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Dubai Bank Account

Discussion in 'Dubai property' started by DAYFox, Jun 17, 2008.

  1. DAYFox

    DAYFox New Member

    Hi Folks,

    i know it has already been discussed in the forum but i have to bring up again this issue and I am looking for realiable, checkable information this time:

    WHERE IN DUBAI CAN I OPEN UP A BANK ACCOUNT (PREFEREBLY WITH ONLINE ACCESS) WITHOUT A RESIDENCE VISA?

    - I have 4 properties in Dubai and therfore i am eligible for a Visa in 2009-2010 (but not now)
    - currently I have an online Account (savings) with Citibank. My other accounts had to be closed as my Visa vanished when i finished work 2006 in Dubai. They told me as soon as you have the Visa Sir we can open up other accounts for you, no problem!

    I will be in Dubai in Dezember 2008 again. As i am not really satisfied with the Services offered from Citibank i am looking for a new bank. I have several payments to be done within the next 12 month and yearly rent incomes upcoming (around 300-500k) by 2010. I need a bank which is offering something for my needs without having a residence visa and additionally i need reasonable interest rates on my money parked in my bank account or other investment options (at Citibank they do not offer anything at all without a Visa -only Interest rate which is about 1%).

    I spoke to many people -at Citibank- and they all told me 'Sorry Sir, without a Visa you cannot open any accounts here in UAE, no one can even not with other Banks!'. For me it's really hard to believe precisely because Dubai wants to be the new financial and banking city... how, if people cannot open up bank accounts? In other countries all over the world this is possible...
    Thus folks, please provide me with information about this topic and best case list up solutions ;) Anyone here having the same problem?

    Thank you!
     
    Last edited: Jun 17, 2008
  2. Wannaberich

    Wannaberich New Member

    Im in the UK and opened an account with HSBC Bur Dubai recently.Firstly I had to open an account with my local HSBC branch before I could open one over there.I then got the releavant forms and opened the account for £100.
     
  3. Fanny

    Fanny New Member

    DoBuy: Do you mean that it cost you £100 to open this HSBC account, or you had to deposit £100 as a minimum to open it?
     
  4. DAYFox

    DAYFox New Member

    Hmm, i read this option before somewhere... But what kind of account did you open? Savings Account? And what kind of investment options do they offer to you? What interest rate do they pay you? Do you have online access? What does it cost?
    There MUST be another way! It can't be that i first have to travel to UK and than to Dubai just to open a bank account :eek:
     
  5. Wannaberich

    Wannaberich New Member

    Fanny,it cost me £100 to open it,this was not a deposit.I was told before that I had to keep at least 5000aed in there at all times otherwise I would be charged around 100aed per month.Although its only around 2 months old and its empty,so far I havent been charged.
    DayFox its just a regular savings account.I dont know what the interest is.I dont really care as the rental money I will have going in wont be there long enough to worry.
    I emailed them only a couple of days ago to find out if I can access it online.No answer yet.
    I would think you could open an account with HSBC dubai by first opening one at a local HSBC where ever in the world you are.I would imagine you could also open one direct but for me it was far easier doing it through a local branch.
     
  6. NAZ_2_NAZ

    NAZ_2_NAZ New Member

    or you open a HSBC Premier ACCOUNT in UK and then get your personal relationship manager to open a Premier account in Dubai FOR FREE. You get internet banking and you can see all your accounts globally in one page. Pretty useful if your investing all over the place!

    Good Luck!
     
  7. buydubai

    buydubai New Member

    Emirates NBD, i had a savings account with Emirates for 6 months till i got my residency, excellent online banking, you can execute transfers etc easily, the rates on their deposits are not amazing but its better than nothing, check their website for the most recent rates, mebank.ae
     
  8. investorppty

    investorppty New Member

    is anyone aware whether Barclays have presence in Dubai and if they are able to assst with opening an account in Dubai without having to visit the place?.
     
  9. DAYFox

    DAYFox New Member

    The question would be if they open an account for you without a Residence Visa!
     
  10. anil

    anil New Member

    Yes, there are 2 branches. I tried to personally open an account at the "Bank Street" branch last year while on I was there on holiday... they lost the form, didnt answer the phone or respond to emails. From the UK, Barclays refuse to open an account over there even though it says on their webiste that they could. the Barclays UAE operation is rubbish, save youself a headache and avoid!
     
  11. investorppty

    investorppty New Member

    Does anyone knwo whether Barclays is operating in Dubai and whether it is possible to open a/c with them in Dubai w/out necesarily having to visit them in Dubai?.
     
  12. New_Investor

    New_Investor Banned

    Guys, dont go for multinational like barclyes, they charge higher and pay lower, i recommend that you open with mashreq bank, it's one of the biggest local banks, low on charges and provide intrest of 3% on savings accounts, with amazing online banking .. check its website for details Mashreq — Homepage

    and no visa is required for saving accounts.
     
  13. stylinexpat

    stylinexpat New Member

    Banks in Dubai are a rip off period. I opened an account and went back overseas, when I came back 6 months later they said my account was closed. I asked why and they said that I didn't use it for 6 months but I could reactivate it for 285 Dhms. this was with NBD. What kind of a savings account is that?? I have another account with Emirates Bank here.. I sent a wire to the US with my other Bank Account with B of A and when the money arrived it was $35 short and another $18 short for some other charges. When I sent the money I noted charges "ours" and payed the extra service charge to make sure the full amount arrived in the US. I never have a penny missing when I send the money from Taiwan to the US but these con-artists here always manage to find a way to take money from you. I phone up B of A and they told me that the charges were not payed overseas while they deducted the charges here from my Bank at Emirates Bank.

    When it comes to rip-offs these people here get the "Gold". Just find an account and be lucky that you got one. All the Banks here are a rip-off in one way or another, crooks at best with service charges and fees.
     
  14. Roshan

    Roshan New Member

    Barclays has been in Dubai for over 40 years. They are one of the oldest banks in Dubai.

    I would suggest you contact your local Barclays branch where you reside and ask them for info.

    You could call Barclays customer service in Dubai also to get the necessary info.

    Regards

    Roshan
     
  15. anil

    anil New Member

    Sorry, but in my experience, Barclays in Dubai are totally useless.
    I visted the branch, filled in forms, copied passport etc etc.
    All were lost, emails not answered, phone calls never returned.
    And they have no internet access to the account.

    Let me know if you have better luck!
     
  16. New_Investor

    New_Investor Banned

    I totally agree with u :rolleyes:
     
  17. Gautam0597

    Gautam0597 New Member

    Hello.
    I wanted to know if I can open a Bank account in Dubai without being a resident or possession of a resident visa of the UAE?
    Also, if yes, could I safely transfer my funds from my Forex trading account (The physical broker is in CYPRUS) into my bank account in Dubai without too many eye brows raised?
     
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