Spugsy

So then, I'm almost sorted at work with visa etc etc

So soon I will need to set up a bank account over here to put my wages into,

I have an HSBC account back in the UK and have credit cards bills and bits and pieces to pay. I will need to transfer one lump sum a month back to the UK then i can use internet banking to pay a few things off,

So who is the best bank to go with? and do I have to pay to transfer cash back to the UK?

Meow

There is likely to be a charge whoever you bank with, not least as you will be transferring monies from Dirhams to Sterling.*

If you are happy with HSBC you can use them here too. Could be useful as you should also have an offshore account and can use them for everything. HSBC's main branches are in Naif Square & Bur Dubai, but as they are a pain to get to you can open an account in a service centre - the one in Mercate Mall (Beach Road) is good. They offer online banking.




* I can offer much cheaper deals for larger transfers between currencies.

MacScot

Don't know about other banks but Lloyds TSB seems OK to me. Not sure about fees with transfers to UK but on transfers of 15,000 DHS to Australia, the fee was around 70 DHs. I suppose it will be similar rate to the UK?

I also found it very easy to get a mortgage on a Dubai property with Lloyds TSB.

On the other hand, if you are already with HSBC it seems to make sense to go with HSBC in Dubai.

Spugsy

Offshore account? as in having one here or a seperate one?

you can offer better deals? how? i'll probably be transferring about 4-5k dirhams a month.

Meow

You should have an offshore account for your savings and a dirham one for day to day expenses.

I can save people money on transfers of around £10,000 and above. As an IFA I have contacts.

Spugsy

Ok I know nowt about this really, so I shouldn't be putting any money into my english savings account?

Old Lob

My opinion is that you should not put money into your English account because it will get taxed as a remittance - maybe.

Yoiu can put money into a sterling offshore account though and this will not be taxed - until you take the money into the UK where it will be taxed subject to a limit.

It is easier to evade the rules by remitting direct to UK but ....no this is illegal...

MataHari

just put the money into my account...I'll take care of it

Meow

Well you can, but once you have declared yourself non-resident (have you looked at this yet?) you can register for gross interest. As per my comments in the 'tax' thread any income in the UK (whether income from Dubai or interest) will be taxable above the personal allowance.


Do up need a good IFA who understands UK taxation as well as planning for expats?!

MataHari

don't tell me...you happen to know one...

Border Reiver

The HSBC Offshore branch on Beach Road are quite helpful with the offshore stuff and they are all either English or speak it in a manner you can understand, which is not something you can take for granted here. I once gave up on Barclays for a mortgage because I just couldn't understand half what the person from the bank was saying to me- and no it isn't (just) because I'm a bit thick.

Internet Transfers from HSBC in Dubai to HSBC in Jersey seem to go through quite quickly, often the same day if you avoid weekends. I hate it when my money just disappears for a couple of days during a transfer. Somebody, somewhere is getting interest on it isn't me!

Blue Cat

I know an excellent one, called Meow seriously she has helped me alot. Spugs, get an offshore account and transfer your excess to it. Keep enough here for day to day living. We have an Allied Irish one, in both Sterling and Dollars. Husband handles all that sort of stuff though.

Border Reiver

Good advice from Blue Cat- I think that is what a lot of people do here.

Blue Cat

why thank you BR! I am normally crap at this sort of stuff, Meow must be rubbing off on me!

Spugsy

well as you all may have noticed I pretty much got here at the drop off a hat so haven't really looked into offshore accounts, how I'm going to pay my UK credit cards off, how much I get taxed and I haven't done anything about non UK resident.

how can I pay off UK credit cards without paying tax on my money transfers then?