Non-Resident accounts in Dubai
#1
Just Joined
Thread Starter
Joined: May 2016
Posts: 11
Non-Resident accounts in Dubai
Hi
I am a UK resident and spend a lot of time in Dubai due to family, friends, work travel and vacation etc. I am interested in opening a non-residents account in Dubai to be able to use when over there but also some diversification from the UK and will be hopefully moving to the ME in the distance future.Currently the Emirates NDB non-resident account seems the easiest to open (2 months back statements and passport), but has a poor interest rate.
I will only initially keep a very small amount in there (above the £600 limit) but wondering if there are any other accounts with better rates or ways I can get open an account which allows stock market investments, even if it’s a basic Dubai index fund? Or can I only keep in cash as a non-resident?
Thanks for any advice.
I am a UK resident and spend a lot of time in Dubai due to family, friends, work travel and vacation etc. I am interested in opening a non-residents account in Dubai to be able to use when over there but also some diversification from the UK and will be hopefully moving to the ME in the distance future.Currently the Emirates NDB non-resident account seems the easiest to open (2 months back statements and passport), but has a poor interest rate.
I will only initially keep a very small amount in there (above the £600 limit) but wondering if there are any other accounts with better rates or ways I can get open an account which allows stock market investments, even if it’s a basic Dubai index fund? Or can I only keep in cash as a non-resident?
Thanks for any advice.
Last edited by Livingthedream123; Jun 20th 2018 at 3:26 pm.
#2
Re: Non-Resident accounts in Dubai
I'm not 100% that buying stocks on the Dubai exchange is classed as investing - gambling or simple consumption maybe.
#3
Account Closed
Joined: Feb 2011
Posts: 0
Re: Non-Resident accounts in Dubai
Hi
I am a UK resident and spend a lot of time in Dubai due to family, friends, work travel and vacation etc. I am interested in opening a non-residents account in Dubai to be able to use when over there but also some diversification from the UK and will be hopefully moving to the ME in the distance future.Currently the Emirates NDB non-resident account seems the easiest to open (2 months back statements and passport), but has a poor interest rate.
I will only initially keep a very small amount in there (above the £600 limit) but wondering if there are any other accounts with better rates or ways I can get open an account which allows stock market investments, even if it’s a basic Dubai index fund? Or can I only keep in cash as a non-resident?
Thanks for any advice.
I am a UK resident and spend a lot of time in Dubai due to family, friends, work travel and vacation etc. I am interested in opening a non-residents account in Dubai to be able to use when over there but also some diversification from the UK and will be hopefully moving to the ME in the distance future.Currently the Emirates NDB non-resident account seems the easiest to open (2 months back statements and passport), but has a poor interest rate.
I will only initially keep a very small amount in there (above the £600 limit) but wondering if there are any other accounts with better rates or ways I can get open an account which allows stock market investments, even if it’s a basic Dubai index fund? Or can I only keep in cash as a non-resident?
Thanks for any advice.
#5
Just Joined
Thread Starter
Joined: May 2016
Posts: 11
Re: Non-Resident accounts in Dubai
I am more than happy with the risks and have been buying emerging market stuff for years. Sounds like such an account is not available then, similar to what you can get in the UK with a halifax current account whcih can then be used to buy stocks (sub-account)?
#8
Re: Non-Resident accounts in Dubai
You won't find a linked account like Halifax here (that I'm aware of).
You'll need a non-residence bank account. EBND will give you that (not sure any others do?)
You need someone to broker the gambling for you - Mabarsha to name one.
You won't get any interest.
You'll need a non-residence bank account. EBND will give you that (not sure any others do?)
You need someone to broker the gambling for you - Mabarsha to name one.
You won't get any interest.
#9
peterparker
Joined: Sep 2007
Posts: 196
Re: Non-Resident accounts in Dubai
NBAD does non resident accounts too. There's a branch in MOE.