Making the right finance choices

on December 21 2011 1:09 PM

There is a huge amount of competition between banks, all competing to offer the best deals and unmissable rates of interest. It can all be very confusing, particularly if you need finance for your business.

There is a lot of value in speaking to an independent financial advisor, especially when it comes to dealing with bigger sums of money. Speaking to an expert who isn't affiliated with a particular company can give you a great insight into who is offering what, in straightforward terms. So, the advisor can decipher all of the technical small print that you might not understand, but could make a vast difference to your payment options and the overall amount owed.

Looking at specific brands at the moment, HSBC UAE offer a wide range of really competitive services for the individual and business users. HSBC prides itself on providing hassle-free business banking - music to the ears of most people who run their own business.

The bank offers benefits such as low minimum account balance, preferential rates on Forex transactions, reduced online telegraphic fees and free cash and cheque transactions. You also get free access to business internet banking, free phone banking services and unlimited and free access to Business Customer Service Centres around the UAE. This means you can view and download account statements wherever you are, transfer funds without hassle and also settle your corporate card. Customers also have the ability to add more users to the account as their business grows.

The phone banking services offer easy transfer of funds and the ability to block cards and re-issue ATM pin numbers easily. You can also speak to a customer service member anytime between 8am and 8pm.

All in all it seems that HSBC is a good place to begin in terms of getting your business started or keeping it going. There is a really solid infrastructure for supporting your company and giving it every chance to flourish.

The same company is also offering great deals on credit cards. HSBC have various levels of credit card including Platinum, Gold, Premier and Advance. Each has a different limit and varying interest rates, but all of them are competitive. They all offer purchase protection and flexible repayment. The Platinum and Gold cards offer an interest rate of 2.99 per cent, while the rates on the Advance and Premier are 2.25 per cent and 2.79 per cent respectively.

Choosing the right bank for your personal business and credit card needs can be one of the biggest decisions of your life. It's important to get the right deal for you. Always choose an established company with a big infrastructure because they are likely to be able to offer your business greater and more wide ranging support. It's crucial to compare interest rates at each company and always read the small print. At this point in time, HSBC appears to be one of the most competitive financial institutions in the world.

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