Open a "Scotiabank" Account in Dubai...

[australiatocanada]

Hi Tina,
Credit history is very important when you need to apply for big credit: mortgage to buy a house or car loan (if it's more than your limit of savings). You can live without credit card if you want, but there are certain places u have to pay with credit card (online purchases, apply for Passport or Birth Certificate, when u have a baby). If you worry about interest on visas, just pay back what you have used by due date of the payment (within 21 bsns days) in that case you will avoid interest. You can always pay earlier (use-pay). You might need visa when you buy ticket to fly with your family. Instead of going to bank to take cash more than yr ATM limit and go to purcase a ticket, u'll avoid time involvig hasle and just to quicken the process you pay for ticket wih visa (over the phone or online) and transfer it back from your PC on-line from chequing account back into visa. There are lots of rewards for using credit card given by bank such as cash back, and other benefits as discounts in dining, etc.
If you have more Qs, feel free to ask.
Chami

Hi Chami,

First of all thanks for reply and +1 for your time and guidance

can you also clear one more doubt....having a debit card with Visa or Mastercard facility also can be count in future for credit history or not?

Or i should have specifically a "Credit Card" where i should borrow money from bank and return on interest? If yes, what's the use if take a credit card and not used a single time in a year...just pay their annual fee to keep in mine pocket....will it make mine credit history and help me....and ya last thing.....if i want to increase my credit limit....for safe side...how can i have more / big credit limit on "Credit card"...

Your time and guidance will really appreciated...

Cheers!! ;D

 

[Chami]

First of all thanks for reply and +1 for your time and guidance
Thank you

can you also clear one more doubt....having a debit card with Visa or Mastercard facility also can be count in future for credit history or not?
I haven't heard about that, can't tell. I don't think so though.

Or i should have specifically a "Credit Card" where i should borrow money from bank and return on interest? If yes, what's the use if take a credit card and not used a single time in a year...just pay their annual fee to keep in mine pocket....will it make mine credit history and help me....and ya last thing.....if i want to increase my credit limit....for safe side...how can i have more / big credit limit on "Credit card"...
Ther are no-fee credit cards as well. But i believe you have to use it once in a while within a year, otherwise you'll get inactive fee for sure.
Just to have a credit card with less usage will still give you credit history.
You have to show proof of income by being employed and have regular income. You need to show the bank last 3 months pay-stabs. You can do it later after getting a job. Sometimes banks offer to increase the limit too, their system genarates that itself. Another tip: Do not get just one joint visa with your spouse if you have, but get two separate visas under each names, that will give you credit limit of $1000.00 for each.

Your time and guidance will really appreciated...
You are welcome

All the best,
Chami

 

[qorax]

....having a debit card with Visa or Mastercard facility also can be count in future for credit history or not?

No. Debit Cards do not help in Credit History &/or Credit Rating. Remember it's called "Debit" -- u need a "Credit" portfolio.

If u can pledge your savings towards a "LC" [Line of Credit], while doing some major purchases; and pay 'regularly' in time... it could assist in your Credit History/Rating as well, w/out a Credit Card. So could any other 'loan' product/s... however getting that product would be a hard call in the first place w/out a 'good' Credit History/Rating... u may like to call it a vicious cycle... but that's the way it is here [also in most other nations].

Rest, Chami opined very aptly in his/her twin posts on the subject.

Qorax

 

[davidjn]

Hi Qorax / All

I am planning to land in October. Need some advise about Banking. Can I make a draft in CAD from KSA without opening bank account in canada. I plan to open after landing in canada as there is no facility to open account from KSA.
Also, I am planning to buy house on mortgage 6 months after landing so which bank provide Credit card which can be used to show good credit history?
Thanks

 

[Chami]

Hi Qorax / All
I am planning to land in October. Need some advise about Banking. Can I make a draft in CAD from KSA without opening bank account in canada. I plan to open after landing in canada as there is no facility to open account from KSA.
Also, I am planning to buy house on mortgage 6 months after landing so which bank provide Credit card which can be used to show good credit history?
Thanks

Hi davidjn,

Draft is absolutly OK as Proof of Funds, it should be payable to your name. All the banks sytem works the same, and credit cards info is connected with Credit Bureau so it's up to you which one u want to choose. First af all, have safe landing and pick the bank wich would be closest to you place of residence.
Since we were talking about Scotiabank before, I visit their web-site often and realized their credit cards are quite competetive: interests and annual fees are lower, rewards are higher. Why to pay more when you can save on that?
After landing visit all banks and shop around for mortgage, which ever gives you the best rate just go for it. I think Financial officers are the best advisors on mrtg.

Chami

 

[SinghLovCan]

Can we takr 30000 dollars in travellers cheque?

