Question Crypto friendly banks for Dubai?

[Gamblord]

For cashouts which are good/bad? Anyone here have experience?

 

[A10291]

Locally you can sell and transfer funds to ADCB or any Bank
if funds come via SWIFT etc CITI Gold min depo 200k

 

[MiddleEuroAsia]

For cashouts which are good/bad? Anyone here have experience?

You can do it directly with local bank accounts like NBD, Mashreq or ADCB, ( I don't have a problem with UAE banks but I'm a premier/private client so your experience might differ)

if you want to avoid headaches or you're a retail client, I suggest to open an account with swissquote, transfer the money to wise, then to a local UAE bank account, this way your crypto funds gets mixed with investments from Swissquote (yeah, you should keep some money in low risk investment in swissquote or open a roboadvisor account, so your account remain active and you mix your crypto funds with investments) and you'll find that most banks won't give you headaches (unless we are talking about mashreq, then yeah, it's the shittiest bank that I've ever dealt with).
that's how I did it in the past, nowadays, I just deal with local banks directly because of the relationship that I have with them.

so to summarize: Swissquote>wise>local UAE bank account>ATM

 

[mike400]

so to summarize: Swissquote> wise>local UAE bank account>ATM

Why go through Wise?

 

[troubled soul]

You can do it directly with local bank accounts like NBD, Mashreq or ADCB, ( I don't have a problem with UAE banks but I'm a premier/private client so your experience might differ)

if you want to avoid headaches or you're a retail client, I suggest to open an account with swissquote, transfer the money to wise, then to a local UAE bank account, this way your crypto funds gets mixed with investments from Swissquote (yeah, you should keep some money in low risk investment in swissquote or open a roboadvisor account, so your account remain active and you mix your crypto funds with investments) and you'll find that most banks won't give you headaches (unless we are talking about mashreq, then yeah, it's the shittiest bank that I've ever dealt with).
that's how I did it in the past, nowadays, I just deal with local banks directly because of the relationship that I have with them.

so to summarize: Swissquote>wise>local UAE bank account>ATM

premier/private client bank account accept money from crypto exchange ??????

 

[MiddleEuroAsia]

premier/private client bank account accept money from crypto exchange ??????

Yeah, absolutely no problems, But I don't just use my bank accounts for cashing outs crypto investments, that's just asking for headaches and troubles.

I use them like any regular bank account, I utilize my credit cards for online payments, I take loans to buy more assets, I deposit and withdraw large amount of cash regularly...etc. So crypto investments in these situations don't raise any alarms, because banks look at your portfolio as diversified portfolio and not just a "money laundering" scheme to cash out your crypto.

Here's is the thing, banks want to make money too, and if you are just using their services to cash out, why on earth would they take the risk and work with you? you have all the benefits while they have none, so it doesn't make any sense to work with you, does it?

 

[uplana]

premier/private client bank account accept money from crypto exchange ??????

they do, more and more will follow. For now and the next 2 years I would still use an EMI in-between just to avoid troubles with your current bank.

 

[Hegemon]

they do, more and more will follow. For now and the next 2 years I would still use an EMI in-between just to avoid troubles with your current bank.

Which EMI do you recommend?

 

[uplana]

Spectrocoin, AdvCash, Bankera, Intergiro, Wise so there are many more that can be used. You can find a huge thread here on the public forums if you Google search the offshorecorptalk or you can find many nicely ordered in a database in the resource section of mentor group gold.

 

[Fred]

Yeah, absolutely no problems, But I don't just use my bank accounts for cashing outs crypto investments, that's just asking for headaches and troubles.

I use them like any regular bank account, I utilize my credit cards for online payments, I take loans to buy more assets, I deposit and withdraw large amount of cash regularly...etc. So crypto investments in these situations don't raise any alarms, because banks look at your portfolio as diversified portfolio and not just a "money laundering" scheme to cash out your crypto.

Here's is the thing, banks want to make money too, and if you are just using their services to cash out, why on earth would they take the risk and work with you? you have all the benefits while they have none, so it doesn't make any sense to work with you, does it?

That's it - there are only 1-2 banks that are really claiming to not deal with Crypto at all.

Every other bank looks at how profitable you are when they see such a transaction profile.

People think they open an ENBD personal account and cash out 5m$ after they received there Welcome Package with Debit Card and wonder why the bank doesn't accept it.

UAE banks doesn't make a secret that they want want to make profits from you either working with a min. Balance from you or charging you some monthly banking charge. Which is completely fine and makes at the end the difference to an EMI that charges you 0 and has therefore 0 risk appetite and earns only over the mass of clients.

 

[Mercury]

UAE banks doesn't make a secret that they want want to make profits from you either working with a min. Balance from you or charging you some monthly banking charge. Which is completely fine and makes at the end the difference to an EMI that charges you 0 and has therefore 0 risk appetite and earns only over the mass of clients.

