'How to find expat friendly bank in Dubai/ UAE when relocating'

sadaf2023 Member

Member since 05 July 2023

sadaf2023Member10 July 2023 05:42:31

Since this is such a crucial topic, I thought we could have a thread for people to post their suggestions to new group members looking for such banking experiences in #Dubai / #UAE, especially those who are intending to move from overseas and have several questions before getting hold on to the right bank or considerably a ‘Expat friendly bank’.

While there is no 'one size fits all' approach, there are still many things we consider before choosing a #bank. So please take a moment to share your tips and suggestions, specially for #Expats like me who are planning to relocate ASAP.

Some top factors / drivers I have in mind would be –

Welcome benefits

Minimum balance maintenance

Fees, Charges and Penalties

Salary transfers

ATM Withdrawal Limits

Fees related to check books, debit cards

Oversees transfers (home country)

Branch and ATM locations

Influence by preferences of friends and family

Just a reminder that this is just meant to be a general guide with suggestions and advice are more than welcomed by all here. It will help us ask the right questions and prioritize our needs better.

Thanks in advance to everyone who is willing to share their opinions and thoughts to benefit us all.

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XTang Bahrain/UAE/KSA Expert

Member since 22 April 2014

XTangBahrain/UAE/KSA Expert11 July 2023 09:14:51

11975

Look, I think you need to understand a few points first about UAE.

1) 80% of UAE is expats so yes, practically all banks are used to catering for and chasing expats for their business

2) Having said that, the level of customer service by banks in the UAE is appalling if you compare that your home country. So DO NOT expect much. Even if you get a high end bank account i.e. put deposits of $100K or more, it doesn't really improve drastically. Speaking from personal experience

So having said that, my personal recommendation is to pick an "international" bank like HSBC etc.........because if something goes wrong, they are "relatively" easier to deal with vs. the local banks. However, the local banks will offer you better deals, rates etc etc. What can go wrong? a lot! because for most banks here, customer service is a hallmark of incompetence.....as an example, I had an account with ENBD which I closed by going to the branch. However, they didn't close it and kept charging me below balance fees. In the end, after 8 years, it took me an escalation to the level of their CEO to get it closed properly. If it was anyone without connections, you would be hearing about them crying about a bank case and travel ban without no fault of their own.

The last point is simple. Don't keep money (more than what you need) in your bank accounts in the GCC. This has to do with Shariah law / succession as well as the arbitary powers of the bank to freeze accounts when you have visa or legal issues.

We have had many discussions on these topics re: offshore bank accounts as well as other financial matters. Here:

https://www.expat.com/forum/viewtopic.php?id=504082

https://www.expat.com/forum/viewtopic.php?id=885444