Business bank account in the UAE: corporate accounts, payments and escrow
Zand Bank gives UAE companies demand deposit accounts and Virtual Integrated Accounts with payments in 15 currencies, term deposits of up to 1 year in AED, USD and EUR and online banking with six user roles; a sole proprietorship runs the account with one user and every other company needs at least two.
Digital asset services: Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The investor can lose all the money or other value they invest, and does not benefit from any form of financial protection. Virtual asset risk disclosure
At a glance
- Provider
- Zand Bank PJSC
- Account types
- Demand deposit accounts, Virtual Integrated Accounts
- Payment currencies
- 15
- Online banking user roles
- 6
- Users needed to open
- 1 for a sole proprietorship, at least 2 otherwise
- Term deposits
- Up to 1 year, in AED, USD and EUR
- Banking regulator
- Central Bank of the UAE
- Last reviewed
What the corporate account includes
A corporate account at Zand Bank has four parts, all managed in Zand Digital Corporate Banking, the bank's online banking service. Each entry below states what the bank's own pages say about that part and marks what they leave out.
Demand deposit accounts in several currencies
A demand deposit account is a current account: the balance is available for payments at any time. The bank's help pages say a company can open multiple accounts "across various currencies" if it meets the eligibility criteria. They give no list of those currencies, so confirm yours before you apply.
- Number of accounts
- More than one, subject to eligibility
- Account currencies
- list to be confirmed
- Sub-accounts
- Can be closed when the balance is zero
Virtual Integrated Accounts and virtual IBANs
Virtual Integrated Account (VIA) is Zand Bank's name for its virtual account product. A virtual account is an account number, usually a virtual IBAN, that points to a real demand deposit account. Money sent to the virtual number arrives in the real account, labelled with the number it came through. A company can give each customer or project its own number and match receipts without reading payment references.
- Product name
- Virtual Integrated Account (VIA)
- In the API catalogue
- Virtual IBANs
- Related service
- Real estate escrow, built on a virtual account solution
Payments: own account, within Zand, domestic and international
Payments run in 15 currencies, through online banking or through what the bank calls a multi-rail API. Online banking has four transfer types, and Repeat transfer copies an earlier payment. For a transfer in a foreign currency, the conversion details and the exchange rate appear on screen before you confirm.
- Payment currencies
- 15
- Transfer types
- Own transfer, Within Zand, Domestic, International
- Domestic
- AED to AED
- International
- Other currencies
Term deposits in AED, USD and EUR
Term deposits can be placed for tenors of up to 1 year in AED, USD and EUR. A deposit can be withdrawn in part or in full through the Deposits menu in online banking. The bank publishes no deposit rates on the pages reviewed, so this page shows none. Ask for a quote for your amount and tenor.
- Tenor
- Up to 1 year
- Currencies
- AED, USD, EUR
- Withdrawal
- Partial or full, through the Deposits menu
- Rates
- Not published
Who can open an account
Zand Bank serves corporate, institutional, fintech and wealth clients in the UAE and abroad. It offers no personal account on this site. Eligibility criteria apply to every application, and the bank does not list them on its public pages. What it does publish is how many users a company needs.
| Company type | Users required | Who the users are | Documents | Approval time |
|---|---|---|---|---|
| Mainland company1 | At least 2 | A Maker/Inputter who enters the details and an Authoriser who authorises the opening | to be confirmed | to be confirmed |
| Free zone company1 | At least 2 | A Maker/Inputter and an Authoriser | ||
| Foreign-owned company1 | At least 2 | A Maker/Inputter and an Authoriser | ||
| Sole proprietorship | 1 | A single user operates the account | ||
| Last reviewed | ||||
Notes to the statement
- The help pages name two cases only: a sole proprietorship, and every other company. Whether a given trade licence, free zone or ownership structure is accepted depends on the eligibility criteria, which are not published.
- The document list and the approval time apply to all four rows and are not on the bank's public pages.
Questions on user numbers, roles and personal accounts are answered in the corporate banking FAQ.
How account opening works
Opening follows four steps. Zand Bank does not publish how long each one takes, so read the sequence as a map and ask for the timetable at the first contact.
Enquiry
Send an enquiry or call the Contact Centre on +971 600 502 328. Say what the company does, where it is licensed and which services it needs: accounts, payments, term deposits, escrow or API access.
