EUR EMI for cheap Dubai FZ

[benbao]

I am thinking of a small FZ setup in Dubai to facilitate some low volume regular payments (<10k EUR/month in and out, digital marketing related) via creative city or SHAMS. I know I will not get any local UAE banking for these companies on the cheapest license and without emirates ID, but I also just need a somewhat reliable, low fee EUR account.

Is it realistic to get such an account with paysera and are there others like it? I know there are many EMIs for high risk clients that charge absurde fees and I am sure they have their place, but I do only small volume above the board transactions in EUR and do not want to pay 10 bucks per SEPA and hundreds in monthly maintenance.

 

[Gediminas]

Hey, Bankera would do the job for you.

 

[benbao]

Hey, Bankera would do the job for you.

I am familiar with them but their fees, especially for opening are too high. For small volume and clean money there is no point to pay so much. Lets say it that way if I pay yearly 10k for UAE FZ and Bankera another 1k to open account and then high per transaction at under 100k volume per year then I might as well just pay 10% taxes in Bulgaria and use real banks at basically free.

 

[FinTech Avenger]

I am familiar with them but their fees, especially for opening are too high. For small volume and clean money there is no point to pay so much. Lets say it that way if I pay yearly 10k for UAE FZ and Bankera another 1k to open account and then high per transaction at under 100k volume per year then I might as well just pay 10% taxes in Bulgaria and use real banks at basically free.

Then form your company in Bulgaria/Romania/Hungary etc. and proceed with your affiliate payments. You'd have 25x more options where to go for your business banking needs. Don't be the guy who tries to sit on two chairs at a time. Dubai FZ companies, especially without any substance, are usually classified high risk by EU financial institutions - that means more time is spent on looking into your application, more enquiries need to be made and more attention should be applied to whom and how you transact with. So the premium you pay to EMI is totally justified.

 

[TheCryptoAnt]

Wise will open you an account.
Genome too.

 

[Fred]

Wise will open you an account.
Genome too.

Both don't

 

[benbao]

Wise will open you an account.
Genome too.

As far as I know wise doesn't operate in the UAE anymore and Genome doesn't list it as allowed jurisdiction for the legal entity

 

[TheCryptoAnt]

Both don't

I have a wise one but it seems like they wont anymore.