# Banking in Dubai



## proshka (Sep 23, 2012)

Hey guys as I'm new to Dubai, Im just wondering which is the best bank for a foreigner living here to open and why? I need to open an account ASAP but cant make up my mind which bank to open. Any assistance will be greatly appreciated.

P
:clap2:


----------



## Elphaba (Jan 24, 2008)

It can be helpful to use the same bank as your employer, otherwise you can compare bank accounts on this website:

Compare Credit Cards, Personal Finance, Loans, Insurance, RakBank Loans in Dubai, UAE, Saudi Arabia, Kuwait- Souqalmal.com


----------



## DrVanNostrand (May 21, 2012)

Depends on which country you are from -there are many foreign based banks with major banking operations here but in general the major banks are pretty good

NBD Emirates, National Bank of Abu Dhabi ,Dubai Bank and RAK BANk. People usually post good experiences with these. RAK Bank is best with credit cards.

If you are new here you should know NEVER TO BOUNCE A CHEQUE!!

It is a major offense here which can land you in prison.

Of course you will have to deal with a checks if you are purchasing a car thru financing(yes you should sign 60 post dated checks for 60 month financing) and pdcs for your landlord.
So be darn sure, you have those funds covered.

Coming back to the bank ,the best track would be get with your employers bank which is a company account. There will be considerable benefits with such an account.


----------



## nikkisizer (Aug 20, 2011)

Hello proshka,

I would recommend Emirates NBD, I've been banking with them for nearly six years now and never had any problems.


----------



## proshka (Sep 23, 2012)

Ohhhh super! thanks so much for the info. The two banks I use are *Scotia *(which is Canadian) and *Bank of America* (obviously an american bank), which to my knowledge neither are here. And i wanted something that could easily work with those for sending $ home and all. I know HSBC works with Scotia but everyone i speak to tells me to stay FARRRRRR away from HSBC, and that was my first choice. So now im just a bit confused. 

But thanks so much for your responses. 

P


----------



## DrVanNostrand (May 21, 2012)

proshka said:


> Ohhhh super! thanks so much for the info. The two banks I use are *Scotia *(which is Canadian) and *Bank of America* (obviously an american bank), which to my knowledge neither are here. And i wanted something that could easily work with those for sending $ home and all. I know HSBC works with Scotia but everyone i speak to tells me to stay FARRRRRR away from HSBC, and that was my first choice. So now im just a bit confused.
> 
> But thanks so much for your responses.
> 
> P



You are so right about HSBC! Seriously stay away...terrible service, rude indifferent staff....

Can you believe they actually misplaced our LC once! Unbelievable


----------



## DrVanNostrand (May 21, 2012)

And i wanted something that could easily work with those for sending $ home and all."

Other banks have this facility as well. Exchange centers and Western Union are also options.
But the cheapest is bank to bank transfer, which shouldn't cost more than $40.

I think with Western Union or its affiliates, its something like $80 , the last time I transferred some cash to my dead beat cousin in London!


----------



## DrVanNostrand (May 21, 2012)

DrVanNostrand said:


> And i wanted something that could easily work with those for sending $ home and all."
> 
> Other banks have this facility as well. Exchange centers and Western Union are also options.
> But the cheapest is bank to bank transfer, which shouldn't cost more than $40.
> ...


oops sorry its 80 aed , not dollars! 
But check with the bank if thats one of your main criteria


----------



## zovi (Jul 5, 2012)

I have just signed up with Emirates NBD, was really easy process, and my account has just been opened on the same day and ATM cards will be couried within 3 days to me  

I couldnt be bothered to go looking if I am honest, so I just went to the bank next door to my work ...


----------



## Elamee (Jul 9, 2012)

*Banking*

Hello everyone,

Does anyone have any recommendations for banks? I am looking to open a personal account for checking and savings, and am looking for one with a good rate of return/profit.


----------



## Elphaba (Jan 24, 2008)

I suggest you do a search as this topic has been covered numerous times.

General comparative info on bank accounts can be found here: Compare Credit Cards, Personal Finance, Loans, Insurance, RakBank Loans in Dubai, UAE, Saudi Arabia, Kuwait- Souqalmal.com

Interest rates are low so you will not get anything out of the ordinary for a deposit account.


----------



## alvin900 (Oct 13, 2012)

i am pretty new here as well and i had been advised that there are some al sawal certificates which the locals are buying that generate a good return. any advice peps?

i am currently banking with unb (a state owned bank) and citibank.


----------

