★★★★☆ 4.3 / 5
Zand Bank P.J.S.C. holds the distinction of being the UAE’s first independent, fully licensed digital-only bank, having received its Central Bank of the UAE licence in July 2022. Chaired by prominent Emirati businessman Mohamed Alabbar, Zand runs entirely from a single corporate address in Downtown Dubai, with no branch counters anywhere in the country.
Although the bank was initially positioned to serve both individual and business customers, it has since narrowed its focus almost entirely toward corporates, institutions, SMEs, family offices and wealth clients, with a particularly heavy emphasis on digital-asset banking, blockchain settlement and AI-powered treasury tools. A major milestone arrived in June 2025, when Fitch Ratings handed Zand an investment-grade BBB+ rating with a Stable Outlook, making it one of the youngest banks anywhere in the world to reach that benchmark so quickly after launch.
What Is Zand Bank P.J.S.C.?
Zand Bank P.J.S.C. is a UAE bank licensed by the Central Bank of the UAE and operating entirely without branches. It describes itself as the first fully licensed all-digital bank in the United Arab Emirates, built to serve the digital economy and to connect traditional finance with decentralised finance.
In practice that means a bank aimed at companies, institutions and digital-asset businesses rather than at walk-in customers. It holds a banking licence from the Central Bank of the UAE and a separate authorisation from VARA for digital-asset custody, which is an unusual combination for a single institution.
Can You Open a Personal Account With Zand Bank?
No. Zand does not offer personal current accounts, personal savings accounts, personal debit cards or chequebooks to individual residents.
This catches people out because Zand was originally announced as serving both individuals and businesses. It has since focused entirely on corporates, institutions, SMEs, family offices and wealth clients. Every customer-facing resource the bank publishes is corporate: its help centre carries corporate banking FAQs, a corporate fees and charges schedule and digital custody FAQs, with no personal banking section at all.
If you are an individual resident looking for a UAE current account, a salary account or a zero-balance account, Zand is not the bank for you. There is also no personal account with a zero minimum balance, because there is no personal account at all.
Does Zand Bank Have Branches or ATMs?
Zand runs no branch network and no ATMs of its own. There are no Zand cash machines or deposit machines anywhere in the UAE, so searching for a Zand ATM near you will not return a result.
The bank operates from a single registered address: Emaar Square, Building 6, Level 1, P.O. Box 62593, Downtown Dubai. That is a corporate office rather than a branch counter, so you cannot walk in to open an account or withdraw cash.
Because Zand issues no cards tied to ATM withdrawals, corporate clients handle cash outside Zand entirely. In practice that means keeping an account at a second, branch-based UAE bank for cash deposits, cheque handling and over-the-counter work, and using Zand for digital payments, transfers and treasury. Anyone who needs regular cash access or in-person banking should plan around this before opening an account.
Who Owns Zand Bank?
Zand Bank is chaired by Mohamed Alabbar, the Emirati businessman best known as the founder of Emaar Properties. He is listed as Chairman on the bank’s own board of directors page.
Zand is a UAE public joint stock company, which is what the P.J.S.C. in its name means, and it is licensed and supervised by the Central Bank of the UAE. The bank is not a subsidiary of a foreign banking group, which distinguishes it from most other digital banking propositions in the country.
Zand Bank SWIFT Code, Routing and IBAN
If someone is sending money to a Zand account, this is the section they need.
| Detail | Value |
| SWIFT/BIC (8 character) | ZANDAEAA |
| SWIFT/BIC (11 character) | ZANDAEAAXXX |
| Bank name | Zand Bank P.J.S.C. |
| Country | United Arab Emirates |
| City | Dubai |
The UAE does not use routing numbers in the American sense. If a transfer form asks for a routing code, sorting code or ABA number for a UAE bank, the SWIFT/BIC is what you provide. Use ZANDAEAAXXX where the form requires 11 characters and ZANDAEAA where it accepts 8.
