Expat Finance/Insurance Tips

[GTS_uk]

Hi All,

I'm about to accept a role in UAE, hoping this experienced group can help with a couple of quick questions if you have a spare minute, please?

I'm staying with the same company but the UAE role comes with slightly less "built in" benefits. Namely Critical Illness and Income Protection.
I see there are policies available for ex-pats - but does anyone have any recommendations for this type of cover?

Also, any recommendations on which bank to join for salary and expenses? Again, I've done some initial research but any tips/experience would be great. Looking for a great online/app experience, ideally.

And finally, still on the theme of finances, what bank/facility are you using to transfer funds from UAE to UK? Wise gets good reviews, but not sure of how good the UAE banks are and if their rates are unattractive.

Appreciate any time you can spare to share your experiences.

Many thanks

[dxbtiger]

GTS_uk said:

Hi All,

I'm about to accept a role in UAE, hoping this experienced group can help with a couple of quick questions if you have a spare minute, please?

I'm staying with the same company but the UAE role comes with slightly less "built in" benefits. Namely Critical Illness and Income Protection.
I see there are policies available for ex-pats - but does anyone have any recommendations for this type of cover?

Also, any recommendations on which bank to join for salary and expenses? Again, I've done some initial research but any tips/experience would be great. Looking for a great online/app experience, ideally.

And finally, still on the theme of finances, what bank/facility are you using to transfer funds from UAE to UK? Wise gets good reviews, but not sure of how good the UAE banks are and if their rates are unattractive.

Appreciate any time you can spare to share your experiences.

Many thanks

Insurance wise you will be forced into taking the mandatory government unemployment insurance, details below, I won't air my views publicly on it, make your own mind up..

https://www.iloe.ae/

Critical illness, Life etc are available through companies you would have heard of, mine is with Zurich.

REALLY IMPORTANT - Do not take a policy which is also investment linked, eg Futura, utter scam, stick to insurance only.

Easiest bank to join is the one your company banks with, there are no 'great' banks here, I am with HSBC, legacy from my wife worked for them, app works ok and the link between the UAE app and the Expat app for our Jersey accounts works well enough, that's the way we transfer AED to GBP, better rates would be available through FX companies, Wise, Revolut etc but the difference would be minimal and require an extra step which I can't frankly be arsed with.

Wio are a new digital player, offer about the best savings rates for instant access and Fixed Deposits, that's where we keep onshore cash reserve.

What are you moving here to do?

Coming alone or with family? If the latter then schools are full by and large, we have issues with people we are relocating to Dubai from within the GCC that they cannot get a spot in schools

[shirt]

Nothing to add to the above other than to enlist your PRO to do all the admin.

Customer service from any institution is so bad it hurts. Better to let someone else arrange to send your 20m swimming certificate and proof of your dogs shoe size (attested, obviously) whilst you concentrate on sitting in traffic.

Bank I would go with whoever you use in UK if possible otherwise HSBC or Citi.

This post comes with an AED50 knowledge fee. Please revert with the needful.

[dxbtiger]

shirt said:

This post comes with an AED50 knowledge fee. Please revert with the needful.

Duly noted, +VAT?

Still here then mate?

Still with Aggreko?

[shirt]

Nope, fell victim to PE 'restructuring' at the beginning of the year.

Didn't leave as I have a partnership in a business [a garage, discounts for PHers!] and then a new role came very much out of the left field which I start on 1st Nov. I'll be working a rotation but coming back here for leave for the foreseeable as I paid rent already!

Slightly annoying as a big chunk of my gratuity got spent on living rather than on a v12 as should be the rightful case, but the new gig will more than make up for that!

I think a roll call would be due but noone seems to post here any more. All the chat is on Dubai Drives whatsapp these days.

Hope all good with you?

Edited by shirt on Wednesday 23 October 10:01

[dxbtiger]

shirt said:

Nope, fell victim to PE 'restructuring' at the beginning of the year.

Didn't leave as I have a partnership in a business [a garage, discounts for PHers!] and then a new role came very much out of the left field which I start on 1st Nov. I'll be working a rotation but coming back here for leave for the foreseeable as I paid rent already!

Slightly annoying as a big chunk of my gratuity got spent on living rather than on a v12 as should be the rightful case, but the new gig will more than make up for that!

I think a role call would be due but noone seems to post here any more. All the chat is on Dubai Drives whatsapp these days.

Hope all good with you?

All good, 2 young boys that are getting old quickly, 18 months into a new job, about to buy a house, all feels disgustingly adult to be honest.

Good news on the new gig, enjoy the freedom whilst it lasts!

[GTS_uk]

Thanks for the insight gents, much appreciated!

I'm heading over on my Jack Jones, Mrs will join periodically, kids are in their 20s and doing their own thing so thankfully swerving the schooling issue.

All visa admin is thankfully being dealt with by the company, and it's an internal transfer so that helps too.
After faffing about for months, an offer has finally landed and now it's all systems go. Reality looks like I won't start in anger until January.

Looking forward to it !