Opening a bank account is one of the many steps of settling in when you relocate to a new place like the UAE. Unlike finding a rental residence or enrolling children in school, it seems straight forward. And it definitely could be done in a quick trip to the nearest bank.
But banks are not all the same, and starting off with the right bank can make your life easier when you’re juggling your new life requirements. There are major national banks with more resources, better technology and vast offering of products and branches, and there are small local banks where you may be known by name if you become a customer. You bank choice should be based on several factors, however.
Convenience
Convenience is a big deal in a busy lifestyle, although the definition may be different based on individual preferences and needs. Some people may need to have a brick-and-mortar branch nearby, others can’t live without internet banking, and some will consider having all their banking needs met in one place the ultimate convenience.
Regardless to how you define your convenient banking, make sure that you verify this before you get started. Don’t take it for granted that any bank where your payroll is deposited will meet your requirements for car finance, will provide a great deal on a personal loan or has a variety of credit card options. Similarly, don’t expect that because your bank has a nicely furnished branch, it must also have the latest technology.
If you feel strongly about having a particular service, ask about it clearly and make sure that it will be available to you in acceptable terms when the time is right.
Rates
Bank costs — charges and fees — can be significant. You will need to understand what sort of fees the services you’re getting will entail. If you’re opening a payroll account, make sure that you won’t be hit by a monthly fee if your balance drops below a certain figure. Check for ATM fees, transfer charges, check-cashing costs, etc.
Banks will have a rate list available, so make sure that you take a good look at it. Focus on the activities that you likely will be using often, and assess the costs. Remember, these small charges here and there can add up quickly, and on the long run become an unnecessary burden.
International remittances
If you’re planning to send money home to family or to a personal account, a bank that can set this up for you is invaluable. Of course, there are many exchange offices that can help you with your remittances, but back to the convenience point, an automated regular transfer can be invaluable.
Some banks will have special agreements with your local banks, or even have branches in your home country. If you ask around in your community, you may find many good, relatively inexpensive options for your remittances. The presence of these banks in your home country will also mean that you will be able to handle any money issues smoothly if you’re on a vacation or eventually if you return home.
Customer service
Ask around, read online reviews and trust your gut when it comes to customer service. Nothing really — not the latest technology or the international branch network — makes up for unresponsive bank representatives, slow transaction, poor attitude, etc.
If you sense any sign of discomfort during the initial stages of opening your account, take a step back and reconsider your decision. That is the time when the bank — and its reps — is still trying to get your business. If your service isn’t top-notch, don’t expect it to be when you call with a problem. There are so many excellent banks around, so remember you don’t have to settle for less.
The author, a former Gulf News Business Features Editor, is a Seattle-based editor.
Selecting a bank
Identify your convenience factors
Check rates, fees and charges
Know about product availability
Survey customer service
R.O.
