Job Discussion Forums

[tiberio]

Just a word of warning. When I came to the UAE 3 years ago, I was basically made to use UNB without much explanation, there was a representative at the induction day and it worked reasonably well.

Anyway, I wasnt very happy with them, they somewhat lacked transparency on fees etc. and in my naivety I though I'd be better off using a "Western" bank, so I went through the effort and changed my account to HSBC 2 years ago.

Ever since, I was taught in almost every interaction with HSBC that my assumption (or call it prejudice) regarding the superiority of "Western" banks was simply wrong.

Online transactions to send money home are even more expensive than with other banks (they also properly screw you on the exchange rate, even worse than the other banks do) and the one time I really needed to send money home, while I was actually in my home country, the transaction never went through, not even after spending a lot of time (and money) on the phone with them.

After last summer I returned just to find out that I was charged just below AED 6,000 for a transaction clearly labelled "purchase", which I made with my credit card, which for inexplicable reasons was charged as a cash advance. I have tried going through the appropriate channels (customer service, bank manager) and all I get is weird explanations and certainly no money back. I haven't written the money off and will certainly explore all other ways of getting it back, but it is a major hassle.

This kind if tops all previous scams laid on me by my bank, they are too many to list, so my simple advice is, just avoid HSBC.

[Camel Stick]

I agree with you. We also had an account with HSBC. They sold us on the 'Status' account, primarily because when you send regular telegraphic transfers they waiver the fee. However, you have no control over the exchange rate they use for the transaction. We did it once, were horrified at the rate they used and subsequently lodged complaints with the manager, the head office etc. They really gave us the run around, didn't return calls, kept putting us off. They underestimated my husband! 8 - he kept at them until they gave us a partial reimbursement of the difference between the standard TT rate used for that day by 3 other banks (we checked) and the rate they used. After that fiasco, we changed banks.

[ckhl]

I realized this as far back as 1998. I find it funny how Western expats seem to be inexorably and unwittingly drawn to this bank, as if it were a flagship bank.

Initially I balked when they informed me that I would have to maintain an average daily balance each month to avoid a fee. Middle East Bank, now Emirates Islamic bank, a part of Emirates/NBD group, offererd a much better deal. Because I had a Master Card with Emriates Bank directly linked to my savings account with EIB for a 100% automatic debit of any charges each month on the card, thus avoiding any interest or "finance charges", I wasn't required to maintain a minimum balance. In addition, the exchange rate for any foreign transactions I made with the Master Card, such as online purchases, was very favorable. In dollars it was invariably Dhs 3.67, which is right in the middle of the bid/ask spread. I am not praising the bank. I don't necessarily have any confidence in it. As of yet, however, I haven't had any problems. I was even able to keep both my savings account and Master Card after my resident visa was cancelled and my new employer issued me another one. A freeze equal to the amount of my credit limit was imposed on my savings account until my new residence visa was issued.

As for wiring money, this discussion has been hashed out at length before ad nauseum. Everyone has a preference. For me, it's cost. Whenever you wire money, your bank back home will usually charge a fee on their end as well. Imagine you send money home six to twelve times a year. Multiply that by three years. It adds up. Some feel that the convenience makes the hundreds of dollars in accumulated fees (again, mulitply that by three or so years) worth it. Otherwise, you can get a bank draft in dollars, euros or sterling from the Rostamani exchange for Dhs 10. You pay the postage. In my experiece, never once did a check go missing in the post. Don't want to go to the bank to withdraw the money and then lug it to the exchange? Over a few weeks you can certainly withdraw the amount from an ATM while running errands, stick in a safe at home until you have the desired amount to load in the armored car to the exchange.

[ckhl]

They sold us on the 'Status' account, primarily because when you send regular telegraphic transfers they waiver the fee. However, you have no control over the exchange rate they use for the transaction. We did it once, were horrified at the rate they used and subsequently lodged complaints with the manager

I suspected it was too good to be true when a couple of ex colleagues told me in a rather smug, self-satisfied way about this account.

[BrownSauce]

Anybody who has been in the UAE for a while will give you the same story - that there are NO good banks in the whole country, and the only difference between them is the individual mixture of incompetence and arrogance.

For example, last month I received a letter from ADCB informing me that my monthly fee would increase from 30/- to 100/- - and with no increase in benefits, too! So great was the offer, I immediately went into my branch and cancelled my account.

I'll probably be doing the same with HSBC soon, as they have been spectacularly ignorant of my needs over the past year. I can't remember how many times I have told them I need a letter that confirms I have opened an account with them in order for my employer to deposit my salary with them, and how many times I have received ... nothing.

So it looks like I'm stuck with the dreaded UNB. At least I know to keep my expectations low, and have that warm fuzzy feeling of comfort that one gets after having walked into my branch so many times and shouted at the manager. I guess they won't risk upsetting me any more ... for a short while, anyway!

