Thread Status:
Not open for further replies.

Non-resident bank account

Discussion in 'Dubai property' started by tracey122, May 13, 2010.

  1. tracey122

    tracey122 New Member

    28
    0
    0
    I know there has been many threads on this but not many i can see lately so wondered if anything had changed since I last tried to open a bank account. I tried a year ago and had a bit of a nightmare.

    I'm going to try NBD this time round has anyone recently opened a NDB non- residents account, I unserstand I can only open a savings account which is fine but what paperwork do I need as I have read you need only passprt but you get there and they then say you need other stuff.
     
  2. ianxgrant

    ianxgrant New Member

    6
    0
    0
    Take as much info as you can - Passport, Driver's license, proof of address (utility bill), Bank card from another financial institution etc. It is easy to open a savings account with Emirates NBD, as long as you go into the branch. Note: You need to ensure that you select the internet option while you are there.

    The one thing that can be an issue is the ATM card, which you will need to get money out of the account from overseas, and also as a reference when you communicate with the bank online. It takes a few business days to get the cards and they will not post them out - they have to be collected from the same branch as you opened the account.

    If you are able to open the account and hang around in Dubai for the card, everything else can be managed relatively well by writing letters to the branch (from overseas).

    Hope this helps......
     
  3. tracey122

    tracey122 New Member

    28
    0
    0
    Thankyou its good to hear someone say the word 'easy' in a post and not 'its difficult'

    Have you yourself opened one with that particular bank? We found that every branch will tell you a different story about what you need to do and what you need, we got sent all over the place when we last went.

    There is a new branch opposite the Jumeirah Beach Hotel which opened last time we were there so we will proably go there and try as its normally close to where we stay last time we got told we had to go to the main branch in the main centre and it was full of locals and very very busy and quite intimidating!

    FIngers crossed i t will work out this time but thank you for your advice.
     
  4. ianxgrant

    ianxgrant New Member

    6
    0
    0
    Hi,

    Yes, I do have an account with them, and I live overseas.

    The branch I went to was the Mall Of The Emirates (MOE). We were staying in the Kempinski and it was the most convenient at the time.

    Unfortunately, you will get conflicting information about non-resident accounts from all of the major banks. This is just something you need to navigate around, but I can only pass on what worked for me....

    Rgds,

    Ian
     
  5. SSM

    SSM Member

    40
    0
    6
    Hello, You may want to consider opening an account with HSBC. I informed HSBC my primary objective was to also open an UAE account for transfers and the whole process was pretty straightforward. HSBC's overseas representative filled out an applicatin form on my behalf over the phone and I visited my local branch to sign a few papers. If you open a Premier account (basically an account with 50K or more funds), then even better as you'll receive preferential treatment.

    The best part is that you can view all global HSBC accounts together and transfer UAE funds directly into your UK HSBC account over the internet. No charges and the exchange rates are excellent. For example, if the mid price is 5.50 to the pound, then you'll receive a price of around 5.53. The exchange is instantaneous and again, if you're a Premier customer, you'll be assigned a personal bank manager to deal with any niggling problems which thankfully I haven't encountered. You'll receive a ATM card for Dubai and you'll never have to walk into a UAE branch.

    The Global account view and ease of exchange makes the whole process of opening a new account with HSBC worthwhile.
    This is all just food for thought but pop into your local HSBC before you leave for Dubai and ask a few questions about your requirements.
     
  6. Ramond

    Ramond New Member

    8
    0
    0
    SSM,
    From experience HSBC seems to be the bank to deal with if you want to be doing banking between UAE & UK.

    Ramond
     
  7. revolutionary

    revolutionary New Member

    130
    0
    0
    HSBC were useless too.

    I got seemingly different information from every department of HSBC in the UK. Some said I could open a simple saving account with HSBC anywhere in the world. Others said for a £100 they would pre-prepare an account ready for when I arrived in Dubai to take up residency even though I explained that was not what I was doing. They were always pushing the Premier account but you have to tie up a huge chunk of wealth if you don't have a regular salary above their minimum. I seemed to get some sense out of the Foreign team in the UK but then when you approach the idiots in Dubai they haven't got a clue about their own products.

    In Dubai, I was turned away several times by the 'greeters' when I said I didn't have a residency visa. With persistence, I then found greeters who obviously saw an opportunity to line their own pockets by pushing everything else unsuitable other than a simple saving account - obviously less commission. I filled in forms repeatedly at the Head Office in Bur Dubai with a promise that someone would contact me but obviously they never did.

    On another angle, I was simultaneously looking for help in setting up my business in Dubai, and despite a heavy advertising campaign by HSBC including Dubai specifically, their business teams had no idea what to do, and couldn't offer any help.

    I gave up in the end trying to set up in Dubai and let my apartment. I found myself a really good English tenant for my who paid me direct into my HSBC account in the UK.
     
  8. SSM

    SSM Member

    40
    0
    6
    Yes, it does depend on who you talk to at HSBC. First call their International Divison in Manchester who will give you all the facts. I recall there is a fee of 100 pounds but mine was wavered for as a Premier customer. You may get lucky with your local branch who may know all the facts, but if you're stuck phone their Overseas client services team in Manchester.
     
Loading...
Thread Status:
Not open for further replies.

Share This Page