Dubai resident - want to withdraw USD from centralised crypto exchange to HSBC UAE - anyone had any issues?

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JJReddick

New member
Hi there,

I am a Dubai tax resident. I would like to withdraw 6 figs from a large centralised exchange into my UAE HSBC personal account, so to have cash at hand rather than going the EU bank - Revolut - UAE HSBC route. Has anyone withdrew from the likes of Binance, FTX, Kraken into UAE HSBC? Anything I should be aware of?
 

bonox

Corporate Services
Silver Member
Mentor Group Gold
Business Angel
Not really, but you must have some sort of source of funds in case they will ask for it at HSBC which I believe they will do.

If you never have done that before I would start with small amounts and see if they arrive or what trouble there will come.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Hi there,

I am a Dubai tax resident. I would like to withdraw 6 figs from a large centralised exchange into my UAE HSBC personal account, so to have cash at hand rather than going the EU bank - Revolut - UAE HSBC route. Has anyone withdrew from the likes of Binance, FTX, Kraken into UAE HSBC? Anything I should be aware of?

I would 100% let them know in advance of the transaction and see what they say.
 

JJReddick

New member
I would 100% let them know in advance of the transaction and see what they say

Yes thats what I was thinking but knowing how things work in Dubai I might get the employee who I would be speaking with telling me a thing, only to find out when I actually withdraw that someone higher up decided otherwise. Thats why I was hoping for some direct feedback from this group. Good suggestion none the less
 

bigbill27

New member
Avoid at all costs ….. Hsbc uae will block this transaction …. There are some places in business bay you can cash out crypto , which would be easier and hassle free
 

JJReddick

New member
Avoid at all costs ….. Hsbc uae will block this transaction …. There are some places in business bay you can cash out crypto , which would be easier and hassle free
mmm thanks for this. Are you speaking from personal experience if you dont mind asking? I dont care about cashing out crypto for physical money, I was just hoping to have some AED into my HSBC account without going through the EU bank > Revolut > HSBC loop
 

bigbill27

New member
Personal experience ! There are other UAE banks out there that will accept transfers from exchanges. I let others give their feedback .
 

bonox

Corporate Services
Silver Member
Mentor Group Gold
Business Angel
Avoid at all costs ….. Hsbc uae will block this transaction …. There are some places in business bay you can cash out crypto , which would be easier and hassle free
Mind to share where?
Personal experience ! There are other UAE banks out there that will accept transfers from exchanges. I let others give their feedback .
Mind to share what banks ?
 

JJReddick

New member
ADCB and Emirates NBD work , but this is with transfers coming from Rain.BH not binance. Also the transfers were not close to six figures.
Funnily enough I know the head of compliance at Rain, but never really used the exchange. Might be time to give it a try if I was also to open an account with ENBD. Last time I checked ENBD was problematic with opening business accounts, I wonder if they are less difficult with personal accounts
 

ecool

New member
Hi there,

I am a Dubai tax resident. I would like to withdraw 6 figs from a large centralised exchange into my UAE HSBC personal account, so to have cash at hand rather than going the EU bank - Revolut - UAE HSBC route. Has anyone withdrew from the likes of Binance, FTX, Kraken into UAE HSBC? Anything I should be aware of?

Did you end up doing it? What was the outcome?
 

JJReddick

New member
Did you end up doing it? What was the outcome?
No havnt done it. Was thinking of the possibility of buying a flat here rather than spending 50k a year in rent, but kinda decided otherwise and will just keep transferring money from EU bank. There's always this scammy feeling about investing in real estate in Dubai I just cant get over it
 

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