Greetings!
I currently operate an online course business in France, with Square as my payment processor due to past issues with Stripe. The Square account is officially associated with my French Business, as they asked for specific documentation for account setup.
The existing process is straightforward:
1. The customer makes a payment.
2. Square processes this payment.
3. The payment is transferred to my French business account.
I'm intending to relocate to the UAE in October. I've already set up a company there, but I haven't established a bank account yet. As such, I'm considering the most efficient method to adapt my business to UAE banking while retaining Square for payment processing.
Here's my current plan:
Option 1:
1. The customer makes a payment.
2. Square processes this payment.
3. The payment is transferred to an EU IBAN (via Payoneer UAE).
4. Finally, I transfer a salary to my personal UAE bank account.
-> So here, my business UAE "BANK" is Payoneer, but with a EU IBAN so Square can send me the funds.
Option 2:
1. The customer makes a payment.
2. Square processes this payment.
3. The payment is transferred to an EU IBAN (via Payoneer UAE).
4. The money is transferred to my UAE business account.
5. Finally, I pay myself a salary from my UAE business account to my personal account.
-> Here, I'd have Payoneer UAE + a business bank account in UAE, like Wio.
My main question is whether this is possible or not. The issue that's causing some doubt is this:
The Square account is tied to my French business, not my UAE business. But the EU IBAN (via Payoneer) will be connected to my UAE business. So, will this conflict cause problems?
---------------------------
The easiest solution, I think, would be to stop using Square. Open a proper Stripe UAE account linked to my UAE business, with a UAE bank like Wio. My only concern is Stripe.. I always had bad experience with them in France.
And last question. What is the advantage of opening a business bank account in UAE like Wio for example, instead of using Wise or Payoneer, that gives you an EU iban which is better ?
I currently operate an online course business in France, with Square as my payment processor due to past issues with Stripe. The Square account is officially associated with my French Business, as they asked for specific documentation for account setup.
The existing process is straightforward:
1. The customer makes a payment.
2. Square processes this payment.
3. The payment is transferred to my French business account.
I'm intending to relocate to the UAE in October. I've already set up a company there, but I haven't established a bank account yet. As such, I'm considering the most efficient method to adapt my business to UAE banking while retaining Square for payment processing.
Here's my current plan:
Option 1:
1. The customer makes a payment.
2. Square processes this payment.
3. The payment is transferred to an EU IBAN (via Payoneer UAE).
4. Finally, I transfer a salary to my personal UAE bank account.
-> So here, my business UAE "BANK" is Payoneer, but with a EU IBAN so Square can send me the funds.
Option 2:
1. The customer makes a payment.
2. Square processes this payment.
3. The payment is transferred to an EU IBAN (via Payoneer UAE).
4. The money is transferred to my UAE business account.
5. Finally, I pay myself a salary from my UAE business account to my personal account.
-> Here, I'd have Payoneer UAE + a business bank account in UAE, like Wio.
My main question is whether this is possible or not. The issue that's causing some doubt is this:
The Square account is tied to my French business, not my UAE business. But the EU IBAN (via Payoneer) will be connected to my UAE business. So, will this conflict cause problems?
---------------------------
The easiest solution, I think, would be to stop using Square. Open a proper Stripe UAE account linked to my UAE business, with a UAE bank like Wio. My only concern is Stripe.. I always had bad experience with them in France.
And last question. What is the advantage of opening a business bank account in UAE like Wio for example, instead of using Wise or Payoneer, that gives you an EU iban which is better ?