For the account itself you need the IBAN. UAE IBANs are 23 characters long, beginning with the country code AE, then 2 check digits, then a 3-digit bank code, then the account number. Your IBAN appears on your Zand statement and inside the Zand Corporate portal. The bank also publishes standard settlement instructions covering correspondent details for incoming currency payments.
Best For
- Companies, fintech startups, family offices and institutional players who want a digital-first UAE banking relationship with AED and multi-currency support
- Virtual Asset Service Providers and Web3-native businesses that require a regulated custody partner holding both a CBUAE banking licence and a VARA authorisation
- Early-stage businesses and SMEs that want a fully remote onboarding journey, made possible through Zand’s tie-up with the Yuze business banking platform
- Finance teams handling frequent cross-border SWIFT GPI payments who would rather avoid in-person banking altogether
- Property developers who need RERA-aligned escrow arrangements for project funds
Not Ideal For
- Individual residents, salaried professionals or freelancers searching for a personal bank account, debit card or chequebook
- Customers who value having a dense network of branches and ATMs across the Emirates
- Small businesses that can’t comfortably maintain an average monthly balance of AED 250,000 without incurring extra charges
- People who prefer discussing their banking needs face-to-face with a relationship officer at a branch counter
Quick Facts
The table below summarises the essential details every prospective Zand Bank client should know before applying.
| Category | Details |
| Bank Type | Digital-only bank serving corporates, institutions, SMEs, wealth and digital-asset clients |
| Year Established | 2022 (full Central Bank of the UAE licence) |
| Chairman | Mohamed Alabbar |
| Head Office | Emaar Square, Building 6, Level 1, Downtown Dubai, UAE |
| Postal Address | P.O. Box 62593, Dubai |
| Branches | One head office only; no retail branch network |
| ATMs | None – the bank does not run its own ATM fleet |
| Mobile App | Zand Corporate (available on iOS and Android) |
| Online Banking Portal | Zand Corporate Online Banking |
| Languages | English and Arabic |
| SWIFT/BIC Code | ZANDAEAA |
| Credit Rating | BBB+, Stable Outlook (Fitch, June 2025) |
| Regulatory Oversight | Central Bank of the UAE; VARA for digital-asset custody |
| Chairman | Mohamed Alabbar |
| Personal accounts | Not offered |
| Certifications | ISO 27001, ISO 27701, SOC 2 Type II |
Strengths and Weaknesses
Pros
- Entirely remote account opening: Corporate clients can complete onboarding from start to finish online, using digital signatures and electronic KYC checks, without ever stepping into an office.
- Strong credit profile for a young bank: The BBB+ Stable rating from Fitch in mid-2025 places Zand in investment-grade territory remarkably early in its lifecycle.
- Dual licensing for crypto and traditional banking Zand combines its CBUAE banking licence with a VARA authorisation, allowing it to offer institutional digital-asset custody alongside conventional corporate banking.
- Low-cost domestic transfers Money coming into a Zand account from other UAE banks costs nothing, and sending money locally costs only AED 5 plus the standard CBUAE charge and VAT.
- Proprietary dirham-backed stablecoin Through Zand Trust, the bank issues Zand AED, a fully-backed, multi-chain digital dirham designed for on-chain settlement.
- A gateway for smaller businesses via Yuze Through its partnership with Yuze, Zand extends digital business banking access to startups that might not otherwise qualify for a standalone corporate account.
Cons
- No consumer banking line-up There’s currently no way for an individual to open a savings account, get a debit card, or request a chequebook.
- Steep balance requirement The AED 250,000 average monthly balance threshold is well above what most UAE business banks ask for, and falling short triggers a AED 500 + VAT monthly charge.
- Single physical address With only one office in Dubai, there’s no in-person presence in Abu Dhabi, Sharjah, or any of the other emirates.
- Outbound international transfers aren’t cheap Sending money abroad costs AED 55 (or its equivalent) plus whatever the correspondent bank charges on top.
