Britpack

Any of you have suggestions on how best to structure your banking arrangements for UAE salary (local bank/offshore/etc) - particularly if you want to convert to and from GBP at the closest to market price?

Bob

You might want to have a search of the forums, I'm pretty sure it's come up a few times

Norm_uk

I'd ask why you want to go to and from GBP in the first place - currency trading perhaps?

If you're sending money back for bills, mortgages or savings I know a company that can probably help get you better rates (feel free to PM me).

A UAE account is fine for receiving your salary. Ultimately you should be keeping as little as possible in the UAE due to the lack of banking transparency, sharia law and the fact that if you are any sort of trouble your accounts will be frozen.

Many keep offshore accounts in places like the Isle of Man but these can vary from bank to bank in terms of charges and service. The main reason is that UK high street banks are not usually in a position to service expatriates as well as offshore banks, and course because offshore banks won't freeze your accounts because you're sponsor got iffy or you hit the wrong numberplate on Shk. Zayed Road...

N.

jackthehat

Here we go again! - Pensions and Financial Services Trolls on the Prowl! - Did you register than name and post the message yourself?

Norm_uk

Are you referring to me?

I've been on these forums at least seven years before you and know quite a few people here offline as well as online...if people ask about something I am qualified in and know a thing or two about I'll give advice. Most of the advice I give is simply how to avoid being fleeced by people calling themselves Financial Advisors in the GCC.

Or would you rather people with no experience or qualifications in Finance or Banking answer questions on these subjects instead?

N.

Meow

I'm not getting into a bored (sic) fight about trolling. Long term posters and lurkers know who is properly qualified, who isn't and who is just touting for business.

On the topic of banking, here's a resource that should be useful for those in the UAE, KSA and Kuwait. The site provides unbiased information regarding bank accounts, credit cards and personal loans.

www.souqalmal.com

jackthehat

Not a 'Pop' at you Norm, it just seems that certain Trades can be punted here, whilst other Professions are excluded! - I was purely making an observation.

Bob

There's a big difference in someone posting general and helpful advice, being a long standing member, with a link in their sig compared to someone who joins up, bumps old threads and asks everyone to go use their services...

The Dean

That's a very.... er.... incomplete website............

Meow

Then contact them and give them all the info about your bank.

The Dean

Already set that one in motion.........

Seriously though - is that a website you recommend to a lot of people? I'd never heard of it.

Meow

It's relatively new. Just because you haven't heard of it doesn't mean it isn't any good.

This region needs a good unbiased source of info like this and it's going to be massive. It already has over 10,000 hits a month and growing daily.

typical

A friend set it up. It's really quite new, but badly needed!

On another note, it is a shame that the similarly named suq al mal blog is no more. That had a lot of information about regional banks but from a rather different perspective

Norm_uk

Just checking

Out of interest which traders are excluded?

N.

Idtbrian

I've been following many threads over the past few months and I have also done some research relating to banking in the UAE (Abu Dhabi).
If I understand your advice correctly I need to keep a working balance in my current account for living expenses, set up an offshore account (if appropriate) and should I keep a smallish amount of money in cash should the wheel fall off and I need to make myself scarce for whatever reason? not that I'm planning anything insulting to anyone. The reason for this is that I have heard of workers having made serious cultural mistakes and have jumped ship before getting into serious trouble.
I bank with Barclays here in the UK and having spoken with their International Banking division I wasn't overly impressed. Maybe they weren't interested in the amount of money I am hoping to save.
Do offshore banks operate in a similar way to the High Street banks, ie. Debit/ Credit cards or are they mainly for saving? I'm not asking for recommendations for specific banks or products but any advice or pointers into Offshore Banking would be gratefully received.

Ta very much