Jan 17, 2006
The simple answer is yes and no.
Yes, but you can only hold a "savings" account. You will NOT be allowed to have a cheque book, debt/credit card or credit card until you have "residency". You can only have residency when you have completed the final payment on your property.
No, you cannot manage your account from the UK. I bank with LLoyds and they confirmed this. I cannot speak for HSBC, or Barclays or any of the ME Banks. I assume this is correct for all of them though because of the restriction of the type of account you can hold until you have "residency".
Also at the moment you are in a position of only being able to deposit money into a UAE Savings account via a Electronic Money Mover or Transfer. Obviously you cannot take "wads" of cash into UAE due to money laundering regs. The most i take in at any one time is £5k
The reason why i say this, is that at the moment the exchange rate is not particulary good for us Brits. For instance, if you transferred a large amount now, you would slash your wrists if the dollar weakened in a few months time.
The AED (Dhm) is "fixed to the dollar" for exchange rate purposes. When the dollar is week we are laughing, if strong like now its not good.
This i'm affraid is the gamble when you buy property using a foreign currency.
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