UAE (Dubai) Bank advice please.

[jack schidt]

Hi,

I would just like to ask for some advice please as to which bank you find the most user friendly and helpful in the UAE. Some banks offer points when purchases are made on their cards and some banks just offer a much better service than others.

(Aviation related part loosely related). For all those EK pilots who get their hard earnt cash paid into the bank, which bank in particular has been good to you and why please? The banks that are most popular appear to be Mashreq & NDB but I don't know why as I do not bank with them. HSBC appears to have a poor reputation and Lloyds is now HSBC anyway and always had limited ATM's.

I was once told that certain banks are better to be with when you one day leave EK as it makes the money process easier, but again is that just a rumour?

A list of known good and bad banks would be very helpful to those here in Dubai / UAE and it would help the new joiners by offering sound advice from those who are experienced customers.

I will say thanks now to anyone who takes the time to reply and hope that both myself and others would benefit from advice shared on this thread.

Many thanks. :ok:

[Curry Goat]

Mashreq Bank for many years. Had car loans, mortgages without too many headaches. Once you get to gold member status (which I believe is determined by how much the wife uses the credit card), it becomes a breeze. Their internet banking for transfers etc. is very good. The many many many calls from them to tell me the latest offer they have is annoying, but have learnt their numbers to ignore. I give them 8/10

CG

[Dropp the Pilot]

Concur with the Goat but keep a close eye on the exchange rate when using the online transfer facility which at times is brazen theft. Conversely, the transfers are fast - sometimes less than 24 hours to Yurp and North America.

[777boyindubai]

I found Mashreq the worst bank here. Followed very closely by HSBC. RAK Bank and Lloyds are pretty good. But, Lloyds has been bought by HSBC so I have closed my account.

For simple stuff, the banks are OK. Anything more complicated can be problematic.

If you expect poor service and lower your expectations, you won't be disappointed.

I also concur with the variable rates on transfers. Do your homework.

Emirates NBD have a large branch network and your salary credits on the 24th. The other banks can take a day or two extra.

Good luck with your choice.

[saywhat]

They are all the same. You put your money in them, they charge you fees and tell you that they don't. None are better than any other, none are worse than any other....and it's the same world wide.

[Thridle Op Des]

Vote for Goat; ten years with Mashreq, a couple of howlers but once you get a 'Relationship Manager' (what ever they are - standing by for suggestions) things seem to work better. 777bid has a point though, wife is with NBD and they seem reasonably switched on. I hear lots of violent cursing about HSBC, though I personally have never used them.

[glofish]

Same, same with any bank in the pit.

They are mostly local banks or franchises of international banks. Almost no stand alone. This means that there's always a pyjama in the rear room trying to rip you off big time.

When setting up an account, be extremely cautious and precise. Don't let any comma or letter be different than any document. Once set up, it is a bloody nightmare to change anything. You can dial through billions of numbers, get hold of the remotest moron in Kerala giving you his utmost attention without being capable of understanding even the slightest detail of your agony.

Online banking is similarly painful if anything gets out of the very simple basic transaction.

Just stick to the most basic services and you will only be disappointed, but at least keep most of your hair.

[Earl]

I found Emirates bank to be a big rip off.
Bought a motorcycle in DXB, paid half in cash, Emitates bank does not finance motorcycles.
They offered me a credit card that was supposed to be interest free for 90 days.
I accepted and got my bike.
Went to pay off the credit card in less than 60 days, paid 30 percent of it in less than 10 days.
Was told yes this was promotion for the card but since I did not apply in writing for the promotion i did not get it, was charged full interest.
Arab ali babba goats at there finest hour.
Ones I heard with mashreq seemed happier.
Emirates bank is disgusting.

[ualgrizz]

Earl:

Dude this is not Kansas...riding a bike in Dubai...beware!!

[float flyer]

Get paid in cash, stick it under your mattress, (hidden from the wife), use it as YOU feel fit!

The banks here are stuck in a time warp!

Same! Same! But different!

