Many could be tempted to switch to priority online banking and private banks in a world of digitized banking and impersonal systems in order to find the human contact that banking services seem to have missed in light of advances in technology.

In the UAE, priority banking reflects your wealth and status, avoiding queues and dialing your own bank manager in a VIP airport lounge are an indication of achievement. However, private banking is a priority over banking. Only high net worth individuals are invited to this stage of banking and its own suitably unique package of value is offered.

Here we will identify the distinctions between private banking systems and priorities, and clarify which could be more appropriate for your financial standard and needs.

Priority Banking

Priority banking or priority online banking is perfect for you if you are a reasonably wealthy client who can invest with your bank and invest substantial amounts of money. In some cases, Premier banking may be called as a cash saving, fixed deposits or investment, like stocks, shares, unit trusts, ETFs and REITs for qualifying the money.

It is in the interests of a bank to draw wealthier people who have big transactions, as the bank will continue to function and serve all clients of all sizes.

You will be viewed as a VIP member in exchange for your large financial contribution in the bank. Often this starts with better bank rates. Lower interest rates, exchange rates, reduced to non-existent charges and cheap credits are built to keep you even more. A personal banking advisor devoted to finances will be allocated to you and ready to handle any banking transfers that you might need.

Meanwhile, certain banks have priority queues, priority spaces, or even bank priorities to save you from regular people waiting. Non-bank services including flight deals, cash off events and the entry to airport lounge often provide a number of accounts. You may feel like one of the elites with a priority bank account.

Private Banking

Private banks are at the level of preference banking and give HNWI customers an opportunity of profiting in exchange for depositing and trading with one bank on a wide variety of wealth management services. The services can include finances, management of the portfolio, tax advice, trust and estate planning and insurance.

Typical services are offered, such as checking and savings accounts, but distribution is personalized. To monitor their requests and transfers, customers may be appointed a relationship manager or a private banker.

You will also focus on its expertise on investment strategic planning, budget planning, fund management, retirement planning, corporate policy and heritage organization to minimize the taxes you have received. In essence, you can find customized options for every part of your financial life with your relationship manager.

Major Differences

To apply for a private banking account, you would need more money in reserves to invest. Instead of an application such as priority banking, this would most likely take the form of an invitation from your current Bank. Priority banking eligibility is different.

Private banking clients are entitled to all the general rights of priority bank accounts. In the areas of financial planning, investment management and tax avoidance, there are, however, several significant additions. Private banking clients have a much larger and better financial assistance level than priority banking.