One of my family members, who lives in the UAE, wants to gift me a seven-figure sum annually. However, I'm concerned that using Wise to transfer the funds again might not be a good idea. I have already received a similar gift through Wise last year. Therefore, I'm looking for a different EMI to transfer the funds this time. I have all the necessary documents, including SOF, and I reside in the EU. My plan is to transfer the funds directly to my Interactive Brokers account. Should i use Revolut or Wise again or is there any other EMI that could be "ok" to use? I'm asking because I don't want to lose my Revolut/Wise account. They may disable it if they consider my transaction high-risk, even if everything is legal.
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EMI for a large financial gift
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Which currency? If USD forget it you will lose your account. USD is high risk and UAE is on FATF grey list so also high risk.
Do you also hold an EU passport or a Middle East one?
For most EMI's you will be way outside their risk appetite regardless of SOF due to high value or payment, high risk of source country and potential high risk currency if payment is in USD.
I would start a Premier relationship with a real bank that is comfortable with high value payments and is already operating in UAE i.e HSBC in Jersey.
HSBC Expat (Jersey) works well for me, not the same case as you but I receive large amounts from UAE without any trouble.
They have never frozen my account, they have only asked for additional documentation sometimes but never got locked out of my funds.
They have never frozen my account, they have only asked for additional documentation sometimes but never got locked out of my funds.
I'm not sure if my local banks like crypto. I have never tried it. Should I use kraken/binance for this? Also, there will be definitely some % loss during the conversion. I like the HSBC expat strategy so far. Thanks to all who tried to answer my question.
go and get a uae emirates id, open a personal account, no problem there - especially if at same bank as your family member
after that its same name to same name
after that its same name to same name
I'm curious what the banks require as a sufficient SoF for large gifts as in essence it is a gift and we really don't ask the person giving it to us for SoF.
Does the sender of the gift themselves need to provide the SoF for the gift he is gifting you?
ofcourse
nice suggestion but i would need to be a resident which im not and i dont want to be.
You should go.
Thats pretty much the last words of anyone who has had their account closed at an EMI i.e
"I did the same payment last time and I did nothing different this time and they closed my account...wise sucks, its a scam..don't use them blah blah blah"
sorry but unless you got some religious crazy reasons against that, that is the safest and quickest way to be ok, A gift anywhere else is a red bloody flag. Who is the person giving the gift, is that person a PEP or worse a criminal.
It would be nice to be Pablo Escabar and then just give your criminal wealth to OBE John Dane in London, good old chap, here you go...... its clean money now.....
That does not mean its clean money, its criminal proceeds and banks will assume that way. And your gift is proceeds of crime. So unless the banks you want to board with are happy to KYC and put this person through the World check mill and more (just like your UAe family member would open their own account), you need to be both at the same bank in the same jurisdiction, to avoid this s**t.
cant beliebe you dont want to be resident lmao, for a gift each year of that amount, means jack s**t emirates id fees
anyway good luck and i shall read your post in a few months in the legal section "please help my emi froze my money"
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