★★★☆☆
3.2 / 5
Yes, Bank Saderat Iran (BSI) still operates in the UAE as of September 2026. Its own official UAE website currently lists 8 active branches, a published fee schedule, and working contact details for each location, all checked directly for this review.
BSI is the UAE branch network of one of Iran’s oldest banks, founded in Tehran in 1952. Its first UAE branch opened in Bur Dubai in 1968, making it one of the longest-running foreign bank presences in the country.
BSI does not compete with Emirates NBD, FAB or ADCB for mass-market salary accounts or rewards cards. It serves a narrower base: Iranian expatriates, and businesses or individuals who want an AED account, trade finance, or a lending product from a bank with decades of history in the Iran-UAE corridor.
Because its parent is Iranian and state-linked, BSI has a history of being named in international sanctions programs aimed at Iranian banks. This can add compliance checks to cross-border transfers, particularly in US dollars. Confirm current requirements with the bank and check the US Treasury’s Iran sanctions program page before relying on an international wire.
Current Operating Status
| Status | Operating in the UAE. 8 branches listed live on the bank’s own site |
| Checked | 20 September 2026 |
| Source | Bank Saderat Iran’s official UAE website: branch list, account pages and fee schedule were all live at the time of this check |
| Regulator | Central Bank of the UAE, which licenses and supervises every bank operating in the country |
| Verify yourself | Call a branch using the numbers in this article, or check the CBUAE’s own list of licensed banks |
We were not able to load the Central Bank of the UAE’s own published bank register during this review, so we could not independently cross-check BSI’s listing there. If this matters for your decision, confirm directly with CBUAE.
Rating Breakdown
| Category | Score |
| Branch Accessibility | 2.5 / 5 |
| Trade Finance Expertise | 4.0 / 5 |
| Digital Banking | 2.0 / 5 |
| Customer Support | 3.0 / 5 |
| Retail Product Range | 2.5 / 5 |
| Corporate & Business Services | 3.5 / 5 |
| Overall | 3.2 / 5 |
Best For
- Iranian expatriates based in Dubai, Sharjah or elsewhere in the UAE who want a bank connected to institutions back home
- Businesses and trading companies managing commercial flows between Iran, the UAE and other regional markets
- Corporate clients with an existing Saderat Group relationship who need a UAE-based operational account
- Customers who want an interest-free Qard Al Hasan savings option alongside conventional banking
- Importers and exporters who need letters of credit, guarantees or trade loans with corridor-specific experience
Not Ideal For
- Retail customers looking for cashback credit cards, salary account promotions, or a mortgage product: none appear on BSI’s site
- Anyone who needs a mobile banking app: BSI’s site links to a web-based online banking portal, not an app
- Freelancers or gig workers expecting fully digital, same-day account opening
- Customers who want a fully Sharia-compliant bank: BSI’s product range is mostly conventional, with one interest-free savings option
- Anyone who needs fast USD wire transfers with no extra checks: Iran-linked banks can face additional compliance screening at correspondent banks
- Businesses that need to hold USD or EUR balances directly: BSI’s published account pages describe AED-denominated accounts only
Quick Facts
| Detail | Information |
| Bank Type | Foreign branch: retail, corporate and trade finance |
| Parent Bank Founded | 1952, Tehran, Iran |
| First UAE Branch | 1968, Bur Dubai |
| Regulator | Central Bank of the United Arab Emirates (CBUAE) |
| UAE Branches | 8 total: 4 in Dubai, plus Abu Dhabi, Sharjah, Ajman and Al Ain |
| Branch Hours | Mon-Thu 8:00am-2:00pm, Fri 7:30am-12:30pm, Sat 8:00am-1:00pm, closed Sunday |
| Account Currency | AED, per BSI’s published individual and corporate account pages |
| UAE ATM Network | Branch-linked ATMs. ATM card issuance and UAE withdrawals are free per the 2025 fee schedule |
| Online Banking | Web-based online banking portal listed on BSI’s site. No mobile app was found linked from the site |
| Website Languages | English and Arabic (Arabic language toggle confirmed on site) |
| SWIFT/BIC Code | BSIRAEAD, confirmed against SWIFT/BIC registries |
| Other Gulf networks | BSI also lists branch and ATM networks in Qatar and Oman on its own site |
| Personal loan tenure | Repayable up to 48 months, subject to approval, per BSI’s own site |
| Parent head office | Sepehr Tower, Somayeh Street, P.O. Box 15745-631, Tehran, Iran |
| Named in the August 2026 US action? | No. See the sanctions section below for who was named |
Pros & Cons
Pros
- Eight branches across five emirates. BSI’s UAE network covers four Dubai locations plus Abu Dhabi, Sharjah, Ajman and Al Ain, wider geographic coverage than many other foreign bank branches this size.