[special brother]

As already stated, avoid Mashreq Bank. They take money from your account WITHOUT your authorisation! Be Careful to get the right account to begin with! To change at a later stage is very difficult and expensive, if you have a credit Card with a 80K Limit, you have to pay this, even if it is NOT used, to the bank for 60 Days! Banks Promise EVERYTHING to get your 'business' and dont deliver.:=

[Earl]

I paid this credit card off quick for the Harley.
Long before the promotion so called no interest time frame they offered me.
What got me was they said yes this was promotion through Emirates bank, no interest for 90 days.
Yet I was charged full interest rate because they said I did not do some special paper requesting this promotion.
I paid this off quick as I flew for midex airlines and job was not secure, constant contract changes , no pay etc.
Did not want to leave the UAE with any debt.
I shipped the bike home after my contract ended.
I do agree riding a bike in the UAE is challenging even for me , have been on a bike for over 40 years and never have I seen such dangers as in DXB from
the Indian Taxi drivers or arabs talking on cell phones not paying attention to there driving.
Told one that sorry if i interrupted his safety with my loud pipes while he was talking on his cell phone.
Maybe thats for another thread.
Just posted to some who may fall for this Emirates bank credit card scam.
Worked for Saudia for many years, never once did Saudia try to cheat me on my end of service allowances or even the banks there.
And one would think it is opposite.
UAE not so modern as some may think.

[Victor Inox]

What many newcomers to the sandpit don't realize is that once you have a loan or a CC in the UAE, you might already have one foot in jail.

This is because, in order to secure the loan amount or CC limit, most banks ask you to sign a blank cheque (or one to cover the loan amount or CC limit). This is then presented to your bank in the case of default. So far, so good.

However, you can have a nasty surprise when this cheque suddenly appears from nowhere. A friend of mine was out of the UAE (having been sent to India for almost three months by his company). When his bank called his workplace to try and sell him some other product, the switchboard told the caller that 'Mr X has left the country'. Result: car loan called in by means of cashing his security cheque. Insufficient funds in account, cheque bounced (criminal offence in UAE), he lands in jail the minute he arrives at DXB again. Took him more than a week in jail before his case was heard and finally settled.

Watch out!

[Earl]

Victor is very correct with these bank warnings.
If you get a job in the UAE avoid the credit from the banks if you can.
If you do take, pay it off ASAP.
I know many that jobs went south and they had to leave the UAE owing money, car loans credit cards etc.
If you ever return there they will detain you until the money is paid, even if on a layover with another airline.
Not just your bank but many different banks will be calling you to offer loans credit etc.
I think that about 50 percent of my last company thought this was a good deal. got in debt and had to leave.
Now if they ever go back there big problems.
Things can change quickly, best to use cash and stay away from the banks unless its very short term.
We all thought Midex was a long term thing also.
Remember some saying well my end of contract service will pay off anything I owe with the banks,
They never payed that and cheated us all also.

[Durban]

So among all of that, let's say your employer requires you to have a UAE bank in order to pay your salary to you. Perhaps you also need to transfer currency abroad sometimes. What would be the best bank in town (AUH and DXB)?

[TwinJock]

...they charge you fees and tell you that they don't


Have not paid ANY banking fees to Mashreq in 6 years! They must be really good to "steal" it from me without me seeing it....

No hassles experienced with them - yet!

[Dropp the Pilot]

Twin:

Have you used them to transfer money anywhere, or to buy a bank draft, or to use your ATM card or credit card outside Dubai?

Have a look at the exchange rate in any of those cases and you will find that they are paralyzed with laughter at the amount they can steal from you.

[Bus429]

We've set up a Sharjah SAIF FZC running an aviation consultancy which is almost identical to our UK business. Frustratingly, we have been unable to trade through the local business because setting up a bank account is fraught with half-truths and some downright lies (on the part of the banks, not us). RAK Bank and Emirate NBD are as much use as chocolate tea pots. We're currently going through the hoops with Barclays but not too optimistic.
Another problem is setting up Public Liability and Indemnity insurance. For the UK business, no probs; here, hassle. Any leads in that regard appreciated.

[Earl]

Emirates bank handled our company payroll and employees individual
accounts.
At one point after salary was deposited and employees used there internet banking to transfer the salary home they lost the transaction for over 3 weeks.
Emirates bank admitted the mistake and promised 3 free transfers after this.
None of these free transfers ever happened, always an excuse from them.
I finally started using the money exchangers in the shopping malls to transfer my salary out after making a few ATM withdrawals each month.
Remember taking out 10,000 AED at a time for this from the ATM.
The al ansari money exchange charged about 25 usd if i remember correctly for this.
But it was always there in 2 days or less into my account in the USA.
Emirates debit card did work here in the USA but expensive to use.

