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I‘am scared, Dubai Banks and cash deposit

HundHond

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Mar 30, 2024
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Hi, lam from Europe and made very good returns on my crypto investments. I have proof for all of that as lam using regulated exchanges such as Coinbase and Binance. I made like $2m and came here to Dubai with all of my money. I thought it's easy to pay with crypto, however, it's much more complicated than expected.


You have actually two options, as Bank withdraw doesn't work and any bank would instantly freeze your account if they find out you trade, or even invest in crypto.


  1. Pay the crypto to someone that will create a manager cheque for you.
  2. Sell the crypto for cash and deposit in bank

Point one is connected to high risk because, imagine you signed form F and you are ready to pay. You paid the amount of the manager cheque and received it, now and suddenly the seller distances from the deal and withdraws. Now you need to return to the same guy that created the manager cheque for you and beg him to give you back your money. He can refuse and wait 6 months.


Once the money is not deposited anywhere in between 6 months the money will return back to his account, and most likely an account of one of his people, that also use other people, so you will never know the persons real identity. Very dangerous!


2. Was the best option for me, so I sold $1m crypto and got physical paper cash, I deposit in my bank without any questions from the bank within half a year. The other $1m made with manager cheque by two crypto exchange companies here in Dubai, it was a high risk, but worked well and I paid for the villa
So the question now: The bank started to ask questions regarding the amount, I answered that I made the money from investments I don't want to explain in detail but can assure that all regulatory rules are followed.

So my concern now is, one day Dubai government says, you have no history record in your bank accounts that support your income for that amount, so when they s° it's all cash they can think that I might do some shad) stuff which is not the case. The question now, do you think there might be some issues in the future? I closed my previous bank account where all the cash transactions where done on and opened a new one.

Iam now really scared: Why they didn’t ask me for more details about the source of funds? Why are they silent now, is it because of I closed my bank account with them? I can proof them everything but they still won’t accept crypto as proof, Iam scared in losing all ..
 
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Why don’t you trade via HK a subsidiary to Dubai - and then use fiat rails inside Dubai to deposit into a bank in HK for the company then move the funds over to Dubai ?

Obviously if the bank ever asks the source you are fucked if you lie to them as it’s a criminal offense in most countries.

Also - there’s s**t tonnes of people involved in crypto in Dubai - they seem to bank - ask them
 
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Why don’t you trade via HK a subsidiary to Dubai - and then use fiat rails inside Dubai to deposit into a bank in HK for the company then move the funds over to Dubai ?

Obviously if the bank ever asks the source you are fucked if you lie to them as it’s a criminal offense in most countries.

Also - there’s s**t tonnes of people involved in crypto in Dubai - they seem to bank - ask them
I didn’t tell them the exact source but told them I can guarantee it’s earned through regulated investments.. can’t mention crypto
 
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I didn’t tell them the exact source but told them I can guarantee it’s earned through regulated investments.. can’t mention crypto
this is probably one of the wildest answers you can give a compliance monkey.

I wouldn't worry too much regarding "issues" with government. It's just way more likely that you get "debanked". (Since you mentioned you would have SOF from Crypto) Did your "second bank" ask regarding SOF?

BTW: I don't understand why you would deposit this amount of money in your bank account within a short period of time. Dubai is indeed very cash friendly and pretty safe, so you can pay quite a lot of stuff with cash. If you feel unsafe regardless get a deposit box at ENBD if you don't want to hold all the funds at your home.
 
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I cannot answer technically as I do not know the 'ins and outs' of this kind of operation.
What a can do is urge and persuade you not to commit Hiri Kiri.
Last year in 2023 some 4000+ millionaires became new residents in Dubai ................ Do you think they were all law abiding, above board businessmen, or perhaps all came into their money by inheritance from some far distant Aunt, or a Granny.
Don't be silly, The Dubai Government knows full well that Russians (and Ukrainians), Indians, Pakistanis, Chinese and I believe Brits are fairly high up on the scale recently, (I am one too, but have been here almost 30 years so I don't count) are escaping the tyranny and theft of their homelands and wishing to live in the 'new world' .
A SE Asian compliance 'know nothing' employee will be assigned to put some comments on file as the Banks are obliged by UA/UK/EU etc to follow worldwide AML rules (those rules, made by politicians who ARE the biggest Ali Baba s).
This is forced upon them as they are told 'if you want to sit at the top table with us you must follow the rules otherwise your Banks will be disconnected from the SWIFT system and VISA/Mastercard issue etc etc' so they pay, in the main, lip service to them, and every now and again when an EU or UK Police force says we are looking for somebody, usually to do with the 'tablet/powder' industry, as that in UAE is strictly a no no .... then they jump into action and show some teeth!
Believe me they are NOT at all interested in how you came by your money and only hope that you will invest more in the economy of Dubai, because he needs you, and all the other Billionaires, Millionaires, and HNWI to continue living there.
 
Let me say, that they do care more for small individuals (with 2m you are one of them, bigger than me though haha) but do a mix of wire and cash deposit and you will be more than fine. Keep in mind you may have to raise your cash deposit limit, normally no problem but just keep it in mind as lots of them have 25-50k aed/month.

For wire I’d say without checking todays rates are always below 5%, usdt is cheaper than btc though, might worth to change them (avoid fixedfloat crap)

If any question about dubai in general feel free to dm me or if possible ask public as some info’s might be interesting for everyone :)
 
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Most probably they won't go after toy. You brought money to the country and bought real estate

Here are my tips for you
1. Get yourself a golden visa (you have 1M property - should be easy).
2. Open at least 3 bank accounts (if one is closed so you can move the funds quickly)
3. If the bank is not answering - it usually means it's okay. If they had questions they would answer within couple working days. It's normal in Dubai and banks won't go with the data to the gov - they are just covering their asses. So if you provide a logical and supported explanation - it should be it for them. Case closed. They will never reply: "thank you sire, the data you have sent is oka, it's all fine" etc.
4. Try to ger into cryto circles as you'll get a lot of useful information.
5. You can sell crypto to local exchanges for AED and then withdraw to any bank account and that should be easy. One of these is rain.com
 
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