# Taking money from Canada to Dubai



## qwert97 (Jun 2, 2008)

I have not been able to open an account with HSBC. I am flying to Dubai at the end of this month. What is the best way to bring the money into Dubai? I dont want to carry cash and no bank will open an account until I have residence.


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## Maz25 (Jul 6, 2008)

HSBC will open an account for you when you are in Dubai. You will need a letter from your employer though. You can only open an account with them before you get to Dubai if you have a small fortune to transfer into your new account. I think that in the UK, it is about £50k!!! Once in Dubai, you will get a credit card but no cheque book until your residence visa is issued. There are a few other banks as well that will open an account for you without your residence visa but again, you will need to be in Dubai as your employment entry visa and passport will be required. 
HSBC: HSBC UAE - Accounts

In the meantime, why not transfer the amount you need via Western Union, UAE Exchange or a similar money transfer company and just pick it up when you get to Dubai. You can also use your credit card but I would try and keep this to the bare minimum cause the fees tend to be quite hefty. I would still carry a small amount in cash though for those first day purchases like taxis (especially if you will have to make your own way to temporary accommodation), dinner on the first night, taxis to Western Union to collect your cash, etc.

Heard anything about your visa? I'm still waiting for mine and seriously starting to fret now!


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## qwert97 (Jun 2, 2008)

Maz25 said:


> HSBC will open an account for you when you are in Dubai. You will need a letter from your employer though. You can only open an account with them before you get to Dubai if you have a small fortune to transfer into your new account. I think that in the UK, it is about £50k!!! Once in Dubai, you will get a credit card but no cheque book until your residence visa is issued. There are a few other banks as well that will open an account for you without your residence visa but again, you will need to be in Dubai as your employment entry visa and passport will be required.
> HSBC: HSBC UAE - Accounts
> 
> In the meantime, why not transfer the amount you need via Western Union, UAE Exchange or a similar money transfer company and just pick it up when you get to Dubai. You can also use your credit card but I would try and keep this to the bare minimum cause the fees tend to be quite hefty. I would still carry a small amount in cash though for those first day purchases like taxis (especially if you will have to make your own way to temporary accommodation), dinner on the first night, taxis to Western Union to collect your cash, etc.
> ...


I am on the edge for my visa as well. I was told that the approval from Ministry of Labor has been received and the next step is to get a visa issued which might take another few days. With Ramadan round the corner I am really worried now. Seems like I will be moving on 6th Sept since the flights are packed.


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## Maz25 (Jul 6, 2008)

qwert97 said:


> I am on the edge for my visa as well. I was told that the approval from Ministry of Labor has been received and the next step is to get a visa issued which might take another few days. With Ramadan round the corner I am really worried now. Seems like I will be moving on 6th Sept since the flights are packed.


My flight is already booked for next Friday, so effectively only 1.5 weeks for visa to come through. I was told that it would take 10-12 days before my company gets the visa. It has only been 8 days but I would have preferred to have visa in hand right now! Hopefully, both our visas will come through before the week is out! I will email them of Thursday just to find out what's up if I have not heard from them until then.

Even more worried cause they only asked for copy of attested degree certs rather than the original. I'm on a visa in the UK as well and whenever it's time to renew, I can barely sleep. Might explain why I am so worried!


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## qwert97 (Jun 2, 2008)

Maz25 said:


> My flight is already booked for next Friday, so effectively only 1.5 weeks for visa to come through. I was told that it would take 10-12 days before my company gets the visa. It has only been 8 days but I would have preferred to have visa in hand right now! Hopefully, both our visas will come through before the week is out! I will email them of Thursday just to find out what's up if I have not heard from them until then.
> 
> Even more worried cause they only asked for copy of attested degree certs rather than the original. I'm on a visa in the UK as well and whenever it's time to renew, I can barely sleep. Might explain why I am so worried!


My Company also asked for attested copies of degree certificates and as per them the labor approval is through. So don't sweat on that front. When you email them ask them if they have got the Labor approval. The employment visa is issued by immigration which is the next step and is a relatively simple process..I think!


