Job Discussion Forums

Longton · Joined: 17 Jul 2006 Posts: 148

A bit off topic but......

I want to spend a few weeks in UAE and if I like it I'll look around for a teaching job. (I am ELT Qualified!)

Does anyone know if it is possible to open a local bank account without being resident? And if yes, which bank should I choose?

Thanks.

dafni · Joined: 14 Mar 2007 Posts: 7

Try Citibank

bb2 · Joined: 22 Feb 2007 Posts: 17

Most, if not all, banks require a salary certificate from your employer. If you are worried about withdrawal fees, open an HSBC account in your home country. I have an HSBC UK account and I withdraw money from the UK at the HSBC here at no extra charge.

You most likely won't be able to open an account for deposit here.

dafni · Joined: 14 Mar 2007 Posts: 7

try
http://www.getyourmoneyworking.com/2001/DEC/30/Learn_About/Banking_and_Cards/D011230088.html

spicegirl · Joined: 29 Mar 2004 Posts: 112

I opened a bank account in the UAE with HSBC while I was still resident in Oman. Back then, the HSBC was still the British Bank of the Middle East - this was about 13 years ago. It wasn't a problem at all, but it was called a 'savings account', rather than a current account.

When I arrived here to work, I therefore already had an account set up, and didn't have to bank with our employer's bank, which is a less 'professional' bank, shall we say?

I don't know whether it's still possible to do this today, however.

ElMaghrebi · Joined: 26 Apr 2007 Posts: 10

It would be handy if you could just open an account without all the hustle

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

Personally I found banking the least of the problems in the ME. I simplified things by just using the bank of my employer. Most employers take you there with the proper paperwork, the salary is deposited every payday. You have an ATM card for easy access... wiring money home never involved more than a few minutes... and in some banks a cup of tea and a bit of gossip came with that.

To be honest, I found it a more pleasant and efficient system than banking in the US - shorter lines... friendly staffs. In Oman both banks were in a short walking distance of my classrooms, as was true in Kuwait and Cairo, and in the UAE, it was a short drive to the main branch and there were ATMs all over town. In Egypt, you chose what part of your pay was automatically deposited to your account in the US.

VS

Iamherebecause · Posted: Tue May 01, 2007 4:39 am Post subject:

VS must have had an easy time here. How dreadful the banks are is a common topic of conversation, up there with the traffic and how dodgy some of the supervisors are at HCT. The lack of protection if your credit card details are stolen; the mistakes made when sending money to another bank; the general inefficiency of delivering ATM cards, setting up or cancelling regular payments - I could go on and on - and then should you choose to try and change banks they give you the third degree.

But lets face it, banks are not nice - they are just there to make a profit out of us needing to put our hard-earned cash somewhere safe.

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

The trick to have a good experience with banks is to do as little as possible with them. They received my pay and approximately 3 times a year, I made a transfer back to the US. When my US bank started charging me $25 just to receive the wire, I started getting a bank check in dollars and mailed it. Never had a problem.

I used my ATM card once a month or so for cash. I would have NEVER used a local credit card... the rare times I used one, I used my US card. Automatic payments? It was always easier to just pay the phone and electric bill monthly... and many places the same fellow that brought your tea would do it for you for a little baksheesh. There is also the detail that if you went to the companies to pay, women are usually sent to the front of the line. Cool

VS

Longton · Joined: 17 Jul 2006 Posts: 148

Thanks for your useful replies.

I opened a Dh savings account yesterday with Emirates Bank. They will give me an ATM card and I can arrange international transfers into and out of the account. To open a current account with a cheque book I need to have a residence permit.

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

There is no reason to have a checkbook as very few companies will accept checks at all. In my many years in the Gulf, I had one checkbook and wrote exactly one check. That was at my first job, and I learned to never open another one. Cool

VS

Iamherebecause · Posted: Thu May 03, 2007 6:30 am Post subject:

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

stoth1972 · Posted: Thu May 03, 2007 3:20 pm Post subject:

Honestly, I didn't know anyone w/ a checkbook, either. Car payments were made by automatic withdrawl from the bank account.

like2answer · Joined: 21 Sep 2006 Posts: 154

Longton - before you let Emirates Bank make international transfers for you, check out their exchange rate, fees, and how much your bank back home will charge you.

I found out, using Union National Bank, that they charged me a very bad exchange rate, charged 80 dirhams for the wire fee, and my bank back home charged me ten dollars.

Now I go to Thomas Cook, get a demand draft for 5 dirhams, pay 40 dirhams for the DHL service, and my bank back home cashes it right away with no fee. The exchange rate is also much better. My money is usually there in 4 days. The very first time I sent the demand draft my bank held it for a week to make sure it was good, but I have never had a problem since.