[carmz48]

These are the reasons why I'm warning you on not to ever get involve with Mashreq Bank in any way:
- Be careful in taking Mashreq Bank's smart saver credit card as if you use it overseas, mashreq's exchange rate is at least 10% lower than the advised exchange rate. They will lure you with the cashback of around 3% earned from selected spendings but they actually get 7% more of it as they gave you a very low exchange rate. And that is without interest rate yet assuming you paid it in full every month. Sounds like a daylight robbery to me.

- Customer Service is so bad. My rate is 1 out of 10. Call center as well as those in the branch counters doesn't seemed to have communicated to each other. I requested for a clearance letter the other week so I could transfer my salary to another bank but nobody told me to close my credit cards in order to transfer my salary to another bank, so they charge me AED100 for this letter which I paid. Then I got the letter and submitted it to my company but my company didn't accept it as they have mentioned my credit limit in the letter which they refer to as unsecured credit cards.
So, I went to the bank again and asked them to remove the credit limits and they said I have to close my credit cards which is fair enough. But they said I have to pay for another AED100 for a clearance letter without the mention of credit limit. wow! another daylight robbery!
See, the purpose to request for a clearance letter is very clear which is to move to another bank but nobody advised me to close my credit cards so they don't need to mention the credit limits which I didn't even ask to have in the first place. Call center said, it's ok maam, you may keep your credit card. So then, they can charge me for another 100dhs for the next letter.

- Third, this bank's 3rd party agents lure laborers of salary ranging from 600 to 1200 dhs in labor camps to get a credit card with a limit of 4500++dhs. And of course, these poor laborers were easily lured as you see, they are in a not so good condition. This bank is taking advantage of these laborers who in the end without proper knowledge on how to manage their money will be in debt. I think this bank is so ruthless and so greedy.


'hope this helps. At least, one bank crash out from your list.

Mashreq Bank is the worst, so far for me.

By the way, I also have an active account in NBAD also, 'can't say much about NBAD as I haven't really use it in a daily basis. However, my favorite so far if Emirates NBD, they have the best exchange rate, so far.

[Kapitanleutnant]

As this post clearly points out…. there really are no "good" banks in Dubai. Each has it's little "ism's" they do and charge.

The only reason I selected my particular bank was they have the most ATM's around Dubai, which I have found quite convenient… and that is the ONLY reason.

In the years I've been here though I will say that my bank has tried to become better both with customer service and new online banking.

Still though it's typically Dubai-frustrating as I try to send money home automatically each month and when setting it up, they asked for a particular account/routing number that I'd never heard of before. Called about 5 times to different people and they all said I'd have to get that information from my home country bank. Home country bank had no idea what it was either. What to do….?

So… It can be as simple as picking the one with the closest ATM or branch. They are all 2nd world systems, thinking they are first world banks. Laughable...

Kap

[BANANASBANANAS]

I use Emirates NBD internet banking to transfer money home each month. Not had a problem yet and the rate is always reasonable. Not great, reasonable.

[Dubai2004]

Avoid Mashreq at any cost! Emirates NBD have ATMs everywhere and their online banking is great.
I agree, if you do more complicated stuff, any bank struggles with that. It's just dubai,I'm guess.

[ruserious]

Sorry but I find Emirates NBD internet banking transfer rates to be exorbitant. I usually save about around 800aed on a 10K GBP transfer using Rostamani at Mall of Emirates

[Vortex Thing]

HSBC, ADCB and Standard Chartered are all shockingly bad 'banks'. The problems encountered would have been worth a visit to a lawyer in any other country?

Having been HSBC Premier for 10 years prior to arrival in DXB within 2 months of arrival HSBC bounced a cheque on me when I bought a car. Yes the funds were sufficient & cleared, the signature was fine. No one in the bank including my "relationship manager" knew who had returned it, why they had done so or could explain. Lucky for me the chap selling the car was a pilot friendly expat and took cash and a humble apology. I moved to ADCB....

