jayman99

HI Guys,
Can anyone recommend which UK bank I should open - for best service and competitive rates in Dubai. So far I had narrowed it down to HSBC, Lloyds or Natwest.

Your recommendations would be appreciated.

Thanks

lionheart

HSBC is my choice as they have International and UAE branches here.

jayman99

Thanks, also is it best to open accounts from the UK or best to wait until arrival?

lionheart

Personally I rarely use my UK account but rely on my Off-Shore Jersey account and a UAE account. If you already have a PO Box number for your Dubai workplace (as there is no effective private mailing service here), why not open an O/S account now?

jayman99

I will be sending funds to UK on a regular basis - so will need to use my UK account. Shall I open all three or will I be able to use the offshore account? Sorry, very new to this so have no idea!!

pedersenislands

I'm relocating to Abu Dhabi next week and also need to establish banking. My first hope was to see if my company can just do automatic deposit of my paycheck electronically to my USA bank. All they would need for this is a routing number to send the funds and it should be a free process for me on both ends of the transfer. However if the company can't do direct deposit of my paycheck, then they obviously can't do a direct deposit even to a UAE bank; resulting in a paper paycheck that I would need to take to a UAE bank account. If this is the case, then that UAE bank should be able to tansfer money periodically to any bank of my choice (i.e. USA). I'm sure there is a fee for this. A person might be able to also get a money order from the UAE bank and mail it to the USA bank for a very, very small fee. I guess what I'm saying is there are many options out there and it may payoff to really explore them to save you money!!! Also should watch the currency rates and maybe do the transfers at the right time. Sorry I know I rambled....for me the problem is that there are no UAE branch bank offices where I live in the US.

Norm_uk

I've been here for 7 years and find Lloyds are the best overall. I even recommend them to my clients.

N.

aa88

if your sending funds regularly, you might be better by avoiding using the banks, thus avoiding the transfer fees and the large percentage they'll take. have a look at some foreign exchange providers. they wont charge you to move the money and it's free to register with them. still use your bank if they offer a better deal, it just gives you more options with your money.

shakh your bootie

Yup - when I started my employer put me with UNB, they were crap beyond belief. HSBC I have no complaints with. My sister uses Lloyds and also seems happy enough. A lot of people tell me RAK Bank is very good...

Miss Eck

I second that. You can set up an offshore a/c when you get here and enjoy online banking so you rarely even need to visit the branch once you are here. I have a standing order from my local a/c each month to my offshore a/c. If you do a transfer on the 1st or the 15th of the month it is free.

IndieG

Lloyds - HSBC are hopeless. And no, I don't work for Lloyds

Norm_uk

Quite true - I also recommend a currency exchange company that can save up to 1% on transfers but it's only really any good for decent sums.

Norm_uk

Lies lies lies....I saw you and Miss Eck winking and giggling yesterday when I was cashing a cheque at their safa branch!

N.

Dago

We have a problem in Kuwait because the currency is relatively unconvertable. I just get KD and sell them locally and take the wad back home time to time. Bank transfers have one advantage in that the currency is converted in Kuwait and not in the home bank. None of the international exchanges deal in KD.

Good thing is that the currency is strong because it is depegged and you in UAE are going to do well when the revaluation is effected. So you don't need to convert sterling speculatively.

However I don't recommend my trick because of - fake sterling, getting mugged in UK by thief, getting mugged by HMRC for tax on a remittance basis.

However, I do point out that you can lose a lot of value in currency transfers by poor rates and bank charges so it is worth optimising the transaction.

aa88

have a look at these sites, www.pdqfx.com, www.sgm-fx.com, www.forex.de.

not sure if they do KD but they were good when i used them to move money in europe.