Documents and due diligence
The bank asks for company and ownership documents and checks them. Every UAE bank must identify a company, and the people who own and control it, before it opens an account. Zand Bank's own document list is not published.
User set-up and the authority matrix
Name the users. A sole proprietorship needs one. Every other company needs at least two: a Maker/Inputter who enters the details and an Authoriser who authorises the opening. The approval rules for later payments go into the authority matrix.
First funding and payment
Fund the account, add beneficiaries and send the first transfer. Adding a new beneficiary takes up to 24 hours, depending on the workflow, so add regular payees early.
Fees, minimum balance and limits
Zand Bank publishes its corporate charges in a schedule document, the Corporate Banking Fees and Charges. The amounts in that schedule have not yet been transcribed into this page. Each cell opposite is marked "to be confirmed" and will carry the schedule's figure exactly as printed. No estimate stands in for it.
Two points come from the bank's help pages. The minimum balance is set in the schedule, not on a web page. For a foreign-currency transfer, the conversion details and the exchange rate are shown on screen before the transfer is confirmed. Transfer limits and FX margins are not on the bank's web pages.
| Item | Amount |
|---|---|
| Account opening fee | to be confirmed |
| Minimum balance | to be confirmed |
| Monthly fee | to be confirmed |
| Domestic transfer (AED to AED) | to be confirmed |
| International transfer (other currencies) | to be confirmed |
| FX conversion1 | to be confirmed |
| Transfer limits | to be confirmed |
| Last reviewed |
Notes to the statement
- The exchange rate for each transfer is shown on screen before confirmation.
- Source for every amount: the Zand Bank Fees and Charges schedule, a PDF published on zand.ae. The document was online on 11 October 2026. No amount has been transcribed yet.
Online banking controls and the authority matrix
Zand Digital Corporate Banking separates the person who enters a payment from the people who approve it. The help pages name six user types: Viewer, Inputter, Checker, Authoriser, Releaser and Administrator. The rules that bind them sit in an authority matrix, the record of which users must act on a request before it leaves the account.
Every transfer request follows that workflow. When a task is waiting, the next user is told by SMS and email. Adding a new beneficiary takes up to 24 hours, depending on the workflow, and one-time (ad hoc) beneficiaries are allowed.
Records and statements
Transaction history is on screen for the last six months. Older transactions are on account statements, which are kept from the day the account was opened. Credit advice, debit advice and statements download as PDF.
Certifications and attestations are set out in how Zand Bank protects accounts and data.
Escrow accounts for commercial deals and Dubai real estate
An escrow account holds money for the parties to a transaction until the agreed conditions are met, and an escrow agent releases it as the agreement says. Zand Bank acts as escrow agent in two settings. A company that needs an escrow account in Dubai writes to [email protected].
Commercial escrow for M&A and contracts
Zand Bank acts as escrow agent for M&A deals and commercial contracts. The money stays with the bank until the conditions in the escrow agreement are met and is then released to the party the agreement names. Escrow services are in the scope of the SOC 2 Type II attestation the bank announced on .
- Role
- Escrow agent
- Used for
- M&A deals, commercial contracts
- Fees
- to be confirmed
Real estate escrow for off-plan projects
Real estate escrow serves off-plan transactions, where buyers pay for a property before it is completed. The service runs on a virtual account solution with API capabilities. The Dubai Land Department reports that the Real Estate Regulatory Agency (RERA) signed a memorandum of understanding with Zand to appoint it as trustee of the real estate development escrow account: see the Dubai Land Department item on the RERA memorandum.
- Used for
- Off-plan transactions
- Built on
- Virtual account solution with API capabilities
- Contact
- [email protected]
APIs and virtual accounts for platforms
Fintechs, marketplaces and other platforms can connect their own systems to the account and skip the online banking screens. The bank's API catalogue lists four capabilities: Virtual IBANs, domestic and international payments, automated payments, and reconciliation and reporting. Its transaction banking page describes the connection as a multi-rail API.
A platform that also holds virtual assets can keep banking and custody with one bank. See digital asset custody in the UAE, a service for Institutional Investors and Qualified Investors only, and the Zand AED stablecoin, which Zand Trust issues.