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## Elphaba (Jan 24, 2008)

You can open an account with ME Bank without residency and you may also find that with letters from your employer you may be able to open an account with whoever they bank with prior to your visa being processed.

You do not need GBP 50K to open offshore accounts with HSBC! You require a total balance of GBP 60K to have a Premier/Status account, but you can have a standard account with a lower balance. There is no minimum to open an AED account in the UAE.

For an offshore account with a small balance, other banks are better. Lloyds TSB's standard offshore account is more suitable to most than HSBC. PM me for links and a name.


_


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## Shinjuku (Jul 12, 2008)

To clarify further, anyone can open a off-shore account with HSBC. But to do so for free, you'll need to have a total balance of £25k between all your HSBC accounts. If you don't meet this requirement, you can still open an off-shore account but will be subject to a £20 monthly service charge. There is a min £5k balance required, which if you go below will probably just incur a 'small' charge.

The Premier account Elphaba mentions is like a preferred customer account, where if you bank min £60k with HSBC, they will give you preferential rates and benefits. But like most anything with banks, if you've got the money and are willing to pay a monthly fee, they'll still let you open such an account.

You should also be able to open a local UAE account from your home country. Again, you'll just have to pay a fee.

Moral of the story...banks will do anything to accomodate you, as long as you're willing to pay for it.  So take the time to shop around if you can.


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## Mrman (Jul 14, 2008)

I am thinking of opening an account with Citi. They have a couple of branches in Dubai as well as branches here in US. I plan to open both as they claim to allow international transfers Citi account to Citi account for only $5.


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## Maz25 (Jul 6, 2008)

Elphaba said:


> You do not need GBP 50K to open offshore accounts with HSBC! You require a total balance of GBP 60K to have a Premier/Status account, but you can have a standard account with a lower balance. There is no minimum to open an AED account in the UAE._


That is actually the account that I was referring to. HSBC will open this account for you in the UAE or transfer your existing Premier account subject to a minimum balance. In regards to offshore accounts, all of the major banks in the UK offer this facility and it is a matter of shopping around for a good deal. AS they charge fees similar to the local UK banks for transactions abroad, I guess I am better off sticking to my bank until I can get an account opened in Dubai.

However, HBSC is not prepared to open a 'normal' bank account for you in the UAE in AED unless you are a Premier customer. Their advice is to contact the HSBC branch in the UAE and deal with them directly. Apparently, the only similarity between HSBC in the UK and the one in the UAE is the name only! I'm not quite sure whether this advice would apply to all banks as I have only considered HSBC. I tend to stick to the banks that I know and have dealt with in the past.


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## qwert97 (Jun 2, 2008)

Maz25 said:


> That is actually the account that I was referring to. HSBC will open this account for you in the UAE or transfer your existing Premier account subject to a minimum balance. In regards to offshore accounts, all of the major banks in the UK offer this facility and it is a matter of shopping around for a good deal. AS they charge fees similar to the local UK banks for transactions abroad, I guess I am better off sticking to my bank until I can get an account opened in Dubai.
> 
> However, HBSC is not prepared to open a 'normal' bank account for you in the UAE in AED unless you are a Premier customer. Their advice is to contact the HSBC branch in the UAE and deal with them directly. Apparently, the only similarity between HSBC in the UK and the one in the UAE is the name only! I'm not quite sure whether this advice would apply to all banks as I have only considered HSBC. I tend to stick to the banks that I know and have dealt with in the past.


Perhaps it is different by country. I just spoke to HSBC and they said that they will open the account for non-premier customers but there is a service charge of $200. If you are a premier customer the charged is waived.


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## Maz25 (Jul 6, 2008)

qwert97 said:


> Perhaps it is different by country. I just spoke to HSBC and they said that they will open the account for non-premier customers but there is a service charge of $200. If you are a premier customer the charged is waived.


I'll ask them again! It would be good to be able to open an account before I get to Dubai


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## bram71 (Aug 20, 2008)

*Offshore account in Dubai in Euro Currency*

Hi,

As I'm moving to Dubai in the coming weeks, I tried to open an offshore account in Dubai in Euro with HSBC Dubai.

