Relocation to Dubai

[nathan060187]

Next month I will be relocating to work for a British company in Dubai. Do I need to open a Dubai bank account so my pay can be paid directly into that? I would need to keep my Natwest account open in England so I can have regular amounts paid into it each month from the Dubai account to keep up with direct debits here etc. Is it as simple as this with conversion rates etc? Many thanks for some expertise on the matter.

[boxtops]

I can't answer your question, but this sounds very exciting!

[woofgang]

Ask the company that you work for what needs to be done. When we lived in the US, we kept our UK accounts open and opened US ones. We used to transfer lump sums periodically as this was cheaper than smaller sums on a regular basis. If you have any money on hand, you could always put it into a savings account at your bank and transfer a bit every month to pay bills in the UK and top up the savings account periodically. Does the company you are going to work for have an expat advice facility? loads of them do.

[Sqad]

nathan....fabulous opportunity for you, Dubai is an exciting place and you should also have a good social life.

Is your company going to pay you in £,s or Dirahms?

[nathan060187]

Thanks Squad. Company paying in Dirhams I think.

[Sqad]

nathan ...then i suggest that you open 2 accounts......... one in Dirhams for general living expenditure and if you have enough left over to save, then open a deposit account in Luxemburg in whatever currency is weakest at the time against the Dirham. £ $ or euro.

Have a smashing time and try and have tea one afternoon at the Burg al Arab.

[nathan060187]

thanks everyone for your advice. something to mull over!

[ravikr4u]

Relocating for work can be exciting, but it does come with its logistical challenges. In your case, opening a Dubai bank account to receive your pay directly is a good idea, as it can simplify transactions and potentially save you on currency conversion fees. Most employers in Dubai prefer to pay salaries directly into local bank accounts.

Keeping your NatWest account open in England is also a wise decision, especially if you have ongoing financial commitments or investments there. Setting up regular transfers from your Dubai account to your NatWest account to cover expenses and maintain your financial obligations is a straightforward process. However, it's essential to consider currency conversion rates and any associated fees when transferring funds between accounts in different currencies. 

To ensure you're getting the best rates and minimizing fees, you may want to explore options like using a currency exchange service or a multi-currency bank account that offers competitive rates for international transfers. Additionally, staying informed about any regulatory requirements or tax implications related to holding accounts in multiple countries is crucial.

Overall, while managing finances across borders can seem complex, with careful planning and the right approach, you can streamline the process and enjoy the benefits of your international employment opportunity.