- Deep corridor expertise for Iran-linked transactions. BSI has been active in the Iran-UAE corridor since 1968. For clients whose business genuinely runs through that corridor, this institutional knowledge is hard to replicate with a newer bank.
- Published, itemized fee schedule. BSI publishes a full schedule of charges for individual and corporate customers, listing exact cheque, ATM, transfer and account fees rather than leaving customers to ask a branch.
- Free core banking services. Per the published schedule, ATM card issuance, ATM card renewal, local AED transfers and re-KYC are all listed as free.
- An interest-free savings option. The Qard Al Hasan Saving Account sits alongside BSI’s conventional products for customers who want to avoid interest.
- Long operational continuity. 58 years of continuous UAE presence means BSI has weathered regulatory changes and market cycles that newer entrants have not been tested by.
Cons
- International sanctions complexity. BSI’s Iranian, state-linked ownership means certain international transactions, particularly USD-denominated cross-border transfers, carry compliance checks that clients should understand before banking here.
- AED-only accounts on paper. BSI’s published individual and corporate current account pages both state the account is available in AED only. Businesses needing to hold USD or EUR balances directly should confirm with a relationship manager rather than assume it is possible.
- No mobile app found. The site links to a web-based online banking portal. We found no separate mobile app listed on the official website.
- Narrow retail range. There is no mortgage or home finance product, no credit card, and no rewards or cashback program on BSI’s product pages.
- ATM access limited to BSI’s own machines. With 8 branches, customers relying on BSI as a primary account will likely use out-of-network ATMs regularly for cash needs elsewhere in the UAE.
- Shorter daily hours. Branches close at 2:00pm on weekdays and by early afternoon Friday and Saturday, tighter than many full-service UAE retail banks.
Detailed Service Breakdown
Personal and Retail Banking
Who it’s for: UAE residents, including Iranian expatriates with existing Saderat Group ties.
BSI’s published account pages list five personal and business retail products: an Individual Current Account, an Individual Saving Account, a Qard Al Hasan Saving Account, a Corporate Current Account and a WPS Current Account for salaried employees. All are described as AED-denominated.
The Individual Saving Account pays 0.25% per year on balances of AED 10,000 and above, with a minimum initial deposit of AED 500, per the account page live on BSI’s site at the time of this review. The WPS Current Account is described as a zero-balance, zero-maintenance-fee account opened against a salary transfer to BSI.
There is no rewards program, cashback offer or credit card on the site. For those, clients typically supplement with a mainstream UAE retail bank.
Corporate Accounts and Deposits
Who it’s for: Established businesses with UAE operations and links to Iran or the wider region.
The Corporate Current Account is AED-denominated per BSI’s site. Alongside it, BSI lists a Call Deposit product and a Fixed-Term Deposit product for businesses managing treasury balances. Corporate pricing is not published on a public rate card; it is relationship-driven, so larger clients with negotiating leverage are likely to be served better than smaller businesses.
BSI is not the bank to use for a same-day online business account. Corporate onboarding involves document review and a relationship manager assessment, standard for a foreign branch operating in this segment but a real time commitment for a first-time client.
Trade Finance
Who it’s for: Importers and exporters with commercial flows involving Iran, the UAE and MENA markets.
BSI’s product pages list Import Letters of Credit, Export Letters of Credit, Bank Guarantees, and Cheque/Bills Discounting, alongside general Trade Finance. This is where the bank’s heritage shows most: decades of corridor-specific documentary experience on both ends of a shipment.
