UAE (Dubai) Bank advice please.
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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
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
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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.
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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.
I agree, if you do more complicated stuff, any bank struggles with that. It's just dubai,I'm guess.
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Banks aka pull pin and leave room topic!!!
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
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
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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.
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.
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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.
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.
