Financial Advice

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Personal Protection

Focusses on protecting what you’ve already got rather than simply focussing on your future. Aspects of personal protection, such as critical illness cover, can be distressing to some but it is best to have a plan in place for your peace of mind.

There are many different services that fall under the umbrella of personal protection, and many companies operate differently. Some companies offer financial advisers, and their role is to understand and assess your situation and then build a plan that serves you best. Here are some services that fall under this category:

  • Term Assurance
  • Income Protection
  • Critical Illness Cover
  • Medical Expenses
  • Whole of Life Assurance

 

Offshore Banking

For expats, offshore banking is often a useful method for people who want to keep a separate account to their current, as it can offer a variety of benefits. A lot depends on the citizenship of the person, as different countries may have their own rules regarding tax on offshore accounts. It is, therefore, important to understand these first and foremost.

Often, expats are classed as a non-resident whilst they are working and living abroad, opening them up to the possibility of offshore banking. There are many reasons why people may want to explore this avenue, including:

  • Tax efficiency and improved interest rates
  • Access to your funds on an international scale, with credit/debit card facilities
  • Deposit in your choice of currency to protect yourself from fluctuations
  • Useful for larger transactions or ones with a sensitive nature

 

Whilst these benefits all look very attractive, it is critical that you are properly informed about the different types of offshore accounts in order to maximise your future wealth. Making a mistake and choosing the wrong type can be particularly costly and with over 300 offshore accounts available to UAE residents, this can easily be done.

 

Foreign Exchange

The foreign exchange market is comprised of all the world’s currencies which are bought and sold across local and global markets. The foreign exchange market rises and falls in response to real-time events. Investors trade when they’re assured that the currency they are buying will appreciate in relation to the currency they are selling.

Forex is the largest liquid financial market in the world. The foreign exchange market sees currencies exchanged from one trader to another scattered all over the world.

There are some financial organisations within the UAE that offer our innovative foreign exchange services which allows them to trade all major world currencies. It also enables them to make international payments in a fast, efficient and cost-effective manner. This service is perfect for those on the move, people who need to be able to make transfers fast from one currency to another as they jet from one corner of the globe to the next.

 

Education Planning

Education is possibly the most valuable asset because it can change lives. As a result, the value we place on a good education is huge. The cost of education in the UAE is ever-rising and it is unlikely to slow down any time soon. Therefore, planning out your financial journey is now more crucial than it has ever been. And as always, the earlier you start saving, the more your savings will become, ensuring that you will be able to provide your children with the highest level of education.

However, a decent education requires careful and sensible financial planning and it would to select the most appropriate savings plan to suit your individual needs, allowing you to begin paying towards your child’s future in a tax efficient manner. These plans can offer tax free growth, tax free withdrawals, special gift tax exclusions and high contributory limits for individuals planning their children’s future more importantly on a low fee and flexible basis.

By utilising a tailor-made, long-term financial plan, you will begin to reach your financial goals, whilst guaranteeing peace of mind for your children’s future.

 

Retirement planning

Planning for your retirement can sometimes be a daunting and confusing task, but it’s a process that can be made easier with the help of expert advice. An important question to ask yourself is how you picture spending your golden years. Once you know what quality of life you want, you can decide what means need to put in place to provide you with the financial support you deserve. The sooner you start saving, the more time your investments have to perform, ensuring you enjoy the full benefit of your savings plan when you retire. There are number of different organisations and businesses that offer a tailor-made service and financial plan, depending on your situation and foreseeable future.

 

Banking in the UAE

With well over 30 options, choosing a bank in the UAE can be confusing. Many residents will pick a bank recommended by their employer or friends. While this may be the fastest way to make a choice, it does not necessarily mean you will have the best experience.

 

Where do you bank?

If you are an expat, you more than likely also have a bank account in your home country. Whether it is Bank of Baroda, Citibank, HSBC or Standard Chartered, you need to research the advantages of banking with them in the UAE. International remittances will not necessarily be cheaper, as many banks now offer free or discounted international transfers to countries such as India. Moreover, you should check what interest rates and other financial services are offered, as their financial products are unique to each country. For the most part, international banks tend to have less branches than their local counterparts; so if this is an important consideration for you, check their bank branch & ATM network in the UAE.

 

Locations and timings

Choose a bank that works with your schedule. If you are too busy with your job during the weekdays, finding a bank with a branch location close to home will probably be more convenient. Most bank branches close quite early, so if you find yourself having to visit the bank late relatively frequently, then make sure the bank you choose has locations at a mall, as these tend to be open until the evening. While you can withdraw money from the ATM of any bank, if you are averse to paying a fee for each withdrawal, then make sure there is a convenient ATM location close to your office or home. Click the link below to find a bank closest to you

http://www.alainexpat.com/listing-category/banks/

 

The type of services that are available, are comparable to banks from your homeland country. Please find a list of banking services available here in the UAE:

  • Personal banking
  • Business banking
  • Private banking
  • Personal loans
  • Business loans
  • Credit cards
  • Savings & investments
  • Insurances

There are a number of credit cards that are available through the many established banks in the UAE. The application process can be similar from bank to bank and it can take up to 10 working days to receive your card after processing it. Follow the link below for more information:

https://www.nbad.com/en-ae/personal-banking/cards.html#all

Bank loans are also readily available with a similar process time to applying for a credit card. The amount of the loan available to you is generally a result of your monthly salary. In some instances you can borrow up to five times your salary per month. However, please be aware that there are strict guidelines and penalties for missed repayments. Some banks offer you a check book which you will need to submit each repayment, depending on your repayment cycle, for example – monthly. Again if these repayments are missed, you could face imprisonment. Ensure you seek the right advice from your banking consultant, before you commit to anything.

With virtually every bank in the UAE now offering mobile banking services, managing your bank account has never been easier. Whether you want to pay your bills, transfer money or check your balance, mobile banking apps in the UAE now offer a seamless solution. But are there any risks to using these apps? Many security experts believe there is a greater risk of compromising your personal data and bank account information when using an app as compared to online banking through a website.

As more and more customers have begun to use mobile apps, hackers and thieves are starting to dedicate more efforts to targeting people through these channels. While there have not been any major reported incidents of mobile banking fraud in the UAE, learning more about the risks involved will help you avoid them as the bad guys turn their attention to the region.