Most of us have come to Dubai to get a step up on the wealth ladder, and make a better life for ourselves when we return home. After all, the money you earn here is tax free. The question is how do you save it? You don’t want to be part of the majority that return home after seven years with less than they came with.
Banking tips
The banking system in Dubai is pretty good. The online banking infrastructure works and most banks have great online facilities. Most of the banks operate a fee paying structure which depends on the balance you keep on the account. The more you keep the less you pay, and vice versa. Take the account that suits your needs. If you qualify for the top account because you have a big salary take it. However do not be fooled into keeping a large balance on a savings account, this rarely works in your favour.
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Almost all of the banks will charge you more than in Europe for transactions, so be mindful of this. Do not use your credit card to take cash from an ATM for example. Do not convert small sums of money back to your home currency, and definitely do not incur fees for late loan or credit card re-payments.
Finally enjoy Dubai and be smart with your money.
With thanks to Jason Cook CFP. Visit www.financial-advice.ae.