Finance Questions

[Osh]

What do we need to open a bank account in Dubai? Are there any restrictions in transferring money from Dubai to Australia and can this be done via the internet (considering different currency)? I was told that HBSC does not have internet banking, which I found very hard to believe for such a large bank.

[Elphaba]

HSBC does have internet banking - I use it! Bear in mind that HSBC in Dubai (the inshore, not offshorepart) is run very differently from the rest of the business.

To open an account here you need to show your passport with residency visa, proof of address, possibly a letter from the employer.


No restrictions on international transfers. If you plan to transfer large sums (say AUD 20K) I can put you in touch with a company that will charge you a lot less than the banks, as you can access wholesale exchange rates, rather than retail.

[Osh]

Thanks Elphaba...being in the banking industry myself I couldn't believe HSBC didn't have internet banking. Thanks for the other info too I'll keep that in mind

[sgilli3]

It costs us about 75 dhs to send money back to Aus each time, which I think is reasonable

[Elphaba]

Originally Posted by sgilli3

It costs us about 75 dhs to send money back to Aus each time, which I think is reasonable

sgilli - in real terms it costs you more than that.

Retail banks quote a certain fee, but don't mention that they take a cut when they do the currency conversion. You'll be aware that there is always a difference in the rates at which you buy & sell currency and it is the same when effecting an international transfer. Generally this is in the region of 2% of the amount transferred, so the real cost to you is this 2% plus Dhs 75.

My system allows individuals to benefit from wholesale currency exchange rates that are no more than 1% with no other charges. All very simple and straightforward and via a major bank.

Suitable for sums in excess of say GBP 10,000 , UAD & AUD 20,000 - so considerable savings can be made.

[sgilli3]

Hi Elphaba
For the amount we transfer...certainly not the type of money you are talking, and for the times we have to do it...the 75 suits us.
We only transfer when we need to pay for something back home.

I

[Elphaba]

Fair enough

Just be aware that the real cost of DHs 75 PLUS approx 2% of the amount you transfer.

[Osh]

from what you both say, perhaps it is better to accumulate the money in a Dubai bank and send bulk amounts of AUD $20k rather than a lots of little transactions

[alli]

Hey all,
Bumping this thread cos I need some HSBC help!

I want to transfer money from my HSBC account in Dubai back to my ANZ account in Australia.

I joined internet banking, and filled out a form requesting a limit to transfer funds, but that was 3 days ago and I urgently need to transfer money.

Can anyone help?

[Elphaba]

Your options depend on how much you need to transfer.

If the sum is in excess of AED 72,000 contact me & I can get you a quick transfer with wholesale exchange rate.

If less than that, you can go to a main branch of HSBC & they can action it for you. Did you deliver the form or put in through an ATM? If so, it should now be activated. Failing that you can transfer using Western Union, for a charge.

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