# Best banks for small sized business?



## carlsinternational (May 2, 2017)

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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## ThunderCat (Oct 28, 2015)

Check ADCB.


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## Sunder (Mar 11, 2014)

Check also Emirates NBD.


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## rsinner (Feb 3, 2009)

Not the most updated list, but can help you. https://en.wikipedia.org/wiki/List_of_banks_in_the_United_Arab_Emirates


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## carlsinternational (May 2, 2017)

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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## Malbec (Jan 2, 2014)

carlsinternational said:


> 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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## lordaragon (Jul 4, 2013)

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. 


Sent from my iPhone using Tapatalk


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## carlsinternational (May 2, 2017)

Malbec said:


> 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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## carlsinternational (May 2, 2017)

lordaragon said:


> 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.
> 
> ...


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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## carlsinternational (May 2, 2017)

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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## tcf127 (Jul 3, 2017)

Malbec said:


> 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.


Malbec, sorry have to contact you here, first timer here, i do not know how to pm. Can you share the agent for your FCC setup? Hows your experience so far?

TIA


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## Malbec (Jan 2, 2014)

tcf127 said:


> Malbec, sorry have to contact you here, first timer here, i do not know how to pm. Can you share the agent for your FCC setup? Hows your experience so far?
> 
> TIA


PM sent.


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## carlsinternational (May 2, 2017)

Does anybody know any other alternatives? I can't find any bank account with a low balance requirement and no monthly fee that will open a business account for a company with a flexidesk despite RAK BANK but they are taking forever and don't seem really interested in opening the bank account.

Regards.


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## tcf127 (Jul 3, 2017)

carlsinternational said:


> Does anybody know any other alternatives? I can't find any bank account with a low balance requirement and no monthly fee that will open a business account for a company with a flexidesk despite RAK BANK but they are taking forever and don't seem really interested in opening the bank account.
> 
> Regards.


I do need help as well. Which bank able to do it with least min balancena and lowest monthly fees so far?


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## shad0w (Jul 19, 2017)

carlsinternational said:


> Does anybody know any other alternatives? I can't find any bank account with a low balance requirement and no monthly fee that will open a business account for a company with a flexidesk despite RAK BANK but they are taking forever and don't seem really interested in opening the bank account.
> 
> Regards.


Hi Mate,

I am also in a similar situation with a flexi desk from a freezone and its being a nightmare to open an account. My requirement was min balance upto AED 50K, no online banking charges and low local and international fund transfer charges.

Did you have any luck, which bank did you go with?

Thanks


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