Expat Forum For People Moving Overseas And Living Abroad banner

Status
Not open for further replies.
1 - 4 of 4 Posts

·
Registered
Joined
·
41 Posts
Discussion Starter · #1 ·
We will be in Dubai for 1 month to secure long term rental (100000 UAE) pa and I was wondering what other forum member's recent experiences were of taking £ out of UK. I understand I cannot open bank account from UK without being resident? Which UK banks could I contact now in order to transfer / set up a UAE account.

Many thanks for forthcoming advice.

Regards
Mark
 

·
Registered
Joined
·
3 Posts
We will be in Dubai for 1 month to secure long term rental (100000 UAE) pa and I was wondering what other forum member's recent experiences were of taking £ out of UK. I understand I cannot open bank account from UK without being resident? Which UK banks could I contact now in order to transfer / set up a UAE account.

Many thanks for forthcoming advice.

Regards
Mark
I think the best way is to open an offshore/international account first (before you leave UK, if possible). Lloyds TSB, HSBC are probably the most obvious ones to look at, but there are others (Barclays, RBS etc). Open an account with the UAE branch of the same bank once you arrive in UAE and you've got your residence visa. Usually they will let you open the acount immediately, but you can't get a cheque book until your visa is in place.

It is normally fee-free to transfer money from your UAE account to your offshore account and onwards to a UK account using online or telephone banking. Moving it in the other direction is normally subject to a transfer fee and I guess they make a little on the currency conversion.

I use LTSB and I haven't had any trouble with them. However, I just got a letter telling me that HSBC is buying LTSB Dubai, so maybe HSBC would have been a better choice. Note that you will need to open a 'premier' or 'premium' international account in Isle of Man or Channel Islands to get the benefits and these are subject to conditions, such as minimum balance or moving some investments into the bank in question to avoid monthly fees.

Note that it is unwise to let your savings build up in UAE, as if you suffer an untimely demise, your assets will initially be dealt with according to Sharia (Islamic) law and it may take your dependants a long time to get at your money. Also, it might be worth getting a US Dollar account while you're setting things up. The UAE currency is linked to USD, so you are less vulnerable to currency fluctuations if you move your Dirhams to Dollars.

Good luck,
Mike
 

·
Registered
Joined
·
1,226 Posts
Another way to do it is to set-up a HiFx or similar account now. You can then transfer money from your bank online to HiFx once you have a bank a/c in UAE and a few days later it will arrive in your new UAE account. You get a much better rate than with a bank.

You will need to set-up the account whilst in the UK and this can take a few days. Once done you can use it anytime to transfer money abroad.
 

·
Registered
Joined
·
72 Posts
The first reply is absolutely correct, but you also need to be aware that when sending the money through a bank, they'll often charge upwards of a 3% spread on the rate!!

Make sure you use a reputable exchange house. We use one frequently to send the money we have in the IoM to Dubai to pay for school fees and so forth.

If you want the details PM me and I'll send them through to you.
 
1 - 4 of 4 Posts
Status
Not open for further replies.
Top