Where to Do Your Private Banking in Dubai
There’s been a growing need in Dubai for private banking firms that can individuals manage their assets and investments.
Fortunately, there are a lot of reputable providers of private banking services in the UAE. Today, we will be checking out our top choices and reviewing the best banks for private banking in Dubai.
How much will private banking cost you in Dubai?
Let’s talk about required assets first.
Since private banking is typically geared to wealthy individuals, it means that you need to pass a minimum level with your liquid assets before you can qualify for these services.
Some banks in Dubai may require you to have at least 1,000,000 AED of liquid financial assets for you to be eligible for private banking services, as an example.
However, it’s best to note that the exact amount will still depend on your chosen bank, so make sure to set an appointment if you plan to start one. Also, private banking fees are often discussed during the consultation.
Nonetheless, to serve as a reference, we created a table that shows the fees for the services offered by some of the entries on our list. Just remember that these rates can still change at any time.
Top Banks for Private Banking in Dubai
In any case, we rounded up the top options for this type of banking based on the following criteria:
1. Emirates NBD
| FACILITIES | ★★★★★ |
| CUSTOMER SERVICE | ★★★☆☆ |
| FEE STRUCTURE | ★★★★★ |
| ONLINE BANKING SERVICES | ★★★★☆ |
The Emirates NBD is one of the renowned banks regulated by the UAE Central Bank. Since its establishment in 1963, it has expanded its reach: it now has over 9,000 staff and 1000 branches across the country and overseas.
Bear in mind that Emirates NBD doesn’t clearly state their minimum asset requirement for individuals to be eligible for private banking. We think this is quite inconvenient, especially for people who are not yet familiar with how this type of banking works.
Nonetheless, they offer both conventional and Sharia-compliant funds, so we think that the bank’s core offerings are diverse. Their private banking services are centered on investment, trade execution, portfolio management, lending, and estate planning.
Of course, they also offer a range of financial solutions for banking. Besides that, they also offer these services to high-net-worth and ultra-high-net-worth families and select institutions.
If you decide to start your private banking journey in this bank, they will assign an investment team to you. This might not be ideal for some because a private banking specialist is the one that’s fully qualified for the job.
In our opinion, it’s better to work with a full-fledged fiduciary instead of a salesperson that might just be offering you products that are not even in your best interest.
Pros
- Offers trade execution services
- Offers discretionary portfolio management
- Systematic asset allocation and portfolio construction
- Offers private banking services to individuals, families, and select institutions.
Cons
- Minimum asset requirement is not stated on the website
- Some complaints with online and mobile banking
2. Mashreq Bank
| FACILITIES | ★★★★★ |
| CUSTOMER SERVICE | ★★★☆☆ |
| FEE STRUCTURE | ★★★★★ |
| ONLINE BANKING SERVICES | ★★★☆☆ |
Just like our previous entry, Mashreq Bank is also an established institution in the UAE. It was founded by the Al Ghurair Group in 1967.
Since then, they have become a popular private sector bank in the region. You see, they bagged the title The Best Bank in the UAE by Euromoney Magazine five times and won two awards in Global Private Banking Innovation Awards 2021.
Their private banking services are focused on banking, investment, financing, and Islamic banking. Once you decide to become their private banking client, they will assign a relationship manager to help you with your banking needs, whichever time zone you’re in.
Aside from that, you’ll also get the support of investment advisors, trade specialists, FX specialists, and client service managers. The help of these professional teams supports their goal to provide holistic and personalized financial solutions to their clients.
Another feature we like about their private banking services is that they conduct periodic reviews for your investment portfolio. This is a key step to see if your initially planned asset allocation is still in line with your investment goals.
Moreover, you can also enjoy other perks, including free-of-charge services, Sharia-compliant variants, and a Visa infinite Debit Card, which will give you various benefits and a customized checkbook for a more fancy appeal.
Among other things, did you know that if you refer a friend and he/she becomes a Mashreq Private Bank client, you’ll get a reward? With a successful referral, you’ll get an instant 10,000 AED which we think is a sweet deal, especially if you have a lot of affluent friends.
The only problem we notice is that they do not provide the exact deposit needed to qualify as a client. Of course, you have to be a high-net-worth individual, but how much should you bank in their institution? That’s still worth knowing.
If you’re interested in their private banking services, we suggest that you reach out to their customer service team.
Pros
- Schedule of charges is clear and included on the website
- Offers various free of charge banking services and products
- Provides relationship manager and professional team
Cons
- Minimum asset requirement is not stated on the website
- Some negative reviews regarding long waiting time on site
3. Credit Suisse
| FACILITIES | ★★★★☆ |
| CUSTOMER SERVICE | ★★★☆☆ |
| FEE STRUCTURE | ★★★☆☆ |
| ONLINE BANKING SERVICES | ★★★☆☆ |
Credit Suisse’s core offerings are focused on international wealth management, financial services, and investment banking. Although it’s main headquarters are in Zurich, its private banking and asset management services are also reputed in the UAE.
Moreover, it’s also considered a top-tier bank by its competitors, so we think that it’s a good pick for senior international investors.
This year, Credit Suisse was recognized as the Best Private Bank in Qatar by PWM/The Banker (Financial Times Group). In addition to that, they also won the global award of the Best Private Bank for Ultra High Net Worth Clients by Euromoney & Wealth Management Survey.