API capabilities
- Accounts
- Virtual IBANs
- Payments
- Domestic and international
- Automation
- Automated payments
- Back office
- Reconciliation and reporting
- Source
- Zand Bank API catalogue, read 6 October 2026
A digital corporate account compared with a branch-based account
Zand Bank describes itself as an all-digital bank, and that changes how a company is served. The table states the trade-offs, including the ones that count against a digital account. The right-hand column describes branch banking in general. Terms differ from bank to bank.
| Criterion | Zand Bank digital corporate account | Branch-based corporate account |
|---|---|---|
| Branches | No branch network. Service is through online banking, a Relationship Manager and the Contact Centre | A branch network with counter staff |
| Clients served | Corporate, institutional, fintech and wealth clients only | Usually companies and individuals |
| Personal accounts for owners and staff | Not offered on this site | Usually offered by the same bank |
| Cash and cheque deposits | to be confirmed | Usually taken at a branch counter |
| Account opening | Through an enquiry and a Relationship Manager. Opening time is not published | Varies by bank |
| Payment approvals | Six user types and an authority matrix in online banking | Varies by bank |
| API access | Virtual IBANs, payments, automated payments, reconciliation and reporting | Varies by bank |
| Suits | Companies that run their finance online and need approval controls or API access | Companies that handle cash or want counter service |
Frequently asked questions
Six questions about the business account. Charges are on the fees page, and questions on users and roles are in the corporate banking FAQ.
How do I apply for a Zand Bank business account?
Start with an enquiry through the contact page or by phone on +971 600 502 328. The bank then collects company documents, completes its due diligence and sets up your users before the account is funded. It does not publish the document list or the opening time, so ask for both at the first contact. The guide to opening a corporate bank account in the UAE walks through each step.
Can a free zone or foreign-owned company apply?
Zand Bank does not publish eligibility by company type, so there is no public yes or no. Its pages say accounts can be opened "if the eligibility criteria are met" and that the bank serves corporate, institutional, fintech and wealth clients in the UAE and globally. Ask the bank to confirm that your licence and ownership structure qualify before you prepare documents: enquire about a corporate account.
Which currencies can the account hold?
The bank publishes no list of account currencies. Its help pages say a company can open multiple accounts "across various currencies" if the eligibility criteria are met. Two figures are public: payments run in 15 currencies, and term deposits are offered in AED, USD and EUR. Neither is a list of account currencies, so ask your Relationship Manager which ones your account can hold.
Does the account include virtual IBANs?
Yes. Zand Bank offers Virtual Integrated Accounts alongside demand deposit accounts, and its API catalogue lists Virtual IBANs. A virtual IBAN is an account number that points to a real account, so a company can give each customer or project its own number and match incoming payments automatically. Charges for virtual accounts are not restated here. They belong on the page for Zand Bank fees and charges.
Can Zand Bank act as escrow agent for a deal or an off-plan project?
Yes. Zand Bank acts as escrow agent for M&A deals and commercial contracts, and it offers real estate escrow for off-plan transactions through a virtual account solution with API capabilities. The terms of each escrow are set in its escrow agreement. To start, write to [email protected] with the parties, the amount and the release conditions.
Is there API access for payments and reconciliation?
Yes. The bank's API catalogue covers Virtual IBANs, domestic and international payments, automated payments, and reconciliation and reporting, and its transaction banking page describes a multi-rail API. This page does not cover technical documentation, access conditions or pricing. Raise them in your first enquiry so that the integration can be planned alongside account opening.
Regulatory information
The accounts, payments, term deposits and escrow services on this page are provided by Zand Bank PJSC, which is licensed by the Central Bank of the UAE. The bank announced its banking licence in a release dated . The licence number and the register link are not published on zand.ae: see Central Bank of the UAE licence details.
Two other services follow different rules and are not part of the business account. Digital asset custody is provided under VARA licence no. VL/2024/12/001 to Institutional Investors and Qualified Investors only. Zand AED is issued by Zand Trust, a wholly owned subsidiary of Zand Bank PJSC, and not by the bank.
This page makes no statement about deposit protection. Ask the bank which arrangements, if any, apply to your balances.
Complaints go to [email protected]. The bank contacts you within 2 business days. Complaints are resolved within 4 weeks, and some take up to 8 weeks. If the final response does not settle the matter, you can escalate to Sanadak within 6 months (www.sanadak.gov.ae, 800 SANADAK). The steps are in how to raise a complaint.
Owners, directors and both regulators are set out in who owns and regulates Zand Bank. The information on this page is general and is not investment, legal or tax advice.
Open a business bank account with Zand Bank
Send an enquiry with your company's licence type and the services you need, and ask for the document list and the timetable.