Banking solutions for expatriates
 

I've been looking through the different threads we have here about banks in the Emirates and most people, if not everyone has lots of complaints about western as well as local banks.

What is the best compromise to:
have a local account for living expenses
have savings accounts
be able to send money back home
minimize losses while converting currency to euro

Happy landings

Best of the worst
 

Generally, all the UAE banks are louzy

Best of the worst is HSBC, if you have 'status' current account, you will get lots of benefits related to transfer and insurance

dont come near local banks, its a big mess and everything takes forever to complete

Yes but don't they charge like 4% more on currency exchange? That would be an issue if one transfers money regularly wouldn't it?

For sending money home the best way is someone like:

Global Currency Exchange Network

You phone for a rate (waaay better than the banks) and drop off a cheque or transfer to their UAE bank account. Has worked well for many of us. Min 50,000 Dhs though.

The best thing I can say about the banks is that they are starting to take security seriously, which brings about its own set of user problems...

HSBC C..P
 

If HSBC are best of worst, that i cannot believe, they are worst total c..p, they cannot even do transfers between HSBC UAE and HSBC Uk without total
f...up, and when you speak to the call centre you might as well talk to the camel herdsman, or the camel itself get more sense

want advise stay away from them especially in AUH

HSBC too many problems to mention, nothing to do with HSBC UK.

I cant imagine a worst bank- even the internet banking with them is a joke.

The National Bank of Abu Dhabi NBAD, with a restriction:

Go to the Abu Dhabi Mall - branch, and deal with Mr.Mohammed. He's excellent. You usually have to cue up for some time till you get to him, but I'm very pleased with his help (and that was often): I had money stolen out of my account twice, I had wrong transfers being made and my internet-banking didn't work for weeks. He sorted it all out for me until now. :)

Apart from that: The service-hotline is a total waste of time - the idiots at the other end hardly speak english, and drive you mad with their stupidity. :mad:

The NBAD-Airport-branch is a piece of sh!t, might as well forget it. They can't even issue a new cheque-book without trouble. :=

And I haven't tried out any other banks or their branches until now.

Has anyone looked into an offshore account with HSBC?

For what? :confused:

For banking .... off shore!

So far ADCB the best:ok:
Mashreqbank I use for day to day - they're ok I suppose:\

HSBC UAE wind the me the hell up with their ineptitude, lack of proper bank facilities, customer service etc - complete rubbish. Unlike my HSBC account in UK which is well run, competent, polite.. Oh well, pay peanuts and all that:eek::eek:

I have been with Lloyds for quite a few years in the UAE, used to be a very efficient, friendly bank, but unfortunately they seem to have lost the plot! Would I recommend them…probably not?

Why are we still paying incredible high mortgage rates in the UAE when every where else the rates are quite low?

Lloyds near Safa Park also require that you keep 10000 dhs minimum in your current account to avoid bank charges.:mad:
Having said that Neil one of the front line crew is very helpful sorting out any problems that you may have.

The best banking solution I can suggest is do not keep a single penny in this country.
The place is going bankrupt.
All local bank have been downgraded by Fitch apart ADBC from Abu Dhabi and HSBC. Open an account there and leave minimum balance. With HSBC international you can open an offshore account and transfer the money there free of charge from your HSBC AE account.
If heard stories of people trying to make a big transfers and Local Banks trying to find any possible way to prevent them do so.

+1 to the comments about not keeping it in the country.

Bear in mind that HSBC Offshore (or in any other country for that matter) bear no relation to HSBC in Dubai, other than the name and logo. They're like franchises. The real problem with HSBC in the UAE is with the UAE and Middle Eastern banking. Which is why every single bank in the UAE is complete crap. Lots of guys get pushed to the point of desperation and switch from HSBC-Lloyds-Barclays-etc and it makes no difference, they are all regulated under the same backwards, archaic, idiotic system.

So just pick one that has a branch near your accommodation, grit your teeth, and keep counting the days until you can return to a real country.

Hi!

Is there Barclays in UAE? I have a Kenya Barclays account and wanted to transfer it to Barclays UAE.

cliff
NBO
PS-The banking situation is the same here in NBO.

You went with Barclays? Ugh, not good (here in Kenya that is). Might be an idea to switch to I&M or Standard Chartered before you leave. Much better customer service.