The next Dubai ?

[Fred]

Either bankers asking for bribery either locking the account after 1 year from a transfer for which you've already provided the docs and asking the same docs over and over .... should I continue?

Yes please - enlighten us.

We are more then 2 years around here in the forum and not a single client complained about the banking once it's up and running.

 

[gatrader]

Yes please - enlighten us.

We are more then 2 years around here in the forum and not a single client complained about the banking once it's up and running.

Maybe because I'm not your client .

I'm talking about my personal experience in the recent years with NBD and RAK (I'm coming in Dubai for the last 10 years).

 

[Fred]

Maybe because I'm not your client .

I'm talking about my personal experience in the recent years with NBD and RAK (I'm coming in Dubai for the last 10 years).

Don't get me wrong - I'm really curious about it.

I have never seen any re-KYC for Personal Accounts beside of updating Passport, Visa, EID - basically like with all banks over the world when a KYC document expires andTransaction related KYC.

I know that NBD is a fan of blocking you Online Banking if you ignore there KYC requests and general they are the ones closing down your account first but still never heard any issue year by year with what you have mentioned.

 

[gatrader]

NBD blocking account for over 1 year (over 500k AED on it) and realizing after 1 year that I've already sent the docs they requested but they didn't check the email.

Rak asking for insurance or money to open an account and I can continue but I prefer to stop here.

 

[Fred]

NBD blocking account for over 1 year (over 500k AED on it) and realizing after 1 year that I've already sent the docs they requested but they didn't check the email.

Rak asking for insurance or money to open an account and I can continue but I prefer to stop here.

Ok but for ENBD you can worst case go in a Branch and this is fixed in 24h - especially with 500k AED.

Yes - Arab Management and low paid Labor Camp Style Execution but better then having over night no Correspondence Bank with a Caribbean Bank - just the latest example Hermes Bank in St. Lucia.

 

[gatrader]

Ok but for ENBD you can worst case go in a Branch and this is fixed in 24h - especially with 500k AED.

Yes - Arab Management and low paid Labor Camp Style Execution but better then having over night no Correspondence Bank with a Caribbean Bank - just the latest example Hermes Bank in St. Lucia.

Re NBD I've tried for a year praying my bank manager (who was referring to an Indian supervisor who was referring to an Arab manager) but nothing worked until I involved a lawyer who knew someone in the government etc etc....

I respect your expertise but I deal with Dubai for over 10 years (bought properties, opened companies, bank accs as non resident) and banking there is like a roulette; you cannot sleep safe having with them 1m for example.

This is why my post was focused to find a "new Dubai" where the banking is more "normal".

 

[alek9898]

Hello,

Since Dubai became overcrowded and expensive, what’s the next location where is good to setup a company as the freezones in Dubai?

Some ideas…Saudi, Qatar or? (Banking is very important)

Singapour ?

 

[gatrader]

Re NBD I've tried for a year praying my bank manager (who was referring to an Indian supervisor who was referring to an Arab manager) but nothing worked until I involved a lawyer who knew someone in the government etc etc....

I respect your expertise but I deal with Dubai for over 10 years (bought properties, opened companies, bank accs as non resident) and banking there is like a roulette; you cannot sleep safe having with them 1m for example.

This is why my post was focused to find a "new Dubai" where the banking is more "normal".

@Fred What’s ur feedback?

 

[Konstanz]

I wouldn't keep large amounts in UAE dictatorship banks.

 

[turtle]

Either bankers asking for bribery either locking the account after 1 year from a transfer for which you've already provided the docs and asking the same docs over and over .... should I continue?

I have been banking in UAE for 8 years and my funds have never frozen. My annual turnover is much more than half million usd. My experience is for both personal and business accounts.

I can't say UAE banks have good technology or customer service but as long as you provide the correct documents, you shouldn't have any issues.

 

[Fred]

Re NBD I've tried for a year praying my bank manager (who was referring to an Indian supervisor who was referring to an Arab manager) but nothing worked until I involved a lawyer who knew someone in the government etc etc....

I respect your expertise but I deal with Dubai for over 10 years (bought properties, opened companies, bank accs as non resident) and banking there is like a roulette; you cannot sleep safe having with them 1m for example.

This is why my post was focused to find a "new Dubai" where the banking is more "normal".

@Fred What’s ur feedback?

