastic banking solution catering to all your digital banking needs. This digital bank UAE is a perfect option for small-scale, home-based businesses, freelancers, and all incorporated companies. With the ease of creating an account within minutes, you’ll save more time and energy.
While your digital account with E20 will be opened immediately, you’ll need to wait for 3 to 5 days before your payments are activated. Business accounts have a minimum balance condition and are chargeable. They also have a monthly fee for subscriptions. After activation, you can use your E20 accounts for invoicing, management of expenses, and cheque and cash deposits. You can easily download the app from Apple and Google Play Store to unravel the benefits of digital banking.
3. Liv Bank by Emirates NBD
If you want to open a bank account online in UAE, Liv Bank is a great solution. Operational since 2017, the digital bank keeps in mind the needs of Gen Z and Millennials in the UAE. This digital banking service allows you to track your money-spending behavior. With more than 300,000 users, Liv attracts people with its intuitive features and user-friendly interface.
On a balance higher than 5000 AED, you get a 2% competitive return. The app is available on Android and Apple devices, so users can download it and use it for convenient digital banking. With its timely services, you can open your Liv account without visiting a bank. Download the Emirates Liv app today and follow the instructions to get started.
4. ADIB SmartBanking
ADIB SmartBanking offers a smart banking solution for UAE residents. This digital bank allows you to manage all your finances using your smartphone. The bank provides fantastic digital solutions to financing, like free ATM withdrawals throughout the UAE, no minimum balance, free debit card delivery, rewards for salary transfers, and many more. You can also get a profit on your account balance. Whenever you refer the bank to a friend, you’ll earn AED 20 as a bonus.
Download the ADIB digital banking app on Apple App and Google Play Store to open your account. Have your passport, Resident Visa, and Emirates ID for account opening. Once your account opens, your card will be delivered to your doorstep.
YAP is another famous digital bank in the UAE, launched in 2021 by RAKBANK. While it doesn’t have its license yet, it offers incredible banking services through its partnership with RAKBANK. The digital bank provides convenient services like bill payments, remittances, and budgeting and spending analysis. There is no requirement for a minimum balance, and account opening is free. You don’t have to go through the paperwork struggle for account opening.
After you open your YAP digital bank account, you will get the IBAN through RAKBANK. Your debit card is also delivered to your home. YAP partners with other banks to extend its services. Download the YAP app through Apple or Google Play Store to create your account.
6. ADIB Amwali
ADIB Amwali is another digital bank in the UAE founded by the Abu Dhabi Islamic bank. The bank is designed to meet the needs of the youth. It offers unique features to encourage children to learn the importance of saving. With ADIB Amwali, the complete banking solution is in your hands. After opening your child’s account, you can send them money, track it, and save it for them.
You can open multiple accounts with ADIB Amwali and receive an AED 50 reward as a welcome bonus for account opening. Children also get the benefits of enjoying entertainment, online shopping, and playing games. However, children need to be above 18 years old to avail of the benefits. Download the ADIB Mobile App if you’re an ADIB customer. Then apply for an Amwali account in the section of “New Accounts.” Only customers of ADIB are eligible for this service.
If you’re looking for an excellent digital banking solution, Xpence is a great option in the UAE. The optimized digital bank caters to everyone’s financial needs, whether freelancers, entrepreneurs, or micro-businesses. Xpence’s digital platform is advanced, offering different services like invoicing, capturing receipts and saving time on bookkeeping.
Xpence makes you more careful with your expenses with its handy features. The platform offers virtual business cards for members, but if you want physical cards, you can get them delivered to your doorstep. Its intuitive platform lets users track their spending and quickly improve their financial habits. Moreover, users can communicate with one another through the online platform. It offers new features like digital enrollment, e-commerce, and automated bookkeeping.
8. OG Pay
If you’re looking for an affordable yet secure digital banking solution, OG Pay is one of the best options in the UAE. The platform is very versatile, offering many robust banking services. The process of registration is also straightforward. You can download the official app on your device to make an account. Once registered, you can decide whether you need a virtual or physical debit card. While the digital card will be read immediately for use, the physical card will reach you in some days.
Besides secure financing, users can also sell and buy different cryptocurrencies on OG Pay. With its diverse functionality, you can create your digital asset portfolio even with a small amount. You also receive a 2% annual yield interest on your account balance. With its well-integrated platform, users enjoy a fantastic digital banking experience.
While the service hasn’t been launched yet, Zand is an upcoming digital banking solution soon in the UAE. The platform is expected to become one of the first independent digital banks of the UAE. Olivier Crespin, the CEO, mentioned that the bank plans to offer a competitive interest rate of 2%. These rates are the highest offered throughout the region. Once launched, this digital bank will provide different services, including cards, accounts, loans, corporate banking, and tools for financial management.
Zand tends to be a perfect digital banking solution for those who seek to look for a remote banking solution. You can sign up on Zand’s official website to get updates about its launch, services, and features.
10. Al Maryah Community Bank
Al Maryah community bank is one of the best and secures digital banking services in UAE. You don’t need any sort of documentation to get yourself registered. The account creation services are free. You can create your account with ease in just 5 minutes. There is no requirement for a minimum balance, and you can quickly receive and send money. If you need any help with digital banking, you can reach out to Al Maryah Community Bank’s customer service. The bank offers multiple account options, and you also receive a debit card.
Download the Mbank UAE app from Apple or Google Store to open an account. Keep your Emirates ID and UAE Pass Access with you.
In today’s era, we’ve seen a shift in digital and remote ways of banking. Throughout the world, and in the UAE, you have multiple digital banks today to open business and personal accounts. Living in the UAE, you can conveniently benefit from digital banking apps to cover your financial banking needs. We hope you enjoy the benefits of digital banking with digital banks in UAE. Get started with digital banking today, a step to the future.
1. What are UAE digital banks in UAE?
Digital banks are the future of banking. You can conveniently cover all your financial needs without stepping out of your home. These banks offer all the regular banking services at the ease of your home.
2. What’s the best bank for opening a digital account?
Today, the UAE has a bunch of digital banks opened throughout the state. Some popular ones are Mashreq Neo, Liv, ADIB, and Zand. You can select the bank that suits your needs best.
3. Do I need any documents to open a digital bank account?
For the most part, you don’t need a lot of documents. At best, you’ll need your valid Emirates ID to create your account. Download the digital bank app from Google or Apple Play Store and create your account.
4. Do I get a debit card for my digital bank account?
Yes, most bank offers virtual debit cards for online transactions. Nevertheless, some digital banks also offer physical debit cards for those who want them. These are delivered to your doorstep.
5. How to open a digital bank account?
As the name suggests, everything with digital bank accounts is online. Download the digital bank app from Google or Apple Store. You can select any digital bank you like. Follow the instructions on the app to open your digital account. You can open it with your valid Emirates card in most cases.