# Which Bank in Dubai



## PHLtoDBI (Dec 22, 2010)

I am researching different banks previous to my February 1 move date and was wondering if I could get some opinions:

-I would like to keep an account in the states as well as one in UAE so I am able to transfer funds into my USA account easily. For that purpose, I am looking at using either HSBC or Barclays as there would be no international wire fees incurred. Does anyone have an opinion on this method of banking?

Appriciate the assistance!


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## barryob (Jan 11, 2011)

Sorry PHLtoDBI for piggybacking on your thread, but would anyone be able to give advice in relation to banks for irish poople and best way for transferring money?
thanks in advance


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## Lenochka (Apr 19, 2008)

I am not sure if your statement about the international wire charges is true. 
definitley would double-check and get that in writing. Most banks are in different legal entities these days and maintain, at least on a country wide level, their own cash positions, it is therefore not as simple as debit account in the US and credit the one in UAE with the same amount. It most likely involves a transfer trough one of the cash clearers, hence fees apply. 

The fees may be waived/included in your fee package if you are a very good client, but that's a different matter altogether


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## zin (Oct 28, 2010)

One of my colleagues at work had his wallet stolen with his HSBC UK cards. They immediately provided him with some funds from HSBC Dubai to tick him over until his new cards arrived so this is a major plus. 

With regards to wire transfer. I had money transferred from HSBC UK to HSBC here and there were most definitely bank charges involved on this side although no doubt the cost will be less than between other banks.

Barclays is still quite new here and more for business banking than individual. I had a Barclays account in the UK and seem to recall being unable to have a relationship with the Dubai branch a year ago.


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## rsinner (Feb 3, 2009)

Even if the transfer charges are low or zero, the rates HSBC would offer would be much worse than what you would get at a money exchange.


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## Canuck_Sens (Nov 16, 2010)

Hi There,

It is not entirely true that HSBC exchange rates are bad. I hold HSBC accounts in different countries and I rely on the "Global Transfer" program.

The Global transfer is an online tool where you can transfer funds overseas. It is quite good. I can transfer funds with comfort and security. And the rates using the tool is more competitive than starting the wire transfer at the bank

If you become a HSBC premier holder all your banking fees are waived. Talk to your manager in HSBC to understand how to become one. If you cannot become one, you can still use the Global Transfer but then you gotta pay

I transfer funds mostly to US and Canada from UAE. Once you have transferred the amounts, you can see in real time the deposit in your US/Canada checking accounts.

In some jurisdictions, however, you might have to wait because some countries have a tougher regulations to accept incoming funds. Nothing serious

HSBC created a new class called HSBC Advanced recently. I am not sure what the benefits are. You may want to check it out.

Take Care,
Canuck


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## Maz25 (Jul 6, 2008)

Canuck_Sens said:


> HSBC created a new class called HSBC Advanced recently. I am not sure what the benefits are. You may want to check it out.


You still have to pay the transfer fees even with an Advance Account, particularly if you do the odd one-off transfers but as you say, it is relatively easy and takes all the hassles out of driving to a Money Exchange. Advance is not actually a new product - just the old 'STATUS account rebranded. I've had that account for a few years now and I do believe that when I first opened it, they were offering free transfers if you set up a recurring standing order but I think they may have scrapped that now (though might be worth asking - I just set up a recurring standing order and had to specify who pays the fees).


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## w_man (Apr 16, 2010)

I just setup an Advanced with them and I was informed that I get one recurring standing order (transfer) per month so the offer should still be valid.


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## Canuck_Sens (Nov 16, 2010)

w_man said:


> I just setup an Advanced with them and I was informed that I get one recurring standing order (transfer) per month so the offer should still be valid.


I don't pay any fees whatsoever not even for bank drafts. This is a huge benefit if you are a premier holder. The catch, however, is that the minimum requirements are quite high meaning you gotta bring to HSBC $$$ in terms of investment+finance. If you don't have the amounts, you can still get by for example by transferring your mortgage (US/ Canada rules)

Once you are a premier in one country, upon your move to a new country, you can open/ setup a new HSBC premier account entirely free. Just show your debit/credit card at any HSBC branch (of course you gotta (will) be living legally in the new country)

Example: You opened your HSBC premier let's say in India; once you move to UAE or else you can open a new HSBC account entirely free and enjoy the premier benefits; or you can open before your move that's what I did before moving from Canada to UAE.

The Global transfer is not available to all countries, though;so you'd be better off checking it out first.

I prefer banking with HSBC because it is easier to bank with one bank to handle all myr banking needs in different jurisdictions. All about convenience. Nothing else.


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## AndreaMarshall (Nov 22, 2010)

Have you gone into a HSBC branch in the states to ask them about this directly? Before we moved here we went into a branch in september 2010 and they told us that the UAE is not linked with HSBC in the states yet and wont be for a year or so. Other countries are linked and can transfer money but the only thing we would be able to do is avoid ATM fees when we took out money when we visited in New York. We would still have international transfer fees and wire transfer fees.


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## amik (Nov 3, 2010)

Anyone have a Chase bank account back in the states and recommends a good bank here for transferring, etc?


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## Canuck_Sens (Nov 16, 2010)

AndreaMarshall said:


> Have you gone into a HSBC branch in the states to ask them about this directly? Before we moved here we went into a branch in september 2010 and they told us that the UAE is not linked with HSBC in the states yet and wont be for a year or so. Other countries are linked and can transfer money but the only thing we would be able to do is avoid ATM fees when we took out money when we visited in New York. We would still have international transfer fees and wire transfer fees.


Andrea, I just explained that I have been transferring from UAE to the states using the HSBC global transfer. I have been doing this since November 2010. I think when you went there at the branch in September they had not rolled out for UAE. Hope this helps.


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## AndreaMarshall (Nov 22, 2010)

Canuck_Sens said:


> Andrea, I just explained that I have been transferring from UAE to the states using the HSBC global transfer. I have been doing this since November 2010. I think when you went there at the branch in September they had not rolled out for UAE. Hope this helps.


Yes it does! Thank you so much! Looks like i will be opening an HSBC account next time i go to New York.


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