Where to keep my Dubai savings
Jun 4th 2013, 10:14 am
#1
Forum Regular
Thread Starter
Joined: Dec 2012
Posts: 34
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
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
Jun 4th 2013, 10:23 am
#2
BE Forum Addict
Joined: Nov 2009
Posts: 3,096
Re: Where to keep my Dubai savings
better to transfer home at 1.51 (i.e. now) as opposed to 1.68
Jun 4th 2013, 10:23 am
#3
Account Closed
Joined: Mar 2012
Location: Dubai, working at Dust World Central
Posts: 3,706
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.
Jun 4th 2013, 10:26 am
#4
Forum Regular
Joined: Aug 2012
Location: Doha
Posts: 44
Re: Where to keep my Dubai savings
I kept my money in Dubai, used to keep it at Fibbers
Jun 4th 2013, 11:17 am
#5
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: 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
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.
Jun 4th 2013, 2:43 pm
#6
"Insert witty title here"
Joined: Nov 2012
Location: dxb
Posts: 2,251
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
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
Jun 5th 2013, 9:37 am
#7
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
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
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
Jun 5th 2013, 9:51 am
#8
"Insert witty title here"
Joined: Nov 2012
Location: dxb
Posts: 2,251
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
bought quite a lot of gold 2 weeks ago when it went down
now going to hold on to it for about a year
