littlemissmo83

Hi there! I am moving to Dubai on Friday and have to pick a bank to start with. I would appreciate hearing your thoughts on which banks you have picked, any pro's or cons to them. Or even if there is anything I should avoid?!

Just from knowing them, I am tempted to go with HSBC.

Things I need to be able to do: online banking and transfer money monthly in GBP into my UK account to pay for direct debits already in existence (credit card and Orange mobile contract).

Thank you in advance for your help

flood2

I'm with HSBC. Not had any major problems. I move money every month, but it may not be the most cost effective way to do it. Easy to do via online online banking to any account in the UK.

I have a credit card with them, but you seem to get better rewards with some other providers. I may get round to moving at one point in future

hnd

We banked with HSBC in the UK before we moved to Dubai in 2005 (having had a massive falling out with NatWest with whom we'd banked for over 20+ years) and continued to bank with them after our move. We're now in Muscat and continue to bank with HSBC here. Generally speaking HSBC in Dubai were fine - we didn't need much help from our 'relationship manager'. We had a bit of a problem when we moved to Muscat but once Mr hnd had given the guys in DXB a lesson in Forex everything was fine.

The Dean

I predict that all international banks will start to wind down their Middle East operations this year (some have already started), so a local bank might be better. International banks' costs in Dubai are very high, while returns are modest.

Millhouse

Very interesting comment for sure. Does your assessment apply only to the retail side, or all of it?

lanarkwitch

We had major problems with HSBC, we lived in AD so banked with ADCB and have never had any issues, we won't be moving any time soon

The Dean

The biggest 'losers' have been those with investment banking arms, but the contagion is spreading. Even at local level, I think we will see more 'strategic stakes and partnerships' from outside, rather than fully-fledged branches in their own right. NB: CBQ taking 40 pct of UAB, QNB taking 40 pct of CBI, etc.

NorthernLad

I've used ENBD for the past seven years (after bad experiences with HSBC in Bahrain). No complaints so far, good online banking setup and very few issues overall.

Blue Cat

HSBC and RAK Bank. HSBC have messed us about a couple of times but always sorted it out. They are well on the ball when it comes to credit card hacking.

Meow

Do a proper comparison here: www.souqalmal.com

Choose a bank that offers the services you need and where you can get to a branch as at some point you'll probably have to go in to get something sorted. Find out who your employer uses as that can be a benefit.

By the way, retail banks offer lousy exchange rates for online transfers, so let me know if you'd like info on an alternative system which works for both lump sums and regular transfers

Millhouse

what are these 'dreadful' experiences people have had with HSBC? They have never lost my money, they have refunded fraudulent activity on my credit card, never blocked it when I'm travelling, didn't block my accounts when I changed visas etc.

The only thing they did to piss me off was to cut my credit card limit from 50k AED to 10k AED without any consultation which now means I have to pay the damn thing twice a month.

Debowing

ENBD gets my vote.

littlemissmo83

Wow, thanks for all the replies. It seems like things are pretty varied. Is there quite a lot of credit card hacking? Should I bring any current bank account statements for proof of ID, or do they only accept passport etc?

TopNik

Hello littlemissmo83,

Your passport will be fine and ENBD gets my vote also