I just got back from Dubai, where I set up a sister company for my practice GLTD in Hong Kong. The agency that helped me with the arrangements was very helpful. Everything went quite smoothly until something strange happened at a meeting my agency contact had arranged for me with a bank manager at a major Emirates bank to open a business account.
Upon arrival, I met the bank manager, who took me to an impressively large meeting room, where we sat down at a long, shiny table. He told me how much he trusted our common contact at the agency because they’d worked together in the past. He pulled out a thick paper booklet with all the application forms for me to sign. The documents were not completed yet; he said he would do this later based on the company information I had previously emailed to the agency. As he flipped through the pages, I began signing the application papers.
At one point, he asked me how much I would deposit into the account. He explained that a minimum amount must be on the account every month. If you go below the amount, you’ll be fined. Surprised at not being aware of this rule, I quickly decided to say: USD 2,000, as I thought this was reasonable.
The bank manager frowned at me and started telling me that this bank was one of the biggest in UAE, that they had a large number of branches, that they had a long history etc., and finally said: “The minimum amount that always has to be in the account is: AED250,000.
Not entirely used to the local currency, I thought I had made a mistake when converting back to dollars. I quickly opened the currency converter app on my phone: the amount was over USD 68,000. What?! Trying to buy time, I said I had not been made aware of this by our mutual ‘friend’ from the agency. He handed me his phone and said: “Oh, he should have. You can call him with my phone now and ask him”, which made the whole situation even more awkward, and I said that would not be necessary.
Internally, my mind was like a busy theatre with many different characters on stage trying to get my attention.
My intuition immediately took center stage: “This is a scam, don’t do this.”
The emotional crew, consisting of nervousness, disrespect, anger, inferiority, vulnerability, and shock, loudly yelled: “Look at us!”
Then the well-behaved, well-mannered girl appeared almost in a whisper: “You have to abide by the rules and do what the man tells you. You cannot get up and leave now. He won’t be happy with you if you do that.”
Finally, Mr. Ratio showed up, saying: “If this is a bank, it must have strict regulations. They cannot just do this. You have to think of something.”
I watched the theatre play in my mind but remained calm as the chaos turned into a harmonious play between the different characters from which a creative solution emerged: To complete the application, the bank manager needed some additional information that he told me to email him later. That was the opportunity for me: If I didn’t send him this information, he would never get this application approved and compliant with bank regulations. I told the bank manager I would send him the information later and left the bank. On my Uber ride home, I checked the bank’s website—the minimum deposit for a business bank account: AED10,000.
“Nothing happens TO us; everything happens FOR us.”
By examining my thoughts and emotions afterward, I discovered there were some great take-aways for me on a personal level:
1. I was very upset at first. Honesty and integrity are deeply held personal values. My internal triggers peaked when I found my values clashing with those of the bank manager and the agency contact who could potentially be involved in the deal.
2. I felt grateful for my intuition that immediately warned me loud and clear.
3. I chose to stay calm. With all the emotions and thoughts going on internally, I knew I had to slow things down, buy time, organize my thoughts, and come up with a solution.
4. I continued to listen, despite my inner turmoil. So I picked up on exactly what I needed.
5. I was surprised that the well-mannered little girl was still there, but proud of myself for recognizing her and seeing her go backstage—no room for her in this piece.
6. Mr. Ratio did his job. I can always rely on him to work well with the other characters on stage.
On a business level:
7. I learned not to rely entirely on experts but keep asking questions and doing research and be better prepared next time.
8. I’m grateful for this incident because it saved me much money and helped me not be tied down to a bank manager with whom I probably would never have had a reliable relationship. So now I am free to choose a bank where rules are different and I feel comfortable leaving my money.
On life’s level:
All circumstances that initially look like setbacks, challenges, or sad, disappointing, or hurtful experiences will turn out to be moments of growth: They prepare us for the future. They make us more resilient. They remind us that life is not about being perfect but about making progress. And they make us more real and human and allow us to better empathize and support people who need our help when they go through similar events.
