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Start Digital Banking save Tons of Time! Read about the Top Digital Bank Accounts in the UAE.

The way financial services have been managed over the past ten years is drastically altering. Utilizing bank services and products has become incredibly simple and convenient. Everything is becoming digitalized, allowing customers to complete banking tasks online whenever and wherever they choose. This includes creating a bank account and monitoring account transactions. Opening a bank account in the UAE used to take at least a day, but thanks to digitization, it is now possible to do it online, anytime of the day, from anywhere in the world, in less than 10 minutes.

Customer’s tasks are simplified by digital banking, which also offers convenient access to banking services. In the UAE, a number of banks are providing digital bank accounts, which allow consumers to open accounts online without ever having to set foot inside a physical branch.

Thus in this blog, Dhanguard will extensively discuss the best Digital Accounts in the UAE. So without any further ado, let’s learn!

Top Digital Bank Accounts in UAE

Liv (Sponsored by Emirates NBD)

Emirates NBD is a sponsor of Liv. One of the popular online banking accounts that can be started in the UAE without going to a single branch is this one.

Characteristics and Advantages of Liv

  1. Applicants can generate a profit of up to 1.5% annually.

  2. Discounts of up to 50% as well as offers for dining, lifestyle, and entertainment options are available.

  3. Using any debit card, you can effortlessly top up your Liv account.

  4. Applicants can quickly transfer money.

  5. There is a requirement for a 4,000 AED per month salary transfer, or Have a Liv. credit card or Liv. loan with a minimum monthly spending requirement of AED 1,000 or become a Prime member. Alternatively, maintain a balance of AED 2,500 on average each month to keep the account free of maintenance fees and keep using it hassle free.

How can I setup an Emirates Liv Account?

  1. Install the Emirates Liv. app and then adhere to the directions.

  2. During application, have your Emirates ID on hand.

Mashreq Neo

In the UAE, Mashreq provides a totally digital bank account. There is no offline office at all for the account, which runs on the app.

Characteristics and Advantages of Mashreq Neo Account

  1. The given Interest Rate is 1% per annum.

  2. One cheque book is provided to the Applicant without any charge.

  3. Global Access to  stock exchanges

  4. Applicants can make gold and foreign currency investments.

  5. By using the debit card anywhere in the globe, applicants can also earn Salaam points.

  6. Keep a consistent AED 3,000 balance in the account, or use the debit card to make AED 1,000 in purchases.

  7. 5000 AED is the Minimum Salary Requirement for the Account

  8. A cashback welcome incentive of AED 350 is provided.

  9. On salary transfers, there is an incentive of AED 2500.

  10. A Platinum Debit Card is also provided free of cost.

How can I set up a Mashreq Neo Account?

  1. Download the Mashreq Neo application on your Phone

  2. Get your Emirates ID and adhere to the app's instructions.

ADIB Smart Banking

One of the well-known banks in the UAE is ADIB, and among its many other banking services and products is a digital bank account called Smart banking.

Characteristics and Advantages of an ADIB Smart Banking Account

  1. The SmartDeals app provides access to 1500 deals and savings.

  2. Housewives with the status of a housewife must earn at least AED 5000 to qualify.

  3. Option to personalize the debit card.

  4. Applicants can get prizes/ rewards for salary transfers.

  5. Applicants can earn AED 20 smart bonuses by referring a friend/ relative.

  6. Get one free domestic and international transfer each month.

  7. There is no requirement for the account to maintain a minimum balance.

  8. A complimentary debit card is offered, and it is also delivered free of charge to your home.

  9. Applicants can profit from the account balance.

  10. Applicants can have a chance to win a Tesla on the account.

How can I set up an ADIB Smart banking account?

  1. To apply, go to the ADIB MoneySmart website.

  2. Have your passport, Emirates ID, and resident visa ready for use.

YAP ( By RAKBANK)

RAKBank offers the YAP digital banking app. It offers a virtual bank account and aids in keeping track of money for the user.

Characteristics and Advantages of YAP

  1. To open the account, no paperwork is necessary.

  2. RAKBank will give you an IBAN once you register a virtual bank account on YAP, and the debit card will be delivered to your door.

  3. There is no minimum balance requirement for the account.

  4. No account maintenance fees are levied.

How can I setup a YAP Digital Bank Account?

  1. Install the YAP application.

  2. Be sure to scan with your Emirates ID in hand.

Read More:Need Funding for Your SME? Read about Mohammed Bin Rashid Funds for SMEs!

ADIB Amvali Account

The ADIB Amwali account is a digital bank account for parents and children that promotes saving.

Characteristics and Advantages of the ADIB Amwali Account

  1. Applicants get an AED 50 welcome bonus.

  2. While opening an ADIB Amwali Account, you have the chance to win AED 50,000 in cash in a lucky draw.

  3. Applicants can take advantage of special discounts and offers on online entertainment, games, and shopping, among other things.

  4. Parents can control the debit card limits and keep track of their children's accounts.

  5. To be eligible for an ADIB Amwali Account, children must be younger than 18 years old.

  6. Family and friends can provide money to children.

  7. Create savings goals and keep tabs on your account balance with the app.

  8. Make payments, send money to others, withdraw cash, and conduct both online and offline transactions.

  9. Applicants can add ADIB Amwali Account to Apple Pay.

  10. Applicants can create several accounts.

How can I set up an ADIB Amwali Account?

  1. Downloading the ADIB Mobile App will allow users to access the section for new accounts where they can apply for an Amwali Account.

  2. All applicants must already be ADIB clients.

What are the Benefits of Digital bank Accounts in UAE?

In the United Arab Emirates, digital bank accounts have become extremely popular. Some benefits include,

  1. On account or card use, substantial savings and promotions are available.

  2. Quick and easy money transfer

  3. International money transfer fees are either zero or minimal.

  4. Certain banks permit account holders to keep a zero balance

  5. Rapid assistance to clients

  6. Although online banking is convenient and secure thanks to digital bank accounts, it's still important to keep your passwords, PINs, and OTPs private in order to access your online account.

  7. One may apply online for an account.

  8. The time it takes to apply for an account is shorter.

  9. There is not a paper trail.

  10. Less documentation is required to apply for a digital bank account.

  11. It is possible to open an account and manage it from anywhere

  12. Receive a Debit Card at your residence.

Conclusion

There has been a shift in recent years towards more distant and computerized methods of operation. More and more emphasis is being put on enhancing our digital experiences and how much we can do with the help of our smart gadgets, from school to business. The same is true for banking in the twenty first century! Thus, we hope this blog provided you with insightful information. For more information on other related aspects, feel free to check out our website as well.

Frequently Asked Questions

The services that can be availed are request for cheque book, you can activate your card, set PIN using the digital Banking.

Customers who use digital banking frequently uses features such as loyalty programs and discounts through their mobile application. It is also said they will open their accounts with banks that offers these relevant features.

Yes, you can update your address and emirates ID using Digital banking.

Generally, there is no fees levied up on opening your account through digital banking. You just need to register using user id and password.

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