For those that do not know I have until the 6th October to find another bank and my current UK bank is shutting down all accounts to those living outside the UK. I have been with my bank for 31 years and have been given notice which sucks. I am looking at all various options as the money is not coming back to South Africa and that is never going to happen. I just wish the crypto services were up and running offering banking but these are limited at best and are regional so I would have to live elsewhere to even consider this.
Stashaway did an article recently on the top savings accounts in the UAE giving a breakdown of what each one offers and this has been a big help. The interest offered is peanuts compared to like Revolut which offers up to 4.5% and always beware of the "up to" wording as it could be far less when reading the small print. Even if they offer 3% this is still something especially if you have a decent holding balance. Dubai is useful for tax avoidance which could make up the difference of less interest being offered so one has to have an open mind.
Today has been a busy day thus far and will not end until the banking situation has been sorted even if it is a temporary fix for a few months or possibly 6 months. The Dubai banks are so far a hit and a miss situation with one banks help center still not responding after contacting them 6 hours ago and I am number 412 in the queue so I guess that one is crossed off. This particular bank doe snot feel me with much confidence if they cannot have a live help center operating.
So far I have contacted 3 banks online and waiting for a response and two others I will phone tomorrow as it is already past 6pm in Dubai and the phone lines are now closed being 2 hours ahead of SA. There are certain questions I need answering first before I jump on a plane and start spending. This would be easier if I was in Dubai and this should be doable over the phone or online as it will tell you how jacked up these banks are to customer services. I should not have to log into their app to get immediate help so we shall see how far I get.
In the meantime I will be opening a Revolut account as it covers all my immediate needs and I can have this up and running with a debit card in my hand by as early as next week. One of my close friends I was talking to this morning suggested Revolut and he has had no problems and actually rates the services.
He is one of my army buddies who is copying me with buying COTI and yes COTI is on the Revolut app which makes it a simple exercise when looking to sell and straight into a bank account using this off ramp. They have some fees I need to check with regard to crypto but at this point this is not a big deal as this is a service that I am prepared to pay for. There are a number of different account options with various benefits for a small monthly fee and this is what I am going to spend time on tonight finding which one ticks the boxes I require.
There are certain Dubai banks that accept crypto directly but then again they also have set fees and is not a free over the counter transaction. There are other financial crypto businesses in Dubai who facilitate the selling and moving of digital assets to your bank account so Revolut does this all in one.
When you consider it was not that long ago when finding an off ramp to service your crypto was not straight forward and using an off ramp in SA is not an option due to the high tax rates. Avoiding any red flags is the answer and for now until I find a Dubai bank catering to my needs it will be Revolut.
In the future once we move to Portugal I will open a traditional bank account and have a Revolut account and a Dubai based account. I would like a crypto debit card once I find one that I can use as currently residing in SA there are some serious limitations.