Best Dollar Accounts in the UAE

UAE has a good expat population and there are several services provided to expats exclusively especially by the banking sector. There are separate loans, credit cards, and other banking services offered to the expats. There are several banks in the UAE that offer bank accounts to UAE residents which can be maintained in multiple currencies. This gives the expats and international bank account holders the ease to use foreign currency to make international transactions on less charges and exchange rates. Having a good number of people who make international transactions in USD, here’s the list of best dollar accounts in the UAE. These are not just for USD, but some of the below-listed banks also offer accounts in other foreign currencies as well. 

Mashreq Foreign Currency Account

Mashreq offers a foreign currency account that can be opened online instantly through the Mashreq website. 

Features & Benefits of Mashreq Foreign Currency Account 

• Can open online instantly 
• No minimum balance is required 
• Can open in multiple currencies including USD, EUR, GBP, JPY, AUD, SAR, NZD, QAR
• Can perform transactions online from anywhere 
• Can deposit and withdraw money at Mashreq branches 
• An initial deposit of AED 3000 is needed 

Emirates NBD Smart Saver Account

Emirates NBD offers a Smart Saver Account which is a savings account and can be opened online. It is a foreign currency account which is available in 3 currencies. 

Features & Benefits of Emirates NBD Smart Saver Account

• Available in USD, AED & GBP 
• The interest rate offered is upto 1.25% 
• Can transfer funds online or through cash deposit machines 
• The monthly average balance of AED 3000 should be maintained 

Standard Chartered XtraSaver Account

Standard Chartered XtraSaver Account is a savings account that is available in USD currency. 

Features & Benefits of Standard Chartered XtraSaver Account

• Earn interest rate of up to 0.60% 
• An initial deposit of AED 3000 is needed
• Provides debit card 
• Available in USD and AED 
• Can get access to the account through online banking, mobile banking, mobile app and phone banking 
• Both UAE residents & Non-Residents are eligible 

HSBC Savings Account

HSBC Savings Account is a foreign currency account with a good range of benefits. 

Features & Benefits of HSBC Savings Account 

• Provides international debit card 
• Available in USD, AED, GBP, EUR, RMB currencies 
• Can get access to funds through cash deposit machines without a card 
• 24*7 access to the account through online banking and phone banking 
• The interest rate of up to 0.001% is provided

CBD Foreign Currency Account

CBD Foreign currency account is a current account that can be accessed in foreign currencies like USD. 

Features & Benefits of CBD Foreign Currency Account 

• Can open account online instantly
• Available in multiple currencies like USD, EUR, GBR, CAD, CHF, AUD, SEK
• Free mobile banking & online banking facilities 
• A minimum balance of USD 1500 should be maintained in the account 

RAKBank Current Account

RAKBANK Current Account is one of the best dollar (USD) accounts in the UAE. 

Features & Benefits of RAKBank Current Account 

• Can get the account in US dollar, AED, Euro or Pound Sterling 
• Can get a cheque book on the AED account 
• Free Mastercard Debit card is provided which can be used anywhere in the world 
• The minimum average balance of AED 3000 (equivalent USD) should be maintained 

These are some of the best bank accounts in the UAE that allow USD currency. Having a foreign currency account or multiple currency accounts will help the account holders to transact easily in the foreign currency without worrying about the currency exchange rate or charges. A foreign currency account works similar to any savings or current account. The only difference is the currency it functions upon.