Moving to Dubai: Complete Finance and Banking Setup Guide
Dubai attracts expats with zero income tax. Here is everything you need to know about banking, finances, and money management after you move.
Moving to Dubai involves a specific sequence of financial setup that differs from moving between Western countries. The UAE banking system is well-developed but requires a local visa, which requires either employment or a business licence. Getting the sequence right prevents weeks of being financially stuck.
The Setup Sequence
- Step 1: Enter on employment or investor visa — required for banking
- Step 2: Get Emirates ID from ICA — primary identification document
- Step 3: Open bank account — most require Emirates ID, labour contract, and initial deposit
- Step 4: Set up Wise or Steyble for international transfers — local banks are expensive for this
Best Banks for Expats in Dubai
- Emirates NBD: most widely recommended, strong online banking, competitive rates
- ADCB: competitive fees, good mobile app
- RAKBANK: lower minimum balance requirements for basic accounts
- HSBC UAE: good for those with existing HSBC relationship abroad
Crypto in Dubai
Dubai is home to VARA — the world's first dedicated crypto regulator. Steyble is built in Dubai and operates within the VARA framework. For expats moving to Dubai with crypto holdings, the transition is excellent: 0% CGT on crypto, regulated exchanges, growing crypto-accepting merchants.