Stepping into the world of freelancing in the UAE? We’ve got your banking needs covered.

In this guide, we delve into the dynamic landscape of UAE banking, offering insights into the best options tailored specifically for freelancers.

So sit back, relax, and let’s unravel the finance mystery together.

Now let’s dive in!

Quick Comparison Of The Best Banks For Freelancers In UAE

  • Bluevine: The best overall independent checking account
  • Lili: The best accounting tools
  • Kabbage: Highest interest rate
  • NBKC Bank: Best Personal Account
  • Small Business Bank: Fastest Approval

The UAE Freelance Banking Problem you Are Probably Facing

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As a freelancer, you might have come across the fact that many business bank accounts are not designed with you in mind.

Many of them charge monthly fees that can only be waived or exempted with large account balances and come with a lot of features you don’t need.

One of the main aspects that have contributed to the success of the UAE banking sector in recent years is the efficiency and security provided.

Recently, several agreements to combat tax evasion have been negotiated between the United Arab Emirates and other states.

These agreements mean that despite strong privacy protections, banks must, in some cases, cooperate with foreign authorities.

If you have a corporation, registered office or subsidiary in the UAE, you can apply for a freelance business account in the country.

Your presence as a bank signatory is required to apply for and verify your passport.

So what’s a budget-conscious freelancer to do?

Well, it turns out that there are business accounts available, some of which have features just for freelancers – but they probably don’t come from the banks, you know.

But don’t worry – we’ve done all of the research for you and compiled the best freelance bank accounts. For most freelancers, Bluevine’s interest-bearing checking is the best account option.

Let’s take a micro perspective look at it and your following best options.

How To Choose A Freelance Bank Account

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Now that you’ve seen our favourite checking accounts for freelancers, how do you actually choose a bank?

We recommend considering several factors.

First, consider the cost.

As a freelancer, you already struggle with having to pay for crucial things like self-employment taxes and near-ending business expenses.

You shouldn’t waste money on monthly fees or other expensive fees on your checking account.

That’s why we stuck to banks that charge lower fees than regular banks. Most of our tips don’t charge any monthly fees or transaction fees, so you can keep more and more of your money.

Next, consider integrations.

If you have business software that you can’t live without, you might want to find a bank account that integrates with it.

For example, if you use certain accounting or payment processing software (like Square or Stripe), finding a bank account that plays nicely with that software may be in your best interest.

Then you can think about other valuable functions.

Just like when your accountant does your taxes every year, look for a checking account that offers the accountant access, so you don’t have to share and change all your passwords.

Or, if you want to make sure you have more than enough money for your quarterly tax payments, subaccounts can help.

Or, if you want your account balance to do more for you, check out interest-bearing accounts.

Simply put, regular accounts can have a lot of useful features, so make sure you’re looking for the features you need the most.

Why Do You Need A Business Bank Account?

The main benefits of a business bank account for your company include the following:

Protection Of Personal And Financial Obligations

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An organization is considered a legal entity separate from its owners.

Therefore, your business bank account helps keep business transactions separate from your personal ones and provides an additional layer of protection for your private funds and assets.

It is also a safe place to park your company’s additional income that you can hold or invest in the future.

In addition, it also saves you from personal liability in case your business is exposed to any financial risk, such as debt, as in such scenarios, the company is liable instead of the individual.

Simplification Of Tax-Related Processes

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Using your personal account for your company’s transactions will lead to confusion when you need to file your tax returns because you need a clear overview of your business’s income and expenses.

Sometimes you may also be asked to provide your bank statements to certain authorities.

So it is very beneficial to keep your business financial information separate, in one place, for accurate summaries.

Increasing The Company’s Credit Score

Credit scores are one of the most critical rating factors on both a personal and business level, as these ratings help secure loans.

A credit score is created based on your company’s past transactions, including the timeliness of payments, etc.

Business Growth And Expansion

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Keeping clear bank reports and statements reflects your company’s financial situation when you are pitching to investors or potential business partners.

A business bank account will facilitate smooth transitions when you expand or even decide to sell your company.

Starting a freelance business bank account in the UAE has become increasingly difficult in recent years. Banks are increasingly reluctant to welcome new customers because it poses additional risks.

This is because, the United Arab Emirates is an important location for money laundering in the world.

Given the complexity of a freelance business bank account in the UAE, it is relatively easy to understand that professionals with a freelance business bank account in the UAE are “lucky”.

Using Payment Systems

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Many entrepreneurs, when unable to open a business bank account, do business with their personal bank account, which is prohibited and may be objectionable by law.

Merchant accounts such as Stripe allow e-commerce businesses to accept payments online.

These solutions are often only compatible with corporate bank accounts.

Building A Banking History 

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Building a banking history is something that should not be overlooked. Credit institutions will grant you loans more easily if your banking history is clear and well-built.

If you build a good portfolio surrounded by professionals, your employees will also benefit from your good banking decisions.

To sum up, a UAE business bank account is a must for any entrepreneur who wants to do business the right and simple way.

Since most commercial banking applications in the UAE are rejected, the best thing you can do is to surround yourself with professionals like GCG Structuring to accompany you in preparing your banking application as well as opening an account.

What Are The Best Banks For Freelancers In The UAE?

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Below are some of the best business accounts in Dubai, Abu Dhabi and the rest of the UAE:

Emirates NBD Business Banking

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  • Emirates NBD provides a plethora of customized banking packages, one of which is its Business Bank Account. 
  • Facilitates all basic banking essentials.
  • Features and Benefits
  • Exclusive business banking services can be used.
  • It has branches, ATMs and ATMs all over the UAE.
  • Business-related online banking tools are available.

The account can be used to be accessed in multiple currencies such as USD, AED, JPY and Euro.

