Thanks for the helpful video. Question - if you had a HSBC account in the UK, why didn't you go for a HSBC UAE account in Dubai? I'm currently living in the UK, but will move to Dubai in about a month's time.
Which bank would you recommend for exchanging currencies? It seems that the Wio business card is only in AED which means a lot of charges for transactions in EUR/GBP for example. Do you have any feedback on this?
3 Questions 1) Does Dubai go by sharia law when it comes to bank accounts? 2) if Dubai doesn't have the deposit insurance what it the "official term" the govt uses to not let a bank go insolvent? 3) Do banks in UAE pay interest?
Thanks Tuomas, we've been set up here for over a year now and this has been the best video so far on banking. Do you have any videos or experience with exchanging? I'm banking with WIO and NBD - I find the Fx on WIO Very high when switching currencies from £/$ to AED - Let me know your thoughts!
@@tuomaskiv Last question, promise. Does your activity still apply as a qualifying income under the new tax law? mof.gov.ae/wp-content/uploads/2023/06/Ministerial-Decision-No.-139-of-2023-Regarding-Qualifying-Activities-and-Excluded-Activities.pdf
"Referred accounts will receive $1 in IBKR shares for every $100 of value (cash or other assets) added to their account for up to $1000 worth of IBKR shares. The average balance must be maintained for at least 1 year for the shares to vest and be accessible." - www.interactivebrokers.com/en/trading/referral-member-to-member.php
Hi I am applying for a residency in Dubai I bought 3 apartments (1 finished, 2 off plan) I am waiting off plan properties build so that I can apply for golden visa. During this time can I open a bank account and get a credit card (so that I can start to build up my credit score) or can I get a credit card before I get the golden visa residency?
Thanks for the video, I'm a Dubai local but I never thought about banks and just opened an account in the same bank as my parents (they actually opened it for me when I was a kid).. I will be looking at what suits me best now (Emirates one seems awesome since I like travel)
I just installed the FAB bank. The quality of the online banking (both desktop and mobile) is so abhorrent that I am no longer willing to put money in this bank. The apps have clearly been developed by Indians. As a software developer myself, I am flabbergasted how something like this can end up being released. Even the most junior developers and testers that I worked with would never create such a poor application. Any recommendations?
@@tuomaskiv Unbelievable how these people with all this oil money can't hire a decent team of developers. I now managed to get Fab Mobile up and running. Gonna see if it works and then gradually and carefully put some money there for the fixed deposit iSave account. Currently in Bangkok, but going back to Dubai next week. I have the same setup as you have! Now considering opening some other backup / diversification bank accounts as well. Thinking about Georgia. Any experience with Georgian banks?
Is that Bank Problem? How it becomes an INDIAN'S problem? i am so surprised to see these comments and arguments. so poor thinking, you guys never gonna change.
@@arnoldvosloo220 Well, for one, he was only 9 or 10 years old when all the banks in the US should have gone under but were bailed out by the government. He is making it seem like the banks in the UAE are "safer" than the US, but the US government has shown that it will bail out the banks if they make massive mistakes. Hence the phrase, "too big to fail." I was 40 years old and lived through it, not in elementary school. I remember it well while it was unfolding. I also have an MBA and have owned my own business for longer than Tuomas has been alive, so I know a thing or two about banking and finance.
@@mexicounexplained He pointed out the smaller banks that have struggled recently in the US and said the reserve ratios for the US overall are a bit lower than UAE banks. He didn't say big banks in the US are going bust anytime soon. Not sure what point you're trying to make here with your life story. Plus why do you keep commenting on his age?
Good video, thanks. No words about American Express? What do you think of it? I've heard several people around me saying that it is a must when you live there and travel often.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
🇦🇪 Want to get set up in Dubai? Book a Free Consultation - www.genzoneconsulting.com/meetings/schedule-session/tk
Thanks for the helpful video. Question - if you had a HSBC account in the UK, why didn't you go for a HSBC UAE account in Dubai? I'm currently living in the UK, but will move to Dubai in about a month's time.
Great video. Can you please make a video in which platforms you use to invest in index funds and stocks in the UAE?
Man you are the G.O.A.T. for sharing all of this information with us! Thank you
How much cash can you deposit in dubai acct without being flagged?
Which bank would you recommend for exchanging currencies? It seems that the Wio business card is only in AED which means a lot of charges for transactions in EUR/GBP for example. Do you have any feedback on this?
good question for people with customers that pay with european currencies
Would you mind take a shot at a video about Index funds please ?
Can you make a video on how to invest in index funds or things like that from Dubai?
Most people open a Interactive brokers account
@@tuomaskiv what does that mean? an account within the bank they are with?
Ibkr(interactive brokers) is a brokerage (online app to trade stocks) it's available in 34 countries@@im.m
@@im.m Interactive Brokers is an investment account. You can search for interactive brokers and open an account with them.
cool info! I would copy the credit card strategy
soooo good, best tips
hi, great video what would you reccomend for university students? or is this applicable for them too
3 Questions
1) Does Dubai go by sharia law when it comes to bank accounts?
2) if Dubai doesn't have the deposit insurance what it the "official term" the govt uses to not let a bank go insolvent?
3) Do banks in UAE pay interest?
Good video really helpful
Good video.
Thank you for this helpful information.
Very useful video!! Do you use only a WIO bank accout for your company, or do you use other Bank as well? Thank you
dude if someone pauses and zooms in the right way they may see your emirates card number, see if you can blur it
Thanks nice video
Thanks Tuomas, we've been set up here for over a year now and this has been the best video so far on banking.
