Offshore AED account.

[helen-damnation]

Information requested on banks providing offshore AED accounts please.

HSBC have "kindly" informed me that to have an offshore account with them I must maintain a minimum equivalent of £60,000/AED 375,000 and have a premier account.

Since I and a majority of us don't earn AED 50,000/month that's the premier gone and who has that much money lying around anyway?

GITS :mad::mad:

[pilotrob23]

That is like Emirates NBD taking away our Priority Member status a few months ago, and not a notification to boot as well. This a great subject to discuss, because after the time has been done, I am sure for many that six figures can be tough to "smuggle" back into their home country. I look forward to putting it all in a black briefcase for my carry on item. :O

[hopingforemirates]

That has been the policy with HSBC, from the time I arrived here 8 years ago. $100,000 (US) total in any or all accounts within HSBC, though in point of fact, the $100,000 is the requirement for a Premier Account and the benefits it holds; I had an account here in Dubai (which is offshore from my home of record) since I was hired here. Once I had $100,000 in it, I automatically became a Premier Member.

[falconeasydriver]

Lloyds offshore based in the IOM. Used them for the past 7 years….USD rather than AED, but as its a fixed rate etc no drama.
Only thing is if you are a UK citizen, revenue and customs get your info:ok:

[what_goes_up]

Pilotrob, are you sure about this? I still go straight to the priority desk with NBD and no dramas...

[pilotrob23]

They did. Neighbor here in DSO tried to use his queue card, and they told him he wasn't a priority member any longer, back in January. I just called two weeks ago, and they told us as well we did not meet the new requirements. (I think it is 35000 dirhams salary) as a 2nd year FO, we don't fall into that category, I hope you do. Cheers, and let me know if you have heard different.

[BANANASBANANAS]

Its 40,000 dirhams and as a first year Captain neither do I. Its actually a bit more than 40k dirhams in practice as I was told NBD needed a salary slip showing a basic salary of more than 40k dirhams and more than 40k dirhams into your account every month. By the time the EK Prov Fund deductions have been made and you have paid for a couple of CAT C firm tickets to wherever that can also be an issue if you have 3 weeks holiday.

[what_goes_up]

wow...wasn't aware of...

[helen-damnation]

Lloyds US$ is ok but different bank so various fees etc. The idea was to be able to do a straight movement offshore hassle free. Looks like that won't be an option.

Any other banks doing AED offshore?

[Dropp the Pilot]

Now I am intrigued - what could possibly explain your desire to hold AED?

Speculating in sand futures?

[falconeasydriver]

Ok Helen, understood, but just so you know I haven't paid one penny in fees related to transfers. The only charge I incur is when I use my debit card in other currencies than USD or AED. Min opening balance is 25,000 USD, but after that there are no further restrictions on min balance, deposits, monthly spend etc etc :ok: and I've yet to find anywhere we go where my debit card doesn't work.

[Mach_Krit]

haha, had a call from a russian sounding lady a few months back telling me I didn't fulfill the priority customer requirements. After kindly reminding her of my employer and that they threw the priority thing at me without me asking for it, she said she would talk to her supervisor and get back to me.

needless to say I never heard from them again, and just got my new credit card which still says priority...not like I give a toss...but so much for that.

[helen-damnation]

Dropp
So that it's not stuck here! Also allows me to pick my time for exchange rate.

Falcon
Interesting. I'll check it out, thanks.

[irish777]

Also using Lloyds IOM, PM me for some contact info of a guy who is used to dealing with the EK paperwork. All the statements come through to my EK PO box without issues.
I'm only using it for GBP at present, the problem with saving in USD is that I've never seen a rate close to the pegged rate so every time you transfer you are loosing a bit despite AED and USD being effectively the same.
For smallish transfers I use Global Currency who are UK owned and have a Dubai office. It's handy if family are sending out money to pay for their special tickets etc you just set it up online and they pay to a local bank and it ends up with you. Fairly decent rates for larger transfers if you haggle and speak to them.
http://www.gcen.co.uk


If you aren't totally skeptical about saving in the UAE, National Bonds is a good scheme, government backed and pays around 2% interest. Fairly decent customer service too and can be paid in via ENBD transfer and withdrawn via UAE exchange.

If anyone has any success getting the Emirates NBD priority banking back I'd be interested to know how. They seemed immovable on the subject and gave no notification of the change. However I've had zero issues with them unlike HSBC previously.

[Rotaiva]

Hey Irish..check your pm's

[flareflyer]

And about SWISSQUOTE?