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Rescue Your Money

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Expat Planning, Saving & Investing: our new A-Z interactive online course – learn everything you need to know to take control of your finances and never rely on others again.

“Every attendee that I’ve spoken to has loved Steve’s course.” – Andrew Hallam, author of Millionaire Expat
“Incredibly helpful, this is exactly what I needed.” – Julia, UAE
“The best course on investing for expats. I sincerely recommend it to everyone.” – Elena, UAE

 

We tend to trust banks, exchange houses and brokers with our money. If we didn’t, we would have to keep it under the bed and risk it getting stolen anyway. And we wouldn’t be able to send our money overseas.

What happens when a financial company holds onto your money for too long or makes it hard for you to access it? This is usually a BAD sign, as it suggests they are having cashflow problems.

What took down the banks in 2008? Liquidity. They just didn’t have ready cash to pay people back and when other banks realised this, they also stopped lending to them, pushing them into a death spiral. Imagine someone realising you have run out of water, so they turn your air supply off.

Act now and fast

If a financial institution is holding onto your money for no clear reason, YOU NEED TO ACT FAST before the music stops. Especially if they are getting bad press. If they collapse and are based in the UAE, there is a good chance the Central Bank will cover at least your transactions (if not your deposits), but it may not be fully and the money may take a long time to come through.

You should act before things get anywhere near collapse. Talking to an insider today (from a company with no problems!) I got a tip on how to get your money back fast.

If any UAE institution has held onto your money for more than a week after you requested it back, go straight to Central Bank Consumer Complaints:

https://www.centralbank.ae/en/form/complaints

Fill in the form, and then send a copy of the form to the contact person of the offending financial institution. You might as well complain on twitter and their facebook page as well, though don’t be so rude as to risk libel.

These companies don’t like being on the receiving end of Central Bank complaints, so you should get your money back fast.

Where this won’t work (sadly)

I doubt this will work if you are stuck in a scammy savings plan or whole life insurance policy unfortunately. Please do complain to the Insurance Authority, ESCA, DFSA etc anyway, as they need to be aware of how bad the situation is with these plans. It will definitely help others after you, even if it doesn’t solve your situation directly.

Let me know what your experience has been getting money back from banks, exchange houses and brokers. What worked? Share your thoughts in the comments section below.

Expat Planning, Saving & Investing: our new A-Z interactive online course – learn everything you need to know to take control of your finances and never rely on others again.

“Every attendee that I’ve spoken to has loved Steve’s course.” – Andrew Hallam, author of Millionaire Expat
“Incredibly helpful, this is exactly what I needed.” – Julia, UAE
“The best course on investing for expats. I sincerely recommend it to everyone.” – Elena, UAE

 

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