EMI with a local IBAN in UAE

[oklybusiness]

Hello Everybody,

I'm new here I'd like to know if there's someone who knows an EMI that provides a local IBAN in the United Arab Emirates (USD or Other currency) ?

Thank you

 

[rowena]

Not possible. UAE Central Bank doesn't allow EMI backed AE IBANs.

 

[oklybusiness]

Not possible. UAE Central Bank doesn't allow EMI backed AE IBANs.

Thank you for the answer, And what about USD IBANS ?

 

[WoWNull]

Well there is no EMI directly, but any way there is no money license bank/app etc.. accept without UAE ID and residential
for example, liv, neo, smartbank etc..

 

[WoWNull]

Thank you for the answer, And what about USD IBANS ?

any bank in UAE can offer you a multi currency account, where u can have USA etc..

 

[oklybusiness]

Well there is no EMI directly, but any way there is no money license bank/app etc.. accept without UAE ID and residential
for example, liv, neo, smartbank etc..

Thank you for your answer, And do you have an idea about Ebury or IbanFirst Ibans in UAE ?

 

[WoWNull]

Thank you for your answer, And do you have an idea about Ebury or IbanFirst Ibans in UAE ?

for ebury i was talking to them today by chance, and they reject me because my transactions is low, so i dont have much idea about it.

but i dont think any bank can get you UAE iban while you are not resident in UAE.

 

[BlueMist]

Thank you for your answer, And do you have an idea about Ebury or IbanFirst Ibans in UAE ?

Ebury AED / USD IBANs are held in UK with Barclays / Citibank.

 

[rowena]

You can't get any UAE based IBAN for any currency via EMI. You have to open a regular bank account for UAE IBANs.

You can use TransferWise or Moneycorp to get foreign based IBANs without paying any activation fees etc..

 

[JustAnotherNomad]

Do any UAE banks offer more exotic currencies than EUR/USD/GBP/AED? Or would you have to use a forex trading account like SwissQuote?

 

[rowena]

@JustAnotherNomad
Most UAE banks are offering lots of currencies. For example, you can open those currencies with Mashreq:

AED - UAE Dirham
AUD - Australian Dollar
BHD - Bahraini Dollar
CAD - Canadian Dollar
CNY - Chinese Yuan
EGP - Egyptian Pound
EUR - Euro
GBP - Great British Pound
JOD - Jordanian Dinar
JPY - Japanese’s Yen
KWD - Kuwaiti Dinar
NZD - New Zealand Dollar
OMR - Omani Riyal
QAR - Qatar Riyal
SAR - Saudi Arabian Riyal
USD - United States Dollar

 

[JustAnotherNomad]

Thanks! That’s not bad, but I need other currencies than that... Any other good options?

 

[oklybusiness]

You can't get any UAE based IBAN for any currency via EMI. You have to open a regular bank account for UAE IBANs.

You can use TransferWise or Moneycorp to get foreign based IBANs without paying any activation fees etc..

I get it now @rowena and do you have an idea if we can open a regular bank account in the UAE remotely ?

 

[WoWNull]

I get it now @rowena and do you have an idea if we can open a regular bank account in the UAE remotely ?

Only private banking ( for deposit of 200k $+ ) the amount can be different from bank to bank.

another way to do it remotely if you have UAE ID then yes possible as if you are in UAE, other than these 2 options not possible

even for people who live in UAE opening a bank account can be a headache

 

[rowena]

You can't open a bank account remotely without visa/emirates id.

You can open a non-resident bank account with a tourist visa but you need to apply a higher tier of service level like priority banking/gold etc... It is not private banking and generally requires around $100K. If you go with any private banking service then you need to deposit a minimum $1M.

 

[CaptK]

You can't open a bank account remotely without visa/emirates id.

You can open a non-resident bank account with a tourist visa but you need to apply a higher tier of service level like priority banking/gold etc... It is not private banking and generally requires around $100K. If you go with any private banking service then you need to deposit a minimum $1M.

Standard Chartered and Masreq used to do it with 10K deposits on a tourist visa. On the basis you are wanting to buy property for investment "eventually".

 

[rowena]

We opened a non-resident bank account for my friend at Mashreq 5-6 months ago. Their website is saying that you can open basic non-resident account but the reality is different. We went to the branch and they informed us they will only process the Gold tier(AED 300K min) application. There are extra KYC procedures for non-resident accounts and they simply don't want to deal with extra KYC processes for low-amount accounts. They opened my friend's bank account after 7-10 days(some questions, documents etc..).

 

[Spinat]

great review @rowena, the information provided by you in this thread is very useful, thank you

 

[isyet]

Hello Everybody,

I'm new here I'd like to know if there's someone who knows an EMI that provides a local IBAN in the United Arab Emirates (USD or Other currency) ?

Thank you

Freemont Oneworld Group has helped us for UAE IBAN. Try it if you wish.

 

[clemens]

Freemont Oneworld Group has helped us for UAE IBAN. Try it if you wish.

You mean

Freemont Group - Company Formation & Corporate Service

Freemont Group assists you with setting up your company in a low tax jurisdiction. Reduce your taxes and protect your personal wealth.

freemontgroup.com

Did they help you with the company or also with the bank account?