# Bank questuon



## craignewcastle (Aug 9, 2011)

Guys am coming over in two weeks, I'm looking to set up a bank account out there, question is tho can I set up a bank account in Dubai I.e HSBC and open an HSBC account in uk Is it free and easy to transfer money using a online banking facility?? 

Just don't want to set up a HSBC then have a nightmare sending money to Natwest online! Unless someone can tell me otherwise

Thanks


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## 5herry (Jun 25, 2011)

Welcome to Dubai 

I know HSBC offer free transfers between countries if you're a 'Premier' customer but don't think it applies for the other type of accounts - I think you get a discounted fee instead.

I would recommend calling them beforehand as if you can get it set it before you leave it makes life here easier - well it did for me.

You can also open an account with HSBC expat (used to be offshore) in AED so can transfer money back but convert into GBP when you think the exchange rate is good.


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## Red_Nosed (Nov 30, 2011)

What I've been informed of that bank is:

(i) if you don't deal with their customer service and do most of everything through banking online - you should be fine. Transfer funds online - find out what rates are
(ii) if you have their Premier membership, even better. As a Premier account holder you used to be able to get one free transfer per month, have a check on what's the latest.
(iii) some banks require you have maintain a minimum amount each month in the account

If you find out which bank your company uses, that helps minimise some of the local salary issues, you could always setup online fund transfers back to UK. But bear in mind until you have your Resident's Permit from the company, you will not be able to open an account here. When you swipe your UK ATM cards here, it will incur a charge. Santander charged 2.5% each time. You need to have access to quick cash until you have your paperwork in place.

I hope you get more feedback here. Good luck and remember to bring lots of patience, you would need them!

This may be of interest to you:
http://www.arabianbusiness.com/ethos-reveals-best-uae-banks-for-customer-service-424449.html
http://www.dubaifaqs.com/banks-in-dubai.php


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## fcjb1970 (Apr 30, 2010)

I don't have an HSBC account but most of the folks I work with did. I say did because a lot closed their accounts due to poor service. From what they said the one free monthly transfer no longer exists, that policy was changed. There are better ways to transfer money that are cheaper than through the bank. Even with the 'free transfer' banks give a bad rate so in the end it is not free.


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## md000 (Dec 16, 2008)

I second this information - perfect. 

-md000/Mike




Red_Nosed said:


> What I've been informed of that bank is:
> 
> (i) if you don't deal with their customer service and do most of everything through banking online - you should be fine. Transfer funds online - find out what rates are
> (ii) if you have their Premier membership, even better. As a Premier account holder you used to be able to get one free transfer per month, have a check on what's the latest.
> ...


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## owendeelee (Nov 30, 2011)

I talked to my local Citibank. They told me that if I open an account here in the States that I could walk into a branch over in Dubai and do business as usual...deposit paychecks in the branch or via atm card. Does anyone work with Citibank?


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## md000 (Dec 16, 2008)

owendeelee said:


> I talked to my local Citibank. They told me that if I open an account here in the States that I could walk into a branch over in Dubai and do business as usual...deposit paychecks in the branch or via atm card. Does anyone work with Citibank?



My wife said that "they don't link" and that she couldn't access her U.S.-based Citibank account at a local branch here.

-md000/Mike


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## owendeelee (Nov 30, 2011)

md000 said:


> My wife said that "they don't link" and that she couldn't access her U.S.-based Citibank account at a local branch here.
> 
> -md000/Mike


That would definitely be a problem! Do you recommend a bank?


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## fcjb1970 (Apr 30, 2010)

owendeelee said:


> I talked to my local Citibank. They told me that if I open an account here in the States that I could walk into a branch over in Dubai and do business as usual...deposit paychecks in the branch or via atm card. Does anyone work with Citibank?


What they told you is not correct you cannot deposit from the UAE into your US bank account directly. It would require a deposit into a Citibank UAE account and then be considered a transfer. What they told you may be true for other countries, so I do not think the person you spoke with understands that the rules are different here.

Citibank UAE is the worst bank I have ever done business with. I opened my account based on the idea that transfers would be cheap and easy and it is the only US bank with a presence here. Once everything is setup it is east to transfer (up to $3K/day) but while they only charge $5, the conversion rate is terrible. The only thing I can say that is possibly an advantage is that when you do transfer the $3K on-line it shows up immediately in your US account. So if there is a concern you would immediately need to get money from here home it allows that (up to $3K)

I currently use a local bank and and when I transfer money I use a money exchange service. I closed my Citibank UAE account.


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## owendeelee (Nov 30, 2011)

I was going to make a special trip over to California to open a new account with Citibank..I will rethink this. I might just want to wait until I am over there to decide on a bank. I should probably see who our employer uses. Thank you for your input.


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## md000 (Dec 16, 2008)

owendeelee said:


> That would definitely be a problem! Do you recommend a bank?


I would not recommend HSBC.

I've heard that Dubai Islamic Bank and Abu Dhabi Commercial Bank aren't horrific.

-md000/Mike


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## Red_Nosed (Nov 30, 2011)

md000 said:


> My wife said that "they don't link" and that she couldn't access her U.S.-based Citibank account at a local branch here.
> 
> -md000/Mike


In addition to what Mike's mentioned, you have to be aware internationally well known banks are under a 'sponsorship' in the middle-east. So you might as well treat them as a different entity when in middle-east.

Even moving from Qatar to Dubai we were wrong to think we could transfer our money "between branches". Our Standard Chartered bank in Qatar might've well been _XYZ Bank _and the Standard Chartered bank in Dubai is a _123 Bank_. They have nothing to do with each other (except carry the same name).

I feel that the banks in UAE are pretty 'aggressive' in trying to get customers, however if you asked questions online it may be difficult to get answers. Best bet is to call them on the phone and ask if you have questions directly.


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## R_Smithy (Jun 13, 2010)

In the U.K if a bank goes bust there is a guarantee of 85,000.00 Pounds to all savers. Is there such a scheme in the UAE? Because when selecting a bank to do business with I would not look for the best customer service(even though I hate poor customer service) I would be looking for the most secure bank to deposit my funds in.


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## Red_Nosed (Nov 30, 2011)

Unfortunately/Fortunately, my money doesn't stay long at all in my UAE account! 

;-)


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## craignewcastle (Aug 9, 2011)

so guys If I keep my Natwest account in uk where my bills still come out And open a account in UAE is it fairly simple to transfer money online???


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## BedouGirl (Sep 15, 2011)

craignewcastle said:


> so guys If I keep my Natwest account in uk where my bills still come out And open a account in UAE is it fairly simple to transfer money online???


Ask NatWest which bank is their correspondent in the UAE.


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## Red_Nosed (Nov 30, 2011)

craignewcastle said:


> so guys If I keep my Natwest account in uk where my bills still come out And open a account in UAE is it fairly simple to transfer money online???


I don't see why not - you just set it up in your UAE bank account and you can then make your transfers online to any bank. You just need Natwest's swift code, you Natwest bank account number, etc. Takes 2-3 days for us to transfer money online most of the time.

Anyone any comments?


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