All that just proves how well-established they are in the industry. The numerous regional and global awards they’ve also received back up their claim of providing their clients with an extensive network of influential contacts.
However, we do see that their website has minimal information about the services they offer. Well, as you visit their website, each section suggests that you contact them for more information, so if you really want to learn more, it’s probably the only way.
Again, the minimum asset requirement is not directly stated, but they ensure to provide you with an exclusive relation manager that can guide you through your distinctive banking requirements.
Pros
- Long history in the industry
- Has over 150 branches worldwide
- Offers wealth management and investment banking services
- Extensive network
Cons
- Lack of easily available information about the services they offer
- Fee structure for private banking is not included on the website
4. Barclays
| FACILITIES | ★★★★☆ |
| CUSTOMER SERVICE | ★★★☆☆ |
| FEE STRUCTURE | ★★★★★ |
| ONLINE BANKING SERVICES | ★★★☆☆ |
If you are looking for a bank with a long history, Barclays is worth considering because they have been in the business since 1690. Their services in the Middle East started in 1864 and still reflect their deep roots in the region’s private banking industry.
Once you become their client, you’ll have a personal banker and other advisors/specialists who aim to guide you through your private banking priorities and goals.
Their services are centered on four product areas: wealth advisory, banking and credit solutions, investment services, and strategic solutions.
Aside from helping high-net-worth individuals and ultra-high-net-worth individuals preserve and grow their wealth, the bank also caters to select businesses and corporations.
Barclay’s corporate bank offers specialized services in debt finance, cash management, trade finance, and credit facilities. In our opinion, these services are excellent for beginner business owners because they’ll get to focus on their craft and still be updated with their firm’s finances.
And there’s more! We also like that their private bank tariff guides are on their website.
This just shows that even if you’re not yet their client, you’ll be able to see the charges and fees included with their services.
As a whole, Barclay’s is a good pick. However, we just want to note that there are several complaints about the efficiency of their online banking services, so you may want to use their in-person or office-based services for urgent matters.
Pros
- Over 300 years in the industry
- Provides tariff guides for private banking
- Caters to select businesses and corporations
Cons
- Minimum asset requirement is not stated on website
- Some complaints about the efficiency of their online banking services
5. Citibank
| FACILITIES | ★★★★☆ |
| CUSTOMER SERVICE | ★★★☆☆ |
| FEE STRUCTURE | ★★★★★ |
| ONLINE BANKING SERVICES | ★★★★☆ |
Another noteworthy bank offering private banking in Dubai is Citibank. Although it only has three branches in the UAE, Citibank’s reach is still commendable because it has over 2,700 branches and 340 Citigold Private Client Centers across the globe.
Note that for you to qualify as a Citigold Private Client, you need to have at least $1,000,000, or roughly 3,673,100 AED. This minimum combined balance may come from your investment accounts, retirements accounts, and eligible linked banking.
Citibank’s private banking services cover onshore and off-shore banking solutions and wealth management.
What we like about their private banking services is, of course, the various discounts and offers. First, you’ll be able to enjoy fee-free withdrawals from all Citibank ATMs worldwide.
Besides that, with your complimentary premier credit cards, you’ll get numerous discounts for dining, leisure, shopping, and even online courses.
Should this not be enough, you’ll also receive up to 5,750 worth of cash reward once you seal the deal. Moreover, you’ll also get a cash credit worth 2,500 AED for every successful referral.
On top of everything else, if you require emergency cash while traveling anywhere in the world, you just have to find the nearest Citigold Private Client Center near you. Once you’re there, you can cash out as much as $10,000 from your account.
Pros
- Offers numerous discounts
- Fee-free withdrawals
- Offers complimentary credit cards
- Minimum asset requirement is stated on the website
Cons
- Limited offices in Dubai
Factors to Consider in Private Banking
If you think personalized and private banking is the right choice for you, here are some of the things you have to keep in mind before you start.
- Evaluate your banking requirements.
Finding an established bank with a decade or more of experience in the industry is a good way to start your private banking experience. Since every client has distinctive and changing needs, it’s essential to look for a bank that has proven expertise in various areas of need.
Do you need help with your investment portfolio, succession planning, financial planning, or corporate finance? Evaluate your banking needs before so you can narrow down your choices.
- Check the bank’s required minimum asset figure.
Private banking is for high-net-worth individuals. It is because the banks require a substantial amount of money or asset as a minimum deposit for clients to qualify.
Since every bank has different requirements, you have to check if the assets you can offer are suited for their required amount.
- Understand the bank’s fee structure regarding private banking.
Banks recoup the costs of private banking in a variety of ways, and this means that you have to understand their fee structure. This is to ensure that you can get the services you require without the surprise of hidden costs.
Although reading about the bank’s fee structure may seem like a tedious task, we recommend that you take this step. You can also talk this through your private banker so they can further explain the details in the fine print.
- Read the reviews of their clients.
Lastly, before you start your private banking journey, make sure to check the reviews of their clients for personal and specific insights. You see, it’s better to look for a bank that can offer you personalized solutions instead of just costly products that will not really help you gain anything.
FAQs about Private Banking in Dubai
Do you think we missed a great bank that also offers private banking? Just leave a message and we’ll look into your recommendations.
If you wish to know more about how to properly manage your finances, we suggest that you also see our reviews on the top financial advisor firms and best accountants in Dubai. The services we reviewed there can provide further insight and assistance in that area!