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

[JJReddick]

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]

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.

 

[GeneralGogol]

Don't do it. It's not worth it to save on fees but risk having your account frozen\closed.

 

[Martin Everson]

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]

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]

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]

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]

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

 

[bonox]

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 ?

 

[bigbill27]

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.

 

[JJReddick]

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]

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]

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

 

[pesto]

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

agree, that's the way to do it.

 

[GrumpyMess]

There's always this scammy feeling about investing in real estate in Dubai I just cant get over it

Why? Isn't it a best idea to cash out via buying an apartment in Dubai? Or it's impossible to buy with crypto now?

 

[JJReddick]

Why? Isn't it a best idea to cash out via buying an apartment in Dubai? Or it's impossible to buy with crypto now?

I mean I have a way to cash out via EU bank so rather do that. Ended up buying an apartment in Dubai anyway as I found a decent deal and want some passive income while I am staying here, but went through the crypto > EU bank > Wise > HSBC route.

 

[GrumpyMess]

I mean I have a way to cash out via EU bank so rather do that. Ended up buying an apartment in Dubai anyway as I found a decent deal and want some passive income while I am staying here, but went through the crypto > EU bank > Wise > HSBC route.

Maybe you know how possible it is to buy an apartment for crypto without source of funds questions asked?

 

[JJReddick]

Maybe you know how possible it is to buy an apartment for crypto without source of funds questions asked?

Have no idea but I'd say it's difficult. Better ask to some of the Dubai veterans here

 

[Martin Everson]

Maybe you know how possible it is to buy an apartment for crypto without source of funds questions asked?

Maybe ask DAMAC properties to see what they require first.

https://www.damacproperties.com/en/blog/buy-dubai-property-with-bitcoin-and-ethereum