Best banks for small sized business?

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Best banks for small sized business?


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Old 6th June 2017, 04:16 PM
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Arrow Best banks for small sized business?

Hello,

I have a free zone company and been trying to find an acceptable bank this week. I am looking for a basic business account to receive money and being able to manage it online.

I have checked Mashreq and for free zone companies they require a minimum of 25kAED, they have a monthly fee of 100AED and they wanted to get a $750 insurance or 5 years saving investment plan in order to let us open that basic business account.

I also checked Noor Bank and they had a minimum balance requirement of 20k AED, no monthly fee, but they charge AED 1000 for start online banking and AED 500 yearly mantenance for online banking.

I came from Europe and its shocking to have such a high fees, when normally its free in my home country.

Is there any better option than this two banks for small business? I just need an account with no monthly charge (25kAED minimum is fine) and no charge for online banking.

Any help will be highly appreciated.
Regards.

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Old 6th June 2017, 08:22 PM
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Check ADCB.

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Old 7th June 2017, 04:53 AM
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Check also Emirates NBD.

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Old 7th June 2017, 09:37 AM
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Not the most updated list, but can help you. https://en.wikipedia.org/wiki/List_o..._Arab_Emirates

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Old 13th June 2017, 05:38 PM
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I tried all those but the requirements are crazy for business account. If anyone that has opened a business account for a free zone company and can advice me what bank to use would be really appreciated it.

Regards

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Old 14th June 2017, 09:23 AM
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Quote:
Originally Posted by carlsinternational View Post
I tried all those but the requirements are crazy for business account. If anyone that has opened a business account for a free zone company and can advice me what bank to use would be really appreciated it.

Regards
Requirements for everyone will be different. With ADCB if you keep 25k AED on average, the account is free. Last time I checked NBAD had one of the lowest requirements AED 10k.

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Old 16th June 2017, 05:49 PM
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Hsbc will not open new accounts for small businesses anymore, they're fighting enough sh*t world over. Try RAK bank - they're one of the more sme friendly banks out there. Account opening is usually easy - but do not expect great service. They do have a minimum balance requirement of 25,000 for the good account. They have a lower minimum balance account, but is very restrictive on features such as internet banking, teller transactions etc.

Some of the banks you may want to consider are Sharjah Islamic bank, national bank of Fujairah, united arab bank etc. all of them will open new accounts relatively easy and do not have high balance requirements, and obviously do not offer great service. But heck I have forgotten what it feels to be "serviced" by banks after coming to the uae.


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Old 20th June 2017, 12:21 PM
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Quote:
Originally Posted by Malbec View Post
Requirements for everyone will be different. With ADCB if you keep 25k AED on average, the account is free. Last time I checked NBAD had one of the lowest requirements AED 10k.
I contacted ADCB and they said they don't open business account any more to business without a proper office (I only have flexi desk).

I will check with NBAD as well

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Old 20th June 2017, 12:22 PM
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Quote:
Originally Posted by lordaragon View Post
Hsbc will not open new accounts for small businesses anymore, they're fighting enough sh*t world over. Try RAK bank - they're one of the more sme friendly banks out there. Account opening is usually easy - but do not expect great service. They do have a minimum balance requirement of 25,000 for the good account. They have a lower minimum balance account, but is very restrictive on features such as internet banking, teller transactions etc.

Some of the banks you may want to consider are Sharjah Islamic bank, national bank of Fujairah, united arab bank etc. all of them will open new accounts relatively easy and do not have high balance requirements, and obviously do not offer great service. But heck I have forgotten what it feels to be "serviced" by banks after coming to the uae.


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RAK bank is one of the options, but they were the only ones that required to have the visa already stamped in the passport, so I am waiting for that.

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Old 28th June 2017, 10:40 AM
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I tried NBAD today and they said they are merging with FGB so they no longer have the 10k minimum balance account available and the new balance is 50k AED.

Any other alternative for small business?
Regards

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