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Business Account for U.A.E. resident in Dubai
- Thread starter eminem24
- Start date
Why do you all need a UAE business account? Can’t you just use an EMI or set up a tax-transparent company in some other country for payment processing?
I am not affiliated with Ebury at all, so I don't have answers to these questions, sorry.
From what I understand there are no running costs. It is unclear also what are the transfer or FX fees.
For sure there is no AED cash withdrawal facility if the accounts are held at Barclays or Citibank UK.
Are there any more recommendations for UAE-based bank accounts for UAE freezone (onshores) companies? It doesn't seem like ebury is a good long-term choice.
I have read a lot on Reddit that people set up a freezone company and then spend weeks or more getting laughed out of banks.
One alternative I can recommend is Payoneer. I have had very good experiences with them. You can transfer your money out of there to your personal UAE bank, but the fee is 2%. If the bank is in the same country it's $1.50, but that can't be done for UAE.
I have read a lot on Reddit that people set up a freezone company and then spend weeks or more getting laughed out of banks.
One alternative I can recommend is Payoneer. I have had very good experiences with them. You can transfer your money out of there to your personal UAE bank, but the fee is 2%. If the bank is in the same country it's $1.50, but that can't be done for UAE.
The best EMI is TW. Also negotiate with Payoneer to lower the fees. If you have a monthly turnover of about $10k you can get 1.5%, if you have $100k you can get 0.5%.
Correct, Swissquote offers only stock trading account. Once I asked them if I could use my account to receive a payment from a client and they refused.
gold like any other precious metal or stone, currencies, weapon are classified as high risk activity by all bank on earth. It's almost impossible to open an account for this kind of activity.
We all wish it was that easy. a "simple" letter is not enough. these are very 'shady' activities, it's very difficult to trace the gold, to be sure where it comes from, it involves a lot of cash and countries under ban. Bank would not want to break their head for this and have a special compliance check for just a few customers.Ahh no I understandStupid question, but would it be possible to get some engagement letter or similar from the sellers you buy from if they are legit operations? In that way it should satisfy the banks or maybe not.
did you open remote or did you go there?
if remote, how did you do? by yourself or via an introducer?
TW does not support gold business, and does not support large transaction.
They closed my account for a perfectly legit SEPA of EUR 800,000 coming from a European company and I could provide all supporting documents. I woke up a morning and could not enter the account. At least, they refunded the sender within 48h - that was my main concern.
TW does not support financial company accounts but TW definitely does support large transactions even they have a specific department for this. If you receive an amount that is higher than your account threshold then payment will automatically pause and the Large-Amount Transfers Team will email/call you.
They want to release the payment as soon as possible unless there is nothing shady and the payment complies with their usage policy. Why do they want to delay the payment to reject it? It is more paperwork and time waste for them. If they think there is something shady then your account probably deactivated without getting an email or call.
Large payments on personal accounts work well with TW. In my experience they sent me a link to upload all relevant documents. Ignore the part where they say don't contact them before you do transaction and instead contact them first.....lol. I had funds sent in and they cleared the next day.
I have not tried with a business account. But my feeling is it would not go so well.....lol. I think the service is geared more to one off large transactions like money from sale of property or settlement or life insurance policies etc. However if anyone has firsthand experience with large business transactions with TW that would be good to know.
I have not tried with a business account. But my feeling is it would not go so well.....lol. I think the service is geared more to one off large transactions like money from sale of property or settlement or life insurance policies etc. However if anyone has firsthand experience with large business transactions with TW that would be good to know.
It depends on who you get on the day. I have had payments upto 800K in a one go for a project. They asked for supporting docs and they cleared them within 24 hours.
I received commission from a financial transactions of 22K from the bank directly. They shut my account stating they don't support companies in the financial sector.
The thing was if I had received it in my personal account with TW, it wouldn't have been a problem as I had been doing before. The bank insisted on sending it to an account in the company name.
I never received a large amount in my private account. but regarding business account you are right. it will be very difficult.
anyway, gold + large amount is a no go.
what about payoneer ? do they support large transaction on business account?
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