Emirates NBD Business Bank Account Fees and Charges:

  • 0% interest rate
  • The minimum balance to be maintained is AED 50,000
  • AED 250 is charged for not maintaining the minimum balance
  • Currency account
  • Approval time is three days

The cost of a local transfer is 45 AED, and an international transfer is 85 AED.

Get started with Emirates NBD Business Banking🔥

Abu Dhabi Commercial Bank (ADCB) Premium Current Account

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ADCB is committed to addressing various business needs and fulfilling every requirement.

They provide six different trading accounts, each tailored to meet specific requirements.

The current premium account is one of six accounts, and it meets all the basic requirements of commercial banking.

Features And Benefits:

  • Unlimited checkout transactions
  • Internet banking
  • Flexible multi-currency accounts are widely available in USD, EUR and AED and GBP.
  • Payment preferences are for online banking and transactions.
  • Dedicated and responsible relationship manager
  • Tab for easy access
  • Products are Shariah Compliant
  • Get special discounts on payment transactions – ProCash

ADCB Premium Current Account Fees And Charges:

  • interest rate 0%
  • Minimum balance to maintain AED 100,000
  • AED 300 is charged for not maintaining the minimum balance
  • Relationship Manager
  • Approval time is three days
  • Loan against the confirmation of Import LC-Trust

Get started with Abu Dhabi Commercial Bank🔥

Commercial Bank Of Dubai (CBD) Business Account

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CBD offers freelance business bank account packages that are not only valuable but designed to meet your everyday banking needs and expectations.

The My Company account package is majorly suitable for clients who prefer to keep lower balances on their bank accounts.

Features And Benefits:

  • Choice of 6 account currencies. (AED, USD, GBP, EURO, JPY, CNY)
  • Approval time is two days.
  • Free First Checkbook and Free Business Debit Card.
  • Branch management of relations with clients.
  • Free Dubai Chamber of Commerce prepaid card.
  • Access web-based consulting services and business planning toolkits through the Resource Center.

CBD My Business Account Fees And Charges:

  • Minimum monthly balance of AED 20,000 or foreign currency equivalent.
  • AED 150 monthly fee for not meeting the minimum balance
  • interest rate of 0%
  • Local transfer costs AED 50, and international transfer costs AED
  • Business banking solutions

Get started with Commercial Bank of Dubai🔥

FAB Business Advantage Account

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FAB offers a range of banking solutions tailored for every type and size of business. The business convenience account is offered with a chequebook and low minimum balance requirements.

Features And Benefits

  • Highly competitive fee structure.
  • Should maintain a minimum balance of AED 10,000.
  • Mid-market, small and medium-sized enterprises and multinationals can benefit from multiple currency options.

FAB Business Advantage Account Fees and Charges:

  • Interest rate of 0%
  • The minimum balance to maintain is AED 250,000
  • Free unlimited chequebooks
  • Relationship Manager.
  • Currency account.
  • Approval time is two days.
  • Free local and international transfers

Get started with FAB Business Advantage🔥

Business Elite Account Of Abu Dhabi Islamic Bank (ADIB)

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ADIB’s Business Elite account has a wide variety of personalized business banking solutions to meet every individual need.

It comes with a personal relationship manager for their client’s banking convenience.

Features And Benefits:

  • Free monthly statements and unlimited transactions.
  • Minimum monthly average deposit balance greater than AED 500,000
  • Business Platinum debit card with high ATM and POS limits
  • ADIB Personalized Business Platinum Check Books
  • More than 15 currencies, including USD, EUR, GBP, JPY, CNY etc
  • A specialized Relationship Manager designed to meet your business needs
  • Up to 40 months of free checkout card transactions
  • Business Platinum Debit Card with spectacular ATM and POS limits
  • ADIB Business Platinum personalized chequebooks
  • Open an account in selected currencies
  • Bank on the go and enjoy teletype transfers with ADIB Business internet Banking at competitive prices
  • Discounted rates on FX and investment accounts

Fees and charges for the ADIB Business elite account:

  • Interest rate 0%
  • AED 25 monthly fee
  • Minimum balance AED 200,000
  • Approval time one day
  • Relationship Manager
  • International and local transfers cost AED 0

There are a plethora of banks in the market that offer customized/personalized banking solutions for smooth and easy financial management.

Each account is tailored to meet the needs of a specific type/size of business. Understand your business banking requirements and compare them with what banks offer, and choose the one that fits.

Get started with ADIB Business Elite Account🔥

How To Get Paid As A Freelance Entrepreneur Without A Bank Account In UAE?

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The Payit eWallet mobile app has an option for “request payment” that allows you to demand payment from your business clients and get paid without having a specific bank account.

The advantage of using the ‘request payment’ function is that you can request payment in the most polite way.

The app notifies your employer to make the payment and acts as a reminder. The best thing about requesting a payment service is that the client doesn’t need to log into the app to pay you.

So here is the step-by-step how to get paid by ‘request payment’ service from the Payit app as a freelance self-employed individual when you don’t have a bank account.

How To Use The “Request Payment” Option When Making A Payment?

Download and register in the payit app

Tap on ‘request payment’ on the main app panel.

To request a payment, select the client contact on your phone.

You can also share the QR code on the contact number from which you are requesting payment.

Add the amount you require and send it to the contact.

Upon request, the client will be immediately informed that you have requested a payment and can make the payment to you through the application without logging in.

So Payit works like your personal pocket bank account, allowing you to receive your freelance income quickly without having a bank account.

Conclusion

And there you have it – an insightful look at the best banks for freelancers in the UAE.

We hope this guide steers you towards the right financial partners in your freelancing journey. Remember, in the world of freelancing, having a reliable bank is just as crucial as landing your next big gig.

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