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GendalfB

New member
Hello everyone!

I’ve received Emirates residency and looking for crypto-friendly bank in UAE to set up account.

Despite I can provide proof of legality of my crypto and fiat funds there was information that not all UAE banks like transfers to/from cryptocurrency exchanges for whatever reason.

I would really appreciate if you can give me any clue of what banks in UAE more crypto-friendly than others.
 

rowena

Entrepreneur
Don't spend time with local UAE banks and none of them crypto-friendly. If they ask for a physical form of the cryptocurrency as source funds or a "stamped" document for the crypto transfer, don't suprise.

Swissqoute is the best option for you. If you're going to transfer more than €500K then you also use Bank Frick.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Well we face no issues with UAE banks to the EUR SWIFT Bank Frick account of Kraken.

Just double check the SWIFT CODE of the UAE sender bank upfront with Kraken and when they say no issues with latest deposit/withdraw you are good to go.
 

GendalfB

New member
Well we face no issues with UAE banks to the EUR SWIFT Bank Frick account of Kraken.

Just double check the SWIFT CODE of the UAE sender bank upfront with Kraken and when they say no issues with latest deposit/withdraw you are good to go.
Great.
Since you mentioned Kraken: Am I understand correctly that Kraken received in UAE its financial services permission in December 2019?
Is it helpful for seamless withdrawals to uae banks?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Great.
Since you mentioned Kraken: Am I understand correctly that Kraken received in UAE its financial services permission in December 2019?
Is it helpful for seamless withdrawals to uae banks?
Don't know in detail about license or permission. only know what works in practice. Could be because that what you mentioned.
 

GendalfB

New member
Well we face no issues with UAE banks to the EUR SWIFT Bank Frick account of Kraken.

Just double check the SWIFT CODE of the UAE sender bank upfront with Kraken and when they say no issues with latest deposit/withdraw you are good to go.
Fred,
could it be that EUR withdrawals to UAE banks is more seamless than USD?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Fred,
could it be that EUR withdrawals to UAE banks is more seamless than USD?
Of course as mentioned they like the Bank Frick SWIFT correspondence in Liechtenstein.

Of course you have to use it organic. Pay your salary from UAE company bank account to the personal in EUR and then to Kraken. After you make profits you can withdraw from Kraken back.

Of course plain personal bank account that starts withdrawing from Kraken without any history just for cash out one time - AML will kick in fast like with every bank that has AML.

If you search for a one time cash out solution we have to go the way via business earnings and business bank account.
 

GendalfB

New member
Of course as mentioned they like the Bank Frick SWIFT correspondence in Liechtenstein.

Of course you have to use it organic. Pay your salary from UAE company bank account to the personal in EUR and then to Kraken. After you make profits you can withdraw from Kraken back.

Of course plain personal bank account that starts withdrawing from Kraken without any history just for cash out one time - AML will kick in fast like with every bank that has AML.

If you search for a one time cash out solution we have to go the way via business earnings and business bank account.
And if I am just hodler? Early adopter whose investments in crypto are 1 - 4 years long. No speculative trading. Just buy and hold.
From time to time I want to cash out some amounts to bank.
Will banks react negative?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
And if I am just hodler? Early adopter whose investments in crypto are 1 - 4 years long. No speculative trading. Just buy and hold.
From time to time I want to cash out some amounts to bank.
Will banks react negative?
Of course if you don't have history with the bank they don't know from where the money is coming.

As mentioned before you can prepare everything but if the compliance is lazy or simply don't want to look deeper into your case - they will close the account.

I'm now understanding your situation. In your case you have to mask the one time cash out as business earnings.

We have good workarounds - did it by myself 4 years back at last ATH. I just pass the experience I collected over the last 5 years with Bitcoin in Dubai to you. That's it.
 

GendalfB

New member
Of course if you don't have history with the bank they don't know from where the money is coming.

As mentioned before you can prepare everything but if the compliance is lazy or simply don't want to look deeper into your case - they will close the account.

I'm now understanding your situation. In your case you have to mask the one time cash out as business earnings.

We have good workarounds - did it by myself 4 years back at last ATH. I just pass the experience I collected over the last 5 years with Bitcoin in Dubai to you. That's it.
Thanks! Helpful information.
 

joachimssj

New member
Of course if you don't have history with the bank they don't know from where the money is coming.

As mentioned before you can prepare everything but if the compliance is lazy or simply don't want to look deeper into your case - they will close the account.

I'm now understanding your situation. In your case you have to mask the one time cash out as business earnings.

We have good workarounds - did it by myself 4 years back at last ATH. I just pass the experience I collected over the last 5 years with Bitcoin in Dubai to you. That's it.

Hi,

I am in a somewhat similar Gendalf8 case, the vast majority of my sources of income come from my crypto exchanges (I live thanks to my binance VISA card currently). I come from Belgium and have recently moved to Dubai, I never imagined that it could be complicated to send FIAT to your UAE bank account. I'm not sure I understood, then I did what Kraken asked me to do, which is to use Silvergate. I was accepted but now I have to use an intermediary bank, I don't quite understand. This is what they tell me "Silvergate Bank is not a participant of the SWIFT network, so they don't have access to SWIFT's" reference guide "of other members of the network. Silvergate Bank can remit funds via fedwire to an intermediary bank who will then complete the transfer to the destination bank via SWIFT, but our clients have to supply that information ahead of time otherwise there's a very high chance the wire would fail.

Please speak to your bank and ask them for an intermediary you can use for an incoming wire originating in the United States. You recommend , I didn't understand correctly, to open a swissQuote account (so no longer to use my UAE bank) or to use bankfrick or silvergate?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Hi,

I am in a somewhat similar Gendalf8 case, the vast majority of my sources of income come from my crypto exchanges (I live thanks to my binance VISA card currently). I come from Belgium and have recently moved to Dubai, I never imagined that it could be complicated to send FIAT to your UAE bank account. I'm not sure I understood, then I did what Kraken asked me to do, which is to use Silvergate. I was accepted but now I have to use an intermediary bank, I don't quite understand. This is what they tell me "Silvergate Bank is not a participant of the SWIFT network, so they don't have access to SWIFT's" reference guide "of other members of the network. Silvergate Bank can remit funds via fedwire to an intermediary bank who will then complete the transfer to the destination bank via SWIFT, but our clients have to supply that information ahead of time otherwise there's a very high chance the wire would fail.

Please speak to your bank and ask them for an intermediary you can use for an incoming wire originating in the United States. You recommend , I didn't understand correctly, to open a swissQuote account (so no longer to use my UAE bank) or to use bankfrick or silvergate?
We are using Bank Frick Bank Details from Kraken all the time for EUR transfers.
 

rubi

New member
Crypto - Citigold - exchange to Citi
ADCB,
Never walk in, Call Spend 200-500$ to get some of the bank products like insurance, Makes it easy for almost all bank
 

rgrchris

New member
@workthearts or anyone - did you find out which loacl banks accept crypto from what exchanges?

I am receiving funding to start a business but first need the seed funding cashed out in fait to incorporate.

My partners and I have the following banks: Emirates NBD, Rak, HSBC
 

NoKYC

New member
How's the DBS branch in Dubai? The main office love crypto so wouldn't it make sense to go with them?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
How's the DBS branch in Dubai? The main office love crypto so wouldn't it make sense to go with them?
Dead.

Try to reach them via phone or mail - no reply.
 
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