Dubai Forums Dubai Expat Forums Dubai Expat Help Forum

hey guys
a question or 2 about banking...i have presently an account with HSBC in hong kong...and thier service is impeccable...now my question is...what procedure does one have to go thru , if one wishes to open an a/c in hsbc dubai...?...in hong kong , all i had to do was get a letter from the employer...stating that i earned xxx amount per year and then pay an innitial deposit of only 250 AED to open an a/c...is it that easy in dubai too...or do you need a lot of paperwork etc?...just a general question...as i need to know how much money i need to bring with me?...any help would be really appreciated!!

constantine wrote:hey guys
a question or 2 about banking...i have presently an account with HSBC in hong kong...and thier service is impeccable...now my question is...what procedure does one have to go thru , if one wishes to open an a/c in hsbc dubai...?...in hong kong , all i had to do was get a letter from the employer...stating that i earned xxx amount per year and then pay an innitial deposit of only 250 AED to open an a/c...is it that easy in dubai too...or do you need a lot of paperwork etc?...just a general question...as i need to know how much money i need to bring with me?...any help would be really appreciated!!

Hi,

To open an account here you need the following documentation:

1. Photocopy of passport and residence visa
2. Original passport with you
3. Complete the bank's application form
4. If I'm not mistaken you do not need to present a salary certificate to open an account, best to check with them about that. They just ask for your income on the application form though.

As for initial amount, HSBC in UAE, does require an initial deposit of AED 5000. Then if you fall below this amount you are charged AED 100 per month.

You can get more info here:

http://www.uae.hsbc.com/code/tools/site ... 0020c629df

Jag

hey jag
thanks for the info...will definately check it out!!
cheers

constantine wrote:hey jag
thanks for the info...will definately check it out!!
cheers

No problem

Hey

Is there any reputable banks in Dubai that have more reasonable fees than HSBC (i.e. doesn't require such a large initial deposit and doesn't impose such high monthly fees if the minimum isn't met)?

Thanks for your help

ton wrote:Hey

Is there any reputable banks in Dubai that have more reasonable fees than HSBC (i.e. doesn't require such a large initial deposit and doesn't impose such high monthly fees if the minimum isn't met)?

Thanks for your help

Hi,

Yep you can check out Mashreq Bank (have an account with them and they are great an you can go for their low/no balance accounts) www.mashreqbank.com or Me Bank (lowest rates) at www.mebank.ae

Hope this helps...

Jag