- Zero ATM access Since Zand issues no cards tied to ATM withdrawals, cash handling has to be managed through other means entirely.
- Still building brand recognition As a relative newcomer, Zand doesn’t yet carry the market familiarity of established names like Emirates NBD, FAB or ADCB.
What Zand Bank Actually Offers
This is Zand’s flagship offering, built for UAE-registered companies whether mainland or free zone: along with regulated entities and fintech operators looking for a digital-first banking relationship.
Corporate accounts and deposits
Both AED and foreign-currency current accounts are available, and the entire application process happens online via e-KYC and electronic signatures. Opening and closing the account costs nothing. Transfers received from Zand or other UAE banks are free, while sending money locally to another UAE bank costs AED 5 plus CBUAE fees and VAT.
The trade-off is the AED 250,000 average monthly balance requirement. Dip below it, and a flat AED 500 + VAT fee applies for that billing cycle, with no interest earned on balances under that threshold.
Practical tip: Don’t let your trade licence lapse, if it isn’t renewed within 60 days of expiry, Zand starts charging AED 250 every month until it’s updated. A simple renewal reminder avoids this entirely.
Payments and cross-border transfers
Designed with corporate treasurers in mind, this suite bundles AED and foreign-currency accounts, real-time SWIFT GPI tracking, WPS-compliant payroll processing, and host-to-host connectivity for larger organisations. Outgoing international SWIFT payments cost AED 55 (or the currency equivalent) plus whatever the correspondent bank adds. Payroll processing is charged at AED 2 per employee record, which works out efficiently for companies running larger headcounts.
Everything: balances, pending payments, approval chains: is visible through the Zand Corporate app and web portal, with built-in multi-signatory controls for finance departments.
Worth knowing: Choosing the “OUR” charge option on outbound SWIFT transfers means you’ll be billed either the correspondent’s actual fee or a flat AED 75, whichever turns out higher.
Crypto custody under its VARA licence
Aimed squarely at institutional and qualified investors, this service gives clients regulated, bank-backed custody for digital assets: something almost no other UAE bank currently offers under one roof. Zand secured its VARA Virtual Asset Service Provider licence in December 2024, specifically covering custody services. The result is a rare blend of traditional banking oversight and crypto-asset safekeeping, which is arguably what sets Zand apart most sharply from its competitors.
Important caveat: This isn’t a retail crypto wallet: access is limited to qualified institutional counterparties under VARA’s regulatory framework.
Zand AED, the dirham stablecoin
Issued via the bank’s Zand Trust division, Zand AED is marketed as the UAE’s first regulated, multi-chain stablecoin pegged 1:1 to the dirham. It’s built for exchanges, payment processors and corporates wanting to settle transactions on-chain while remaining inside a regulated structure.
The catch: Using the stablecoin requires technical integration on the client’s side, so it’s geared toward businesses rather than everyday personal transactions.
Escrow for property and commercial deals
Zand also runs escrow services for commercial transactions such as mergers, acquisitions and milestone-based agreements, plus a dedicated real-estate escrow product for property developers. The latter includes advisory assistance, performance guarantee issuance for regulators, and documentation built to satisfy Dubai’s RERA standards.
Why this matters: Developers increasingly need escrow partners that can deliver audit-ready, digital-first documentation, and Zand designed this capability from scratch rather than retrofitting it onto older infrastructure.
Card acceptance through ZandPay
ZandPay rounds out the product suite as Zand’s merchant acquiring and point-of-sale solution, offering same-day settlement and a back-office dashboard that links POS transactions straight to the corporate account. It’s targeted at UAE retailers, restaurants and service providers wanting quicker reconciliation and clearer visibility over incoming cash.
