Reasons why you should hold a bank account in the UAE

Reasons why you should hold a bank account in the UAE

Since UAE has provided businessmen and entrepreneurs a bulk of benefits and facilities, business tycoons have been planning to shift their entire home into Dubai or Sharjah. They have seemed to be preferring running business in the states of UAE. Talking about the past, in Ajman, offshore company formation has increased right after major advancements and changing in the medium of business. Tourism rate has been pushed up as well, business is supported in other states of UAE and wills in Dubai are easily transferred from one place to another. Here we will mention how having a bank account in UAE provides us benefits along with the advancement of the Emirates:

  • For starters, you can pay easily by check or online bill payment if you have a checking account. It’s also cheaper to purchase a money order (and you have evidence that you paid the bills for bank statements). You can withdraw money easily or make payments in shops by obtaining an ATM or debit card for your account. In transactions where credit cards are approved, a debit card is usually accepted.
  • Theft and fires will guard your capital. In fact, if your money is insured from the Federal Government, you will be entitled to your money if your bank or credit union fails. The highest insurable amount of money is $100,000.
  • If you put your money in a savings account, several banks offer an interest rate. Your money will rise in value over time. Make sure you shop around and see what the prices are-you don’t want to pay fees more than you get. You can have your money transferred regularly from checking to saving if you have a check and saving account with the same company and put the money in place to support your savings.
  • The organizations relating to banks can help you get a home, a car, a student or personal credit because banks favor existing customers, particularly those who are good at handling their money. However, it can be quite costly for small credit lenders who lend you cash quickly as they demand loan fees or high rates. Although bank accounts are favored over checks and piggy banks, you should be mindful of banks ‘ fees as well. For example, if you use your credit card on a not-for-provider ATM, banks can charge you. You must also maintain a minimum balance of a certain amount depending on the type of account that you have in order to avoid paying. Shopping for the best product that meets your needs is always best.

Visit www.legalinz.com/wills-for-uae-expats for further details.

Share