Every thing was ok, I filled-in the application form and provided the needed documents (Proof of Identity and Proof of solvability); 
But when I received the confirmation that the offshore account was opened, I have been informed that I will be charged with 1% commission for each Deposit / withdrawal in foreign currency even in Euro.

I contacted the responsible to clarify the situation: 
"_Thank you again for your help and your precious answers. _

_According to our short phone discussion regarding the payment of 1% commission for each Deposit / withdrawal in foreign currency; I would like to understand why should I pay a commission if the Deposit / withdrawal is done in Euro since the main currency for the offshore saving account I requested from HSBC is the Euro. _
_Thanks and Best regards_"

But the answer was as below:
"_The 1% commission for each deposit / withdrawal in foreign currency is per the banks' regulations and I tried to waiver that commission for you but I am not able to do so, because it's a non-excusable bank regulation. _

_I apologize for not being able to help you in this matter._ "

Would you please advise about the best way to manage this situation.

Thanks and Best Regards,
Bram


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## Elphaba (Jan 24, 2008)

I assme this is for a standard account, not a status/premier/high net worth one, as here is no charge there.

I have never heard of this as a practise. It certainly sounds most odd.

Personally, I'd go elsewhere - try Lloyds TSB.


-


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## qwert97 (Jun 2, 2008)

Maz25 said:


> I'll ask them again! It would be good to be able to open an account before I get to Dubai


Hi Maz. Today I opened my account with HSBC. The service was phenomenal and I was impressed. The key to opening an account is to open a local account first and then based on that open an account in Dubai. I did everything in one trip. They have put a rush on my application and they should have my Dubai's account number in 4-5 business days. 

When I left the branch they gave me the Canadian $$ and USD account numbers so that I can transfer my local funds to that account. This in itself is good since HSBC allows you to transfer funds via internet from Canada to UAE.


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## Maz25 (Jul 6, 2008)

qwert97 said:


> Hi Maz. Today I opened my account with HSBC. The service was phenomenal and I was impressed. The key to opening an account is to open a local account first and then based on that open an account in Dubai. I did everything in one trip. They have put a rush on my application and they should have my Dubai's account number in 4-5 business days.
> 
> When I left the branch they gave me the Canadian $$ and USD account numbers so that I can transfer my local funds to that account. This in itself is good since HSBC allows you to transfer funds via internet from Canada to UAE.


That's good news! I did have a HSBC account in the UK but I closed it about a year ago - the service was quite shambolic! I'll speak to them though this weekend. Feeling a little bit sorry for myself at the mo. Still waiting on visa and just beginning to question whether I have not just thrown away a good job in UK! Wish I had a crystal ball!!!


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## qwert97 (Jun 2, 2008)

Maz25 said:


> That's good news! I did have a HSBC account in the UK but I closed it about a year ago - the service was quite shambolic! I'll speak to them though this weekend. Feeling a little bit sorry for myself at the mo. Still waiting on visa and just beginning to question whether I have not just thrown away a good job in UK! Wish I had a crystal ball!!!


The same applies to my visa. I have not only thrown a job, I have sold most of the furniture. By next week I will have an empty house


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## Maz25 (Jul 6, 2008)

qwert97 said:


> The same applies to my visa. I have not only thrown a job, I have sold most of the furniture. By next week I will have an empty house


Join the club! My flat is literally empty except for the bed, sofa and TV set, which is going this weekend! Had a miserable birthday yesterday - the gravity of the situation suddently dawned on me!!! I hope that next week brings good news for both of us!!


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## qwert97 (Jun 2, 2008)

Maz25 said:


> Join the club! My flat is literally empty except for the bed, sofa and TV set, which is going this weekend! Had a miserable birthday yesterday - the gravity of the situation suddently dawned on me!!! I hope that next week brings good news for both of us!!


Btw, happy belated Birthday! At least you have something to cheer about


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## Maz25 (Jul 6, 2008)

qwert97 said:


> Btw, happy belated Birthday! At least you have something to cheer about


Thanks. Birthday was horrible! On top of that, my fiance even forgot that it was my birthday! Needless to say, I used it as a good excuse to let off steam!!


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