Opening a bank account in Dubai

Expert Info

Posted by

on 9 Jun 2011

Is it better to open a local bank account in Dubai or retain an offshore account? If going for an offshore account - should I choose HSBC or Barclays?

Anonymous (not verified) on 9 Jun 2011 - 09:41

Hi-

I can recommend opening a local HSBC account in Dubai (in which your salary is paid) and then also opening an account in the Channel Islands or in Jersey. Then when the exchange rate is good you can freely transfer money into the offshore account, and otherwise, you can use your Dubai account for day-to-day financing. The offshore account also allows you to pay any accounts you may still have in your home country (meaning the UK) - through debit order...

By keeping your savings offshore you also avoid the UAE government confiscating it in the case of death. A bit bleak, I know, but it is something you should educate yourself as an expat. In the UAE, your account is frozen until everything is paid off at the time of death. But accounts in other countries are not subject to this.

Anonymous (not verified) on 9 Jun 2011 - 10:07

To open a bank account in Dubai you will need to have a job in Dubai and get a letter from your employer, you will also need to have a home in Dubai and provide the bank with a rental agreement. You will also need to provide your passport and a residential visa. Without this information you will not be able to open a bank account in Dubai.

Anonymous (not verified) on 27 Jun 2011 - 15:26

I recommend opening an international bank account with Barclays Wealth, held offshore in the channel islands, UK or Gibraltar. This bank account keeps your money safe, in a stable economic and political environment, but allows you to access your money anywhere in the world, including Dubai. Many expats have already chosen Barclays Wealth for their offshore banking, and I highly recommend it as I have never heard of any complaints. They also offer free telephone and online banking to make it even more convenient and are really nice to deal with.. check out offshore. barclays. com or barclayswealth . com xx

Anonymous (not verified) on 19 Feb 2014 - 09:14

You will end up paying a lot of fees by having an account offshore. The best option is to have a local account, and transfer your savings to an offshore account every once in a while.

Also note that you will not be able to get credit cards or loans without a UAE bank account. Also, you will need to be able to write checks for your apartment rent, which you won't be able to do without a local account.

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