what the F do you do if you get sacked and have cars and credit cards
Dec 18th 2008, 10:33 am
#122
BE Forum Addict
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Re: An off topic question...
Good morning IndieG,
I've been told as a US national I wouldn't be very welcome on this board, but I have been visiting this website a very long time now. So risking the chance of being kicked off strait away I thought I'd ask a few questions. I'll understand it if you won't reply, and apologize for breaking any, to me unknown rules on this website in advance. At the moment I live and work in Europe, and a few months ago I started up the paperwork in the USA to meet the requirements of a UAE residency visa which is basically finished now. What caught my interest is your remark "minimum balance on a bank account". The terms of my employment contract stipulates that housing expenses, car, insurance and multiple airline tickets are provided for by my employer. So there would not be a need from my side for personal loans or credit cards. As for credit cards I prefer to keep my European ones actually. So my questions are :USExpat
I've been told as a US national I wouldn't be very welcome on this board, but I have been visiting this website a very long time now. So risking the chance of being kicked off strait away I thought I'd ask a few questions. I'll understand it if you won't reply, and apologize for breaking any, to me unknown rules on this website in advance. At the moment I live and work in Europe, and a few months ago I started up the paperwork in the USA to meet the requirements of a UAE residency visa which is basically finished now. What caught my interest is your remark "minimum balance on a bank account". The terms of my employment contract stipulates that housing expenses, car, insurance and multiple airline tickets are provided for by my employer. So there would not be a need from my side for personal loans or credit cards. As for credit cards I prefer to keep my European ones actually. So my questions are :USExpat
(1) What is this minimum balance you are referring to? In my case +/- 30.000 AED would be paid out in the UAE, the rest directly into a European account.
Oh, don't worry, this is just about greedy banks after your money. If you don't maintain a minimum balance (typically monthly average 5k-10k average) then they sock you with charges - AED 25-100 a month. Some banks don't charge.
(2) If this minimum amount applies to me as well, is there any legal way of avoiding this? It actually scares the hell out of me being forced to leave money on a UAE account. I would prefer telex transferring the plus balance to Europe every end of the month. All I would require from my UAE bank is an ATM card and internet banking facilities.
Several banks don't have this requirement. Send me a pm once you're here, will get some one to contact you and help you with the account opening etc.
(3) Do UAE banks give the full package strait away? I mean ATM card and internet banking facilities once you open an account? Or is there a waiting time for this?
Yes, typically 1 week if the bank has good customer service. Or 2 weeks. If you don't receive it within a reasonable period of time then standing in the middle of the banking hall and screaming loudly will achieve the desired result well
(4) Can I make transfers in Euro's?
Yes
Once again, any help or info is appreciated. With all the doom scenario thinking going on I'm seriously starting to get second thoughts about moving over to the UAE. I'm into wholesales / logistics myself, not construction or construction related work and would be based in Dubai.
Think about it carefully. Whilst it is the construction industry that has been badly hit right now, other areas such as shipping (already hit), tourism, retail, hospitality, trade, oil&gas will all be hit in varying degrees.
Last edited by IndieG; Dec 18th 2008 at 10:35 am.
Dec 18th 2008, 10:34 am
#123
If I have to explain...
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Re: An off topic question...
I am not a British Expat either
(1) What is this minimum balance you are referring to? In my case +/- 30.000 AED would be paid out in the UAE, the rest directly into a European account.
Oh, don't worry, this is just about greedy banks after your money. If you don't maintain a minimum balance (typically monthly average 5k-10k average) then they sock you with charges - AED 25-100 a month. Some banks don't charge.
(2) If this minimum amount applies to me as well, is there any legal way of avoiding this? It actually scares the hell out of me being forced to leave money on a UAE account. I would prefer telex transferring the plus balance to Europe every end of the month. All I would require from my UAE bank is an ATM card and internet banking facilities.
Several banks don't have this requirement. Send me a pm once you're here, will get some one to contact you and help you with the account opening etc.
(3) Do UAE banks give the full package strait away? I mean ATM card and internet banking facilities once you open an account? Or is there a waiting time for this?
Yes, typically 1 week if the bank has good custoemr service. Or 2 weeks. If you don't receive it within a reasonable period of time then standing in the middle of the banking hall and screaming loudly will achieve the desired result well
(4) Can I make transfers in Euro's?
Yes
Once again, any help or info is appreciated. With all the doom scenario thinking going on I'm seriously starting to get second thoughts about moving over to the UAE. I'm into wholesales / logistics myself, not construction or construction related work and would be based in Dubai.
