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0,5%
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Top 100+
0,05%
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Emirates NBD Review 2024
Supported Countries:
- AED
Supported
Currencies:
Currencies:
- UAE
Deposit rate:
- 2%
Deposit insurance:
- 100,000 AED
Summary of Emirates NBD
Emirates NBD is a digital bank established in 2007 after the merger of NBD (National Bank of Dubai, founded in 1963) and Emirates Bank International (EBI). Its clients can open current, savings, deposit, and investment accounts, as well as get comprehensive service packages. A standard current account can be opened in 14 currencies. Several services are available for international transfers to more than 100 countries. This bank offers a profitable currency exchange in 34 directions, a convenient section with current rates, and an online converter. All Emirates NBD’s services are available to residents of the United Arab Emirates only.
| 💼 Main types of accounts: | Current, deposit, savings, investment, and Islamic |
|---|---|
| 💱 Multi-currency account: | Yes |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: |
Bonuses for registering credit cards; Accrual of travel mileage; Discount vouchers for shops and restaurants; 0% fee on Forex; 7% cash back. |
| ➕ Additional features: | Loan calculator, loan restructuring, templates for paying fines and utilities, etc. |
👍 Advantages of trading with Emirates NBD:
- This bank’s clients have access to many account types with different conditions and additional features;
- Digital bank offers 23 credit cards with welcome bonuses, cash back, free access to VIP lounges, discounts on restaurants, and much more;
- Emirates NBD provides for opening accounts in AUD, USD, BHD, CAD, HKD, JOD, KWD, NZD, QAR, OMR, SAR, SGD, CHF, and GBP;
- Currencies are converted at the best price, and 34 currencies are available for exchange;
- Direct Remit, Western Union, and mePay services are available for transfers;
- Consumer and auto loans for up to 5 years, as well as mortgages for up to 25 years are available;
- Emirates NBD offers several types of insurance (life, health, accident, and multi-insurance).
👎 Disadvantages of Emirates NBD:
- This bank is available only to residents of the United Arab Emirates;
- There are no referral programs with rewards for attracting new clients;
- When registering, maximum personal information, including income and the purpose of using banking products, is required.
Evaluation of the most influential parameters of Emirates NBD
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Emirates NBD News
- Analysis of Emirates NBD
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Emirates NBD
- FAQs
- TU Recommends
Geographic Distribution of Emirates NBD Traders
Popularity in
84.7%
AE
4%
IN
8.3%
Others
User Satisfaction i
2 comments
Total score:
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MUTHU555
21 weeks ago
sajivsaiful
22 weeks ago
Expert Review of Emirates NBD
Emirates NBD is a bank with a 15-year history and many prestigious awards. The institution employs 29,000 specialists of more than 70 nationalities. According to Brand Finance, this bank's value is estimated at almost $4 billion. The number of clients exceeds 500,000, and this figure continues to grow every year.
Emirates NBD is distinguished by a wide range of financial and banking services. Such products as debit and credit cards, savings and deposit accounts, business and private lending, and insurance are available to private clients and businesses. You can keep funds in savings accounts in foreign currency. Direct Remit, Western Union, and mePay, which are fast and secure services, are available for international transfers.
Bank clients can invest in gold, regardless of their financial capabilities. To open a gold investment account, only 500 AED is required, while further funding amounts are not limited. This bank also offers access to financial markets, a modern Direct Trade trading platform, and access to thousands of digital assets.
Emirates NBD offers consumer loans, mortgages, and auto loans. The company also offers life, health, and accident insurance, as well as insurance packages. This bank is reliable and safe, and the quality of Emirates NBD services is considered one of the highest not only in the UAE but also on the entire coast of the Persian Gulf.
