Bank Saderat Iran (BSI) UAE Review
The Iranian Bank’s UAE Arm – Right Choice for Your Account?
Editor’s Verdict for BSI UAE
Bank Saderat Iran (BSI) holds a unique position in the UAE banking landscape as the largest Iranian-owned bank operating across the Emirates, with UAE presence dating back to 1969. With 8 branches spread across five emirates – Dubai, Abu Dhabi (including Al Ain), Sharjah, and Ajman – BSI serves the Iranian expat community, trading houses, and customers who value old-school relationship banking and Persian-language service over flashy mobile apps. The bank operates under UAE Central Bank supervision and specialises in trade finance, letters of credit, bank guarantees and conservative deposit products.
✓ Best For
- Iranian expats and business owners maintaining commercial ties with Iran and the wider region
- Importers and exporters needing letters of credit, bank guarantees, and trade finance
- Salaried employees looking for a zero-balance WPS account with no monthly maintenance fees
- Conservative savers who prefer Qardh Al Hassaneh (interest-free, Sharia-aligned) deposits
- Customers who value face-to-face branch service and Persian (Farsi) language support
✗ Not Ideal For
- Customers seeking a feature-rich mobile banking app and digital-first experience
- Frequent travellers who need broad correspondent banking with US and EU networks
- Anyone looking for credit cards, cashback programs, or airline miles rewards
- Those who want extensive ATM coverage outside the BSI / UAE Switch network
Quick Facts
| Bank Type | Commercial / Retail / SME / Trade Finance |
|---|---|
| Founded | 1952 in Tehran (UAE presence since 1969) |
| UAE Regional Office | Deira, Al Maktoum Street, P.O. Box 4182, Dubai, UAE |
| Branch Network | 8 branches across 5 emirates |
| ATM Network | BSI ATMs + UAE Switch + GCC Net access |
| Mobile App | Basic online and mobile banking (not on par with tier-1 UAE banks) |
| Online Banking | BSI UAE Online Services |
| Languages Supported | English, Arabic, Persian (Farsi) |
| SWIFT/BIC Code | BSIRAEAD (All Bank Saderat Iran Swift Codes) |
| Regulator | Central Bank of the UAE |
| Parent Bank | Bank Saderat Iran (state-owned, Tehran) |
📄 Schedule of Charges – Individual
📄 Schedule of Charges – Corporate
📍 Contact / Branch Locator
Bank Saderat Iran Pros & Cons
✓ Pros
- Widest Iranian bank footprint in the UAE
8 branches in 5 emirates with Persian-speaking staff at every counter - Zero-balance WPS salary account
No minimum balance, no maintenance charges, free ATM card on opening - Free local transfers
Immediate Payment Instructions to other UAE banks at no cost - Trade finance expertise
Letters of credit, bank guarantees, cheque/bills discounting for trading firms - Sharia-aligned option
Qardh Al Hassaneh interest-free savings for observant customers - Long-tenure personal loans
Personal and business loans repayable up to 48 months
✗ Cons
- Weak digital experience
No flagship mobile app comparable to ENBD X or Liv.; online banking is basic - Limited Western correspondent banking
SWIFT transfers to US, UK and EU can be slow or restricted - No credit cards or rewards
Only ATM/debit cards; no cashback, miles or premium card programs - Low savings interest
0,25% p.a. on balances above AED 10 000 lags challenger banks - Small ATM network
Far fewer machines than tier-1 UAE banks; cash access outside UAE Switch may incur fees - Short branch hours
Most branches close by 14:00, limited Saturday service
BSI UAE Popular Products
WPS Current Account (Salary Account)
Most Popular
Who it’s for: Salaried UAE residents whose employer routes wages through the UAE Wages Protection System.
The BSI WPS Current Account is the bank’s standout retail product. It opens with zero minimum balance and zero maintenance charges as long as your salary is credited to BSI. The package includes a free ATM card on account opening, no charges for ATM withdrawals at BSI machines, unlimited teller transactions across all UAE branches, free SMS and monthly email notifications, and free local bank transfers via Immediate Payment Instructions.
Eligible customers can also open a Fixed Deposit at preferential rates and apply for a personal loan repayable up to 48 months, subject to approval. Documentation is straightforward: valid passport, residence visa, Emirates ID, plus a salary transfer letter, salary certificate or labour contract.
Individual Current Account
Day-to-Day Banking
Who it’s for: UAE nationals and residents (salaried, non-salaried, and self-employed) who want a straightforward AED current account.
