EMI for UAE/Dubai

dxbkk

Member
I currently use TW but am nearing the $5m annual limit.

Can anyone suggest any other reputable providers that support UAE businesses?
 

dxbkk

Member
Good suggestion, although I will have a 2/3 month window between hitting my limit and being able to secure the new company.

I would also like to share the risk in the long term and split the turnover between several providers, just in case.
 

JohnSeed

Corporate Services
Business Angel
Mentor Group
Commercial Service

dxbkk

Member
Did you look into Paysera, ePayments, N26 and Neteller you may even check CIM Bank a Swiss bank they look like a valid solution for your purpose.

Finally you can check with RAKBank and check this list List of Banks, EMI's, Payment processors and BTC to FIAT institutions. for even more suggestions.
Thanks for your reply.

Paysera - I will apply there now.
ePayments - Had difficulty with approving documents but will try this again.
N26 - I don't believe UAE is supported.

I am not aware of any online product RAKBank offers? If you are talking about the normal bank, I applied 5 months ago for an account there and am still waiting, hence the reason I turned to EMI's.
 

rowena

Building Trust
Entrepreneur
TW $5M limit only applies for USD account and Paysera & ePayments not supporting USD accounts. You can use TW's EUR, GBP etc.. currencies without limit.
 

dxbkk

Member
TW $5M limit only applies for USD account and Paysera & ePayments not supporting USD accounts. You can use TW's EUR, GBP etc.. currencies without limit.
Unfortunately 100% of my incoming payments are USD. Are you 100% on Paysera & ePayments?

Have you personally tried any other EMI's in UAE?
 

rowena

Building Trust
Entrepreneur
If you have more than 5M USD turnover then you should go with proper UAE company setup + UAE bank account.
 

dxbkk

Member
Haha, if only it were that simple. After 4 years with ENBD, they closed all of my accounts randomly. Applied for 3 more banks and am still waiting for their verdict..it's been 6 months so far.
 

rowena

Building Trust
Entrepreneur
If you setup a company in reputable jurisdiction(like DMCC) you should not face any issues and you can open bank account in a week including ENBD. Proper company setup comes with expanses(office, audit, accounting etc..) min 20K USD per year but it is easily affordable for your turnover.
 

dxbkk

Member
You're right, and that is exactly my plan - for other reasons the earliest I can do this is in May next year. I just need EMI's to tie me over until then!

In theory, could I just receive USD payments into my TW EUR account, convert it back into the USD balance and take the hit on the FX?
 

fblbatt

Active Member
Mentor Group
Ebury supports UAE companies now, however if your account is approved they will charge you to finish activation. You will be operating a GB or US Iban for USD.
With local banks in UAE to get a bank opened you need a local residency, purchase bank products from the bank (insurance, investments) or find a flexible bank account manager that would accept a "donation" to push your case. The more of these you have the higher/faster you get your account.
 

fblbatt

Active Member
Mentor Group
Have you opened an account there, are they wokring like Transferwise with debit card and so forth?
Just had first account activated today, have not tried out yet. They only started supporting UAE companies a few months ago. I had a choice for IBAN selection (GB, US, NL, BE, DE). Can't comment on the debit card as I have no need in it.
 

Runway

Active Member
Just had first account activated today, have not tried out yet. They only started supporting UAE companies a few months ago. I had a choice for IBAN selection (GB, US, NL, BE, DE). Can't comment on the debit card as I have no need in it.
Sounds interesting, what are the fees?
Do you know if they support also RAK offshore?
 

dxbkk

Member
Ebury charge 8500 AED for activation. They rejected my application, reason unknown.

Updates on my situation:
Epayments approved, but as Rowena rightly said there is no USD.
CIM Bank, no reply.
Cost to open new company for new TW acct, around $15k.

I will hit the TW $5m limit next month, so my only option is to receive funds to a EUR account and convert back to USD. Will swallow 0.37% fee + losses in FX.
 

Gediminas

Offshore Tax Advisory
Business Angel
Mentor Group
Commercial Service
Haha, if only it were that simple. After 4 years with ENBD, they closed all of my accounts randomly. Applied for 3 more banks and am still waiting for their verdict..it's been 6 months so far.
You should get proper assistance to help you things get moving. If I was you, I would build a proper structure for it. What kind of taxes are you paying now? If you don't want to disclose sensitive information publicly, you are welcome to my PM.
 

dxbkk

Member
You should get proper assistance to help you things get moving. If I was you, I would build a proper structure for it. What kind of taxes are you paying now? If you don't want to disclose sensitive information publicly, you are welcome to my PM.
I have a local agent who has already exhausted their list of local banks to apply for. I don't pay any corporate/income tax in the UAE. What would you suggest?
 
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