What About Offshore
Banking In Dubai?
Offshore banking in Dubai, is allowed as long as you hold a
residence visa. Once you have opened a bank account in Dubai,
you can import and export funds. You will not need to declare
currency when entering the territories, so you will be able to
move funds in any form you choose.
International bank transfers are an area where these banks are
expert. Outflow of money has been very lucrative in Dubai for
quite some time. There have been quite a few clients who move
into the region and export most of their earnings to their home
country. Many people have opened bank accounts to get out of
paying taxes in their own country.
As well as offshore banks, there are many exchange companies in
Dubai. These companies are owned by major trading families who
have a great deal of experience in the business and have better
rates than the offshore banks. Several transfer systems are
available, including, telex, postal, bank to bank, telegraphic,
and SWIFT. Exchange houses and banks are very competitive,
accurate, speedy and reliable. The result of the transaction
depends a great deal on the institution on the receiving end.
The fastest method of transfer is normally electronic transfer.
Delays can occur if you are sending a different currency than
the recipient bank deals with as there is normally a reduction
or addition to the amount. It is more efficient to send funds
between branches of the same bank .
If you plan on visiting Dubai, you probably should have a bit of
local currency to cover your room and other smaller expenses.
Currency exchanges are available at major airports, many are
open 24 hours. You should not exchange money at your hotel, as
the rates will be unfavorable.
There are no restrictions on sending or depositing of currency
in and out of Dubai. You will be able to transfer money anywhere
and in any currency. Many find it easy to use their own bank to
transfer money to offshore banks, but there are plenty of
institutions that will offer this service. Your best bet is to
do a little homework and get the best deal. The main thing to
look for is the best exchange rate and how much the commission
charges will be. They may quote you a good rate but you will
need to look at all of the charges put together and decide from
there. You need to remember your bank will charge you a fee to
transfer your money.
Offshore banking in Dubai offers Tax Haven Services, such as:
- Private Bank Accounts
- Asset Protection
- Portfolio Managers
- Wealth Management
- Asset Management
- Tax Consultation
- Personal Financial Strategies
- Account Managers
- Inheritance Planning
- Company Formation
These are some of the services offered by offshore banks in
Dubai. You will need to check out the different offshore banks
and exchange houses to see which of them will give you the best
bank account package to fit your needs. You should always shop
around so you are able to make an informed decision when it
comes to your banking needs.