Moreover, Downes said that it is also monitored by Dubai Police and Dubai Police Response services 24/7. Our safe deposit lockers are secured using the latest security and robotic technology,” he said. “Customers can access the automated safe deposit service at any time and without talking to anyone. MySafe booking process takes less than 10 minutes to complete and only needs a copy of the passport, a valid visa and ID. Unlike traditional vaults where management retains one set of key and a customer keeps the second key, Downes said MySafe is a personal service and you alone control access to your safe deposit box.
That concept has changed, he said, and added that every shopping mall now has different ATMs and can be accessed at any point of time. Any time accessĭownes, who hails from Ireland, said he had the first-hand experience after every bank exited the business three years after the financial crash in his home country and that lead led to a crime epidemic as there were no alternatives.Įxplaining further, he said that he aims to transform safe deposit lockers similar to what ATM did to cash withdrawal.ĪTMs were available only at banks before and transactions can be done only during working hours. They have to either keep it in the hotel vaults, which are not insured or carry with them wherever they go. To get a locker facility in the UAE, he said that a customer needs to have a residence visa to open a bank account and so it is very difficult for regular visiting people to open a bank account and their valuable assets are at risk. In a chat with TechRadar Middle East, Terry Downes, CEO and co-founder of MySafe, estimates that more than 8,000 eligible banking customers need to wait for many years to secure a safe-deposit box in the UAE. So, there is a growing demand for safe deposit lockers in the UAE and globally and Dubai-based MySafe is aiming to cash in on the growing demand. Banks are not the safest place for lockersīank lockers are not the safest place for your valuables as they have no liability or responsibility for any loss of valuables in lockers and the global banking law does not support it, which means that you should not expect any compensation for theft or burglary of valuables in safe deposit boxes of banks.įor holding a safe-deposit box facility, you need to have a bank account and a fixed deposit apart from the locker fees per annum.ĭespite this, many consumers are in the waiting list and a consumer can access his safe deposit only during banking hours. With skill and practice, almost any safe deposit lock combination can be decoded and opened. We have heard of burglary stories many times despite living in a safe environment. So, keeping a safe-deposit box at home is not viable for security reasons.
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