HSBC is scrapping free international telegraphic transfers for customers while cutting the interest they earn on deposits.
The move comes just weeks after the Central Bank said it would prevent banks from charging excessive fees.
Customer service representatives said interest on deposits in HSBC "Advance" accounts would be eliminated with effect from April 1. Advance accounts currently pay 0.25 per cent.
A bank spokeswoman said HSBC would end free telegraphic transfers from April 8, adding a fee of Dh50 per transaction.
"We are monitoring banks on this situation," said Saleh al Tenaiji, a senior manager of the Central Bank's banking supervision and examination department.
HSBC's Middle East division last month reported that profit last year almost doubled while impairments were halved. Pre-tax profit from the region rose to US$892 million (Dh3.27 billion) from $455m in 2009.
Last month, the Central Bank announced a move against excessive lending and high service fees.
"Personal consumers started to complain to the Central Bank and we have seen a lot of complaints," Sultan al Suwaidi, the Governor of the Central Bank, said last month.
HSBC's elimination of interest payments on Advance accounts reflected the need for banks to offset Central Bank-imposed fee caps, said Japp Meijer, the senior banking analyst at Alembic HC Securities. "Banks will try to offset lower fees and commissions by beefing up other parts of their business. They are trying to improve margins by increasing a few fees."
* with reporting by Farah Halime
ghunter@thenational.ae
tarnold@thenational.ae
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
JOKE'S%20ON%20YOU
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
Everybody%20Loves%20Touda
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