Leaving Dubai? What Happens to Your GBP, AED, and UK Financial Commitments?

Moving countries is exciting, but your finances may not move as neatly as you. 

If you’re leaving Dubai and returning to the UK–or moving abroad elsewhere, you may still have accounts and financial commitments in AED and GBP, that may still continue after your departure. Adding on international transfer costs, exchange rates, and the hassle of managing multiple accounts, and it may soon feel like it’s easier to just start your financial life over. Fortunately, that isn’t the case. But how exactly should you handle your financial commitments in multiple currencies? And is there a way to organise them properly so you can pay the way you live? 

AED as insurance 

Even if you’re leaving Dubai, your AED doesn’t need to be converted immediately. Depending on the speed and permanence of the process, you may still have temporary or permanent financial commitments to the UAE that need to be addressed in AED. Therefore, keeping some funds in AED makes sense, while converting unneeded funds into GBP for ease of budgeting, and to make them available for use back home. 

The trick is to treat currency conversion as more than an afterthought. Exchange rates aren’t static and instead change over time, so converting a large balance that you may have to convert back later is needlessly risky and can expose you to large exchange rate movements. Mapping out currency-specific expenses is helpful in deciding how much to convert. 

This is where the iFAST Global Bank Multi-Currency Current Account comes into play. The iFAST Global Bank Multi-Currency Current Account supports up to 11 different currencies, including GBP and AED, so you can consolidate your wealth across currencies without having to convert, and allows you to analyse your financial balances side by side, so you know exactly how much you need to keep in each currency. 

What to do with your GBP? 

If you’ve built up savings in GBP while overseas, there’s no reason for that money to stay disconnected from your wider financial life. 

Keeping money in GBP can be useful for continued UK commitments, such as: 

• Mortgage or rent payments 

• Utility bills 

• Insurance 

• UK subscriptions 

• Schooling costs 

• UK credit card payments 

• Investment/savings contributions 

Keeping the money you expect to spend in the currency you’re going to spend it in is great for making your finances easily to monitor. Rather than repeatedly converting AED into GBP to make payments in the UK, simply maintain a GBP balance ready for those commitments. 

Domestic bills may not stop 

One of the easiest things to overlook when relocating is that bills don’t just end financial commitments. 

Before leaving a country, make a list of regular payments and divide into three distinct categories: 

Essential: mortgage, insurance, tax liabilities, and contractual commitments. 

Ongoing: Subscriptions, memberships, and other household services that you may still need to use. 

Optional: Services that can be cancelled or paused before or post departure. 

It’s also worth checking if your domestic providers have your new overseas details and contact address. Ensuring proper records and correspondence can help prevent any missed payments or otherwise important communications. 

The tax issue 

Just because you no longer live in the UK, that doesn’t mean your tax obligations automatically end. Depending on your status as a resident, as well as connections to the UK, you may still be considered a UK tax resident and must pay tax on foreign-earned income. Even if you are no longer a UK resident, you may still have tax obligations surrounding UK pensions, rental income, or interest from savings. Moving from one country to another doesn’t automatically end your tax obligations, so ensure to consult with a tax professional to properly understand exactly what you’ll need to pay. 

Savings and investments 

Moving abroad doesn’t mean you need to close all your savings and investment accounts. Instead, consider if a provider allows you to: 

• Remain a customer with an overseas address 

• Keep the same interest rate and terms 

• Continue making deposits 

• Access the account from overseas 

You may also need to consider any tax implications, and most importantly, if you need the account for long-term planning. 

Overseas expenses organised 

If you’re moving from Dubai to another country, you may have more than one currency to think about. GBP for UK commitments, AED from your previous life in the UAE, and possibly EUR, HKD, SGD, or another currency, depending on where you’re going next.  

Managing each currency through a separate bank makes it harder to see and understand your overall position. Fortunately, the iFAST Global Bank Multi-Currency Current Account allows you to manage up to 11 different currencies in one account, meaning that you can consolidate your financial life that was previously split across countries.  

Moving country doesn’t mean you have to keep moving your money 

The biggest challenge of relocating is often not the move itself, but rather managing everything that’s connected to your previous country. 

Your AED may still have a purpose. Your GBP savings may still be needed. Your UK bills won’t stop suddenly. And yet, your financial commitments lie in a different currency. 

The aim should be to have a financial set up that complements your international lifestyle, rather than dampens it. Your money shouldn’t be forced into one single currency. iFAST Global Bank’s Multi-Currency Current Account ensures that your money doesn’t need to be. 

Moving country doesn’t mean leaving your financial structure behind. With the right tools and preparation, cross-currency financial commitments don’t need to be complicated. iFAST Global Bank is the perfect simplifier.