10 Things You Can Do Through Net Banking

The UAE banking sector is poised to register year-on-year deposit and asset growth of 13.6 per cent and 12.2 per cent, respectively, over 2015-17, underpinned by a strong macro picture, according to an article published in Khaleej Times in June 2015. With the advent of new technological innovations, banking is booming with opportunities.

Benefits of Internet Banking

Banking has fully absorbed and integrated technology offering services such as internet banking, mobile banking, e-statement and more. Internet banking comes with the advantage of 24X7 banking. Here are the various things you can avail under net banking.

1.      View the account transactions for the last 6 months – This gives you a better idea of your money inflow and outflow, thereby giving you an opportunity to plan for the future months accordingly.

2.      View Your Credit Card Transactions – You can customize and view credit card transactions for the last sixty days or for a particular month. This helps you point out overspending and lets you catch any financial leaks if any.

3.      View loan account details – You can easily view information related to your loan account which may include outstanding loan amount, instalment amount, next instalment date and interest rates applicable.

4.      View fixed deposit details – You can view details related to your fixed account such as principal amount, maturity date and interest on deposit.

5.      View exchange rate – You can also view prevailing exchange rate on major currencies including Gulf, European, and Asian currencies.

6.      Open a fixed deposit account – If you are a customer of a certain bank and have been using its internet banking services then you are eligible to open a fixed deposit account both in AED and USD.

7.      Pay your credit card bills – Not only can you view your credit card transactions, but you can also view your dues and clear them online.

8.      Transfer Funds – You can avail this service both to transfer funds to another account in the same bank or any other bank.

9.      Pay your utility bills – You can also pay your utility bills through internet banking such as water, electricity, internet, landline phone and more.

10.  Get your queries cleared – You can send message to the bank directly with your queries.

Apart from the above mentioned benefits you can avail, you can also apply for a credit card loan, credit card balance transfer, credit card personal payment transfer and also life insurance through net banking.

7 Benefits Offered by Business Current Accounts

The UAE ranks as the 25^th freest economy in the world with and economic freedom score of 72.4 and business freedom score of 74.7. It is also ranked the second in the regional ranking, according to the 2015 Index of economic Freedom by the Heritage Foundation. It is booming with business opportunities and is considered fairly business friendly when compared to its neighbours.

You need money to make money is an adage that perfectly fits when we talk of business houses. Business firms need a smooth and uninterrupted flow of money to initiate activities, continue them, and for expansion of growth. What is a must for this smooth flow of money is an equally smooth functioning banks account.

A Hassle free Banking Solution for Businesses

When a business firms opens a bank account, they have a host of options with different features looking at them. Most of the banks offer customized banking solutions for businesses to cater to their high liquidity needs. Current account is considered to be the most suitable for businesses because of its highly liquid features. Here are some benefits/features offered by such an account. 

1.      No Minimum Balance Requirements – No minimum balance is one feature that can help you reap great benefits. In the wake of grave emergency, you can withdraw the entire amount from your account without having to worry about paying a penalty for doing so. Also, if you prefer to maintain a higher balance, then your bank may as well offer you attractive waivers or discounts.

2.      Sweep In – If you have ever faced the embarrassment of your cheque bouncing due to insufficient funds then rest assured that this will happen no more. Some account offers this facility where the bank pulls money from other accounts and the cheque is cleared. This called the auto sweep in facility.

3.      Interest Bearing Account  – Although the primary account inherently offers no interest, but your bank may open an interest bearing account along with your primary account. The interest rate is subject to sole discretion of the bank.

4.      Sweep Out – In case of presence a surplus amount of fund from your daily limit, the banks transfers the surplus amount to an interest bearing account. This lets you reap the benefits of earning higher returns from your benefits.

5.      Linked Debit Card – Not only banks offer an International Debit/ATM card but you can get a few number of supplementary debit card issued which are linked to the primary debit card.

6.      Insurance – Some banks may offer business insurance for their high-end customers. The insurance may provide cover against fire and theft, subject to certain terms and conditions.

7.      Free Services – Free services such as cheque pick-up facility, limited teller transactions, phone banking, mobile banking, internet banking may be available. You may be eligible for free e-statement and chequebook.

It is noteworthy to point out that the benefits offered by a business current account may differ from bank to bank.

Buying or renting commercial space in UAE?

Whether you choose to buy or rent commercial real estate in the UAE depends on your business objectives and funding options.

Last year, Dubai witnessed a spike in office rentals by almost 15% for premium commercial space. At the same time, secondary commercial space saw rentals rise by about 24% (Source: Cluttons Spring 2015 Dubai Commercial Property Outlook report). In the first quarter of 2015, however, rentals seem to have stabilised despite the high demand.

This is great news for both new and established businesses in the UAE. The country continues to attract new businesses every year, and these enterprises require office space. Though most business owners are more inclined to rent commercial real estate in the UAE than purchase it, the concept of owning one’s office space is also gaining ground.

The reasons for this are many, but chief among them is the fact that banks and financial institutions in the UAE are hugely supportive of business expansion plans for both residents and non-residents alike. Apart from a host of attractive office purchase loans at competitive interest rates, they are offering easy financing and repayment options to businesses. Several banks also offer loans that help businesses scale up their operations.

Should you buy or rent?

Renting commercial real estate in the UAE allows businesses the flexibility of moving locations if they dislike the premises, or scaling up main operations while working out of a cheaper back office. Though the rent money is one of the biggest overheads for the business, the office is insulated from rise in property prices during the lease period.

Another factor in favour or renting out office space is that the commercial real estate market functions differently from the residential one. The licensee of the space is expected to occupy the office for a longer time than his residential counterpart.

On the other hand, buying commercial real estate is beneficial for those looking to invest in property. If one does not have immediate need for it, one can rent it out and monetise the space. This helps pay off the bank loan EMIs as well. Additionally, since commercial space normally appreciates in value, the owner will make a profit when he sells the space later.

Additionally, one does not pay property tax or capital gains taxes on commercial real estate in Dubai and the UAE.

Even non-residents may purchase commercial office space

The UAE makes it easy for even non-residents to set up and operate businesses in the country. It is possible for expats and non-residents to purchase commercial real estate here, but only in areas designated for expat leasehold and freehold.

Banks and financial institutions extend loans to buy office space even to expats. Both private individuals and registered firms have the freedom to apply and secure commercial space loans in the UAE.