After working as an OFW in Dubai for 10 months, I finally set up a Savings Account from RAKBANK. I now have a debit card to use and I can deposit a certain amount every payday to set aside money for future use.
Right now, I receive my payroll through Al Rostamani Exchange. I have to go to a nearby branch in order to claim my money from my employer. My concern was that I didn’t have a UAE bank account where I could keep my salary and I normally just place my money in my wallet.
The problem with placing your money in your wallet is that it gets used easily. Having easy access to money makes you feel like you can just spend more. Now that I have a UAE bank account, at least I can save some earned money for the rainy days.
By the way, it is illegal to have your employer pay your salary by cash. According to the UAE Labor Law, they have to course it through a bank in order to have a report of all salary transactions by an employer to their employees. I’m not entirely sure about the sanctions but I understand how important it is to have everything recorded.
Going back to my banking account, I set up a RAKBANK Savings account through their Click & Collect internet service. All I had to do was go to their website and fill out the important information. Once I submitted my application form, I had to wait for a text message telling me that I could claim my debit card from the bank where I designated the pick-up.
I went to RAKBANK near Burjuman Center mall, showed them my IDs, gave the 1000 AED initial deposit, and then signed a few more forms. Afterwards, they gave me my FAST SAVER debit card. I was advised that I could only do transactions such as money withdrawals and deposits through their machine.
So why did I choose RAKBANK? Well, I was searching online for banks that offer ATM Savings but most banks have high minimum balances. It goes an average of 3000 AED – an amount that I can’t come up with for the time being. Given my expenses on basic needs every month, I don’t have a budget for that amount. The F@st S@ver Account by RAKBANK only required an initial deposit of 1000 Dirhams, and then there is NO MAINTAINING balance.
Even if there’s also no monthly interest, I only need to have a BANK Account in the UAE. This is a good start so I can simply begin saving. With this, I’m more motivated to set aside some money from my monthly salary to put in this account. Again, finally!