Swissquote Bank, a leading provider of online financial and trading services in Switzerland, said its Dubai subsidiary has launched an exclusively-designed expat account.

The first retail product from Swissquote Bank MEA in the region, the All-In-One multi-currency “Expat Account” is aimed at addressing 500,000 expats in the UAE offering distinctive trading and saving advantages.

This new product offers easy and efficient access to a Swiss bank account with a multi-asset trading system. It combines flexible trading, saving and electronic private banking accounts with multiple currencies (USD, EUR, CHF, GBP) into one single account, said a statement from Swissquote Bank MEA, which opened its new office expansion at the currency house towers in DIFC.
 
The new account gives its holders access to the immense breadth of Swissquote Bank’s financial products at very attractive prices, in addition to attractive rates on cash positions and credit cards that enable customers to access their funds wherever they are, it stated.

Commenting on the move, Mario Camara, CEO of Swissquote Bank MEA said: “We are excited about the official introduction of the new expat account and convinced of its business potential in the region targeting in the initial phase alone more than half a million Western expats in UAE."

"With no minimum account balance or maintenance fees, our clients can maintain their savings with superior saving interests, easy to use international transfers in addition to an international credit card linked to the account. Such special arrangement of advantages is quite unique in the UAE and we aim to use it as a platform to introduce the our Swiss standard banking services to the expats in the region," he added.

"With Dubai’s win to host Expo 2020 and with the UAE government’s continuous strive towards achieving sustainable development, the country is expected to gain more ground in attracting new investors and more expats," explained Camara.

"Being an online bank means Swissquote can create a virtual branch directly in your PC, tablet or smart phone offering you banking services at very affordable rates wherever in the world you happen to be at the moment and wherever you may move in future," he added.
 
Swissquote bank holds a category 4 licence from the Dubai Financial Services Authority (DFSA), and Swissquote Bank SA Central Bank Representative Office Licence and operates two offices in Dubai.

The bank had recently acquired a major forex broker MIG bank, establishing itself as one of the leading forex and CFD brokers for clients in over 120 countries and greatly enabling it to expand its forex operations, which at a volume of CHF 158 billion accounted for 26.2 percent of total net revenues in the first half of 2013.-TradeArabia News Service