# Bank accounts in Dubai



## princessbex11 (Feb 22, 2013)

Hey,

I have just accepted a teaching job in Dubai and trying to sort as much out before I leave. How does everyone go about with bank accounts out there? I am a Barclay's customer and know they have them out there so thought I'd just open one when I get there. 

Problem is I still need to pay my mortgage in the UK while I'm out there and Barclay's are saying they will charge me every month to put money from my Dubai Barclay's account into my UK Barclay's account.......please help with any advice


----------



## FlexRay (Feb 12, 2013)

I am too moving to Dubai in a couple weeks, its my wife who has taken up a position.

As far as i am aware yes you will need to pay a charge to do an international transfer but i dont think its that much, like £10 or something (im not an expert though)

I too asked similar questions on here and i just got told to use the search function but didnt really answer my questions.

In order to get a bank you will also need a residence visa, and some other documentation

Im sure someone will correct me if im wrong, im just trying to learn too!


----------



## de Mexicaan (Apr 16, 2012)

Like with any international transfer, you will be charged costs to wire money home. It does not really matter if you use the same bank in Dubai. I believe that HSBC recently started to promote transfer to their other international branches, but I am not sure if it will save you a lot.
I suppose that if you trasnfer every two or three months a bigger amount, the costs are not that high anyway.


----------



## Jynxgirl (Nov 27, 2009)

Try to find elphaba and pm here for info on transferring money. Larger sum transfers have less fees attached and will be a better option. The first six months are so expats tend to be in the red so this isnt so easy to do, but once you get settled, a larger transfer every few months to cover your uk committments would be a better bet then the monthly ones. Anyhow, Elphaba is our resident financial advisor on the forum.


----------



## rsinner (Feb 3, 2009)

I have said this a million times on the forum - DO NOT use transfers through banks. Whether its Barclays or HSBC or anyone else, and even if the transfer is "free", the exchange rate is not that great. If you do a search of the forum, this topic has been discussed multiple times.

Opening a bank account with Barclays would be similar to any other bank (that is, generally no advantage).


----------



## FlexRay (Feb 12, 2013)

rsinner said:


> I have said this a million times on the forum - DO NOT use transfers through banks.


How do we do it then? 

Craig


----------



## princessbex11 (Feb 22, 2013)

Thanks for the replies sofar  but I'm with Craig on this one, ive searched and found no answers so how do I do it? People must go to Dubai for a few years and have financial commitments back in the UK 

Becky


----------



## saraswat (Apr 28, 2012)

There are quite a few money transfer services that operate here, much like Western Union..They would be the option besides using Banks...


----------



## princessbex11 (Feb 22, 2013)

Thanks. I never thought of that


----------



## rsinner (Feb 3, 2009)

there are lots of exchange houses (in all malls etc). Either through western union or through standard telegraphic transfer. Just register the beneficiary bank account details with them the first time and then show up with cash or cheque. The charge is 50-100 Dhs for the transfer but the exchange rate is much better than banks. Transferring through HSBC etc is super convenient because you don't physically have to show up for the transfer, but comes at a cost (exchange rate + transfer fees). 
There are some wholesale currency houses like GCEN (google them), and they are supposed to have the best rates, but it did not turn out to be true when I was transferring Indian Rupees. Maybe they will be better for GBP, but not sure. They are also not super convenient as you would need to physically deposit money, but the rates can be locked in over the phone.


----------



## lxinuk (Mar 18, 2012)

After advice I received her early this week (thank You!) I will doing my first transfer this week from AED cash to my barclays account in the UK because my funds there are running low! I use my UK account for sending presents etc from Uk stores to UK addresses!! I am using a Mall 'shop' -'exchange house' close to where I live. Ill let you know how it goes.

if you have a premier HSBC account here transferring is free, but yes the exchange rate is not good! 

L


----------



## FlexRay (Feb 12, 2013)

Thank you for taking time to reply rsinner

Craig


----------



## furryboots (Jul 31, 2009)

Having recently been transferred to HSBC from Lloyds TSB I can wholeheartedly endorse avoiding them. Customer Service is would be appalling save for the fact it doesn't exist.

Unfortunately, I'm not sure if any of the others are any better.


----------



## rocky123 (Oct 22, 2011)

Absolutely correct . Use exchange houses or international banks who give free transfer buy hsbc is apalling so I would not go there. In terms of account you need a residency but some banks would accept a letter from your company and open an account for you. Without a residency it is almost impossible to do anything anyway like rent car or any admin


----------



## FlexRay (Feb 12, 2013)

rocky123 said:


> Absolutely correct . Use exchange houses or international banks who give free transfer buy hsbc is apalling so I would not go there. In terms of account you need a residency but some banks would accept a letter from your company and open an account for you. Without a residency it is almost impossible to do anything anyway like rent car or any admin


HSBC & Emirates NBD both advertise and account for non residents, a savings account with a internation ATM card but no cheque book

Is this not the case???


----------



## rocky123 (Oct 22, 2011)

Yea but thiabia targetting non residents but if u are in thw process of becoming a resident you need a chequebook. If you are a premier account holder somewhere else however hsbc can open your local accounr before uou come in.


----------



## Spadge (May 27, 2009)

I bank with HSBC, and yes while if ever you have to do anyting that is a little different it is a nightmare as their customer service isn't great, it is no worse that other banks I have dealt with.

I transfer around 3k GBP a month back to the UK through HSBC, and using the free transfer that they do, and when I looked into it the exchange rate really wasn't much difference, even when I transfered large amounts back as one offs using HSBC rate (as long as it wasn't a weekend) wasn't really any different from the exchange houses.

I know I am lazy and like the fact it can all be done over the internet but it really is down to how much you want to mess arround taking money out, and then going to a mall etc etc


----------



## johng001 (Feb 10, 2013)

Hey, Once you have a residence permit you can then apply for a bank account. Emirates NBD except No Objection certificates from you employer I think. It may be worth calling them.

I have just accepted a teaching job in Dubai and trying to sort as much out before I leave. How does everyone go about with bank accounts out there? I am a Barclay's customer and know they have them out there so thought I'd just open one when I get there. 

Problem is I still need to pay my mortgage in the UK while I'm out there and Barclay's are saying they will charge me every month to put money from my Dubai Barclay's account into my UK Barclay's account.......please help with any advice [/QUOTE]


----------

