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!

[GulfaTowerAjman]

If you're considering relocating to Dubai, here are some important things to know:

Visa and work permit: To work in Dubai, you'll need a valid employment visa sponsored by your employer. It's essential to secure a job offer before moving to Dubai, as your employer will handle the visa and work permit process for you.

Cost of living: Dubai is known for its high cost of living, especially in terms of housing and transportation. Rent prices can be quite expensive, so it's important to budget accordingly. However, there are also areas with more affordable housing options.

Housing: Dubai offers a range of housing options, from apartments to villas. Popular residential areas include Downtown Dubai, Dubai Marina, Jumeirah, and Arabian Ranches. Consider your budget, commute preferences, and lifestyle when choosing a location.

Healthcare: Dubai has a well-developed healthcare system, with both public and private hospitals and clinics. Expatriates are required to have health insurance coverage, which is often provided by employers. Ensure you have adequate health insurance before moving.

Culture and religion: Dubai is a diverse city with a mix of cultures and religions. While it is more liberal compared to some other Middle Eastern cities, it's important to respect local customs and traditions. Islam is the predominant religion, so it's advisable to be aware of and follow local customs and practices.

Transportation: Dubai has a well-connected transportation system, including an extensive metro network, buses, and taxis. Many residents also own cars for convenience. You'll need a valid driver's license to drive in Dubai, and it's worth familiarizing yourself with local traffic rules and regulations.

Lifestyle and entertainment: Dubai offers a vibrant lifestyle with a wide range of entertainment and leisure activities. From luxury shopping malls to cultural attractions, fine dining, and outdoor adventures, there's something for everyone in the city.
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Climate: Dubai has a desert climate with hot summers and mild winters. Summers can be extremely hot, with temperatures often exceeding 40°C (104°F). It's important to stay hydrated and take necessary precautions during the hot months.
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Before relocating, it's advisable to do thorough research, seek guidance from relocation experts, and connect with expatriate communities or forums to gather more information about living and working in Dubai.

[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.