[Never Ceased To Be Amazed]

I've had no difficulties or charges with NBAD. Possibly people are looking for a "White/European" bank when they choose their banks? Everybody knows why HCT people are herded towards UNB. Try NBAD. It works well!

NCTBA

[veiledsentiments]

ckhl... why not get a bank draft from your bank rather than taking cash to an exchange to get a draft? I never had any problem in years of mailing checks back to my US bank, but as a female, I preferred not to go to the exchanges. One gets tired of being the only woman in the place. Do you save that much from getting the draft in your bank? Or are you dealing with exchange rates + ck charge?

Banking is getting to be real pain worldwide. I figure that any day now the banks here in the US are going to make you swipe your debit card for your "entry" charges to walk in the door.

VS

[ckhl]

ckhl... why not get a bank draft from your bank rather than taking cash to an exchange to get a draft? I never had any problem in years of mailing checks back to my US bank, but as a female, I preferred not to go to the exchanges. One gets tired of being the only woman in the place. Do you save that much from getting the draft in your bank? Or are you dealing with exchange rates + ck charge? [i]

I take your point about some of the exchanges but I've never had this feeling at the Rostamani exchange. Many of the customers are female. In addition, in recent years there is an increasing number of Emirati women on staff; granted behind the customer service desk rather than as cashiers. From my experiece the exchange rate was better at the exchange than at the bank. One might say I was nitpicking between 3.68 and 3.7. It adds up if you're buying a lot of dollars.

[ckhl]

Or are you dealing with exchange rates + ck charge?


If I remember correctly, the cost of the draft at the bank was more than at the exchange, but I cannot remember by exactly how much.

[D. Merit]

I can only agree about how awul HSBC are.

Two weeks ago I got back from holiday to find that Etisalat had helped themself to money from my account.

I went to speak to them and was told 'Oh yes, they credited many of our customers with payments that were not actually made in January, so they asked us to debit accounts to make up this difference'

'What, so Etisalat can take money out of my account and you don't even bother to ask or tell me?'

- Pause+ Smug smile + "oh, perhapsyou were sent an sms sir"

Well, perhaps, but I was out of the country.

And anyway, since when can third parties help themselves to my money?

Cue smug smile all over again.

This is but a small addition to the pile of excreta this bank has fed me over the last 4 years.

I have heard good things abouit NBAD, and plan to transfer to them - when it gets cooler

But boy, it's so complicated after you have set up standing orders etc.
It's so much easier if you pick a decent bank to begin with.

To all newcomers: DO NOT BANK WITH HSBC!!

[Zoot]

Hear, hear! All of the above re HSBC - they know nothing about service, but charge astronomical fees for the benefit of having your money in their bank. NBAD was a much better option for my needs.

[edsegio]

I bank with Emirates Bank and, with the exception of minor idiocy encountered at the teller and on the phone, it really doesn't seem nearly as bad as some of your experiences. In fact, they've even been quite helpful sometimes, directing me to use the foreign exchange bureaus instead of them because the forex guys give better rates.

[adorabilly]

The funny part with HSBC that I have encountered is that the people IN THE OFFICE are very helpful, knowledgable and seem on the ball.

The problem that I run into is that anything I ask them to do get screwed up somewhere in their system. (it usually appears to be in the main office).

I have had standing orders ignored, had other standing orders set that I did not open, and generally had a feeling of incompetence from their phone bank people. The worst was when they ran the SAME standing order 5x over a one week period. And I kept getting the "sorry sir" <smirk> "there is nothing we can do about it."

I am still using HSBC because it is easier for me to deal with them and the hassle of switching banks is a bit much.

I find that when doing any banking issues, DO IT ALL ONLINE. There is a lot less frustration and it is more straightforward.

I wouldn't recommend HSBC either, but I have heard horror stories from all of my friends who have other banks too.

I think the problem may be systematic for banks in the UAE.

[boundforsaudi]

I loved HSBC when I was in Abu Dhabi a couple of years ago. When HCT first ushered me to their bank, I immediately asked what their interest rate was, and it was next to nothing. They also wanted to charge a monthly fee just to maintain an account. So I told HCT to forget it, I'd find my own bank. HSBC gave me something like 6% interest with an online account and no maintenance fees. Wonder what it is now. As for doing wire transfers, it's just plain stupid to do them through any bank. Place to do that is the money changers.

[wannago]

I would have to agree with everyone about HSBC.

The employees of this bank are incompetent at best and criminal at worst. When I had a credit card with them, they charged me a late payment fee and an overlimit fee one month. I was not late with the payment (had standing orders to at least pay the minimum, but usually paid the full amount) and was never anywhere near the credit limit. After two visits to my branch and at least 6-7 phone calls, they reversed the charges as a "one time goodwill gesture" never once admitting their mistakes and telling me that all charges would stick in the future.

That was the day I cut up that damn card and found another bank.

For anyone coming to the UAE:

AVOID HSBC AT ALL COSTS!!...or it will cost you in the end.