Norm_uk

A friend recently started here and has tried to open a bank account with HSBC and ADCB to receive their salary - it both instances despite their company being listed with the bank they have been told they need to keep a minimum balance which runs between 3k and 5k depending on the bank.

I just wanted to check if anyone else has had a similar experience and if anyone knows which banks don't apply minimum balance rules?

Cheers,

N.

Bahtatboy

I have an ADCB account. There is no minimum balance, but monthly charges are tiered based on how much I keep in there. I pay AED100 coz I don't keep much in it, and if I recall correctly it'd be free if I kept a balance of more than AED10k (or was it 50k?).

Colleagues have HSBC accounts which are free.

Millhouse

I have an HSBC account - no fees or minimum balances for me. I think it's dependent on salary.

3K as a minimum balance is hardly a killer though is it? As much as I hate onshore cash, I'd always leave a bit more than in there anyway - when things go wrong here you burn cash like there is no tomorrow.

Norm_uk

3k is not much for me or you but my friend is only on 10k so leaving 3k in is not easy, at least for the first few months.

To be honest why would any bank ask for a minimum balance for receiving salary in the UAE, especially from employees of listed companies? I'm not making sense of this at all - even if it's only AED25 per month for being under it's unheard of in other places.

There must be banks out there who aren't charging people for taking out their own money...maybe I'm a miser but I wouldn't want to pay AED5 for simply not keeping a grand in my account. They already money on every dirham banked with them.

N.

UKCityGent

Norm try NBK

One of the best banks in the ME - Ive had an thambi account with them for 3 yrs now and have closed my Coutts account and transferred my private bank account with NBK PB

I dont pay any of the card fees and they charge me 100 fils for taking out money from somebody elses machine (including UK or US)

There is no minimum balance (or maybe something small like 2KD or equivilent(sp)

Meow

I am fairly sure that RAK Bank doesn't have a minimum balance and they provide probably the best service in the UAE.

Norm_uk

Appreciate the advice...you'd think as an IFA I'd know these things

N.

The Dean

There are other banks in RAK that might disagree with you............

Meow

So what? RAK Bank won an award for best service earlier this year and it was well deserved.