This is my feedback and the feedback of 100s of clients we served so far:

I have been banking in UAE for 8 years and my funds have never frozen. My annual turnover is much more than half million usd. My experience is for both personal and business accounts.

I can't say UAE banks have good technology or customer service but as long as you provide the correct documents, you shouldn't have any issues.

I can confirm there are service and technical shortcomings however I have never seen or heard that via a GoV Official contacted by a Layer needs to be involved for supporting documents clarification.

I'm sure they had internal issues - ENBD general speaking has anyway infrastructure Problems that's why we avoid them at least for Business Accounts however I'm sure you just gave up on this and instead of pushing with the bank itself or going to a branch - you wen through an other channel which is fine BUT

Don't create the impression you need GoV Official Channels to be able to bank in the UAE.

 

[gatrader]

So you are saying that UAE banks are smooth to work with?
There are no underpaid Indiands/Pakistani who don’t even know the docs they are asking for?

 

[Fred]

So you are saying that UAE banks are smooth to work with?
There are no underpaid Indiands/Pakistani who don’t even know the docs they are asking for?

Then you are working with the wrong bank for your needs - sorry.

Dealt with so many transactional Offshore Banks already, spoke with so many clients already, even CBI Passport Holders then having domestic Banking in Antigua, Dominica or St. Lucia - it's a joke.

So yes - the UAE Banks are the best Transactional Offshore Retail Banks I have ever seen.

When people then coming with Singapore, Switzerland or Liechtenstein they have to add that this is everything else then Transactional Banking and high minimum balances are involved.

So for what the UAE Banks charging for they are good and smooth - has nothing to do with the Salary of the employees there.

Open a Bank Account in the Caribbean like the Caymans, BVI or Bermuda and then tell me again the UAE Banks are not smooth to work with.

 

[gatrader]

Then you are working with the wrong bank for your needs - sorry.

Dealt with so many transactional Offshore Banks already, spoke with so many clients already, even CBI Passport Holders then having domestic Banking in Antigua, Dominica or St. Lucia - it's a joke.

So yes - the UAE Banks are the best Transactional Offshore Retail Banks I have ever seen.

When people then coming with Singapore, Switzerland or Liechtenstein they have to add that this is everything else then Transactional Banking and high minimum balances are involved.

So for what the UAE Banks charging for they are good and smooth - has nothing to do with the Salary of the employees there.

Open a Bank Account in the Caribbean like the Caymans, BVI or Bermuda and then tell me again the UAE Banks are not smooth to work with.

Banking in Monaco is much better, you don’t get non sense questions like those underpaid guys in NBD or RAK that don’t even know what they are asking.

 

[Fred]

Banking in Monaco is much better, you don’t get non sense questions like those underpaid guys in NBD or RAK that don’t even know what they are asking.

It's Private Banking and Wealth Management same like in SG, CH and LI.

I personal made the experience that this Private Banks can ask much more annoying questions then every Retail Bank.

Andorra not to forget - once helped a client with the onboarding - awful - really never have seen something like this and has nothing to do with proper compliance either.

Anyway it's getting off-topic.

 

[A1988]

Banking in Monaco is much better, you don’t get non sense questions like those underpaid guys in NBD or RAK that don’t even know what they are asking.

buddy I am sorry but you used the wrong banks, ENBD is the worst bank along with RAK for personal. I am using ADCB excellency and private banking and the customer service is great. I would recommend. As far as living is concerned you should live in RAK if you dont like dubai.

 

[gatrader]

buddy I am sorry but you used the wrong banks, ENBD is the worst bank along with RAK for personal. I am using ADCB excellency and private banking and the customer service is great. I would recommend. As far as living is concerned you should live in RAK if you dont like dubai.

Thanks, I'd need an introducer there. I'll check.

 

[A1988]

Thanks, I'd need an introducer there. I'll check.

just walk in to an excellency centre of adcb in dubai or wherever you are in dubai, they will handle it for you, but yes you should have the minimum amount to open an account and get good service.

 

[JimBeam]

As far as living is concerned you should live in RAK if you dont like dubai.

Why RAK in particular?
Any recommended areas?

 

[A1988]

Why RAK in particular?
Any recommended areas?

Hi Jim, RAK is more relaxed, has good beaches, less populated and less traffic, real estate and rent is more reasonable, is around 1hr away from dubai. You can look at AL HAMRA VILLAGE, AL MARJAN ISLAND and nearby areas only.