Many UAE businesses deal in multiple currencies. Here is the complete 2025 guide to UAE business bank accounts for foreign currency transactions.
USD Accounts in UAE
The UAE dirham (AED) is pegged to the USD at AED 3.6725/USD (fixed since 1997). This peg means: AED/USD FX risk is essentially zero (the peg is extremely stable). USD is the most widely used business currency in the UAE after AED. USD accounts: all major UAE banks offer USD current accounts alongside AED accounts. IBAN format: UAE IBANs are always in AED — USD accounts have their own account number but use SWIFT for international transfers. Most common for: commodity trading (priced in USD globally), real estate (some transactions in USD), oil and gas (USD denomination), international consulting (invoicing global clients in USD).
EUR, GBP, and Other Currency Accounts
EUR and GBP accounts: major UAE banks (ENBD, FAB, ADCB, HSBC UAE, Standard Chartered UAE) offer EUR and GBP accounts. Best for: European companies with UAE subsidiaries, or UAE exporters selling to European markets. HSBC UAE: strong multicurrency capability (the global bank with best multi-currency infrastructure). Standard Chartered UAE: another strong option for multicurrency business banking. Wio Bank: limited to AED and USD currently (neobanks have less multicurrency capability). Indian Rupee (INR): some UAE banks offer INR accounts (UAE has the world’s largest Indian expatriate community). Emirates NBD and some UAE-India bilateral banks offer INR accounts. SAR (Saudi Riyal): available at most major UAE banks given UAE-KSA business volume.