Dynamics of Emirates NBD’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of Emirates NBD
Emirates NBD offers flexible conditions for investors and provides professional assistance in building investment portfolios and in other matters. Traders can trade on the Direct Trade platform with access to thousands of bonds and mutual funds. Emirates NBD offers a gold investment account available to anyone. The starting capital is only 500 AED, which is equivalent to about $135. You can fund your account at any time with any amount, and there is also an automatic setting for regular purchases of gold at competitive prices.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Overdrafts, loans, and flex accounts
Emirates NBD offers a variety of loan services, so credit cards and accounts come with fees and interest. The annual subscription fee for credit card holders can range from 0 AED to 1,050 AED depending on the account type. Also, a monthly tax of 3.25% is withheld for the use of credit funds, regardless of the card type. A replacement card is up to 52.50 AED and the fee for purchasing foreign currency is 1.99%.
A monthly fee of 292.95 AED is charged for exceeding the card limit, and 241.50 AED is charged for overdue payments. International transfers to credit cards will cost 157.50 AED per transaction. Also, 5.25 AED is charged for a paper bank statement, 15.75 AED is charged for duplicate statements, and 10.50 AED is required for a copy of a sales voucher. Other fees can be found in contracts for each individual product.
Terms for Cooperation with Emirates NBD
Emirates NBD’s digital banking services are available exclusively to residents of the UAE. It is possible to transfer funds to foreign bank accounts, but only in accordance with the rules specified for each account type. Payments and transfers can be made through a mobile app, online banking, by phone, and at this bank’s branches. The table below summarizes Emirates NBD’s main characteristics.
| 💼 Main types of accounts: | Current, deposit, savings, investment, and Islamic |
|---|---|
| 💱 Multi-currency account: | Yes |
| 💵 Deposit terms and conditions: |
On savings accounts opened in AED, the interest rate is up to 2% per annum; Minimum deposit is 5,000 AED subject to the account type and the deposit; Accounts with no minimum deposit are available. |
| 💳 Loan terms and conditions: |
Housing loans: Up to 20 million AED for up to 25 years; Estimated interest is 5.29% per annum. Auto loans: Up to 80% of the car’s value for up to 5 years; A fixed rate of 2.69% per annum and a base rate of 5.06% with a decrease. Overdraft: Up to 100,000 AED with 18% per annum. |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: |
Bonuses for registering credit cards; Accrual of travel mileage; Discount vouchers for shops and restaurants; 0% fee on Forex; 7% cash back. |
| 📋 Types of payment: | Bank transfers, cash at branches and POS terminals, and transfers between clients’ own accounts |
| ➕ Additional features: | Loan calculator, loan restructuring, templates for paying fines and utilities, etc. |
Comparison of Emirates NBD with other Brokers
| Emirates NBD | Wise | Bunq | Curve Bank | Suits Me Bank | Bank of America | |
| Supported Countries | AED | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | UK and worldwide | US dollar |
| Supported Currencies | UAE | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | GBP, EUR, RON, SEK (for transactions with other currencies, automated conversion is made) | USA |
| Deposit insurance | 100,000 AED | No | EUR 100,000 | No | No | FDIC protects depositor funds ($25,000) |
| Minimum deposit | 500 AED | No | No | No | No | $20 - $100 |
| Deposit rate | 2% | No | 0.09% APY | No | No | 2% |
| Loan Rate | Individually | No | The bank does not issue loans | No | No | Credit cards ranges from 17.99% to 27.99. Auto loans — 6.19%, mortgages — 6.125% |
Emirates NBD Commissions & Fees
Information
All Emirates NBD’s accounts are opened free of charge. Accounts with a minimum balance requirement of 3,000 AED will be charged a penalty of 26.25 AED, if this requirement is not maintained. To maintain the rating of relations between this bank and the client, it is necessary to adhere to the minimum balance on the account. Cash fees for transfers and withdrawals more than six times a month are 10.50 AED. Requesting a copy of an account statement at a branch costs 26.25 AED, while requesting it by phone costs 10.50 AED.
There is no subscription fee for inactive accounts. To close an account within six months after opening costs 105 AED. Deposit accounts have a fee of 1% of early or partially withdrawn amounts. A charge of 78.75 AED is necessary for money transfers in foreign currency through branches, while there is no such fee when using online banking via mobile devices and ATMs. Also, this bank does not charge fees for transfers in local currency and through Direct Remit.
