Originally Posted by psychopomp1 (Post 9479213)

Hi

I'm currently in UK and was lucky enough to get offered employment in UAE which i've accepted. I will be going over at the end of the month. My company is based in Dubai but i will be working on Das Island on a 2 month on/1 month off rotation which will be spent in UK (flights included). Since all food and messing will be provided whilst at work, i'm not expecting to spend more than a couple of hundred pounds per trip (if that). I will be paid in AED and my company insists i must open a UAE bank account. This means that i will need to transfer most of my salary to my UK bank account on a regular basis as i have mortgage/bills/council tax Direct Debits coming out from my UK bank account with the rest going to my savings accounts. Question is which is the best bank to open a current account with in the UAE? (based on the folliwng criteria)

1) Bank must allow international money transfers through its internet banking site. Would prefer if bank doesn't require you to use a card reader or secure key type device to use its internet banking system (like in UK).

2) Must use competitive exchange rates, as i will probably ask my UAE bank to convert AED to GBP.

3) Obviously must have competitive fees to transfer money overseas

I have a HSBC bank account in UK (used as a secondary account) so had a look at HSBC's site in UAE and they offer 'HSBC Advance' which might be suitable but not sure if it would fit my needs. If it helps i'll be paid 32k AED per month.

Thanks :)

Originally Posted by psychopomp1 (Post 9479213)

Hi

I'm currently in UK and was lucky enough to get offered employment in UAE which i've accepted. I will be going over at the end of the month. My company is based in Dubai but i will be working on Das Island on a 2 month on/1 month off rotation which will be spent in UK (flights included). Since all food and messing will be provided whilst at work, i'm not expecting to spend more than a couple of hundred pounds per trip (if that). I will be paid in AED and my company insists i must open a UAE bank account. This means that i will need to transfer most of my salary to my UK bank account on a regular basis as i have mortgage/bills/council tax Direct Debits coming out from my UK bank account with the rest going to my savings accounts. Question is which is the best bank to open a current account with in the UAE? (based on the folliwng criteria)

1) Bank must allow international money transfers through its internet banking site. Would prefer if bank doesn't require you to use a card reader or secure key type device to use its internet banking system (like in UK). As far as I am aware UAE banks don't have card readers, but all should permit online transfers, provided you set the account up for online banking

2) Must use competitive exchange rates, as i will probably ask my UAE bank to convert AED to GBP. No retail bank to retail bank transfer offers a competitive rate. A combination of a lousy rate plus a fee is how they make their money

3) Obviously must have competitive fees to transfer money overseas See previous comment

I have a HSBC bank account in UK (used as a secondary account) so had a look at HSBC's site in UAE and they offer 'HSBC Advance' which might be suitable but not sure if it would fit my needs. If it helps i'll be paid 32k AED per month.

Thanks :)

Originally Posted by Meow (Post 9480319)

See comments in blue above. In short you will not get the best rates from any bank for such transfers. The best way to make larger transfers is by using a currently exchange house which will offer you wholesale rates. Once an account is set up you simply call them to secure the rate before making a transfer to them which is then transferred on to your other account. Takes no longer than a standard transfer.

I use a particular company personally and for my clients, so PM (or email) me if you'd like the details.

Are you aware that if you plan to spend all your off time in the UK, you will be subject to UK tax on your earnings?

Originally Posted by mamijaka (Post 9584509)

hi Meow, kindly advise how I can PM you as I wish to regularly send 15000-20000 AED monthly into my UK Natwest account. What is teh cheapest way to do that. I notice here many seemt to use Ansari Exchange, notthe banks. I bank with ADCB. any help will be most appreciated. Thanks

Originally Posted by Meow (Post 9480319)

See comments in blue above. In short you will not get the best rates from any bank for such transfers. The best way to make larger transfers is by using a currently exchange house which will offer you wholesale rates. Once an account is set up you simply call them to secure the rate before making a transfer to them which is then transferred on to your other account. Takes no longer than a standard transfer.

I use a particular company personally and for my clients, so PM (or email) me if you'd like the details.

Are you aware that if you plan to spend all your off time in the UK, you will be subject to UK tax on your earnings?

Originally Posted by mentalist (Post 9587931)

HSBC on-line. No charges if being sent to another HSBC account overseas.