Thread Status:
Not open for further replies.

Opening an account in Dubai with HSBC

Discussion in 'Dubai property' started by Razneer, Jan 12, 2007.

  1. Razneer

    Razneer New Member

    Opening up a Bank Account with HSBC in Dubai:

    PLEASE NOTE YOU DO NEED TO OPEN A HSBC ACCOUNT IN THE UK FIRST!


    Please contact HSBC.com

    Ms Mintra Mitchell
    International Banking Officer
    Tel: 01534 616374 Ext 8326
     
    Last edited: Jan 20, 2007
  2. laguna33p

    laguna33p New Member

    Razneer,
    I tried this number but was given another number to ring...02079917278...I think you need to have a HSBC account in the UK before they will open an account in dubai, plus a minimum of 5000aed or £3000 needs to be in the dubai account as a minimum PLUS monthly deposits have to be made to keep the account running. The lady said she would be sending a pack out to me.
     
  3. Razneer

    Razneer New Member

    Laguna

    I did say in an earlier thread that I opened up a HSBC account here in the UK first.

    3000 AED is the minimum balance required which works out to be £447.76 (£1 @ 6.7AED) which isnt that much.

    "PLUS monthly deposits have to be made to keep the account running" - this I believe is incorrect because I have read the terms and conditions of the current account and as long as you keep 3000AED, the account cannot be closed.

    Hope that clarifies.
     
    Last edited: Jan 12, 2007
  4. Razneer

    Razneer New Member

    If anyone would like to see a copy of the application form and terms and conditions, pls private message me your email address and I will forward you a copy.

    Thanks - Raz :D
     
  5. laguna33p

    laguna33p New Member

    I got the HSBC application form today, it gives you the option to open one of several types of accounts. However, it also states in the covering letter that a fee of £100 will be charged to open the account unless it's you are a HSBC premier customer already. Razneer is this correct?
     
  6. Razneer

    Razneer New Member

    Laguna

    That is not correct. I was not charged any fee for opening my account.

    Let me double check with my contact at HSBC but as far as I am aware there was no cost to me to open it.

    I shall let you know shortly.

    Thanks - Raz
     
  7. Razneer

    Razneer New Member

    I just called HSBC and they are not aware of any opening account fee and were very surprised upon hearing me ask about this.

    Are you able to scan me a copy of the covering letter for me to have a look at it so that I can advise you further.

    I can "pm" you my email address....let me know.

    Thanks Raz
     
  8. laguna33p

    laguna33p New Member

    razneer, i did send you my email address but looks like you didnt get it. I checked the covering letter again and it does clearly say £100 opening fee. Also, you need to keep a minimum of £3000 in your account, not 3000aed. If you can send me your email address I will scan and let you see the paperwork.
     
  9. Razneer

    Razneer New Member

    Laguna

    I just re-read the terms and conditions and I have made an error, profuse apologies.

    The minimum amount is as follows:

    Personal Accounts: Minimum balance:

    - 5000AED which works out to be about £600.00 because I have opened my account in Dirhams
    or - 3000 GBP
    or - 3000 USD
    or - 3000 EURO

    With regards to the opening account fee, when you email it to me, I shall call HSBC on Monday to confirm again whether I will be charged this fee because I was definitely not advised about it.

    I will also re-confirm the minimum balance I require.

    I'll email you a copy of the T&C's so that you can see the information I am looking at also. I opened up a current account called "Yasmeen" which is for women.

    Raz
     
  10. laguna33p

    laguna33p New Member

    hi razneer, sent you that covering letter as requested to your email ad
     
  11. wayneis

    wayneis New Member

    Be care full

    Service level of banking in Dubai has a lot or room for improvement. Read this article here from 7 days newspaper on how HSBC gave the run around.

    I used to bank with HSBC swapped over to Mashreq bank but not much better and only a couple of days ago it was reported a local employee with Emirates bank duped millions off customer's.

    Big one to look out for here that banks will not be to keen to tell you about. Write a personal cheque and if you do not honor the cheque you will go to jail. No slap on the wrist straight to the slammer.

    Wish to cancel a cheque? not so easy its a drawn out process that involves the Dubai Court.

    Another one here in Dubai is that credit cards and debit cards are never checked against your signature. Do not lose your card. You could sign Donald Trump and you would still get paid.

    Afraid Banks still have a long way to go
     
  12. Razneer

    Razneer New Member

    So this is what I have found out:

    £100 account opening charge:

    This is correct depending on which International Banking Branch you try to open the account with. For example, the US branches are already charging an opening fee. Within the UK, such as the International Banking Branch in Manchester, also charge £100.00 and this will become the norm for most branches in the UK and other countries. Apparently this charge has been recently introduced.

    However, I opened up my account via HSBC Jersey, and as yet they are NOT charging any account opening fee and have no plans in the immediate future.

    Your best option is to ring the contact name and number I gave you at the beginning of the thread and ask them to help you open up the appropriate account.

    Other information:

    Since we are all non-UAE residents, we are not eligible to open current accounts until we receive our residency permits. However, I opened the Yasmeen account which is specifically for women only and this IS a current account. I picked the balance-based option which means I must ensure that the balance per month does not fall below 5000AED.

    Rest assured though, the savings accounts that you can open, all offer ATM card, withdrawals; internet banking and bill-paying facilities. The only difference might be where you have to hold a minimum balance and also prossibly make frequent payments on a monthly basis. I suggest reading the T&C's for confirmation on these latter points.

    Hope this information is of help to you all.
     
  13. laguna33p

    laguna33p New Member

    so razneer, what you are saying essentially is that go through the jersey branch. I think I will wait until I go to dubai which hopefully could be in the next few months, if nakheel get their act together!
     
  14. Razneer

    Razneer New Member

    Laguna

    Yep its better to open the account via jersey branch to avoid the opening account fee. I cant see any other way around it other than waiting until you get your residency permit.
     
  15. anil

    anil New Member

    Has anyone used this bank..

    Savings

    It seems fairly simple to open and run a savings account with them.
    Although no cheque book.
     
  16. gtmash

    gtmash New Member

    I have a MeBank account. Suits my purposes. Not sure if they'll deal with overseas people since they look at your residence visa while applying. Checkbook is extra cost. And expect to lose money if you are changing pounds/dollars to dirhams in any form of payment.
     
  17. anil

    anil New Member

    the FAQ section does say it is open to non-residents

    Savings
     
  18. anil

    anil New Member

    However, for MeBank, as a foreign national, you need to be present in Dubai to open an account !

    Is this true for HSBC and other non-UAE banks?
     
  19. tbashir

    tbashir New Member

    What banks accounts have non-Dubai residents managed to open.

    I have tried to open an account when I have been visiting Dubai twice in HSBC but not succeeded due to problems getting hold of a group ID form from UK. (HSBC in the UK didn't know what this was so couldn't get hold of one!)
     
  20. colum1975

    colum1975 New Member

    i was in dubai last week and tried to open an account with ME (emirates bank) and they said that they no longer open accounts for non residents.

    this was after they told me that i could do it online (which i had already tried)

    i went next door to an internet cafe and tried again, but to no avail.
    i went back to the branch and they told me "oh, that is no longer possible for non residents"

    anyone else had any joy opening an account anywhere in dubai?
     
Loading...
Thread Status:
Not open for further replies.

Share This Page