The important caveat stands: sanctions-related compliance requirements mean trade structures involving USD clearing, or counterparties connected to the US financial system, need legal review before engagement. That is not unique to BSI, but it is a material consideration.
Loans and Overdrafts
Who it’s for: Established individual and corporate borrowers with full documentation.
BSI’s site lists a Personal Loan, a Personal Loan Against Fixed Deposit, a Business Loan, and both Individual and Business Overdraft facilities. No mortgage or home finance product appears on the site.
As with corporate accounts, lending decisions are relationship and documentation-driven rather than an automated online application. This is not the place for a quick SME loan applied for entirely online, but it is, for the right client profile, a bank that will engage with a structured lending request once the relationship is established.
Fees and Charges
Unlike many foreign bank branches, BSI publishes an itemized schedule of charges on its own site, separately for individual and corporate customers, both dated version P01-04-2025. All figures below are exclusive of VAT and were read directly from BSI’s published individual schedule.
| Service | Charge |
| Current account minimum balance | Nil required, per published schedule |
| Savings account initial deposit | AED 500 minimum |
| Savings account interest | 0.25% per year on balances of AED 10,000+ |
| Account closure | AED 100 within 6 months of opening, free after 6 months |
| Returned cheque (insufficient funds) | AED 100 per cheque |
| Stop payment instruction | AED 50 per cheque |
| Manager’s cheque issuance or cancellation | AED 30 per cheque |
| Special clearing cheque | AED 205 per cheque |
| ATM card issuance and renewal | Free |
| Replacing a lost or stolen ATM card | AED 25 |
| Replacing an ATM PIN | AED 25 |
| Local currency (AED) transfer instruction | Free |
| Foreign currency transfer instruction | AED 20 |
| Outward AED transfer | AED 50 |
| Breach of minimum balance (current account) | AED 25/month if balance falls below AED 500 |
| Dormant account fee | Free, per published schedule |
| Re-KYC | Free |
Corporate pricing, and any charges not listed above, follow a separate published schedule. Read the source documents directly before opening an account: the individual schedule of charges (PDF) and the corporate schedule of charges (PDF).
Per CBUAE rules, dormant accounts are eventually transferred to the regulator’s unclaimed funds register. Confirm the exact dormancy timeline with your branch at account opening.
Digital Experience
Online Banking and Payment Services
BSI’s site lists a web-based Online Banking portal, alongside several named payment services: FTS fund transfers in AED, AANI/IPI instant payment instructions, WPS salary transfers, Direct Debit Services, cheque book issuance, ICCS inward and outward collections, and post-dated cheque handling.
AANI is the UAE’s instant payment platform, so listing AANI/IPI support means BSI participates in the same instant-transfer rail used by the UAE’s larger retail banks, a more modern capability than the rest of its digital presence suggests.
We found no mobile app linked from BSI’s official website during this review. Customers should not assume one exists; ask a branch directly if a mobile app matters to your decision.
Contact Information and Customer Support
| Contact Type | Details |
| General Enquiries | +971 4 603 5555 |
| enquiry@bsi.co.ae | |
| Head Office Fax | +971 4 227 0593 |
| Head Office Address | Al Maktoum Road, Deira, P.O. Box 4182, Dubai, UAE |
| Branch Hours | Monday to Thursday, 8:00 AM – 2:00 PM |
| Friday Hours | 7:30 AM – 12:30 PM |
| Saturday Hours | 8:00 AM – 1:00 PM |
| Sunday | Closed |
| Fraud / Lost Card | Contact your branch immediately during working hours |
Customers who experience issues with transactions, account access, or card problems should contact their branch directly during the hours above. For fraud-related incidents, report disputed transactions in writing as soon as possible; the exact dispute window was not published on BSI’s site, so confirm it with your branch.
