Most crypto friendly bank in Dubai?

[PinkCat]

I'm in the process of obtaining golden visa through real estate investment in Dubai, soon I'll be able to open bank accounts as a resident, so would like to prepare myself in advance and see which bank should I go for if I'll be receiving 6 to 7 figures incoming wires from regulated crypto exchanges to my bank account in Dubai.

Since I'll be spending in Dubai just few weeks per year, I would like to be able to do everything online, and if they have debit card with fair fees for international use even better.

 

[sinos]

Not a single bank in Dubai is crypto friendly, Good luck finding one.

 

[PinkCat]

wasn't Dubai supposed to be crypto friendly though?

 

[Sols]

For small amounts, none of them can be considered crypto friendly.

For larger amounts (seven figures per month), there are some that will listen. But it has to be a very clean, reputable exchange sending money to you and the SOF/SOW documentation has to check out. Approach the big local banks that offer private banking. But there's a chance they'll tear you apart and/or rip you off if you're not introduced by another Emirati and bypass the front desk staff.

wasn't Dubai supposed to be crypto friendly though?

Dubai is. Dubai banks aren't.

 

[jafo]

Dubai is. Dubai banks aren't.

PS. If there was ONE thing I wished when I was growing up, was to have had more people like you around that just hammered into me the realities of life. The ones who didn't know and remained quiet are also "good" people! The enemies were those who perpetuated a lie and spoke about subjects they knew NOTHING about! - Thank you for sharing this

 

[TheCryptoAnt]

ENBD is ok with withdrawals from Nexo in USD.
In EUR they see them as 1st party transfers.

You can also use one of the multiple OTC desks, but they are more expensive.

 

[ecool]

wasn't Dubai supposed to be crypto friendly though?

Dubai is crypto-friendly. The banks in Dubai are not.
Crypto is a direct competitor of banks. Why would a business support a direct competitor?

 

[Sols]

Crypto is a direct competitor of banks. Why would a business support a direct competitor?

Then how do you explain crypto friendly banks?

That's not the reason banks avoid crypto. It's for a few reasons. For one, crypto is still fraught with regulatory uncertainty which makes banks nervous about enabling transactions. The increased regulatory clarity in EU has helped ease many (but far from all) banks' attitudes towards crypto. Another reason is the perception that crypto is disproportionately used for criminal activities.

If you ask a senior banker in UAE, many of them are positive to crypto. But they don't want to risk their correspondent accounts, which they hold with banks that are even less crypto friendly. Correspondent accounts are sometimes held with banks that are crypto friendly or tolerant, but that friendliness or tolerance does not extend to correspondent relations.

 

[scooterguy]

No problems doing P2P using UAE banks.

 

[PinkCat]

No problems doing P2P using UAE banks.

Tell us more. What app/site you use for P2P in Dubai? Is it safe?
Don't banks ask why some random person sent you money to your account?

 

[BalnearioCamboriu]

Don't banks ask why some random person sent you money to your account?

whom "us"? you have voices in your head?


What makes a person "random"? By your logic, when you buy a coffee in a coffeshop, shouldn't then a bank ask a coffeshop "why did a random person buy coffee here?" ?

 

[drumtraks]

FAB

 

[PinkCat]

FAB

What?

 

[donna4]

Tell us more. What app/site you use for P2P in Dubai? Is it safe?
Don't banks ask why some random person sent you money to your account?

You can use P2P exchanges like Paxful.com or Noones.com

 

[PinkCat]

You can use P2P exchanges like Paxful.com or Noones.com

Ok you send them crypto and they wire you the equivalent in AED to your personal bank account in Dubai.
Won't the bank ask why this person is sending you money?
Especially higher amounts?

 

[ZipZop]

Sygnum bank in Switzerland for big amount, they received their licence in Abu Dhabi as well. Initial deposit starts at usd 500k fro Swiss citizen and USD 1m for foreigners and not Swiss resident.

 

[myself]

Tell us more. What app/site you use for P2P in Dubai? Is it safe?
Don't banks ask why some random person sent you money to your account?

I've been using binance p2p for 1 and a half years with CBD and rakbank. I usually receive amounts of 18k AED in one transaction. I do that like once a month, sometimes more frequently or with higher amounts.
I have had not problem with rakbank. But CBD sent me 2 sms warnings recently that using my personal account to route business transactions is not allowed by the bank.

For small amounts, none of them can be considered crypto friendly.

How about withdrawing from locally regulated exchanges such as bitOasis and coinmena? I didn't try my self but others on reddit did and they say that it works. I've heard that bitOasis lost their license with the VARA though.

 

[Sols]

How about withdrawing from locally regulated exchanges

I'm not familiar with that, but I wouldn't be too surprised if this was fine if it's AED to AED.

 

[PinkCat]

Sygnum bank in Switzerland for big amount, they received their licence in Abu Dhabi as well. Initial deposit starts at usd 500k fro Swiss citizen and USD 1m for foreigners and not Swiss resident.

I have account with them but now need one in Dubai as well.
Btw the min for non-Swiss is 500k francs

 

[santogrial]

@PinkCat if you want to send crypto and take cash maybe I can help you. Then maybe you can deposit the money in your bank account