Think about it carefully. Whilst it is the construction industry that has been badly hit right now, other areas such as shipping (already hit), tourism, retail, hospitality, trade, oil&gas will all be hit in varying degrees.
(1) What is this minimum balance you are referring to? In my case +/- 30.000 AED would be paid out in the UAE, the rest directly into a European account.
Oh, don't worry, this is just about greedy banks after your money. If you don't maintain a minimum balance (typically monthly average 5k-10k average) then they sock you with charges - AED 25-100 a month. Some banks don't charge.
(2) If this minimum amount applies to me as well, is there any legal way of avoiding this? It actually scares the hell out of me being forced to leave money on a UAE account. I would prefer telex transferring the plus balance to Europe every end of the month. All I would require from my UAE bank is an ATM card and internet banking facilities.
Several banks don't have this requirement. Send me a pm once you're here, will get some one to contact you and help you with the account opening etc.
(3) Do UAE banks give the full package strait away? I mean ATM card and internet banking facilities once you open an account? Or is there a waiting time for this?
Yes, typically 1 week if the bank has good custoemr service. Or 2 weeks. If you don't receive it within a reasonable period of time then standing in the middle of the banking hall and screaming loudly will achieve the desired result well
(4) Can I make transfers in Euro's?
Yes
Once again, any help or info is appreciated. With all the doom scenario thinking going on I'm seriously starting to get second thoughts about moving over to the UAE. I'm into wholesales / logistics myself, not construction or construction related work and would be based in Dubai.
Think about it carefully. Whilst it is the construction industry that has been badly hit right now, other areas such as shipping (already hit), tourism, retail, hospitality, trade, oil&gas will all be hit in varying degrees.
Dec 18th 2008, 10:37 am
#124
If I have to explain...
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Re: what the F do you do if you get sacked and have cars and credit cards
Oh, I see. I just assumed that, as you were on the Middle East forum, you meant the Middle East. Hadn't thought that you might refer to your own location as the centre of this communication.
Typical sceptic tank!
Typical sceptic tank!
Last edited by Roadking; Dec 18th 2008 at 10:38 am. Reason: oops again
Dec 18th 2008, 10:44 am
#126
Forum Regular
Joined: Dec 2008
Posts: 127
Re: what the F do you do if you get sacked and have cars and credit cards
Hi IndieG,
Thank you for the info, that does it for me. The UAE project is off my active list as per now. I'm interviewing a few people here in Holland in the coming two weeks. If one of them wants the Dubai job he can have it. I already had serious doubts about it, even before I responded to your banker's info. The UAE banking system is really way out of date if I read your comments correctly. You are talking about weeks for something that in Holland took me less then ten minutes to have setup. And it's a multiple currency account as well. Okay, needed to wait two days for the ATM card, four days for the credit card but that's all.
Thank you for the info, that does it for me. The UAE project is off my active list as per now. I'm interviewing a few people here in Holland in the coming two weeks. If one of them wants the Dubai job he can have it. I already had serious doubts about it, even before I responded to your banker's info. The UAE banking system is really way out of date if I read your comments correctly. You are talking about weeks for something that in Holland took me less then ten minutes to have setup. And it's a multiple currency account as well. Okay, needed to wait two days for the ATM card, four days for the credit card but that's all.
Dec 18th 2008, 10:47 am
#127
Forum Regular
Joined: Dec 2008
Posts: 127
Re: what the F do you do if you get sacked and have cars and credit cards
Thank you. I didn't mean to insult you, I clearly stated I was in Europe at the moment.
Dec 18th 2008, 10:51 am
#128
Forum Regular
Joined: Dec 2008
Posts: 127
Re: An off topic question...
I am not a British Expat either
(1) What is this minimum balance you are referring to? In my case +/- 30.000 AED would be paid out in the UAE, the rest directly into a European account.
Oh, don't worry, this is just about greedy banks after your money. If you don't maintain a minimum balance (typically monthly average 5k-10k average) then they sock you with charges - AED 25-100 a month. Some banks don't charge.
(2) If this minimum amount applies to me as well, is there any legal way of avoiding this? It actually scares the hell out of me being forced to leave money on a UAE account. I would prefer telex transferring the plus balance to Europe every end of the month. All I would require from my UAE bank is an ATM card and internet banking facilities.
Several banks don't have this requirement. Send me a pm once you're here, will get some one to contact you and help you with the account opening etc.
Are you trying to tell me I need to go to my own bank and withdraw my entire balance to then go to an other bank in Dubai to transfer it to Europe? To make a simple telex transfer is that a full days work in the UAE?
