Is There a Chase Bank in Dubai?
You have just arrived in Dubai, the massive Burj Khalifa towering over the city at all angles. You are taken aback at the immensity of the city, the newness and elegance of the structures, the difference in the climate. This place is expensive, as you know, so you’re going to need money.
Maybe you forgot your card, or, perhaps you prefer not to use your debit card when traveling abroad (as many learned individuals will recommend you avoid), so you’re going to need to go to your bank: Chase Bank.
But, is there a Chase Bank in Dubai? No there isn’t technically a Chase Bank, but an affiliated J.P. Morgan Chase Bank is nicely located near the Emirates Towers and the Ritz-Carlton and in the Dubai International Finance Center, but it offers different services.
Now you can easily go to your bank and get the money you need to enjoy the city in front of you in all its wonders.
J.P. Morgan Chase Bank in Dubai
The J.P. Morgan Chase Bank in Dubai is located in the Dubai International Finance Center. It is called the J.P. Morgan Chase Bank in Dubai, and this is its address: DIFC – Dubai International Financial Centre, شارع – ٣١٢ – Dubai – United Arab Emirates.
What Services Does The J.P. Morgan Chase Bank Outlet in Dubai Offer?
According to the Dubai International Finance Center’s website page on J.P. Morgan Chase Bank, the Dubai branch of this American bank offers several services:
- Advising on Credit
- Advising on Financial Products
- Arranging Deals in Investments
- Arranging Custody
- Dealing in Investments as an Agent
As you can see, there are no specific “banking” options here. Instead, this J.P. Morgan Chase Bank affiliate in Dubai is acting more as a financial helper with credit issues, investments, etc., rather than a spot to store and withdraw money.
Does Chase Have International Locations?
Because Chase Bank is heralded as one of the United States’ largest banking corporations, one would naturally imagine that Chase would have international locations or, at the least, international partnerships.
Therefore, when you are abroad in Dubai and attempting to withdraw money, you’ll have to do so at an ATM or currency exchange.
However, when attempting to withdraw money from a third-party that is not affiliated with Chase Bank, you will be subject to an extra fee by Chase.
Chase also charges a fee of $5 to customers who attempt to withdraw money from an ATM while abroad. Chase also charges a 3 percent transaction fee when abroad.
Premier Plus members are allowed four free withdrawals a month when traveling abroad.
Members with Platinum Plus accounts are never subject to the $5 withdrawal fee, but they are still subject to the 3 percent transaction fee for purchases abroad.
Banking Options for Relocators
If you have been relocated for work and plan on staying in Dubai for an extended period of time, you’ll want to make sure that you can choose a banking option with the best outcome for you.
Local U.A.E Banks
Naturally, there is a variety of options for banks in Dubai that are native to the United Arab Emirates. Let’s look at some of the more reputable options:
- Emirates NBD: Heralded as the largest bank in the Middle East, this bank’s headquarters is located in Dubai. Its different business options include retail banking and wealth management and wholesale banking among other things.
- National Bank of Abu Dhabi: The National Bank of Abu Dhabi has a branch in Dubai. It serves as the largest lender among financial institutions in the United Arab Emirates. This bank also has locations in 19 other countries around the world.
- Abu Dhabi Commercial Bank: ADCB offers retail, Islamic banking, and other financial services. It also has a branch location in Dubai.
- First Gulf Bank: This bank, which has a Dubai location, is also present in 19 other countries, including the UK, Switzerland, China, France, Brazil, India, etc.
- Dubai Islamic Bank: Headquartered in Dubai, it sports 90 other branches across the United Arab Emirates. The Dubai Islamic Bank offers normal banking procedures, including opportunities through different segments of the bank, such as Consumer Banking, Corporate Banking, Real Estate, etc.
- Mashreq Bank: Headquartered in Dubai, this bank is a Joint Stock Company (meaning a company whose stock is held jointly by the shareholders). Mashreq Bank, among other things, offers investment banking and asset management.
- Abu Dhabi Islamic Bank: Headquartered in Abu Dhabi, the Abu Dhabi Islamic Bank has a location in Dubai. Along with its private banking services, this bank offers a variety of other financial services.
- Union National Bank: With a location in Dubai and the headquarters in Abu Dhabi, this bank is geared toward people who sport lofty incomes and high-paying jobs and salaries.
- Commercial Bank of Dubai: Along with its personal banking opportunities, this bank offers commercial and corporate banking if you are looking for a bank to bring your business incentives to.
- RAKBank: This bank derives its name from the city in which it is headquartered: Ras l-Khaimah, U.A.E. This bank also provides customers with retail banking, wholesale banking, etc.
Obviously, the United Arab Emirates has a wide variety of options for you to bring your business and wealth if you choose to bank with one of the national companies for the duration of your stay in the country.
What U.S. Based Bank is the Best for Travel to Dubai?
If you’d prefer not to open a U.A.E-based bank account and would rather remain with an American bank, let’s look at different U.S.-based banks and their pros and cons for travel abroad.
Overall, the consensus for the best banks for international American residents are:
- Charles Schwab Bank
- Capital One 360
- HSBC Bank
- Ally Bank
Typically, people traveling or moving to destinations outside the United States and Canada will have issues with ATM charges when traveling internationally.
For certain accounts at Charles Schwab, known as the High Yield Investor Checking Account. With this account, customers can earn interest; furthermore, the bank will reimburse any ATM charges you rack up while traveling abroad.
Capital One 360
The best option that the Capital One 360 bank offers for international travelers is that they do not charge an extra fee for purchases outside the U.S. (this sort of charge can sometimes be incurred when purchasing something from a company based outside the country).
Since HSBC is such a large, international bank, it is a great option for Americans going abroad for travel or relocation.
HSBC has a special option that allows people to open banking accounts when traveling abroad. The special part about it is that you can open the bank account before arriving in your destination.
HSBC allows users to send money transfer money across borders. Those who possess premium checking accounts are able to receive international money transfers without incurring a fee.
Sometimes, if you transfer money, you may rack up a fee if the account you are transferring to is not affiliated with HSBC.
Without a premier checking account, the bank will charge an abroad transaction fee on purchases made with a debit card.
Citibank touts the unique ability to make international transfers through the Citibank Global Transfer service.
However, if you send money to someone without a Citibank account, then you may incur a fine as high as $35.
Ally Bank has been heralded as one of the top banks for international travel. Ally bank does not charge an ATM fee and will reimburse up to $10 against ATM competition.
In general, Ally offers a lot of options for people traveling.