Very valuable information, that then make me wondering:

1. How much does it cost (yearly in various fees/bribes) to maintain a reliable relationship with such UAE banks, cashing out 6-7 figures USD a year?

2. How much money does one have to park to keep banking there?

 

[Fred]

Very valuable information, that then make me wondering:

1. How much does it cost (yearly in various fees/bribes) to maintain a reliable relationship with such UAE banks, cashing out 6-7 figures USD a year?

2. How much money does one have to park to keep banking there?

This depends on the bank and how to Cashout.

This is possible with a 0 balance account if done right - with a service provider that understand what he does.

However the all over I don't give a f... attitude from @MiddleEuroAsia is the right one - so I just appreciate his mindset when it comes to such things.

So if you count nuts - stick to an EMI and see how it's not working so that you then value the UAE and not counting nuts any longer.

Doesn't make sense to care about 1% when you are coming from the crypto space and made 600-1000% or even more.

 

[Mercury]

Doesn't make sense to care about 1% when you are coming from the crypto space and made 600-1000% or even more.

Agree with that.
However, my point is it seems very difficult to assess banking in UAE. Long onboarding process, set up costs, yearly fees look rather expensive/variable and bank policies could change quickly at any time.

Disregarding tax benefits from UAE residence, it appears that overall fees/balance to keep are not cheaper than banking with a reputable bank (not EMI) in let's say Singapore, Switzerland, Luxembourg... At least for these banks their high fees are transparent/straight-forward, and they are much more reliable than their UAE counterparts.

I stand to be corrected (with real figures).

 

[JackAlabama]

Very valuable information, that then make me wondering:

1. How much does it cost (yearly in various fees/bribes) to maintain a reliable relationship with such UAE banks, cashing out 6-7 figures USD a year?

2. How much money does one have to park to keep banking there?

This is pretty much true for banks in many places (but of course not advertised openly but you will get sooner or later a sometimes more, a sometimes less subtle hint that you should absolutely invest in product xyz )

 

[Fred]

Agree with that.
However, my point is it seems very difficult to assess banking in UAE. Long onboarding process, set up costs, yearly fees look rather expensive/variable and bank policies could change quickly at any time.

Disregarding tax benefits from UAE residence, it appears that overall fees/balance to keep are not cheaper than banking with a reputable bank (not EMI) in let's say Singapore, Switzerland, Luxembourg... At least for these banks their high fees are transparent/straight-forward, and they are much more reliable than their UAE counterparts.

I stand to be corrected (with real figures).

No that's not true - you have to feed them in the right way.

I don't want to be rude but it seems you were never opening in Singapore, Switzerland, Liechtenstein - even that you mention Luxembourg. Luxembourg banks doesn't open at all any longer if you don't have ties with Luxembourg.

All the private banks asking for 1m+.

Take a plane and see how things working in practice instead of looking around in the forum for months.

 

[JackAlabama]

Agree with that.
However, my point is it seems very difficult to assess banking in UAE. Long onboarding process, set up costs, yearly fees look rather expensive/variable and bank policies could change quickly at any time.

Disregarding tax benefits from UAE residence, it appears that overall fees/balance to keep are not cheaper than banking with a reputable bank (not EMI) in let's say Singapore, Switzerland, Luxembourg... At least for these banks their high fees are transparent/straight-forward, and they are much more reliable than their UAE counterparts.

I stand to be corrected (with real figures).

Getting into these places is often not possible.
I would say the UAE has a much lower required balance compared to Singapore, Switzerland, Luxembourg, HK, and lets not even talking about biz banking. Oftentimes you also need a strong introducer or any other strong tie.

To make these places free of a balance requirement and maybe cheaper, you'd need to get residency in said places which in itself is already a pretty rough journey in 2021 with travel heavily restricted or impossible.

 

[Mercury]

Take a plane and see how things working in practice instead of looking around in the forum for months.

I wish I could but you know the situation... and I tend to value people real experience/feedback

 

[Fred]

I wish I could but you know the situation... and I tend to value people real experience/feedback

Yes - ask @JackAlabama then you know everything what you have to know.

 

[JackAlabama]

Yes - ask @JackAlabama then you know everything what you have to know.

I wish I could but you know the situation... and I tend to value people real experience/feedback

@Mercury
Yah, I am one of Freds clients. Things he say, they do work in practice, I also know/met some of his other clients also those with a somewhat more public profile.

Of course UAE is not a budget place like Georgia but it is also not catering to people who live with 250E/month. (However, I think it could be possible to do that in extreme circumstances)
But it seems reasonable if you compare it to the other legacy brand places and changes also do happen there and fees only go up in the places you mentioned.

Shoot me a dm if you have specific questions...