Choosing the right bank account

Member since 05 July 2017

mkhusainMember22 June 2021 08:23:30

I would be grateful if someone could advise on the following:

I am currently working in Saudi but I also hold a Bahraini CPR. My source of income is from Saudi (salary) but I wish to open a bank account to shift some of my savings from Saudi.

I am looking for a bank account in Bahrain with good online and International functioning, ideally with high yielding investment options and (hopefully) a free credit card good for traveling etc. By the way, my CPR type is investor with no income to show in Bahrain currently, but I can deposit a reasonable amount of savings in order to open the account if that's a requirement.

Thanks

XTang Bahrain/UAE/KSA Expert

Member since 22 April 2014

XTangBahrain/UAE/KSA Expert22 June 2021 08:32:59

11895

Look, first of all, forget about high yielding investment options.聽 Every bank offers investment options to its customers but I would not classify them as good or even adequate investments, let alone high yield.聽 This is the case for all retail banks. For better options, you have to be a high net worth individual and be savvy (Simply: Have $100K or more to invest, net worth of at least $1 mn聽 and know about how financial markets work - if you do not fall into this category, don't expect any return on your investments beyond low single digits, at least, on the ones being offered by banks in this part of the world).聽 Essentially move away from retail banking and into the world of private / offshore banking. Read this for the investment perspective:

/forum/viewtopic.php?id=885444

Other than that, for international reach, it's good to go for a bank like HSBC etc., so if you move countries, you can still link your accounts.聽聽Saudi to Bahrain transfer is free between SABB and HSBC by the way and gets you good FX rates.聽聽You are not likely to get a credit card without depositing funds against that.