Opening a savings account in UAE Dirhams
Apr 12th 2008, 7:09 pm
#16
BE Forum Addict
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Re: Opening a savings account in UAE Dirhams
He doesn't want to save but wants to use the AED 100,000 to make regular payments to the property developer.
Why? To (a) get a lousy exchange rate every time he changes to Dirhams (b) pay for every wire transfer from the offshore bank - easier to just set up a standing order (c) risk a possible revaluation in the future?
You're talking about protecting his AED 100k when he has probably invested a million in Dubai property
Not true. Banks open a lot of non-resident call accounts all the time and exactly for this very reason - to make payments to the developer.
You're talking about protecting his AED 100k when he has probably invested a million in Dubai property
Not true. Banks open a lot of non-resident call accounts all the time and exactly for this very reason - to make payments to the developer.
Last edited by IndieG; Apr 12th 2008 at 7:14 pm. Reason: Non residents are not permitted cheque books...
Apr 12th 2008, 7:12 pm
#17
BE Forum Addict
Joined: Aug 2007
Posts: 3,287
Re: Opening a savings account in UAE Dirhams
...and now I am wrong again.
Apr 13th 2008, 3:01 am
#18
MODERATOR
Joined: Dec 2004
Location: Dubai
Posts: 6,373
Re: Opening a savings account in UAE Dirhams
He doesn't want to save but wants to use the AED 100,000 to make regular payments to the property developer.
Why? To (a) get a lousy exchange rate every time he changes to Dirhams (b) pay for every wire transfer from the offshore bank - easier to just set up a standing order (c) risk a possible revaluation in the future?
You're talking about protecting his AED 100k when he has probably invested a million in Dubai property
Not true. Banks open a lot of non-resident call accounts all the time and exactly for this very reason - to make payments to the developer.
Why? To (a) get a lousy exchange rate every time he changes to Dirhams (b) pay for every wire transfer from the offshore bank - easier to just set up a standing order (c) risk a possible revaluation in the future?
You're talking about protecting his AED 100k when he has probably invested a million in Dubai property
Not true. Banks open a lot of non-resident call accounts all the time and exactly for this very reason - to make payments to the developer.
I know an exchange company that can save on exchanges and transfers..
Most non-resident accounts will ask for minimum balances, and will charge for transfering money even with the same country...plus he will find it hard to get a debit card or a cheque book without a visa. It's much simpler and likely cheaper to do the whole thing through an offshore bank and a currency exchange and transfer company.
N.
