What are people asking?

• What is a XAU Currency (Gold Account)?

  The XAU Currency (Gold Account) is like any other foreign currency account, designated with the currency code XAU (Gold) and denominated in Troy ounces.

• How do I open a XAU Currency (Gold Account)?

  An existing Emirates NBD customer can simply open an account by visiting any of the Emirates NBD Branches. (Online Banking to be launched shortly)

• What are the requirements to open a XAU Currency (Gold Account)?

  Existing Emirates NBD customers can simply visit any of our bank branches and open a XAU Currency (Gold Account). There are no other requirements. (Online Banking to be launched shortly)

• What are the documents required to apply for a XAU Currency (Gold Account)?

  This is an account available only for existing customers having a Current / Savings account ENBD-KSA. Hence there is no additional documentation required for opening this account.

• What is the minimum amount required to start a XAU Currency (Gold Account)?

  The minimum amount required to start the Account is SAR 500 and any amount above that. You can decide how many troy ounces of gold you would like to invest in. Then, according to the prevailing gold rate, simply transfer the requisite funds from your SAR or USD account into your XAU Currency (Gold Account).

• What are the benefits for a XAU Currency (Gold Account)?

  By opening the XAU account online you can enjoy the flexibility to purchase/ sell the XAU (Gold) Currency units electronically without the hassles or risks of storing and moving physical gold.

• What currencies are accepted for a XAU Currency (Gold Account)?

  You can purchase or sell XAU Currency (Gold) units either by transferring funds from or to your, SAR or USD accounts only.

• Will I be receiving statement of account? If yes, how will I be receiving the statement of account and what is the frequency?

  No, this is not a profit-bearing account. The account activity can be viewed online through Online Banking. There is no statement available for this account. Except upon customer request.

• Will I have a debit card facility or cheque book for my XAU Currency (Gold Account)?

  As all transactions on your Gold Account are electronic, cheque books and ATM cards are not issued for this account.

• Will I have access to online banking for my XAU Currency (Gold Account)?

  Yes, this is an account that can be accessed and operated through Online Banking.

• Can I purchase Gold using my credit card for my XAU Currency (Gold Account)?

  No, you can purchase Gold only by transferring from your SAR or USD account into your XAU account. (Gold Account)

• Is there any fee or charge for operating a XAU Currency (Gold Account)?

  There is no applicable fee or charge for operating a XAU Currency (Gold Account), other than the exchange rate.

• How do I give instructions for XAU Currency (Gold) to be purchased?

  Purchase units of XAU Currency (Gold) simply by transferring from your SAR or USD account into your XAU Currency (Gold Account).

• How can I withdraw my gold from my XAU Currency (Gold Account)?

  The Gold units may only be sold back to the Bank or remitted to other XAU accounts with other banks offering this service. Physical delivery of the Gold against bank account holdings is not allowed.

• Are the gold rates decided as per the currency I deposit or as per Emirates NBD KSA XAU Currency (Gold) rate?

  As all transactions on your Gold Account are electronic, you can check the Gold rates to buy or sell against USD or SAR prior initiating the transfer.

• Is there a profit rate that I will receive for the funds in the XAU Currency (Gold Account)? If yes, when will I receive it?

  Profit rate is not applicable to the XAU Currency (Gold Account).

• Can I have a joint account for my XAU Currency (Gold Account)? If yes, how do I add an account holder for my XAU Currency (Gold Account)?

  No. This can be only be held singly.

• How do I cancel or close my XAU Currency (Gold Account)?

  The account holder can visit any of Emirates NBD branches with the original KSA ID and request for account closure.

• How do I receive the remaining funds in my account?

  Customers can sell Gold units available in the XAU Currency (Gold Account) by transferring them to their Saudi Riyal or US Dollar accounts held with Emirates NBD.

• Is there any charge for the cancelation of my XAU Currency (Gold Account)?

  There is no charge for cancellation or closure of the XAU Currency (Gold Account).