# Bank accounts & Money Transfer



## Bristol2AD (Feb 26, 2015)

Hi everyone,

I was just wondering if anyone had any advice re: best bank accounts for Expats and which bank/service to use for money transfer in Abu Dhabi? (In terms of branches, ideally on-island, in/close to Khalidiyah/Marina Mall - or even better, online!). 

We're from the UK and hoping to send money back on a regular basis, probably once (maybe twice) a month.

Is HiFX any good for money transfer? Any other recommendations? What about HSBC Bank for a bank account, and possible money transfer?

I know banks tend to charge fees for sending and for receiving money, plus the exchange rates aren't always the best - but what are your experiences? Are there any banks that are particularly good for banking/money transfer, or is better to send money over using a transfer service? 

Many thanks in advance.


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## yestee (Feb 25, 2015)

Hi there,

If you are based in Abudhabi then i would suggest National Bank of Abudhabi (NBAD) as it one of the best local banks with lot of branches and ATM machines within the city. And yes, HSBC is also a good one.No doubt. But the availablity of Service centers is comparatively very less. But i believe in the e-banking age, this shouldn't be a big concern.

With regards to sending the money back home, the banks charges are more per transaction. Figures vary from bank to bank. But i would strongly recommend to send the money through some "Money exchange centers" like " Al ansari exchange" , "Lulu exchange" , or similar ones which are some of the reputed ones in the country.Google all of them out.They give you the best exchange rate when compared to the banks and charges per transaction is AED 15 or 20 flat. 

I hope this info was useful.

Have a great stay. 

Cheers.

Yestee


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## Kangaroo_J (Aug 1, 2013)

HSBC if you have account with HSBC in UK (check their offshore banking website for details).

Otherwise due to lack of deposit guarantee or interest payments, simarly high fees and spreads for forex transfers, airmiles might be the most important thing, so check ADCB, ADIB, etc.


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## Bristol2AD (Feb 26, 2015)

Thanks yestee and Kangaroo_J for the advice!

We were thinking of opening a HSBC account due it being a UK bank and us being from the UK, but will definitely look into the other options...


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## g1968g (Jul 2, 2014)

Go to HSBC UK, they will introduce you to their international banking department who will arrange a meeting for you in Abu Dhabi.
You will open an UAE account that will be linked to the UK account.
You can actually bring both accounts up at the same time. International transfers are free.
You'll get cards etc. very quickly
The service I have received has been good with no issues.

cheers

Geoff


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## imac (Oct 14, 2012)

g1968g said:


> ...International transfers are free...


only if you are a hsbc premier client... if you can qualify for premier then hsbc is one of the best banks around... if you cant qualify for premier its more cost effective to go with a local UAE bank and use the money exchange to send funds internationally as yestee suggested...

another thing... even though hsbc will open an account for you in the UAE if you are a premier client befor eyou actually come here, by law you are not allowed to actually operate it till you have a residence visa... so you wont get cards or check books until you have your residence visa...


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## g1968g (Jul 2, 2014)

all very good points from IMAC


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## jhmaeng (Mar 16, 2015)

If your monthly salary is more than 15,000 AED per month, they will open you an HSBC Advance account.

When the Advance account is set up, you will be able to link the UK HSBC internet banking details (you will need the UK Secure Token for the initial registration), and a new screen called Global View will become available on the UAE internet banking, showing all of your UAE and UK accounts. Your UK account does not need to be an Advance account - just the UAE one is sufficient.

Within the Global View, there is an option for Global Transfers. Here, you can move money between your UAE and UK accounts (i) instantly, and (ii) for only USD 7 per transaction, which is considerably cheaper than other ways of transfering between accounts. (You do also take a slight hit on the exchange rate, as you would when any transfer involves a currency conversion)

For anyone with an HSBC account in the UK, I think HSBC UAE is the most convenient for transfers to/from the UK.


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## Dude McRocker (Mar 17, 2015)

Any advice for people with a US bank? I will have to be sending monthly payments back home and was wondering what the best option would be?


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## Kangaroo_J (Aug 1, 2013)

Dude McRocker, suggest you look into offshore US$ account in Jersey or IOM, HSBC, Citi, Std Char, which can be linked to account in UAE and US.


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