Branch and Coverage Network
BSI lists 8 branches across five emirates on its official website: four in Dubai, plus Abu Dhabi, Sharjah, Ajman and Al Ain. This is a wider network than a single-city or single-emirate foreign branch, though still thin next to the UAE’s largest retail banks.
| Branch | Address | Phone | |
| Al Maktoum Road (Deira) | Al Maktoum Road, Deira, P.O. Box 4182, Dubai | +971 4 603 5555 | info2624@bsi.co.ae |
| Murshid Bazar | Al Owais Business Tower, Murshid Bazaar, Deira, P.O. Box 4182, Dubai | +971 4 226 4805 | info2898@bsi.co.ae |
| Bur Dubai | Bank Street Building, Khalid Bin Al-Waleed Road, P.O. Box 4182, Dubai | +971 4 351 1110 | info2533@bsi.co.ae |
| Sheikh Zayed Road | Al-Wasl Tower, near Emirates Towers Metro Station, Sheikh Zayed Road, Dubai | +971 4 331 1187 | info4350@bsi.co.ae |
| Abu Dhabi | Hamdan Street, P.O. Box 700, Abu Dhabi | +971 2 622 5155 | info2690@bsi.co.ae |
| Sharjah | Al-Arouba Street, P.O. Box 316, Sharjah | +971 6 568 1121 | info2776@bsi.co.ae |
| Ajman | Sheikh Rashid Bin Humeed Street, P.O. Box 16, Ajman | +971 6 742 2232 | info2900@bsi.co.ae |
| Al Ain | Zayed Bin Sultan Street, P.O. Box 1140, Al Ain | +971 3 764 1556 | info1741@bsi.co.ae |
There are no BSI branches in Ras Al Khaimah, Fujairah or Umm Al Quwain. Customers in the northern emirates outside Sharjah and Ajman are served through the nearest listed branch or the online banking portal for routine requests.
ATM coverage is limited to branch-linked machines at these 8 locations. Customers who use BSI as a primary account will likely use out-of-network UAE ATMs for cash withdrawals elsewhere.
The August 2026 US Action, and Who It Actually Named
Bank Saderat Iran was not named. That matters, because the August 2026 US action against Iran-linked banking in the UAE has been widely reported and is easy to misread.
Here is what the US Treasury announced on 28 August 2026, taken from its own press release rather than news coverage of it.
| Who or what | Action taken on 28 August 2026 |
| Banque Misr UAE | FinCEN proposed a rule that would revoke its correspondent banking access to US financial institutions |
| Reza Mohammad Taeedi, general manager of Bank Melli’s Dubai branch | Sanctioned by OFAC under Executive Order 13224 |
| Kameng Trading Limited, a Hong Kong company | Designated by OFAC under Executive Order 13902 |
| Bank Saderat Iran | Not named in this release |
The action sits under Operation Economic Outcast, which Treasury Secretary Scott Bessent announced on 24 August 2026.
Treasury’s own wording is the part to read twice. It states that under Operation Economic Outcast, financial institutions around the world face heightened sanctions risk from exposure to Banque Misr UAE and other Iranian financial facilitators. That raises the compliance temperature across the whole Iran-UAE corridor, whoever is named on a given day.
What this means in practice is unchanged in kind but sharper in degree. Correspondent banks screen Iran-linked payments harder, and a US dollar leg is the part most likely to stall.
Sanctions designations change without warning. Check the OFAC sanctions list yourself before you rely on any cross-border transfer, and take legal advice on a trade structure rather than a rule of thumb.
Nothing on this page is legal or sanctions advice. It is a record of what the primary sources said on the date we checked them.
Common Charges, Ranked by What They Cost
The special clearing cheque is the one that stings. At AED 205 it costs more than twice a returned cheque.
Three things on the schedule cost nothing at all. ATM card issuance and renewal, local AED transfer instructions and re-KYC are all listed as free.
Frequently Asked Questions
Is Bank Saderat Iran still operating in the UAE?
Yes, as far as we could verify on 20 September 2026. BSI’s own UAE website listed 8 active branches, live product pages and a published fee schedule at the time of this check. We could not load the Central Bank of the UAE’s own bank register to cross-check its listing there, so confirm with CBUAE directly if that matters for your decision.
How do I open an account with BSI UAE as a resident?
