FAB Business Advantage Account

By Atul Yadav
  | Published: 05 November 2021 | Last Updated On: 12 November 2021

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Formed after the merger between the First Gulf Bank and the National Bank of Abu Dhabi, FAB became the largest bank in the UAE. The bank is also ranked as the safest bank in the UAE and the Middle East by Global Finance. With an experienced financial history, the bank has won several awards and accolades for its unmatched customer services and banking products. According to Forbes, FAB bank ranks 303rd on the global public companies list. It is well known for its products and services like personal and business bank accounts, investment banking, deposits schemes, etc. 

The bank offers various business bank accounts for new and established businesses. Understanding the needs of business clients, the bank provides unlimited transactions for the business bank account with a higher transaction limit. Additionally, you also get a dedicated relationship manager to assist you in managing your funds and finances. FAB Business Advantage Account is one of the business bank accounts that comes with low rates on banking services and offers comprehensive online banking services for quick and convenient banking transactions. 

Benefits of FAB Business Advantage Account

Over the years, FAB has innovated its banking services and products according to the clients’ needs and offers unmatched benefits for their financial growth and fund management. Following are the key benefits of the FAB Business Advantage account.

  • As a business account holder, you get a dedicated relationship manager who assists you in managing your business funds and finances.
  • The bank offers unlimited chequebooks to the Business Advantage account holders for large and frequent business-related payments.
  • With the FAB business account, you get unlimited teller transactions for internal fund transfers without any extra charges. 
  • For the inward remittances in local and foreign currencies, the bank does not charge any processing fees. 
  • For outward telex transfers worldwide, the bank charges a nominal fee of AED 60 per transaction, while for transactions within GCC and UAE, you need to pay AED 25 for each transaction. 
  • Using the FAB Business Advantage account, you can deposit or withdraw cash funds of up to AED 1 million without any charges. The bank levies a charge of 0.15% on aggregate deposits and withdrawals per day for the amount exceeding AED 1 million.  
  • The Business Advantage account holders can avail of 8 free teller transactions per month. Exceeding the limit, they need to pay AED 10 per transaction.  
  • The bank does not charge for standing instructions on internal fund transfers. However, the account holder needs to pay AED 30 for setting up the standing instructions facility in their Business Advantage account. 
  • The bank also offers a free debit card with a daily cash withdrawal limit of AED 50,000 and a POS transaction limit of AED 75,000.

Detailed Features of FAB Business Advantage Account

Along with impeccable benefits, FAB bank offers a host of features on the business account. The key features of the FAB Business Advantage account are as follows: 

  • Minimum Average Credit Balance - To avoid penalties, the Business Advantage account holders need to maintain an average monthly balance of AED 250,000. If the minimum average balance is not maintained, the bank charges a penalty of AED 350 per month. 
  • Foreign Currencies Accepted - FAB Business Advantage account can be operated in major international currencies such as USD, EUR, JPY, GBP along with AED. 
  • Access to 24*7 Online Banking Services - For convenient fund access and frequent transactions, the bank offers a full suite of online banking services round the clock. All you need is to log in to the bank’s official portal or download the mobile banking app. 
  • Reduced Banking Services Rates - With a FAB Business Advantage account, you get banking services at lower fees and charges compared to other bank accounts.
  • Complimentary Visa Business Credit Card and Debit Card - As a business account holder, the bank offers you a complimentary Visa business credit card without an annual membership charge. Additionally, you can also avail yourself of a debit card with a high daily withdrawal and purchase limit. 
  • Unlimited Chequebooks - With the FAB Business Advantage account, you get unlimited chequebooks without any extra charges. 
  • Low Charges on Foreign Currency Deposit and Withdrawals - The bank charges a low processing fee on foreign currency transactions, including withdrawals and deposits.

Top Reasons to Choose the FAB Business Advantage Account

Here are the top reasons why you should open a FAB Business Advantage account in the UAE. 

  • You can enjoy banking services in the type of currency you prefer. The bank operates the FAB Business Advantage account in multiple international currencies, including USD, GBP, JPY, EUR. 
  • The bank levies zero inward remittance fee for both local and international currencies. 
  • For daily bulk deposits and withdrawals of up to AED 1 million, the bank won’t levy transaction charges.  
  • FAB bank has an extensive network of branches, ATMs and CDMs across the UAE, making your daily banking convenient.
  • With the Business Advantage account, you get a dedicated relationship manager to assist you with fund management and future investments.  
  • The bank shares the monthly account statements free of charge. You may need to pay a nominal fee for duplicate account statements.

