Securing employment in Dubai is a really happy event for expats willing to live and work in the emirate. Still, once you have a job, you have to focus on arranging all other aspects of your transfer. Taking care of your finances is really important. Banks everywhere in the world, including Dubai, have adopted stringent rules and conditions due to the international financial and economic crisis. Hence, you have to be able to make the most out of the banking services in order to have good finance management once you arrive in the emirate.
You are highly recommended to open an international or preferably a Dubai bank account before you arrive in the country. The banking services are extremely advanced now, so you should not have a problem with this. The earlier you do it the better. In this way, you will be able to receive your salary and make payments immediately upon settling.
There are many banks to choose from in Dubai. The large local ones, such as Emirates NBD, First Gulf Bank and Dubai Islamic Bank, are financially reliable and stable. They have excellent reputation among locals and expats alike. Still, you are highly recommended to choose the services of an international financial institution that is represented in the emirate as well as in your home country. This should not be a problem for most expats.
Having an account in such a bank will make money transfers easier and quicker. More importantly, it will be more convenient to transfer your bank and credit history to Dubai. In turn, it will be easier for you to apply for and be granted loans. This is certainly a superb benefit since most expats rely on borrowing money for the purchase of a car or home furniture. Still, you might want to consider opening an account at the bank of your employer as well. This will also make it easier for you to get loans.
Generally, another advantage of choosing an international bank is that they usually have advance account opening services. Still, do not resort to this option, if you will end up paying large additional sums. It is extremely important for you to check carefully all fees that you will have to pay as a bank account holder.
Perhaps the most important financial aspect you need to arrange before relocating to Dubai is the transfer of your money. Many expatriates choose to sell some of their assets at home and to get the profit with them when they move overseas. Even if this is not the case with you, the sums that you will need to transfer may still be substantial.
Due the currency transfer from your local one to Dubai dirham, you might lose money. The amount is usually around 4% of the whole sum if you use standard banking services. That is why you are highly recommended to consult a transfer specialist from a firm that deals with such transactions. It is perfectly possible for you to set the currency exchange rate with an advance agreement to avoid suffering from any fluctuations.
