Money Matters

Here are a few things that you need to know about managing your finances while living in Dubai. 

Cheques
Previously, post-dated cheques were mainly been used to secure finances and pay rent, with a year’s rent being ‘paid’ up front in several cheques. The country’s first direct debit system came into force in October 2013, with the aim of reducing the need for post-dated cheques in order to guarantee loans. Bear in mind that if you do write a post-dated cheque, it is a criminal offence if the cheque bounces. More than four bounced cheques in one year will get you blacklisted by the UAE Central Bank, and your account may be closed.

Remember too that a cheque cannot be cancelled unless it is lost or stolen, and so think ahead when writing post-dated cheques. In some cases you can be prosecuted, lose your visa or even face a few years in jail.
 
Direct debit
The UAE’s first direct debit system began in October 2013, in a bid to reduce the use of post-dated cheques. Direct debit payments can be set up for loans, with plans to extend this to monthly transactions including electricity, water, telecommunications, and credit card payments.

Credit scores
The Al Etihad Credit Bureau is a new federal agency set up to assess a customer’s creditworthiness. It is due to be fully operational by 2015, so banks, telecoms and utilities companies can get a better understanding of a customer’s financial track record. 
 
IBAN
You now need to provide an IBAN number when making a transfer to or from a UAE bank. The IBAN (International Bank Account) is an international standard for identifying bank accounts. Your bank will notify you of your IBAN number. 

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