Eligibility Criteria to Apply for FAB Business Advantage Account

The bank offers lenient eligibility criteria for opening a business account. Generally, the bank requires the identity proof of all the business partners, trade license and residency proof. The following are the requirements of the FAB Business Advantage account. 

  • An individual needs to have a valid trade license issued by the Department of Economic Development.
  • All the stakeholders must comply with the UAE trade policies and furnish all the proofs required by the bank. 
  • UAE Nationals/Residents need Emirates ID and business incorporation details, while an expat needs Passport and UAE visa/work permit. The expats need to submit the visa with the address details mentioned on it.  

Documents Required for FAB Business Advantage Account

Before applying for the FAB Business advantage account, you need to ensure all your documents are handy. The following is the list of documents you need to submit during the FAB Business Advantage Account in the UAE. 

  • A valid passport and residence proof of all the signatories and representatives
  • A valid passport of the director of the company
  • An original and a copy of Emirates ID of the shareholders or representatives
  • A valid trade license from the DED (Department of Economic Development)
  • Articles and Memorandum of Association
  • Latest bank account statements of all the company’s stakeholders (last 6 months statements) 
  • Reference letter from the business partner/partners
  • Registry of the shareholders
  • A list of investors, current clients and potential clients
  • Details about the business account-related activities
  • Certificate of Company Incorporation

How to Apply for the FAB Business Advantage Account?

Individuals willing to open a business account in the First Abu Dhabi Bank can use various online and offline facilities to apply for the Business Advantage account. You can choose any of the following modes of application.  

  • Online Application - The online application mode is quick, reliable and convenient, and you can fill the application form without visiting the bank branch. To apply online, you need to visit the banking portal of FAB bank and select the Business Advantage account. Enter your details in the provided field and click on the ‘Apply now’ button. The bank will contact you within the next few business days for the subsequent process.  
  • Offline Application - To apply offline, an individual needs to visit the bank branch with all the required documents related to the business partners, stakeholders and the business operation. Later, fill in the business banking application form and attach all the documents as asked by the bank representative before submitting. After the successful application, the bank verifies the documents and provides you with the account details.
  • Apply via Phone - Individuals can apply for the FAB Business Advantage account through a phone call as well. To proceed with the application via phone call, you need to contact the FAB customer support team through the contact number provided on the official website and provide them your contact, personal and business details. The bank reverts within a working day for the subsequent application process. 

Charges and Fees on FAB Business Advantage Account

The list below depicts various charges on the FAB Business Advantage account in the UAE. 

Type of Charge

Amount in AED

Average Monthly Balance (Minimum)

AED 250,000

Fall below Charges per month

AED 350

Relationship Fee

Free

Internal Fund Transfer Charges

Free

Account Closure within first 12 months

AED 250

Teller Transactions

8 free transactions per month. Thereafter, AED 10 per transaction

Cheque Deposit Charges

Free

Inward Remittance in Local Currencies

Free

Inward Remittance in Foreign Currencies

Free

Outward Telex Transactions (Within UAE)

AED 25

Outward Telex Transfers (Within GCC)

AED 25

Outward Telex Transfers (Worldwide)

AED 60

Chequebook Charges 

Free

Cheque Collection Outside UAE

AED 75

Monthly Statement Charges

Free

Frequently Asked Questions

Q1: What is the minimum average monthly balance for FAB Business Advantage Account?

Ans: The account holder needs to maintain a minimum monthly balance of AED 250,000. 

Q2: What is the fall below charge if I don’t maintain the minimum average balance?

Ans: If a FAB Business Advantage account holder does not maintain the minimum average balance, the bank charges him/her a penalty of AED 350 per month. 

Q3: Do I get free teller transactions in the FAB Business Advantage account?

Ans: Yes, you get up to 8 free teller transactions per month in the FAB Business Advantage account. 

Q4: What are the charges for internal fund transfers?

Ans: The bank doesn’t charge any processing fee for internal fund transfers using the Business Advantage account. 

Q5: Do I get the standing instructions facility in the FAB Business Advantage account?

Ans: Yes, the bank offers the standing instructions facility in the Business Advantage account. However, to set up the standing instructions facility, you need to pay a charge of AED 30. 

Q6: What is the monthly maintenance fee for internet banking?

Ans: FAB bank charges a monthly maintenance fee of AED 150 for using the internet banking services in the FAB Business Advantage account.

Atul Yadav
Atul Yadav

Atul has had a flair for writing ever since he started writing essays in school, which inspired him to subsequently opt for a career in writing. He loves to write about places he's been to (the list is endless) and financial products that can help people make a real change in planning their finances better.