 

[qorax]

Can we takr 30,000 dollars in travellers cheque?

U'd be sc***ed paying the reverse charges !
Make a draft instead for most of the amount...

 

[SinghLovCan]

By draft you mean cheque? Will that cheque be acceptable in all banks, bcoz here in kwt they make cheque and its payable by bank of montreal

 

[qorax]

By draft you mean cheque? Will that cheque be acceptable in all banks, bcoz here in kwt they make cheque and its payable by bank of montreal

That 'cheque' is actually a Cashiers' Cheque, which is equivalent to a bank draft.
Yes, go for it... this is a better option.

Qorax

 

[montu]

Dear Friends,

As I had discussed earlier, plz be on the know that we can 'open' a Canadian Bank's a/c -right from here... in Dubai.

I know many International Banks also have this facility, like HSBC, RBS, StanChart etc. But, those banks are better 'avoided'. Why? 'Coz, due to their enormous charges, low interest rates & poor presence in Canada.

I suggest, go for 'Scotiabank'...
Why?
1. Huge presence in Canada. With ATMs in nearly all over the country [even in small towns].
2. Zero charges for 1 yr. [Free 1yr a/c].
3. Free Cheque book for a yr.
4. Free remittances for a yr.
5. Free 'Locker' for a yr.
6. Free Credit Card [deposit inked, Limited] for a yr.
7. Has a 'tailored-made' a/c for us -New Immigrants. [the 'Start Right' program].
8. All info @ www.startright.scotiabank.com.
9. Only 2 other banks have such presence, TD Bank & CIBC. [both do not have a scene here, in Dubai].

Why to open a/c here?
-For ease of carrying the 'landing funds'.
-We don't need to carry cash, draft, TCs, statements etc.
-And the money is immediate at hand in Canada.

HOW TO GET IT ORGANIZED IN DUBAI ?
HDFC Bank Representative Office is dealing with Scotiabank here. I have just touched base with them; and found their reps very helpful. For further info / action on the subject, plz note the following:
-Tel. no.: 04-3966991 [extn: 214]
-Contact Person: Ms. Tejal
-Currency deposited: AED
-Charges: NIL

More on it later...

Warm regards,
Qorax.

DEAR QORAX,


CAN U PROVIDE ME WITH TEJAL'S EMAIL ID,PLS.

REGARDS

 

[qorax]

DEAR QORAX,

CAN U PROVIDE ME WITH TEJAL'S EMAIL ID,PLS.

REGARDS

Hi,

Having left Dubai long back I'm out-of-touch with them. And I don't think she's in their employ any more. Moreover, I never had her email ID. It'd be wise to call them up instead.

Qorax

 

[Canadafrenzy]

By draft you mean cheque? Will that cheque be acceptable in all banks, bcoz here in kwt they make cheque and its payable by bank of montreal

Hi, there is one other option which might suit you if you're moving out permanently right the first time; it might as well be cheaper than a bank draft/ traveller checks option.

In fact, Bank of Montreal (BMO) offers immigrants to open account before they actually move in -- from any where in the world. (I assume the Scotia bank option is not available where you're currently residing, cause otherwise that's the best option.)

 

[Canadafrenzy]

Hi, there is one other option which might suit you if you're moving out permanently right the first time; it might as well be cheaper than a bank draft/ traveller checks option.

In fact, Bank of Montreal (BMO) offers immigrants to open account before they actually move in -- from any where in the world. (I assume the Scotia bank option is not available where you're currently residing, cause otherwise that's the best option.)

Continued from previous post...

All you need to do is download 2 set of forms(search BMO website), and certify one each from your 1) current banker and 2) a solicitor; send these forms to a BMO branch (ideally, close to where you'd be landing ) that you would later have to visit to activate your account.

There're few caveats, though:
1) it takes about a month before you get your account number
2) there might be cost involved in verifying you docs, consider solicitor fee etc; there're no BMO costs involved, though.
3) before you move in, you can do only one wire transfer to you account, of course, once activated you can do as many as you want


You get a BMO receipt for money received in your account which can be used as proof of funds.

 

[montu]

Dear Friends,


if anyone is looking open bank account with scotia bank from dubai, pls note the cont details -
PANKAJ MEHRA pankaj.mehra@scotiabank.com
FARHAN KHAN 416 866 5268


hope this will help!!

 

[SATDXB]

Dear Friends,


if anyone is looking open bank account with scotia bank from dubai, pls note the cont details -
PANKAJ MEHRA pankaj.mehra @ scotiabank.com
FARHAN KHAN 416 866 5268


hope this will help!!

Hi, this is really helpful,


Thanks,


Cheers..