What Zand Bank Costs
Knowing the fee schedule upfront helps avoid surprises, particularly the balance requirement, which catches out businesses that underestimate it. Unless noted, a 5% VAT applies on top of these charges.
| Fee Type | Cost | Notes |
| Minimum monthly average balance | AED 500 + VAT | Charged if balance falls below AED 250,000; no interest paid below this threshold |
| Expired trade licence | AED 250/month | Applies if licence isn’t renewed within 60 days of expiry |
| Outward foreign currency transfer | AED 55 + correspondent charges | “OUR” option adds the higher of correspondent fee or AED 75; inward FX costs AED 10 + VAT |
| Outward local transfer | AED 5 + CBUAE fee + VAT | Inward local transfers are free |
| Profile/status change | AED 150 | Covers company name, activity, or shareholder changes; signatory updates via MOA/POA are free |
| Trade licence/share certificate | AED 250 + VAT | Plus any government charges; useful for tenders and audits |
| Balance confirmation letter | AED 150 | Per letter, for self, auditors, or third parties |
| Liability/no-liability letter | AED 300 | Needed when refinancing with another bank |
| Duplicate statement | AED 100 + VAT | Standard e-statements remain free |
| SWIFT cancellation/stop payment | AED 100 | Per instruction |
| Outgoing MT940/MT950 statements | AED 150/month | Incoming statements are free |
| Payroll processing | AED 2/record | WPS recall costs AED 5 per record |
Using the App and Online Banking
Zand Corporate Mobile App
Available on both the App Store and Google Play within the UAE, the Zand Corporate app serves as the bank’s main client touchpoint, working alongside the desktop portal at corporate.zand.ae. Functions include digital account opening for eligible businesses, initiating and approving payments, viewing multi-currency balances, tracking SWIFT GPI payments, uploading payroll files, and managing multi-signatory approvals. Two-factor authentication kicks in for any sensitive action.
- Strengths: The interface is clean and uncluttered, account consolidation is fast, approval workflows are intuitive for finance staff, and the app integrates directly with Zand AED for on-chain settlements: a level of focus retail-style apps rarely achieve.
- Limitations: This is strictly a business tool. There’s no Apple Pay or Google Pay support, no peer-to-peer transfers, and none of the spending-insight features found in consumer banking apps. Teams handling complex multi-signatory approvals will likely find the desktop portal more practical than the mobile app.
Online Banking Portal
The corporate.zand.ae portal mirrors the app’s functionality and is the better choice for finance teams running bulk payment uploads, payroll batches, or generating audit-ready reports best accessed via desktop or tablet.
How to Contact Zand Bank
- Contact Centre: 600 502 328 (UAE local number)
- General Enquiries: customerservice@zand.ae
- Complaints & Feedback: help@zand.ae
- Fraud Reporting: Call 600 502 328 immediately, then follow up via email to customerservice@zand.ae
- Corporate Banking: Through your assigned Relationship Manager, or via the contact centre
- Media Enquiries: Via the official website’s press contact form
- Head Office Address: Zand Bank P.J.S.C., Emaar Square, Building 6, Level 1, Downtown Dubai, UAE, P.O. Box 62593
Quick actions available to clients include blocking online access, locating head office contact details, submitting a formal complaint, and reporting fraud.
Where Zand Bank Operates From
As a fully digital bank, Zand maintains just one physical address: its head office in Downtown Dubai, with no retail branches, teller counters or ATMs anywhere in the country. Businesses based in Abu Dhabi, Sharjah, or any other emirate are served exclusively through the Zand Corporate app, the online portal, and the 600 502 328 contact centre.
| Emirate | Location | Address |
| Dubai | Head Office | Emaar Square, Building 6, Level 1, Downtown Dubai, P.O. Box 62593, Dubai, UAE |
Security, Ratings and Certifications
For a bank without branches, independent verification matters more than usual. Zand publishes several external assessments:
- Fitch rating of BBB+ with a Stable Outlook, which places it in investment-grade territory unusually early for a bank licensed in 2022.
- ISO 27001 and ISO 27701 certification, covering information security and privacy management. Zand states it is the first bank in the region whose certification also covers Web3 services.