The Individual Current Account is the bank’s classic transactional product. It comes with a chequebook, a free ATM card issued at account opening, no charges for ATM withdrawals at BSI machines, and unlimited teller transactions across all UAE branches. Free SMS and monthly email notifications keep you informed, and monthly e-statements arrive without paperwork.
Account holders can apply for a personal loan repayable over up to 48 months, subject to approval, and gain access to local transfers via Immediate Payment Instructions at no cost. The account is available only in AED.
Individual Saving Account
Conservative Savers
Who it’s for: Customers building a UAE banking footprint with a small initial deposit and basic saving needs.
A profit-bearing savings account designed for the long run. It opens with a minimum initial deposit of AED 500 and pays 0,25% per annum on balances of AED 10 000 and above. Unlimited withdrawals are allowed, with a free ATM card on opening and no charges for BSI ATM withdrawals. The account supports joint holders and minors, includes free SMS and monthly e-statements, and grants access to personal loans of up to 48 months.
Qardh Al Hassaneh Saving Account
Sharia-Aligned
Who it’s for: Observant customers who prefer non-interest-bearing (riba-free) banking.
This interest-free savings product offers the same operational features as the standard saving account – free ATM card, unlimited teller transactions, monthly e-statements, and access through BSI ATMs, UAE Switch and GCC Net – while keeping deposits free of interest. Best for customers who treat savings as preservation rather than growth and want to stay aligned with Islamic finance principles.
Trade Finance & Corporate Products
Best for SMEs & Traders
Who it’s for: SMEs, importers, exporters and trading houses operating from Deira, Sharjah, Ajman and beyond.
Trade finance is BSI’s commercial backbone in the UAE. The product line covers Import Letter of Credit and Export Letter of Credit, all types of bank guarantees (bid bonds, performance bonds, advance payment guarantees), cheque and bills discounting, structured trade finance, and overdraft facilities for both individuals and businesses. Corporate Current Accounts open with no account-opening fee, free local transfers, a chequebook, and customised business loans subject to approval.
Documentation requires a valid trade license plus passport, visa and Emirates ID copies for all partners and shareholders.
Bank Saderat Iran Fees & Charges
Always check the latest Schedule of Charges on the official BSI UAE website before assuming a fee – tariffs are updated periodically under UAE Central Bank consumer protection directives.
Digital Experience
BSI Online & Mobile Banking
BSI’s digital channels cover essential banking but do not aim to compete with UAE challenger banks or top-tier players. The bank’s website at banksaderat.ae offers product information, downloadable application forms, brochures, Key Facts Statements and tariff PDFs in English and Arabic.
What works: Balance enquiries, statement downloads, fund transfers between BSI accounts, local transfers via Immediate Payment Instructions, free SMS notifications, and monthly email statements across all account types.
What frustrates users: No polished, feature-rich mobile app. Complex transactions, trade finance documentation, large transfers and account closures still require a branch visit. The digital roadmap has been quieter than UAE peers.
Online Banking
The web portal at banksaderat.ae provides basic account management, including statements, transfers and access to forms. It works reliably for day-to-day tasks but lags well behind ENBD X, Liv., and other UAE challenger platforms in design and feature depth. If a polished app is non-negotiable for you, pair BSI with a secondary account at a digital-first UAE bank.
Bank Saderat Iran Contact Information & Support
Customer Service
Customer Service (WPS)
Business Care Email
Al Maktoum Main Branch
Abu Dhabi Branch
Sharjah Branch
Bank Saderat UAE
UAE Regional Office (Headquarters)
Al Maktoum Street, Deira
P.O. Box 4182, Dubai, UAE
SWIFT/BIC: BSIRAEAD
Website: banksaderat.ae
Typical Branch Hours
Friday: 07:30 – 12:30
Saturday: 08:00 – 13:00
Sunday: Closed
ATM: 24/7 accessHours may vary by branch and during Ramadan or public holidays – confirm before visiting.
Quick Actions
Bank Saderat Iran Branch Network
BSI operates 8 branches in the UAE, distributed across five of the seven emirates. The Dubai Regional Office at Al Maktoum coordinates UAE-wide operations. The bank does not currently maintain branches in Ras Al Khaimah, Fujairah, or Umm Al Quwain – customers in those emirates are served via the nearest BSI branch and the UAE Switch / GCC Net ATM networks.
