# Which bank?



## pezzie (Aug 8, 2012)

Hi, just about to move to Dubai. Which bank should we use?


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## m1key (Jun 29, 2011)

Try a forum search for banks. There are several and it will save you waiting for responses..


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## nikkisizer (Aug 20, 2011)

Hi pezzie,

I would recommend Emirates NBD


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## pezzie (Aug 8, 2012)

nikkisizer said:


> Hi pezzie,
> 
> I would recommend Emirates NBD


Thanks very much nikki


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## nikkisizer (Aug 20, 2011)

You are most welcome


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## Mo0nStaR21 (Jun 25, 2010)

*I've heard alot of good things about ABCD... 
I already have an account in DIB..been ok i guess but I will open an account in ABCD very soon :]*


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## MelanieArt (Aug 9, 2012)

Had no problems with nbd


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## Helios (Oct 22, 2008)

> I've heard alot of good things about ABCD...


It's not ABCD , it is *A*bu *D*habi *C*ommercial *B*ank ADCB


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## Mo0nStaR21 (Jun 25, 2010)

Helios said:


> It's not ABCD , it is *A*bu *D*habi *C*ommercial *B*ank ADCB


*hahahahahaha i knowwwww...i was at work typing in a hurry....typo... *blushing...haha sorry...*


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## clay2131 (Aug 9, 2012)

Rak Bank has good service and products


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## Maniatis7 (Apr 21, 2012)

HSBC all the way....


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## Garth Vader (May 11, 2012)

Maniatis7 said:


> HSBC all the way....


I think you're the first person I've heard say something positive about HSBC...


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## Maniatis7 (Apr 21, 2012)

Garth Vader said:


> I think you're the first person I've heard say something positive about HSBC...


I bank with them in the UK that's probably why! I do everything online/tel. so don't have to visit branches here. I like the instant transfers back and forth to my UK account. That's all...


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## Peterf (Jan 9, 2012)

Maniatis7 said:


> I bank with them in the UK that's probably why! I do everything online/tel. so don't have to visit branches here. I like the instant transfers back and forth to my UK account. That's all...


I agree, I have overseas accounts with them as well, which makes it easier to have an account here. Fortunately, I do pretty much everything online.

I have only been into a branch here twice & would rather have a root canal without anesthetic than repeat the experience.


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## Tawnyman (Aug 29, 2011)

Good to hear that HSBC works as I've just taken ages converting my UK account to an international one ready for the move in a fortnight!


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## Johnjo (Aug 18, 2012)

Banks in Dubai are firstly not like banks in UK/Europe. 
A lot of the banks here a started not that many years ago with only one branch and set up through a wealth "family"
Even today HSBC is only a franchise of the actually HSBC and is 51% locally owned.
Key to banking here is to have a single point of personal contact, I am so fed up with not being able to talk to someone or taking 20 minutes holding on and on before you speak with someone who really can't make any decisions anyway. 
On the personal contact be careful they swop positions weekly!
I have been here over 5 years and have switched 3 times.
They all need a good kick up the ass on customer service.
Also advice given to me by a fellow Irishman (he is in financial services here very good and trustworthy but be warned can talk the leg off a donkey)
Don't hold large balances in your UAE accounts. Keep maybe equal to 2 months salary in current and savings combined (you only get 1% interest anyway) and place the rest off shore.
I have been getting 10% ++ for 2 years now very happy with this!!  
Oh I agree best so far RAK ( their senior management are mostly western)
Hope this helps


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## zovi (Jul 5, 2012)

Johnjo said:


> Banks in Dubai are firstly not like banks in UK/Europe.
> A lot of the banks here a started not that many years ago with only one branch and set up through a wealth "family"
> Even today HSBC is only a franchise of the actually HSBC and is 51% locally owned.
> Key to banking here is to have a single point of personal contact, I am so fed up with not being able to talk to someone or taking 20 minutes holding on and on before you speak with someone who really can't make any decisions anyway.
> ...