Credit card service at Emirates NBD is paid. Annual subscription fees depend on the account type and range from 52.20 AED to 1,575 AED. Family and Titanium cards are issued and maintained free of charge. All cards can be used for payments online and at terminals, with the exception of the Webshopper card, which is intended only for online payments.
Emirates NBD also has fees of 3% or 99 AED for ATM withdrawals, but only for credit cards. Moreover, 3.25% of all financial transactions are deducted from credit cards every month. For exceeding the limit on the card, this bank charges 292.95 AED, and for overdue mandatory payments, a penalty of 241.50 AED is levied. The fee for purchases in foreign currency is 1.99%.
If you have a credit card, issuing an additional one is free. A replacement card costs 21 AED or 52.50 AED, depending on the card type. For international transfers from credit cards, 157.50 AED is charged. The cash advance fee is 3.15% or 103.95 AED. For cash withdrawals in foreign currency in the UAE, 1.32% is withheld while it can range from 1.05 AED to 21 AED in other countries.
Emirates NBD offers a paid safe deposit box rental service. The cost depends on the box size and ranges from 787.50 AED for a small one to 2,100 AED for a large box. Renting oversized boxes costs 2,625 AED.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
| Emirates NBD | Up to 100,000 AED with 18% per annum | 3% or 99 AED | 157.50 AED per transaction | 3.15% or 103.95 AED |
Conclusion
Emirates NBD is distinguished by services ranging from opening ordinary debit accounts to insurance and investing in gold. The account conditions impose various fees, but most of them are competitive. Credit cards with a large list of additional services cost the most. Otherwise, this bank adheres to loyal prices and offers various bonuses and discounts to the most active clients. Emirates NBD is a safe and reliable financial institution with an excellent reputation; therefore, it is equally suitable for all categories of UAE residents, regardless of income level and financial goals.
Detailed review of Emirates NBD
Emirates NBD is a client-oriented digital bank that provides a variety of asset management options. You can conduct transactions on accounts online, in a mobile app, by phone, at this bank’s branches, and with ATMs, which are more than 16,000 in the country. Another Emirates NBD advantage is fast transactions and the availability of several transfer methods, including international ones.
Emirates NBD by the numbers:
To open an account and credit card costs 0 AED;
Savings accounts can be opened in 14 currencies;
23 types of credit cards with different bonuses, discounts and other great offers;
International money transfers can be made to 100 countries;
Emirates NBD has received 50 international and national awards over the past five years.
The peculiarity of Emirates NBD is that it provides high-quality services to all its clients, regardless of their needs and income level. For example, all clients can participate in the investment program and buy gold due to a minimum deposit of only 500 AED and unlimited account funding. This bank also offers favorable conditions for consumer loans, mortgages, and auto loans.
Features of Emirates NBD’s business account:
Settlement and cash services. This implies processing of payments, invoices, and currency exchanges at standard fees;
Automated payments. Thanks to flexible settings, you can automate employee payments, utility bills, and settlements with suppliers;
Credit and debit cards. These are free banking products for businesses with great offers and a flexible bonus system;
Online banking. It provides for free access to the modern businessONLINE functional platform with the possibility of tracking transactions and payment history;
Lending. This bank offers affordable loans on favorable terms for opening, expanding, and modernizing a business;
Deposit accounts. It is an opportunity to increase free capital with free access to funds. Deposits are available in national and foreign currencies.
Advantages:
1
Fast transfers within the country and abroad, as well as favorable currency conversion rates;
2
Opportunity to open savings and deposit accounts in foreign currency;
3
A functional mobile app with access to all transactions and payment planning;
4
All bank cards are issued free of charge, plus there is no fee for inactivity on the account;
5
Six business packages with various services, and options for small, medium, and large businesses are available;
6
Free issue of the first checkbook for business account holders;
7
Lending services for individuals and companies, as well as favorable conditions for property, life, and health insurance.