Do you have any videos or experience with exchanging? I'm banking with WIO and NBD - I find the Fx on WIO Very high when switching currencies from £/$ to AED - Let me know your thoughts!
I mostly transfer AED to USD (and vice versa) and for that the Wio rate is quite good in my opinion, I haven't found a better rate personally
@@tuomaskiv I found the rate to be around 3% with WOI - Would you consider transfering to WISE first then exchanging and transfering back?
Thanks really helpful🙏
SiB cashback card offers 10% for online and digital transactions. MAX cashback is AED 300 a month
Which one is best kripto friendly
Good info ,, can you talk about wio stock investment and crypto throw wio account
Any banks in Dubai that accept crypto currencies..?
Can you Bank Swiss and live in Dubai by buying a property with the 10 year golden visa?
Yes you can
Do you need an emirates ID to open a business account? (Given that you first open your business and only after you can sponsor yourself for residency)
I believe you needed it but I could be wrong. Business can be open without having a busines bank account yet
@@tuomaskiv Last question, promise.
Does your activity still apply as a qualifying income under the new tax law? mof.gov.ae/wp-content/uploads/2023/06/Ministerial-Decision-No.-139-of-2023-Regarding-Qualifying-Activities-and-Excluded-Activities.pdf
How was your experience during the flooding in Dubai? We were lucky enough to just miss it as we headed back home from our visit in late March.
I just missed it too, I left for travels in Asia just before it
Thanks man
I opened an IBKR account using your link. When do I receive the welcoming $1000 ?
"Referred accounts will receive $1 in IBKR shares for every $100 of value (cash or other assets) added to their account for up to $1000 worth of IBKR shares. The average balance must be maintained for at least 1 year for the shares to vest and be accessible." - www.interactivebrokers.com/en/trading/referral-member-to-member.php
Can nonresident open a bank account in uae 🇦🇪 UAE staying overseas.
Gracias amigo ❤
1st like 😆
Hi I am applying for a residency in Dubai I bought 3 apartments (1 finished, 2 off plan) I am waiting off plan properties build so that I can apply for golden visa. During this time can I open a bank account and get a credit card (so that I can start to build up my credit score) or can I get a credit card before I get the golden visa residency?
Hello, do you need a credit card
Which projects?
You can't open a bank account or apply for a credit card yet until you get your Emirates ID.
Is it safe keep money in dubai bank account
Watch the video
How do credit scores work
They don’t have a standardised credit score system, loans are given based on bank statements etc
Abu dhabi residence ill go to FAB thank you
If you can only choose 1 credit card. Which one will you choose?
Emirates NBD Skywards Infinite
CAN i EDIT your UA-cam videos?
Thanks for the video, I'm a Dubai local but I never thought about banks and just opened an account in the same bank as my parents (they actually opened it for me when I was a kid).. I will be looking at what suits me best now (Emirates one seems awesome since I like travel)
Glad it was helpful!
The banks in the uk don’t guarantee, it’s a protection up to £85k
I just installed the FAB bank. The quality of the online banking (both desktop and mobile) is so abhorrent that I am no longer willing to put money in this bank. The apps have clearly been developed by Indians. As a software developer myself, I am flabbergasted how something like this can end up being released. Even the most junior developers and testers that I worked with would never create such a poor application.
Any recommendations?
Yeah ADCB also looks like it was built by an Indian intern.
@@tuomaskiv Unbelievable how these people with all this oil money can't hire a decent team of developers.
I now managed to get Fab Mobile up and running. Gonna see if it works and then gradually and carefully put some money there for the fixed deposit iSave account.
Currently in Bangkok, but going back to Dubai next week. I have the same setup as you have! Now considering opening some other backup / diversification bank accounts as well. Thinking about Georgia. Any experience with Georgian banks?
Is that Bank Problem? How it becomes an INDIAN'S problem? i am so surprised to see these comments and arguments. so poor thinking, you guys never gonna change.
ive been looking for info like this - CC in the uae, points etc
great
Clark Michelle Williams Nancy Clark Jose
audio is fucked
You're too young to remember "Too Big to Fail."
What did he say which indicates that to you?
@@arnoldvosloo220 Well, for one, he was only 9 or 10 years old when all the banks in the US should have gone under but were bailed out by the government. He is making it seem like the banks in the UAE are "safer" than the US, but the US government has shown that it will bail out the banks if they make massive mistakes. Hence the phrase, "too big to fail." I was 40 years old and lived through it, not in elementary school. I remember it well while it was unfolding. I also have an MBA and have owned my own business for longer than Tuomas has been alive, so I know a thing or two about banking and finance.
@@mexicounexplained He pointed out the smaller banks that have struggled recently in the US and said the reserve ratios for the US overall are a bit lower than UAE banks. He didn't say big banks in the US are going bust anytime soon. Not sure what point you're trying to make here with your life story. Plus why do you keep commenting on his age?
@@arnoldvosloo220 You're not understanding what I'm saying.
@@arnoldvosloo220 It makes no sense for me to clarify further.
Good video, thanks. No words about American Express? What do you think of it? I've heard several people around me saying that it is a must when you live there and travel often.
As far as I know Amex here is okay but not as good as elsewhere, also many places don’t accept it AFAIK
Not the best card here, most places dont accept it
@@cgroyg Good to know, thank you very much.