- SOC 2 Type II attestation, an independent audit of controls over time rather than at a single point. Zand states it is the first in banking to extend this to Web3 services as well.
- Dual regulation, holding a Central Bank of the UAE banking licence alongside a VARA authorisation for digital-asset custody.
None of this guarantees service quality, but it does mean the bank’s security and custody claims have been examined by outside parties rather than only asserted.
Zand Bank: Questions People Actually Ask
Can individuals open a personal account with Zand Bank?
No. Despite early plans to serve retail customers, Zand operates exclusively as a wholesale digital bank for corporate, institutional, SME and wealth clients. There’s no personal account, debit card or chequebook on offer as of 2026.
How do I open a corporate account with Zand Bank?
Apply via the website or the Zand Corporate app. You’ll typically need a valid trade licence, MOA/AOA documents, shareholder and UBO identification, a board resolution, and proof of registered address. The process is fully digital, though timelines vary depending on company structure.
What is the minimum balance requirement?
An average monthly balance of AED 250,000 is required. Falling below this triggers a AED 500 + VAT charge for that month, and no interest accrues on lower balances.
What is Zand Bank’s SWIFT/BIC code?
The main code is ZANDAEAA (full format ZANDAEAAXXX), used for most incoming wires unless instructed otherwise.
How long do international transfers take?
SWIFT GPI payments through Zand generally settle within the same business day for major currencies, with full tracking available in the app, though final timing depends on the receiving bank and correspondent network.
Does Zand Bank support cryptocurrency and digital assets?
Yes. Its VARA licence (issued December 2024) covers digital asset custody for institutional and qualified investors, and it issues the Zand AED stablecoin through Zand Trust for on-chain settlement.
Is Zand Bank safe, and what is its credit rating?
Zand is regulated by the Central Bank of the UAE and received a BBB+ Stable rating from Fitch in June 2025: an investment-grade score achieved unusually early for a bank of its age.
Does Zand Bank issue debit or credit cards?
Not currently. There is no consumer card programme, though corporate-specific card products may be introduced in future.
Does Zand Bank have ATMs in the UAE?
No. Zand operates no ATMs and no cash or cheque deposit machines anywhere in the UAE, and it issues no cards tied to ATM withdrawals. Corporate clients typically keep an account at a second branch-based UAE bank for cash handling and use Zand for digital payments and treasury.
Does Zand Bank have a branch in Dubai or Abu Dhabi?
Zand has no branches. It operates from one corporate office at Emaar Square, Building 6, Level 1, Downtown Dubai, and there is no counter service there. There is no Abu Dhabi presence.
Who is the owner of Zand Bank?
Zand Bank P.J.S.C. is chaired by Mohamed Alabbar, the founder of Emaar Properties. It is a UAE public joint stock company licensed and supervised by the Central Bank of the UAE, not a subsidiary of a foreign banking group.
What is the Zand Bank routing code?
UAE banks do not use routing or ABA numbers. Where a transfer form asks for a routing code for Zand, supply the SWIFT/BIC instead: ZANDAEAAXXX in 11-character form, or ZANDAEAA in 8-character form.
What is the Zand Bank IBAN format?
UAE IBANs are 23 characters, starting with AE, then 2 check digits, then a 3-digit bank code, then the account number. Your Zand IBAN is shown on your statement and in the Zand Corporate portal.
Official sources
Everything above is compiled from primary sources. Check these directly before you act, because fees and product terms change often and without notice.
- Official website: Zand Bank for current products, eligibility rules and the published schedule of fees.
- Regulator: Central Bank of the UAE, which licenses and supervises every bank operating in the UAE and handles escalated consumer complaints.
- Credit ratings: any rating quoted above is published by the rating agency itself, such as Fitch Ratings. Ratings are reviewed periodically and can change.
- Our method: how we research each bank and what our ratings mean is set out in our editorial policy and ratings methodology.
Other digital 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.