Considering Barclays Bank in the United Arab Emirates? This financial institution has been around for quite some time and is currently one of the largest financial firms in the world.
They have locations in over 60 countries…but are they a good bang for your buck? Here’s a quick but revealing review to help you figure it out.
Interest rates
This company is rarely mentioned among the major “interest rate banks”… but they are still quite competitive. You get a higher interest rate when you maintain a minimum balance of $10,000.
If you stay at this mark or higher, you can expect a rate between 4.25 and 4.75%. It’s not great, but it’s certainly nothing to sneeze at.
Customer service
They tend to be a “love it or hate it” company in this area. In general, they are more or less “middle of the road” in terms of service.
There are many companies with worse customer service and many with better. This is more of a “branch by branch” case.
offshore banking
This could be the strength of Barclays Bank UAE. They’re a great company for keeping offshore accounts, which just help you maximize your money a bit more, assuming you don’t need a lot of cash on hand.
Why use offshore banking?
Quite simply, it allows you to make your money in the currency of your choice… and therefore take advantage of different currency discrepancies. For example, if you currently live in a developing country, you could have your money in US dollars and earn interest on that.
Then you only make your payments in the currency of your country. Very simple but very powerful.
It also allows you to earn interest on all your money before taxes… something that would not allow you to have an account in your country.
on line bank
This system is pretty good in terms of usability and overall ease of use.
So is Barclays Bank UAE recommended? After all, yes they are. There are banks with better interest rates or customer service, but all things considered, they are solid.
