Payoneer + UAE free zone company

[Cristero]

Hi everyone, did anybody manage to setup payoneer with a UAE free zone company? I did the application with them and when asked for the bank info for the withdrawal, I gave them the IBAN of the bank for my first business.
If approved, I was wondering if it would be possible to basically pay myself from Payoneer or if you have to withdraw the funds only in the company bank account.

I've been fooled by Currenxie where I have my first business bank account, telling me to apply that they would have onboarded me (I've emailed them before explaining them the business type and everything) and now I'm trying to find an alternative EMI.
So far:

- Rejected by Currenxie.
- Rejected by Paysera.
- Gave up on Wallex that doesn't provide a business IBAN.
- Application pending with Finductive.
- Application pending with Airwallex (they will reject me 99%).
- Been asked for an insane amount to open the account or to maintain it from Ebury, Biderlings and Multipass.

I'm trying to spare myself the trip to the UAE and being blocked there for 3 weeks to open a bank account.

 

[bigdaddyleon]

you tried Wio ?

 

[myhand]

I don't think Payoneer is accepting Dubai companies, have you asked them before you completed their application?

 

[Cristero]

you tried Wio ?

yes they will onboard me, but I still have to travel to the UAE and they only have a AED account. My business is an e-commerce selling in Europe, so I'm looking at least for a platform like Payoneer to get paid in euro, leave them there in euro and then eventually withdraw to the bank in UAE in AED. Otherwise they will rip me off with international transfer fees and FX.

Still I'm trying to avoid travelling all the way to the UAE and I would prefer an online bank.
I've seen somebody mentioned Paxum, meaning getting paid on a Paxum business account, then moving the money to a Paxum personal account and then eventually to the personal bank account.
Would that work?

I don't think Payoneer is accepting Dubai companies, have you asked them before you completed their application?

No I didn't ask because I saw one guy here claiming they accepted him with a free zone UAE company

 

[ironhide]

I opened a Payoneer account for Dubai FZCO in August, everything works fine so far. Tried withdrawal to a Dubai company's bank account — worked fine, but fees are brutal 2% (you can get 1% for 200k $ monthly turnover, 500k - 0.7%, 1M - 0.5%). As for withdrawal to a private account, I plan to use a dividend payout for this case.

 

[Dandyline]

yes they will onboard me, but I still have to travel to the UAE and they only have a AED account. My business is an e-commerce selling in Europe, so I'm looking at least for a platform like Payoneer to get paid in euro, leave them there in euro and then eventually withdraw to the bank in UAE in AED. Otherwise they will rip me off with international transfer fees and FX.

Still I'm trying to avoid travelling all the way to the UAE and I would prefer an online bank.
I've seen somebody mentioned Paxum, meaning getting paid on a Paxum business account, then moving the money to a Paxum personal account and then eventually to the personal bank account.
Would that work?


No I didn't ask because I saw one guy here claiming they accepted him with a free zone UAE company

Yes, Payoneer works fine for UAE. Which PSPs are you using?

 

[Cristero]

I opened a Payoneer account for Dubai FZCO in August, everything works fine so far. Tried withdrawal to a Dubai company's bank account — worked fine, but fees are brutal 2% (you can get 1% for 200k $ monthly turnover, 500k - 0.7%, 1M - 0.5%). As for withdrawal to a private account, I plan to use a dividend payout for this case.

Same scheme for me, waiting for confirmation of approval of receiving accounts and then I'll start transferring, but as you said fees at 2% are insane.