Did you just keep your usual UK bank account? For transferring money back, I have a standard current account with Natwest wondering if should send money back to that


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## Johnjo (Aug 18, 2012)

I hold a current account here in Dubai and a savings account but just keep working balances.
Monthly I transfer money back to Ireland to cover off domestic bills.
I hold a RAK bank credit card which pays me 3% cash back on UAE transactions and 5% cash back on overseas transactions (thus I get 5% off my flights when I book online)
I have been here 5 years now and thankfully have been earning a pretty good salary.
I "self taxed" myself (i.e. put away 20% of my salary from the start) I would have paid 40% tax to government back home so deicided I would put this away and ensure I had a good savings lump sum when/if I leave.
I have an off shore savings plan and also took my pension off shore and it is doing very well. Whatever you do open an off shore account that you can hold for years going forward no matter where you move to next.
It will allow you "alternatives" for you banking and allow you to mitigate your tax position.
All of this has been a learning, I didn't get it right first time but hopefully this helps you.
Anything else just ask....more than happy to share my learning.


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## zovi (Jul 5, 2012)

Johnjo said:


> I hold a current account here in Dubai and a savings account but just keep working balances.
> Monthly I transfer money back to Ireland to cover off domestic bills.
> I hold a RAK bank credit card which pays me 3% cash back on UAE transactions and 5% cash back on overseas transactions (thus I get 5% off my flights when I book online)
> I have been here 5 years now and thankfully have been earning a pretty good salary.
> ...


I need to look into all this, what's the best offshore account then? Or is it not that easy?


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## Eamon (Mar 5, 2009)

Johnjo said:


> I hold a current account here in Dubai and a savings account but just keep working balances.
> Monthly I transfer money back to Ireland to cover off domestic bills.
> I hold a RAK bank credit card which pays me 3% cash back on UAE transactions and 5% cash back on overseas transactions (thus I get 5% off my flights when I book online)
> I have been here 5 years now and thankfully have been earning a pretty good salary.
> ...


Hi Johnjo

Id like to know what offshore account you use too. Please contact me privately...cheers


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## KkiL (Aug 18, 2012)

Johnjo said:


> A lot of the banks here a started not that many years ago with only one branch and set up through a wealth "family"


u've been here 5 years and yet u get ur info wrong....lol
there is no bank that is held by a family in dubai, all local banks are government run/funded, if anything certain banks r held by the ruling family and all banks are regulated by the central bank

and if u read the terms and conditions, all ur deposits in local banks are 100% secured by the central bank, so in these terms local banks are safer than international banks


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## Johnjo (Aug 18, 2012)

Eamon said:


> Hi Johnjo
> 
> Id like to know what offshore account you use too. Please contact me privately...cheers


Hi Eamon, Albeit I have been here for quite a while, I have only started using this forum, so not quite sure how to contact you privately. 
I have used a few other sites but actually quite like this one so far.

I see you are based in Spain.

There are plenty of banks with off shore branches.
1. Ideally an international bank 
2. Ideally it has a representative office in the country you are currently living, merely for convenience.
3. Of course a good internet service
4. Interest rates will be gross but they will still be low ( as per everywhere)
5. I however saving into a multi funded plan, not complicated but have a good trustworthy adviser to help ( hens teeth ) but there are some out there.
6. I use the off shore account together with an off shore credit card thus limiting my need to brig money "on shore"


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## Johnjo (Aug 18, 2012)

KkiL said:


> u've been here 5 years and yet u get ur info wrong....lol
> there is no bank that is held by a family in dubai, all local banks are government run/funded, if anything certain banks r held by the ruling family and all banks are regulated by the central bank
> 
> and if u read the terms and conditions, all ur deposits in local banks are 100% secured by the central bank, so in these terms local banks are safer than international banks


Yes you are quite correct my use of "WEALTHLY FAMILY" was merely a general term. Ruling more appropriate.
I am merely expressing my personal opinion on banking here. I would prefer not to hold large sums held in Dubai- stories of accounts being frozen for a variety of reasons, I keep my banking here very simple. No borrowing, clear my credit card monthly etc.


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## Eamon (Mar 5, 2009)

Johnjo said:


> Hi Eamon, Albeit I have been here for quite a while, I have only started using this forum, so not quite sure how to contact you privately.
> I have used a few other sites but actually quite like this one so far.
> 
> I see you are based in Spain.
> ...


Hi Johnjo

Thanks for the info.
To PM (Private message) someone, click on their name, and that will bring down a menu...you select whichever option you want. Just sent you one, which you will see...cheers


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