When choosing a new bank account you should ask a few questions and do some comparisons on these points.

  • What rate is on offer? Is it a promotional rate only?
  • How often do you get paid interest? Daily, weekly, monthly, annually, quarterly?
  • Are you able to save in a foreign currency or only in local currency?
  • Do you need to pay a deposit to open the account?
  • Do you get a free checkbook and/ or a debit/ ATM card? Do you have to pay for additional checkbooks?
  • Is there a restriction on the number of transactions (deposits and withdrawals) allowed each month?
  • Do you have to maintain a minimum balance?
  • What fees apply for services such as overdrafts, telegraphic transfers, remittances, standing orders or direct debits?
  • Can you bank online? Does the bank offer SMS alerts of transactions on the account?
  • Where are the branches? How many are there? Is it a branch or a customer center that cannot do cash transactions?
  • Can you make domestic and international money transfers, to your own or other banks’ accounts? If so, what charges apply?

[Compare UAE bank accounts | Compare Saudi Arabia bank accounts]

[Related: A guide to bank accounts in the UAE | A guide to bank accounts in Saudi Arabia]