The 4 Best Digital Banks In UAE - Virtual Banking.
In a technological era dramatically shifting towards remote work, digital banking is more popular than ever!?
While traditional banks in modern days also offer all required banking features online, it is usually still required to create your bank account in person at the bank branch. Digital banks, however, offer fantastic banking services without needing to actually visit the branch in person.?
For those living, or planning to live in the United Arab Emirates, there are many fantastic digital banks to choose from. Whether you’re looking to create a digital bank account in UAE to manage personal or business finances, you’ll be able to open an account and securely manage your finances from the comfort of your smartphone.?
With a growing number of digital banks available in the United Arab Emirates, there’s truly a digital banking account for everyone! From personal banking to banking optimized for businesses and youth, there are many options when it comes down to digital banks in the UAE. Let’s look!?
When it comes down to digital-only banks in the UAE, Mashreq Neo is one of the absolute best! Launched by Mashreq Bank in 2017, which is based in Dubai, this digital bank offers a wide variety of services to suit modern banking needs. In 2020, World Finance named Mashreq Neo the Middle East’s Best Mobile Banking App.
With an emphasis on security, Mashreq Neo users can bank safely and easily. With a simple enrollment process and advanced security features, users will reap the benefits of their digital bank account in no time – regardless of what type of account that is, from a current account to a savings, salary, or investment account.
Not only does Mashreq Neo offer their users up to 350 AED cashback during their first ninety days with the bank, but users can earn 1.1% interest with a Max saver account. This digital bank isn’t just for banking: you’ll be able to invest in gold, forex, and stocks from the same digital platform. This is digital simplicity at its finest!
Once users have created their Mashreq Neo account online, they’ll be able to manage their finances digitally using the official app. The Mashreq Neo app is available for both the Apple and Google Play app stores.
Digital banking has always been forward-thinking – and Liv knows that. That is why this digital bank was designed with the digital generation in mind. Launched in 2017 by Emirates NBD, they have always geared this bank towards Millennials and Gen Z in the UAE.
With great features and an intuitive platform, this is a great option for those looking to take their banking needs in a digital direction. In fact, Liv already has over 300,000 users banking with them across the Middle East region.
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From the vast array of discounts offered to Liv’s digital bankers to the competitive 2% return on account balances greater than 5000 AED, there are many reasons to join this bank. Liv wants to help you manage your finances effectively, which is why they devised The Challenger, a part of their platform designed to help users meet banking goals and track expenses.
Once users have digitally enrolled with Liv, they’ll be able to do their banking with Liv’s Apple or Android app. Because of the popularity of Liv, Emirates NBD launched another digital banking platform in 2019 called E20, this one geared towards digital business banking.
Created by Abu Dhabi Islamic Bank (ADIB), SmartBanking is a new digital banking experience available to residents in the UAE. Once you’ve created your digital SmartBanking account, your card will be delivered right to your doorstep. The rest can be managed digitally!
From SmartBanking savings across the Middle East to free ATM withdrawals at ADIB ATMs across the UAE, there are many benefits to joining this progressive digital bank. With the power to control your bank account right from your smartphone, SmartBanking knows what modern users need from a digital-only bank.
You’re not in this alone, either. With a vast online community called MoneySmart, you’ll be able to connect with other digital bankers across the Middle East. This allows you to share information and get advice from your peers and experts in various industries.
Users can sign up for Smart banking by downloading the app from Google Play or the Apple App Store. Once your card has been delivered, your banking experience will be a fully digital one! With more features being integrated regularly, this is a great digital bank for UAE residents.
Another fantastic digital bank founded by Abu Dhabi Islamic Bank, Amwali, is a digital-only bank geared toward the UAE’s youth. With this unique digital bank, you’ll be able to teach your child valuable financial management lessons while empowering them with invaluable knowledge about digital banking.
With ADIB’s Amwali, the future of pocket money is in the palm of your hands! When you open an ADIB Amwali account for your child, you’ll be able to send them money to spend, track, and save. Users will receive a card that can be used for day-to-day spending, to withdraw money at an ATM, to make online payments, and more.
They won’t be doing it alone, however! Not only will you be able to set up regular payments to fund your child’s account, but the advanced parental control abilities allow you to track your child’s account and set account limits for them. This allows your child to safely learn these valuable skills.
To get started, ADIB’s Amwali app can be downloaded from Apple’s App Store or Google Play. From there, parents will be able to register an account for their children. Your child will be able to control their finances from their smartphone, while you’ll be able to monitor them from the comfort of your smartphone!