Opening a bank account in Dubai
09 June 2011
Is it better to open a local bank account in Dubai or retain an offshore account? If going for an offshore account - should I choose HSBC or Barclays?
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Stephanie's Website
I can recommend opening a local HSBC account in Dubai (in which your salary is paid) and then also opening an account in the Channel Islands or in Jersey. Then when the exchange rate is good you can freely transfer money into the offshore account, and otherwise, you can use your Dubai account for day-to-day financing. The offshore account also allows you to pay any accounts you may still have in your home country (meaning the UK) - through debit order...
By keeping your savings offshore you also avoid the UAE government confiscating it in the case of death. A bit bleak, I know, but it is something you should educate yourself as an expat. In the UAE, your account is frozen until everything is paid off at the time of death. But accounts in other countries are not subject to this.
Living in:
From:
Tom's Website
I recommend opening an international bank account with Barclays Wealth, held offshore in the channel islands, UK or Gibraltar. This bank account keeps your money safe, in a stable economic and political environment, but allows you to access your money anywhere in the world, including Dubai. Many expats have already chosen Barclays Wealth for their offshore banking, and I highly recommend it as I have never heard of any complaints. They also offer free telephone and online banking to make it even more convenient and are really nice to deal with.. check out offshore. barclays. com or barclayswealth . com xx
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