(3) Do UAE banks give the full package strait away? I mean ATM card and internet banking facilities once you open an account? Or is there a waiting time for this?
Yes, typically 1 week if the bank has good customer service. Or 2 weeks. If you don't receive it within a reasonable period of time then standing in the middle of the banking hall and screaming loudly will achieve the desired result well
(4) Can I make transfers in Euro's?
Yes
Once again, any help or info is appreciated. With all the doom scenario thinking going on I'm seriously starting to get second thoughts about moving over to the UAE. I'm into wholesales / logistics myself, not construction or construction related work and would be based in Dubai.
Think about it carefully. Whilst it is the construction industry that has been badly hit right now, other areas such as shipping (already hit), tourism, retail, hospitality, trade, oil&gas will all be hit in varying degrees.
(1) What is this minimum balance you are referring to? In my case +/- 30.000 AED would be paid out in the UAE, the rest directly into a European account.
Oh, don't worry, this is just about greedy banks after your money. If you don't maintain a minimum balance (typically monthly average 5k-10k average) then they sock you with charges - AED 25-100 a month. Some banks don't charge.
(2) If this minimum amount applies to me as well, is there any legal way of avoiding this? It actually scares the hell out of me being forced to leave money on a UAE account. I would prefer telex transferring the plus balance to Europe every end of the month. All I would require from my UAE bank is an ATM card and internet banking facilities.
Several banks don't have this requirement. Send me a pm once you're here, will get some one to contact you and help you with the account opening etc.
Are you trying to tell me I need to go to my own bank and withdraw my entire balance to then go to an other bank in Dubai to transfer it to Europe? To make a simple telex transfer is that a full days work in the UAE?
(3) Do UAE banks give the full package strait away? I mean ATM card and internet banking facilities once you open an account? Or is there a waiting time for this?
Yes, typically 1 week if the bank has good customer service. Or 2 weeks. If you don't receive it within a reasonable period of time then standing in the middle of the banking hall and screaming loudly will achieve the desired result well
(4) Can I make transfers in Euro's?
Yes
Once again, any help or info is appreciated. With all the doom scenario thinking going on I'm seriously starting to get second thoughts about moving over to the UAE. I'm into wholesales / logistics myself, not construction or construction related work and would be based in Dubai.
Think about it carefully. Whilst it is the construction industry that has been badly hit right now, other areas such as shipping (already hit), tourism, retail, hospitality, trade, oil&gas will all be hit in varying degrees.
Dec 18th 2008, 10:53 am
#129
BE Forum Addict
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Re: what the F do you do if you get sacked and have cars and credit cards
Hi IndieG,
Thank you for the info, that does it for me. The UAE project is off my active list as per now. I'm interviewing a few people here in Holland in the coming two weeks. If one of them wants the Dubai job he can have it. I already had serious doubts about it, even before I responded to your banker's info. The UAE banking system is really way out of date if I read your comments correctly. You are talking about weeks for something that in Holland took me less then ten minutes to have setup. And it's a multiple currency account as well. Okay, needed to wait two days for the ATM card, four days for the credit card but that's all.
Thank you for the info, that does it for me. The UAE project is off my active list as per now. I'm interviewing a few people here in Holland in the coming two weeks. If one of them wants the Dubai job he can have it. I already had serious doubts about it, even before I responded to your banker's info. The UAE banking system is really way out of date if I read your comments correctly. You are talking about weeks for something that in Holland took me less then ten minutes to have setup. And it's a multiple currency account as well. Okay, needed to wait two days for the ATM card, four days for the credit card but that's all.
Dec 18th 2008, 10:56 am
#130
If I have to explain...
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Dec 18th 2008, 10:57 am
#131
BE Forum Addict
Joined: Oct 2007
Location: Khaladiya Abu Dhabi
Posts: 4,181
Re: what the F do you do if you get sacked and have cars and credit cards
Dec 18th 2008, 11:02 am
#133
If I have to explain...
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Dec 18th 2008, 11:03 am
#134
Forum Regular
Joined: Dec 2008
Posts: 127
Re: what the F do you do if you get sacked and have cars and credit cards
You are right ofcourse, but what shocked me was the 2+ weeks waiting time to setup a simple bank account in the UAE. I don't even need their cheque book, neither do I need their credit card either. Just an ATM card that I can withdraw money with for my daily needs and internet banking facilities.
Dec 18th 2008, 11:06 am
#135
BE Forum Addict
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Re: what the F do you do if you get sacked and have cars and credit cards
Not the case with some banks here - where activating the PIN is a separate exercise (involves the cardholder calling up the bank and providing them with some specific personal information before they activate)