Came across this earlier : never heard of but appears to be p2p replacement for that p2p exchange that collapsed (forget its name) for p2p people to review.
I just wrote a post about this issue one hour ago. I found a P2P who can send me fiat from Dubai but I am scared about the individual who sends me this + how to justify it to the bank (I am also considering crypto to avoid having an unknown guy touching my bank account but still the question about justifying to the bank, knowing that the transaction is done in cash from my end to buy crypto or USD so as not to leave any trace of dealing with black market)Yeah you got a point. It could get much worse if ISIS was your counter-party .
If you do P-2-P you should do it in a public space (bank foyer) and in cash.I just wrote a post about this issue one hour ago. I found a P2P who can send me fiat from Dubai but I am scared about the individual who sends me this + how to justify it to the bank (I am also considering crypto to avoid having an unknown guy touching my bank account but still the question about justifying to the bank, knowing that the transaction is done in cash from my end to buy crypto or USD so as not to leave any trace of dealing with black market)
depending on your standing with the bank etc, they will start to send friendly emails asking whatsup if this happens frequently.In Dubai - Cash is illegal?
News to me, thought Brits were flying over with suitcases full of cash....
How much cash can you deposit in UAE?
The daily cash deposit limit at CDMs and ITMs is AED 100,000 for individuals and AED 500,000 for non-individuals. The machine will alert you if you're attempting to deposit more than this amount.
The inheritance/ original bank balance is in Tunisia (North Africa) but I am EU citizen and resident in EU, and my typical current account is in EU.
There is no way to transfer the money out through official means (I can refer you to central bank regulations), hence going though informal crypto (that was made illegal a couple of years ago) P2P or through an informal FX broker (that will send me the equivalent from Dubai). It has to be done in cash, so there will be a "gap" in my source of fund, let alone the P2P wallet or bank account that might be high risk (as I describe d above).
If they are in the middle of the transaction and have a correspondong account in the country - certainly.This is why crypto is so popular in China and Nigeria etc because of currency controls. Unfortunately evading foreign capital controls is not gonna sit well with many foreign banks even if you explain to them your actions. They will not want to be abetting your actions.
Dubai complicates this and makes it look like laundering.Thank you so much for your support and explanation.
Yes, I am exploring USDT and I have identified vendors there. For some reason, I was paranoid about justifying those USDT to the bank later, because I am doing the P2P in cash. I know they don't care about capital controls but you know how some banks are lazy and they just decide to freeze the account if it is used in "unexpected" ways.
For Dubai: it was a solution proposed by an FX informal broker (not crypto): you give the money in cash and he sends the equivalent from "a friend" in Dubai. Sort of P2P, but the source of hard currency comes from Dubai. I hope it clarifies.
Any experience with this or just assuming? ( and could be true as it is just easier for them to close than to understand a complex situation involving P2P)This is why crypto is so popular in China and Nigeria etc because of currency controls. Unfortunately evading foreign capital controls is not gonna sit well with many foreign banks even if you explain to them your actions. They will not want to be abetting your actions.