The UAE
Where should I setup a bank account in UAE?
We asked expats in UAE what banks they use and there advice about banking. They advised...
"Before retiring in the UAE, expats should be aware of the cost of living, which is generally higher than in other countries. They should also be aware of the local laws and regulations, as well as the cultural norms and expectations. Additionally, expats should research the healthcare system and the availability of medical insurance. It is also important to understand the taxation system and the process for obtaining a residence visa. Finally, expats should familiarize themselves with the local language, as English is not widely spoken in the UAE," remarked another expat who made the move to UAE.
"There are many offshore banks which are appropriate for most expats (be careful if you're US). Local banks, even branches of larger, international banks, are really just locally-owned franchises. Don't expect the same type or level of service you might get back at home or you may become frustrated. There are different values here regarding "customer service." Offshore banks based out of the Isle of Man and other offshore centers often have accounts explicitly focused on the international expat. These will include features like international debit cards, domestic and international payments, multi-currency accounts. They're especially appropriate if you travel a lot. You should always check what type of insurance cover they carry for your deposits. Local banks offer local and international accounts with most of the features you'd expect from a bank. They're not very different from what you might expect at home in terms of services they provide. However, the laws regarding debt are different here. See below," explained one expat living in Dubai, UAE.
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Other Questions:
- What should I pack when moving to the UAE?
- Where should I setup a bank account in the UAE?
- Will I be able to find a job in the UAE?
- What is life like in the UAE?
- What do expats in the UAE appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in the UAE?
- Is there a lot of diversity? Are people in the UAE accepting of differences?
- What are the schools in the UAE like?
- What are healthcare services like in the UAE?
- What are medical services in the UAE like?
- Are healthcare and health insurance expensive in the UAE?
- What are emergency services like in the UAE?
- Will I need to travel to see a specialist?
- Are common prescription medications available in the UAE?
- How are local medical facilities in the UAE?
- As a foreigner living in the UAE, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?
Where should I setup a bank account in UAE?
If you live in the UAE, newcomers to the UAE would love to hear your answer to this question.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