Abu Dhabi
| Branch | Address | Phone |
|---|---|---|
| Abu Dhabi Branch | Hamdan Street, P.O. Box 700, Abu Dhabi, UAE | +971 2 622 5155 |
| Al Ain Branch | Zayed Bin Sultan Street, P.O. Box 1140, Al Ain, UAE | +971 3 764 1556 |
Dubai
| Branch | Address | Phone |
|---|---|---|
| Al Maktoum Branch | Al Maktoum Road, Deira, P.O. Box 4182, Dubai, UAE | +971 4 603 5555 |
| Bur Dubai Branch | Bank Street Building, Khalid Bin Al-Waleed Road, P.O. Box 4182, Dubai, UAE | +971 4 351 1110 |
| Murshid Bazar Branch | Al Owais Business Tower, Murshid Bazaar, Deira, P.O. Box 4182, Dubai, UAE | +971 4 226 4805 |
| Sheikh Zayed Road Branch | Al-Wasl Tower, Near Emirates Tower Metro Station, Sheikh Zayed Road, P.O. Box 4182, Dubai, UAE | +971 4 331 1187 |
Sharjah
| Branch | Address | Phone |
|---|---|---|
| Sharjah Branch | Al-Arouba Street, P.O. Box 316, Sharjah, UAE | +971 6 568 1121 |
Ajman
| Branch | Address | Phone |
|---|---|---|
| Ajman Branch | Sheikh Rashid Bin Humeed Street, P.O. Box 16, Ajman, UAE | +971 6 742 2232 |
Information may change – verify current terms on the official Bank Saderat Iran UAE website (banksaderat.ae) before making financial decisions. This page is for informational purposes only and does not constitute financial advice.
FAQ – Bank Saderat Iran (BSI) UAE
How do I open a Bank Saderat Iran account as a UAE resident?
Visit any BSI branch with a valid passport, residence visa, Emirates ID, and supporting documents (salary certificate or labour contract for a WPS account, trade license for self-employed applicants). Accounts are opened in AED. Approval timelines depend on KYC verification but typically take a few business days for straightforward applications.
Can non-residents open a Bank Saderat Iran account in the UAE?
The standard accounts on offer are designed for UAE nationals and residents. Non-residents should contact the Dubai Regional Office directly to discuss available options, which usually require additional documentation including overseas address proof and home-country bank references.
What is the minimum balance for a BSI savings account?
The Individual Saving Account opens with a minimum initial deposit of AED 500. The WPS Current Account requires zero minimum balance and carries zero maintenance charges as long as salary is credited to BSI.
Does BSI pay interest on savings?
Yes, on the Individual Saving Account at 0,25% per annum, calculated on balances of AED 10 000 and above. The Qardh Al Hassaneh Saving Account is interest-free by design and intended for customers preferring non-riba banking.
What is the SWIFT code for Bank Saderat Iran UAE?
The SWIFT/BIC code for all BSI UAE branches is BSIRAEAD. Use this code for international transfers into your BSI UAE account. The full list of branch codes is available on the All Bank Saderat Iran Swift Codes page.
How long do international transfers take?
Standard SWIFT transfers depend on the receiving country, correspondent bank chain, and currency, and typically take 1 to 5 business days. Local UAE transfers via Immediate Payment Instructions are free and settle the same day.
Does Bank Saderat Iran UAE offer credit cards?
BSI UAE does not currently offer credit cards. The bank issues ATM cards linked to your account for cash withdrawals at BSI and UAE Switch machines and basic point-of-sale use within the UAE Switch network.
What loans does BSI offer?
Personal loans repayable up to 48 months, personal loans against fixed deposit (secured), business loans for corporates, overdraft facilities for individuals and businesses, and cheque or bills discounting for trading firms. All loans are subject to credit approval and required documentation.
How do I close my BSI account?
Visit your home branch with your Emirates ID, debit card and any unused chequebooks. Clear all outstanding balances and cancel linked services such as loans or standing instructions before closure. Standard processing applies under UAE Central Bank rules.
What happens if my BSI account goes dormant?
After the regulatory dormancy period of no activity, the account is flagged as dormant and may eventually transfer to the UAE Central Bank’s unclaimed funds register. Maintain at least one transaction per year to keep the account active.
Does BSI UAE support trade finance?
Yes – this is one of the bank’s core strengths. BSI provides import and export letters of credit, all types of bank guarantees, cheque and bills discounting, and structured trade finance. Contact the Dubai Regional Office for tailored corporate solutions.
Does BSI UAE offer a mobile banking app?
The bank provides online banking and basic digital channels for balance enquiries, statements and transfers, but the mobile experience is not on par with leading UAE banks. For digital-first customers, BSI is best paired with a secondary account at a UAE challenger bank.
Where can I find the official BSI Schedule of Charges?
Both the Individual and Corporate Schedule of Charges are published as PDFs on banksaderat.ae under the About section. Tariffs are updated periodically in line with UAE Central Bank consumer protection directives.