Accounts types for private individuals and legal entities
Emirates NBD offers savings, investment, current, Islamic, and business accounts, as well as 23 types of credit cards. Savings accounts can be opened in foreign currencies with an interest rate of up to 0.2% per annum. The Family account has interest up to 1.25% per annum in AED with no income requirements for family members. The Smart S@ver® account has up to 2% per annum in AED, up to 1.25% in USD, and up to 0.75% in GBP. It is allowed to pay utility bills and withdraw money once a month.
To open a current account, the minimum wage requirement is 3,000 AED. A special current account can only be opened in national currency or USD. Interest is calculated daily. The interest rate on the balance is 0.1% per annum. An investment account is opened in XAU (gold), and funded in any currency available with this bank. The minimum deposit is 500 AED. The Islamic account is opened on the terms of qardh al-hasan (without collateral and interest-free, pursuant to shari’a law). The minimum balance is 3,000 AED.
Emirates NBD’s credit cards offer the opportunity to spend money and save. Depending on the card type, its clients can receive cash back, welcome bonuses, and the accrual of travel mileage for every monetary unit spent. Also, credit card holders can receive discount vouchers for shopping, paying bills at restaurants, going to the cinema, and other entertainment. There are cards with free access to VIP lounges at airports. Issuing a card is free, and service conditions depend on the account type.
Businesses are provided with separate accounts, comprehensive service packages, and credit/debit cards. All products offer discounts and various bonuses. For example, with a Business Rewards credit card, you can save up to 30% on your bills at more than 2,000 restaurants, and with a classic business credit card, you can play golf five times for free at exclusive golf courses.
Banking features
Emirates NBD is optimally digitized, so the use of its products is simple and understandable. The mobile app supports full functionality. All operations are conducted quickly and without problems, in accordance with the deadlines stated in the regulations. This banking system is well-established, so clients can quickly, without unnecessary bureaucracy, open and close accounts, receive loans, invest, and enter into insurance agreements. Emirates NBD is a leader in innovation and client focus, for which it has received numerous prestigious international awards.
Technical Support
The website's horizontal menu includes the “Client Service” section that provides detailed information on Emirates NBD's products and services. Clients can choose the category of interest, and learn basic information and popular topics of the section. At the bottom of the website, there is the “Useful Links” block where clients can learn information regarding financial statements of individuals and companies, IBAN, Swift, and other routing protocols.
You can contact Emirates NBD’s support via live chat, by phone, and by creating a ticket on the website or in the app. You can also write a letter to the company's physical address, email, or visit one of the branches of the digital bank. All contact details are located in the “Contact Us” section, which is available on the “Client Service” page.
Social programs of Emirates NBD
Emirates NBD helps develop sports and culture in the UAE. The company has repeatedly sponsored such major golf tournaments as Dubai Desert Classic, Dubai Ladies Classic, and Dubai Moonlight Classic. This bank also organizes internships for high school students to attract young people to banking. Secondary school students can register for the program and take an interactive course on how the financial industry works. More than 700 students from 32 schools in the UAE have taken part in the program over the past 10 years.
How to open an account at Emirates NBD
To register an account with Emirates NBD, go to its official website, select an account type, and click the “Open your account” button. On the next page, a list of conditions and documents for completing the application will be displayed. If you have everything for registration, click the “Start” button.
Complete the questionnaire with your first and last names, date of birth, nationality, UAE phone number, and email address. Next, provide information about your income, UAE identity card, belonging to politically exposed persons, and indicate whether financial transactions are planned with representatives of countries that are subject to sanctions. If desired, you may subscribe to the bank’s newsletter. Also, tick the box to agree to the delivery of services by third parties, then click the “Start” button.
Thus, there are 10 stages of registration, where each will require personal information and uploading identification documents. After successful completion of all stages, access to the user account on this bank's website and in its mobile app will be granted.
The application for a business package, requires additional information. Complete a short form indicating whether you are registered with Emirates NBD, and enter your email, phone number, and the emirate. After submitting the form, a representative of this bank will contact you and help you complete the registration.
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FAQs
How does Emirates NBD earn money?
The main income of Emirates NBD is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does Emirates NBD protect its customers?
Emirates NBD uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
Emirates NBD provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through Emirates NBD?
Yes. Emirates NBD allows you to make payments between customers in different countries.
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