# HSBC Premier in UAE - worth it?



## ariskar (Jul 7, 2019)

Hello. I am a British guy due to relocate to UAE. I hold a HSBC Premier account in the UK.

I read many horror stories about HSBC in UAE, however I was wondering if it is worth it opening a HSBC Premier account in UAE over a standard account with a local bank.

My earnings somewhat below the eligibility criteria of other Premium account offerings (monthly AED 27K salary + 15K housing)

The main attractive option with HSBC Premier is the instant free funds transfer (remittance) from my UAE AED account to my UK account.

I was wondering, given the lack of international transaction fees and online convenience, how do exchange rates for HSBC Premier account holders compare to Exchange shop or other online exchange rates?

Also, I would appreciate it if you could tell me which service providers offer the best rates for AED transfers to a UK bank account (GBP)?

Thank you!


----------



## twowheelsgood (Feb 21, 2013)

If you have a UK Premier account, you'll get one here automatically.

Local exchange carriers are cheaper, but if you want to spend your time getting cash out and standing in the queues, then its up to you.

There are horror stories about every bank in every country - personally, I'v never had a problem with HSBC.


----------



## XDoodlebugger (Jan 24, 2012)

I have HSBC premier and have never had an issue except for a short period of time years ago where a couple of international transferred were delayed but I do not have a US HSBC account.

I used to use their free airport lounge service in the GCC and it was good at the time but switched to an Emirates CITI card for most of my spending now. The Airmiles with HSBC seems to take a while to accumulate.


----------



## XDoodlebugger (Jan 24, 2012)

Forgot to mention you get a free version of the Entertainer App that has a lot of two for one deals, I use that quite a bit.


----------



## UKMS (Jan 9, 2017)

Again I’ve had no issues with HSBC Premier here, all round pretty good.


----------



## ariskar (Jul 7, 2019)

Thank you all for your answers. I will open a HSBC account before arriving in the UAE using their Premier international accounts option from UK. As I am already a Premier account holder, I would not be required to necessarily remit my income/salary. I can choose one of the local banks to keep another account in parallel if I have any issues later on. I appreciate your comments, HSBC.ae appears to be a good choice. Their Premier/Black/Cashback credit cards seem decent deals too.


----------



## UKMS (Jan 9, 2017)

ariskar said:


> Thank you all for your answers. I will open a HSBC account before arriving in the UAE using their Premier international accounts option from UK. As I am already a Premier account holder, I would not be required to necessarily remit my income/salary. I can choose one of the local banks to keep another account in parallel if I have any issues later on. I appreciate your comments, HSBC.ae appears to be a good choice. Their Premier/Black/Cashback credit cards seem decent deals too.


Whilst you only need to meet the salary criteria in one country, I’m pretty sure you will still need to go into HSBC in UAE with all the required documentation to open the account completely (I did), it’s a fairly painless process once you have your ID, visa etc. I’m pretty sure that all you can open from the UK is a basic account with no cards but I could be wrong.


----------



## Kamran Armin (Sep 16, 2016)

HSBC in the UAE sucks.
and that's all I have to say about that!
hope you find it helpful


----------



## UKMS (Jan 9, 2017)

Kamran Armin said:


> HSBC in the UAE sucks.
> and that's all I have to say about that!
> hope you find it helpful



Very informative.... thanks


----------



## ariskar (Jul 7, 2019)

UKMS said:


> Whilst you only need to meet the salary criteria in one country, I’m pretty sure you will still need to go into HSBC in UAE with all the required documentation to open the account completely (I did), it’s a fairly painless process once you have your ID, visa etc. I’m pretty sure that all you can open from the UK is a basic account with no cards but I could be wrong.


Thanks UKMS. I already have Premier in the UK, hence won't be assessed for UAE by local criteria.



> https://www.hsbc.co.uk/international/overseas-account-opening/


I applied for an account using the link above and they arranged a phone call followed by a branch visit to submit documents in my local branch in the UK before moving to UAE.

They said if I submit enough documents (offer letter + employment visa + passport) they will open a UAE current bank account with debit card and online/mobile payments ability. I will pick up the card upon arrival (Dubai airport meet and greet or Abu Dhabi in branch). After getting residence visa and Emirates ID, a check book and Credit card(s) can be also issued in branch.

This is particularly useful for the first month in UAE till all paperwork formalities are processed, as monies can be transferred with Global View (GV/GT) and the debit card used for local expenses.

I will update you with my progress on this, still pending those UK meeting/interviews.


----------



## UKMS (Jan 9, 2017)

ariskar said:


> UKMS said:
> 
> 
> > Whilst you only need to meet the salary criteria in one country, I’m pretty sure you will still need to go into HSBC in UAE with all the required documentation to open the account completely (I did), it’s a fairly painless process once you have your ID, visa etc. I’m pretty sure that all you can open from the UK is a basic account with no cards but I could be wrong.
> ...


Fully understand you dont need to meet local criteria but at some stage you may still find yourself in a local branch submitting documents to get fully running. I didn’t bother partly setting up in the UK just did it when I arrived and as mentioned it was painless. 

Good luck with everything!


----------



## ariskar (Jul 7, 2019)

UKMS said:


> Fully understand you dont need to meet local criteria but at some stage you may still find yourself in a local branch submitting documents to get fully running. I didn’t bother partly setting up in the UK just did it when I arrived and as mentioned it was painless.
> 
> Good luck with everything!


Thank you for the words and advice. I am doing it in advance from UK for qutie a few reasons:
1. Current account and local debit card from day 1, till I get the residence visa and Emirates ID (takes a couple of weeks including medical etc.)
2. An account up and running to receive earlier any relocation related allowances and expenses
3. Having already proven eligibility for Premier from country where criteria are met (UK).
4. If I need more monies than initially thought for settling in before income from UAE, I can instantly transfer funds with GVGT from UK.
5. Security and efficiency (not carrying large cash sums) or wasting money on foreign currency transaction fees using UK cards, etc.

Obviously later with ID and visa sorted, I would pop in the local branch to get the all account options enabled and get Credit cards, check book, etc.


----------



## UKMS (Jan 9, 2017)

ariskar said:


> UKMS said:
> 
> 
> > Fully understand you dont need to meet local criteria but at some stage you may still find yourself in a local branch submitting documents to get fully running. I didn’t bother partly setting up in the UK just did it when I arrived and as mentioned it was painless.
> ...


Will be interested to hear if all their Promises bear fruit 🙂


----------



## ariskar (Jul 7, 2019)

UKMS said:


> Will be interested to hear if all their Promises bear fruit 🙂


I had the phone part of the application in the UK, where they ask all sorts of questions (countries with tax residence, global assets, salary, savings, etc.) to assess your net worth and their tax reporting responsibilities. Then I have to go to branch with passport, employment (entry) visa and offer letter.

They said if things go well HSBC UAE will post my debit card and online banking access pack to my current UK address!

They also mentioned that as the UK international team would make the application on my behalf, for up to 6 months from my entry date to UAE, my UK credit score and history will be passed on to the UAE bank for any credit card or loan applications!

I will have the responsibility to present myself in a UAE branch, within 90 days of account opening to show them my residency visa and UAE contract/salary letter etc.

Will keep you posted. If this works, it would be indeed a great help to speed up and relocation and make it smoother.


----------