ADCB well they got better and better. I made a transfer of 100,000AED home to the wife to get the shipping container et al sorted prior to the family arrival in DXB. The amount sent to my AED account offshore UK.

Even though I ticked the currency as AED as the transaction was online. It turns out that online is NOT the same there as anywhere else. Someone in the bank very kindly checked the transaction before approving it, spotted my "error" and saw a UK IBAN and changed the currency to GBP!!!
Result GBP hit my AED account and promptly gets turned back in AED! 88,000 of the original 100,000 arrives in account.

I query it with bank, they say I must have made a mistake!! Lucky for me I had taken a screen shot at each stage. After 3 months and visits to 4 levels of management I get the money back. I move to Emirates NDB.....

ENDB pretty good for almost 2yrs, best mobile app and online banking of the lot so far. This was all good until I was back home in UK on leave over Xmas a few years back.

We had been given a nice 50,000AED overdraft facility so we used it each month and paid it each month. However they "tried to ring us" over Xmas that year to do the "annual" confirmation that we wished to renegotiate the facility. We had not been told this, didnt know this and never had a call and hadn't done it the previous year. Result facility withdrawn instantly. We arrive back in DXB account frozen, pay withheld, school fees not paid.

No apology, luckily we, as you always should have, had emergency cash and after phone calls to many levels of management and eventually a meeting with THE Head of Priority Banking in ENDB HQ it was dealt with after 2 months! Even though they acknowledged their error. "But Captain you must understand it was not us it is automatic. It is the procedure!!!"

NBAD for almost 2yrs now and not one single issue worth mentioning. They aren't the quickest but ever mistake made was dealt with correctly first time upon complaint. They did lie to me about how much the interst rate was and how much they could really lend me but not as much as the other banks did and I've been plesantly surprised or perhaps I've just come to accept that service is poor full stop in Dubai banks now!

As for Standard Chartered, met a chap at an EPC function who told me he could solve all my ills, i bought his crock and suffice to say just don't even bother going there! They lie like cheap Karama watch! Thankfully I pulled the plug before changing salary destination.

Bank stories are up their with pay, benefits (or lack or), productivity levels, medicals, driving perils, school debentures and customer service when it comes to flightdeck conversation topics.

I will say this though the same offenders rear thier heads one after each other. I have yet to encounter a pilot telling me that he/she has had a bad experience i.e. Like above with Mashreq. Some of my friends and colleagues have been here 15yrs and most say Mashreq is pretty good. So to be fair I am holding them as standby for when/if NBAD lets me down badly enough.

Good luck choosing one that suits but firm advice some are bad HSBC, ADCB, Standard Chartered shockingly so the others just incompetent or irritating but they can land you in a world of worry if you are doing anything time critical, important or dont have a backup!

VT

[Emma Royds]

I use NBD and they seem to be one of the better ones of a generally bad bunch. If you simply want somewhere to park your money before sending it somewhere else and nothing more, then they are very much the same. If you are brave enough to want a loan or endless credit cards then choose a little more carefully.

All the banks here seem to offer shocking Forex rates. Take your money in cash to one of the money exchange outlets on the street and you will get a far better deal. I use Al Rostamani for sending money abroad and they are very helpful. I normally see what rates the other exchange outlets are offering and then wander down to my local Al Rostamani branch and ask them to offer a better rate and they always have.

[Kapitanleutnant]

Agree with Emma…. Al Rostamani is excellent not only in friendly service (must be my smile… gets 'em every time!) but in exchange rates as well.

Kap

[ruserious]

To give you an example, today I transferred a load of money out of Dubai to the UK
ENBD online rate was 5.558
GCEN was 5.528
Rostamani at MOE was 5.488

[Dropp the Pilot]

For smaller amounts, though......

Say you need to send a thousand pounds to your family in the UK. Making the trip to Rostamani at MOE would save you 70 dirhams over doing the transfer from the comfort of sitting in your underwear in front of your computer and sending the money via a keystroke on ENBD. Personally, the thought of NOT having to park at MOE in exchange for 70 dirhams makes me giddy.

You, of course, may be happy to send the money to ENBD whilst fully clothed. To each their own.

[ruserious]

No doubt Dropp, but it saved me AED4450, which by most standards is worth getting dressed for