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Where to keep my Dubai savings

Where to keep my Dubai savings

Old Jun 4th 2013, 10:14 am
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Default Where to keep my Dubai savings

Hi all

I've read a few articles which advise you not to keep any savings in Dubai.
I don't want to transfer it to the uk at the moment; I haven't saved much & I think I'll get screwed on the commission and exchange rate.
Any recommendations on what I should be doing?
Is it really a bad idea to keep it in a savings account here with someone like HSBC? Slightly confused!!

Nellie
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Old Jun 4th 2013, 10:23 am
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Default Re: Where to keep my Dubai savings

better to transfer home at 1.51 (i.e. now) as opposed to 1.68
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Old Jun 4th 2013, 10:23 am
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Default Re: Where to keep my Dubai savings

Right now is a great time to send money back to UK because of the exchange rate. There is a nice lady on this bored who can advise on the best way to send money back without being hit by commission.
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Old Jun 4th 2013, 10:26 am
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Default Re: Where to keep my Dubai savings

I kept my money in Dubai, used to keep it at Fibbers
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Old Jun 4th 2013, 11:17 am
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Default Re: Where to keep my Dubai savings

Originally Posted by Nellie1584 View Post
Hi all

I've read a few articles which advise you not to keep any savings in Dubai.
I don't want to transfer it to the uk at the moment; I haven't saved much & I think I'll get screwed on the commission and exchange rate.
Any recommendations on what I should be doing?
Is it really a bad idea to keep it in a savings account here with someone like HSBC? Slightly confused!!

Nellie

The reason people say not to keep money here is largely due to the implications of sharia law on death. Your money will not be at risk in a local HSBC account, but the interest rate will be lousy.

These articles may be of use to you:

http://financialuae.me/2012/07/03/sh...nd-your-money/

http://financialuae.me/2013/02/24/th...he-best-rates/

NB I am the 'nice lady' Mikewot is referring to.
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Old Jun 4th 2013, 2:43 pm
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Default Re: Where to keep my Dubai savings

depends on how much it is
if its around 450k then definitely get a studio in discovery and put it up on short term lease
with the shnizzle hitting the fan in syria, money is pouring in like crazy right now so now would be a right time to buy and then sell in a few months
if its not that much, buy some gold and throw it in a locker
u can never go wrong with gold imho
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Old Jun 5th 2013, 9:37 am
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Default Re: Where to keep my Dubai savings

Originally Posted by Irishbeekeeper View Post
depends on how much it is
if its around 450k then definitely get a studio in discovery and put it up on short term lease
with the shnizzle hitting the fan in syria, money is pouring in like crazy right now so now would be a right time to buy and then sell in a few months
if its not that much, buy some gold and throw it in a locker
u can never go wrong with gold imho
Never go wrong with gold??? Not been following the market then?
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Old Jun 5th 2013, 9:51 am
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Default Re: Where to keep my Dubai savings

actually i have
bought quite a lot of gold 2 weeks ago when it went down
now going to hold on to it for about a year
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