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First Abu Dhabi Bank (FAB Bank), UAE

History: First Abu Dhabi Bank was established in 2017 through the merger of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), and today it stands as the largest financial institution in the United Arab Emirates. The bank’s advantages include its flagship status, as well as high levels of funding and liquidity. Fitch Rating AA-, also according to the results of 2022, FAB was ranked in the top 3 banks in the Middle East by Forbes.
Account Types: Personal and corporate banking accounts in various currencies: primarily AED and USD, others upon request.
Account Opening Cost (Bank Tariff):

Free.

The bank sets a minimum balance for personal accounts at 3000 AED, and for corporate accounts from 50000 AED. However, for companies, the bank requires a significantly larger amount, especially if it is engaged in high-risk activities. FAB may also offer the possibility to reduce the minimum account balance by acquiring additional banking services: you can learn about the current ways by writing to us.

Account Management Through the bank branch, mobile and online banking
Maintenance Fees:

FAB does not charge account maintenance fees.

Personal Accounts: the fee for AED transfers within the country is 1.05 AED, for incoming payments in foreign currency up to 25 AED or equivalent + 5% VAT, and for currency transactions using mobile banking up to 52.50 AED.

Corporate Accounts: regular incoming transfers are free, SWIFT transaction fees up to 25 AED, and internet banking 200 AED monthly. Fees also depend on the chosen service plan.

Please verify the current cost of FAB services via the links above.

Staff: English-speaking/Arabic-speaking
Credit/Debit Cards:

FAB issues Visa payment system debit and credit cards for free.

Cash withdrawals at FAB ATMs without additional charge, at other UAE ATMs 2.10 AED, in other countries (excluding GCC) 21 AED. The commission for processing international transactions is 2.1%.

For more details on banking service costs, see the links above. The current size of commissions and other payments should also be verified on the bank’s website.

Other Banking Products FAB offers a wide range of ancillary services: deposits, loans and mortgages for various purposes, insurance, safe deposit box rental, investment in its own investment products, and custodial services.
Documents for Account Opening:

For individuals:

  • Passport;
  • Emirates ID;
  • Resident visa;
  • Mobile number in the Emirates.

In some cases, the bank may require confirmation of employment from the employer or bank statements from other accounts if the person owns a company. The latter also needs a lease agreement for an apartment or other residential property in the UAE.

For legal entities:

  • Main incorporation documents of the company: certificate of registration, licence, articles of association, memorandum of association or other documents;
  • Documents proving the directors, shareholders, and beneficiaries of the company;
  • Copies of passports of the directors, shareholders, and beneficiaries, as well as account operators and secretaries of the company (if any);
  • If another legal entity acts as a director, shareholder, or secretary of the company, all of the aforementioned documents are also required for it;
  • Statement for the last 6 or 12 months on corporate accounts of the company in banks outside the UAE;
  • For newly registered companies: a statement from the shareholder(s) account, proving the availability of sufficient funds to start the business.

The bank may also require any other documents it deems necessary for carrying out KYC/AML procedures.

Account Opening Procedure: Personal visit to an FAB branch in the UAE.
Account Opening Duration From 30 to 60 days.
Company Formation in the UAE
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The purpose of the initial consultation is to introduce you to our services, as well as to discuss your individual needs related to company registration (maintenance) and opening a bank account.