Visit one of the 8 UAE branches with your passport, Emirates ID and proof of UAE address. For the Individual Saving Account, BSI’s site lists a minimum initial deposit of AED 500. Corporate applicants also need a trade licence and authorised signatory documentation. Confirm current KYC requirements and processing time with the branch.
Can a non-resident open an account with BSI UAE?
BSI’s published eligibility criteria for its individual accounts specify UAE nationals or residents. Non-residents with a relevant commercial relationship may be considered on a case-by-case basis; contact a branch directly to discuss your situation before visiting.
What is BSI UAE’s SWIFT code?
The SWIFT/BIC code for Bank Saderat Iran’s UAE head office in Dubai is BSIRAEAD. Confirm the exact code with your branch, since some transaction types can use a different sub-code.
How long do international transfers to BSI UAE take?
BSI does not publish a specific transfer-time guarantee. Timing depends on the sending institution and the correspondent banking chain, and can be longer for Iran-linked routes due to added compliance screening. Ask your branch or relationship manager for the expected timeline on your specific corridor before sending funds.
What currencies can I hold with BSI UAE?
BSI’s published account pages describe the Individual Current Account and Corporate Current Account as AED-denominated only. We found no public listing of a multi-currency account. If you need to hold USD, EUR or other foreign currency balances directly, confirm with a relationship manager rather than assuming it is available.
Does BSI UAE offer Islamic banking products?
Partly. BSI lists a Qard Al Hasan Saving Account, an interest-free product, alongside its conventional accounts. It does not appear to offer a full Sharia-compliant product suite. For dedicated Islamic banking, see ADIB or Dubai Islamic Bank.
What should I do if my card is lost or I suspect fraud?
Contact your BSI branch immediately by phone during working hours. Per the published fee schedule, replacing a lost or stolen ATM card costs AED 25. Report disputed transactions in writing as soon as possible; prompt reporting matters for resolution.
Does BSI UAE offer mortgages or personal loans?
BSI does offer a Personal Loan and a Personal Loan Against Fixed Deposit, plus a Business Loan, per its product pages. We found no dedicated mortgage or home finance product on the site. For retail property finance, larger UAE retail banks typically offer more options.
Was Bank Saderat Iran sanctioned in the August 2026 US action?
No. The Treasury release of 28 August 2026 named Banque Misr UAE, the general manager of Bank Melli’s Dubai branch, and a Hong Kong trading company. Bank Saderat Iran was not named in it.
Designations change. Check the OFAC list yourself before relying on any cross-border payment.
Does Bank Saderat Iran operate anywhere else in the Gulf?
Yes. Alongside its UAE network, BSI’s own site lists branch and ATM networks in Qatar and Oman.
How long can I take to repay a BSI personal loan?
Up to 48 months, subject to approval, per BSI’s own site. There is also a Personal Loan Against Fixed Deposit for customers who prefer to borrow against a deposit.
Which BSI charges are free?
ATM card issuance, ATM card renewal, local AED transfer instructions and re-KYC are all listed as free on the 2025 individual schedule. The dormant account fee is also listed as free.
Official sources
Everything above is compiled from primary sources checked directly for this review. Confirm current details before you act, since fees, hours and product terms can change without notice.
- Bank’s own site: Bank Saderat Iran UAE, for branch locations, product pages and the published fee schedules.
- Regulator: Central Bank of the UAE, which licenses and supervises every bank operating in the UAE and handles escalated consumer complaints.
- August 2026 US action: US Treasury press release, Operation Economic Outcast, 28 August 2026, which names Banque Misr UAE, the manager of Bank Melli’s Dubai branch and a Hong Kong company, and does not name Bank Saderat Iran.
- Sanctions reference: US Treasury OFAC, Iran sanctions program, for readers who need to check current restrictions before a cross-border transfer.
- SWIFT/BIC verification: bic-swift.com listing for BSIRAEAD.
- Our method: how we research each bank and what our ratings mean is set out in our editorial policy and ratings methodology.
Other regional banks in the UAE
Still comparing? See the full list of all 62 banks licensed in the UAE, or read how we assess each one in our ratings methodology.