Benefits of Priority Banking in UAE
When you drive past a bank, some parking lots reserved for specific customers can be found. You probably have to say, "how come these people park right outside the bank, and I don't" as you wander around the city looking for a place to park. Priority banking is the answer. Priority banking features are like traditional banking, but advantages are greater than conventional banking. Banks in the UAE offer the best premium bank accounts to their customers.
Priority Banking
The priorities of banking, as the name implies, are the type of services, incentives and rights a bank provides to its clients.
The majority of banks with preference or first-class banking facilities have counters, lounges and employees devoted to these elite people as soon as they enter the door.
Benefits of Priority Banking
A dedicated engagement Manager to help you meet your financial needs, whether you have deposits, assist in obtaining loans or handling your savings accounts, is the first advantage you'll find from all banks in priority banking features.
The person reduced discounted prices on sales or, in some situations, totally free of charge as a priority customer. In the absence of cash withdrawal payments in foreign countries, for example, priority clients can be granted a waiver in connection with their international telegraphic (TT) transfer services.
Selected banks also provide a special exchange rate in foreign currency at the level of the international transactions with the fee waivers.
Priority clients should demand reduced interest rates on home loans and personal loans and the exemption from fees on their credit cards in chosen financial institutions.
You will benefit from the constructive participation with your personal consultant in the fields of finance, pensions and heritage whether you are a client who is a priority bank.
Depending on your preferences your counsellor regularly tracks and reviews your investment portfolio twice to four times a year. He will suggest options that complement your expectations so that your pension can be planned and optimised.
Your licenced personal advisor and an estate manager accompany you as your financial, tax, or marital status changes, providing you with details about gifts and heritage.
In addition, they will also enjoy some perks of their lifestyles, which would give them access to exclusive airport lounges, exclusive invitations to parties, shopping and other exclusive deals.
Why Do Banks Prefer Priority Banking?
The extent to which a bank can operate depends significantly on the cash from which the bank operates. Some clients are treated with special rights that let them do better with the bank and thereby provide them with more funding to continue to operate and to serve all of their customers.
The finance sector uses its know-how to advise, reduce paperwork and keep customers' main priorities in its financial relationships with the bank.
An ordinary consumer, for instance, would presumably look at a stable location such as fixed deposits to produce constant interest income.
On the other hand, the priority consumer may be directed at various financial instruments and other alternatives that would demand greater effort and higher return risk.
The client and the bank profit from their most cash-rich clients. Customers are well serviced and the capital is well managed and the bank is well off. This is a victory.
Conclusion
Priority banking customers are normally only invited by the banks concerned. Certain priority customers often consider nominating an individual but are naturally at the bank's discretion. You can do your research and can choose the best bank to avail priority banking services.