Banking Tips
What you should know about
banking in the UAE
T
here are a large number of
banks that operate in the UAE.
Many are local while some
may have names that you are
familiar with. Sharia Law governs the
UAE banking system. Take some time
to research how Sharia Law works
in banking. The international banks,
which you find here, are not branches
of the banks that you have at home.
They are merely franchises that are
owned and operated locally.
You may be set up with a bank account
as a part of your orientation to your
new school. If you are with the Abu
Dhabi Education Council, you will
automatically receive an account with
the National Bank of Abu Dhabi.
Once you are settled and have your
residence visa, you may shop around
for another bank that better suits your
needs. There are many to choose
from. If you do decide to change
banks, please follow the steps outlined
below.
1. Visit a branch of the bank you wish
to join and find out all the benefits
that they offer.
2. Request a salary certificate from
your employer.
3. Ensure that you have no outstanding
debt with the bank from which your
salary is currently being transferred.
4. Open an account with the new
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2016 - 2017
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bank (providing all requested
documentation).
5. Apply for a salary transfer letter
from your employer, which you will
take to the new bank.
6. Inform your old bank of the move.
You may or may not choose to close
that account.
Cheques
Although cheques are not widely used,
when it comes to paying for housing or
even school fees, it is still the preferred
method. Many schools and landlords
will ask for post-dated cheques. This
is normal, however please ensure
that there is sufficient funds in your
account when the cheque is to be
cleared. Bouncing a cheque is against
the law in the UAE and can lead to
imprisonment.
Sending money home
Sending money home is very easy
in the UAE. You may choose to
send a set amount monthly directly
through your bank. Banks such as
Abu Dhabi Commercial Bank (ADCB)
and others, offer one or two free
monthly international money transfers
(see bank website for more details
adcb.ae).
If you choose to do the transfer
manually, most malls have money
exchange houses which can facilitate
easy money transfers to bank accounts
in most countries. You will need to
provide the sort code and account
number for UK accounts, and the IBAN
number and SWIFT Code for accounts
in other countries. Many people prefer
to use the Money Exchanges, to send
money, as they often offer the best
exchange rates. Visit any mall and look
for Al Ansari, Al Rostamani or UAE
Exchange, just to name a few.
Telephone
In the UAE your mobile phone number
is very important. It acts as a security
number. It is linked to your immigration
and driving license. There are two
major cell phone providers; DU and
Etisalat. When you arrive, you may use
a copy of your entry visa and passport
to obtain a prepaid SIM card. When you
are settled, you may choose to open
a post-paid account with one of the
providers. This can be more beneficial
than having to buy credit. There are
deals, which can give you Internet,
as well as local and international calls
for a very reasonable monthly fee. If
you are someone who makes a lot of
calls to your home country, then this is
worth considering. Visit their websites
via these links: www.du.ae and
www.etisalat.ae.