Making wires from Europe to UAE increasingly difficult, is it just me or?

[PinkCat]

I've had to make few 6 figures wires from personal acc in Swiss to property developers bank accounts in UAE.
- SoF is verified long time ago
- documentation for the transaction is provided together with the wire (invoice from the developer and contract for the deal)

And still they take 20+ days, there is always an investigation (well at least for the 1st wire to new receiver) and sometimes are returned.
What I can do to make this process more reliable? Sometimes you can lose your deposit if the downpayment is delayed too much so it creates unnecessary stress.

Would it be in any way easier if wire from my personal acc in Swiss to my personal account in UAE first or that will also be a problem and why?

 

[Martin Everson]

Are you wiring USD?

 

[PinkCat]

Yes

 

[ilke]

Yes

The issue might not be the Swiss bank, but that it needs to pass through US correspondents. Would be better if you could get the developer to use a different currency, even EUR should be a lot easier.

 

[Martin Everson]

Yes

That's your problem. I discussed in other threads, USD payments are high risk for banks outside the US and not to mention UAE has only just got of the FATF grey list a few days ago and not sure if banks are yet fully aware of it. Hence banks could be manually reviewing large USD payments somewhere along the line - anywhere from the sender bank to the correspondence bank in NY to the receiving bank in UAE.

See below thread.

Bank transfer through reference bank "on hold" since 2 weeks - any experiences?

Hello, I have a question and hope anyone can say something to this problem. I get a bank transfer from turkish customer to my dubai company bank account. 2 days after customer transfered the money he get a call from bank that reference bank ask for what this transfer is... He gave them...

www.offshorecorptalk.com

P.S Hopefully things will get better with UAE removal now from FATF grey list.

 

[Forester]

I completely agree with @ilke and @Martin Everson. USD seems to be the core of the problem.

Would it be in any way easier if wire from my personal acc in Swiss to my personal account in UAE first or that will also be a problem and why?

Well, wrt the problem root, it can help a little (transfer between accounts in the same name always looks better) but just a little and nothing is guaranteed.
Can't you agree with your Swiss bank on sending AED? (What bank do you use?) I think that the developer would not have any objections

 

[Yrybak08]

I've had to make few 6 figures wires from personal acc in Swiss to property developers bank accounts in UAE.
- SoF is verified long time ago
- documentation for the transaction is provided together with the wire (invoice from the developer and contract for the deal)

And still they take 20+ days, there is always an investigation (well at least for the 1st wire to new receiver) and sometimes are returned.
What I can do to make this process more reliable? Sometimes you can lose your deposit if the downpayment is delayed too much so it creates unnecessary stress.

Would it be in any way easier if wire from my personal acc in Swiss to my personal account in UAE first or that will also be a problem and why?

Most developers in the UAE nowadays accept USDT.

 

[csp dubai]

is impossible wire in real time money to dubai from a europe bank, even if you succeced you will have visit from tax office forget about it

 

[ShillGates]

funny as when i send from wells fargo in usa to uae, its credited within 10 minutes.

from switserland, ask to convert to AED - since you will be needing to do that anyway - aed to usd is fixed exchange rate(i wonder why? ), still shop around a bit.

alternatively open a same named account in uae and transfer same ubo to same ubo

the problem is eu BS nothing else

 

[JosephLL]

Most developers in the UAE nowadays accept USDT.

Can you name one?

 

[ShillGates]

Can you name one?

Who are the Real Estate Developers to Accept Crypto Payments in Dubai? - United Coin

Dubai's real estate sector is a massive industry, with billions of dirhams in investments recorded annually. In 2021, Dubai shattered a 12-year record with transactions totaling Dhs 151.07 billion. This marked a significant 74.77 percent increase in sales volume. To attract even more investors...

unitedcoin.ae

 

[Yrybak08]

Can you name one?

Danube does

 

[PinkCat]

Yes my bank told me the issue is by the correnspondent bank. I asked them if it would better in EUR, they told me that would be even worse but didn't specify why.

I will check if they can convert to AED at their side, but last time i checked i think there was no AED balance option.

This developer doesn't accept USDT unfortunately.

 

[cryptotree]

You can sell the usdt for a cheque or cash and use that to pay

 

[PinkCat]

You can sell the usdt for a cheque or cash and use that to pay

Yes I'm using that with 1 dev that accepts cash or 3rd party checks but not all do
also I'm being charged 1.5-2% for that, how much do you pay for that service?

 

[cryptotree]

around 1%.

 

[csp dubai]

1% is standard rate in dubai , you can do at 0% also sometimes if you know people in the market

 

[PinkCat]

can you link someone reliable that does it at 1%?

 

[Martin Everson]

can you link someone reliable that does it at 1%?

Do you really want to bring scammers into your life by asking this here?

 

[PinkCat]

Do you really want to bring scammers into your life by asking this here?

isn't it more likely to run into scammers by finding someone random on google?