Always two options are opened for expatriates working in UAE regarding their financial management. As you can see that if you want your money to work for you then the only way is to make some savings or take a little risk by investing in a serious business. You can easily approach any bank including Islamic banking and ask about a savings plan. These typically offer higher interest rates than current accounts but may have limited access to funds. You can manage your presume penalties for withdrawals and can use at unexpected situations. If we have a look at the Islamic savings account, most of the banks can offer a fixed or variable interest rate according to the ease of the customers. You can choose to denominate them in dirhams, US dollars, euros or pounds sterling because all these currencies are well-known for the majority of the investors all over the world.
Keep one thing in your mind that most of the savings accounts can also work as salary accounts, but typically do carry the benefit of a checkbook. You need to focus on the other edge which is related to investment accounts. Banks operating in the UAE also offer investment services with a bit risky option but the profit margin is extremely high. You can open an investment account on signing an investment agreement with the bank and your service provider will guide you about each and everything about the trading zones running in UAE. It is impossible to move on in business markets in Dubai without the help of banks. Such contracts may run from 12 months to 5 or 10 years or more and depends on the nature of business. Such agreements cover the management of your funds with a minimum assured return of 3 to 7% or more per year so that to you could get a handsome amount for profit.
How much one have to invest in a certain business; there is no limit for that as you can put minimum investment balances. However, this amount vary from bank to bank. How to open a bank account in the UAE as an expat is another important task. Establishing a banking relationship in the UAE is quick and efficient. In general, the process takes anywhere from a day or two to a couple of weeks, depending on the kind of account. If you have a good credit history and bank balance then you can also approach your bank for priority-based offers like:
- Credit card services with a maximum balance limit
- Different accounts require for different purposes
- Loan offers
The last option can be availed using the best bank personal loans in the UAE and Mashreq Bank would be the most suitable choice. I am sure you would love to work with this unique bank for your priority based offers because of numerous perks. Also this is a unique bank with a complete reliability factor holding 3 decades of experience.