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SEPA banks / EMI for Dubai UAE companies?

JonnyStekkino

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Dec 10, 2021
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Hi everyone, wanted to list all the EMI's and bank accounts to receive EUR SEPA payments with an UAE company.

Right now I'm trying with:

- OFX
- TorFX
- Currenxie

unfortunately seems like Wise does not accept UAE companies for the moment.

will update the thread if I get the approval of one of that
 
Hi everyone, wanted to list all the EMI's and bank accounts to receive EUR SEPA payments with an UAE company.

Right now I'm trying with:

- OFX
- TorFX
- Currenxie

unfortunately seems like Wise does not accept UAE companies for the moment.

will update the thread if I get the approval of one of that
What size of payments you are going to accept? Have you tried Stripe or 3S Money?
 
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OFX and TorFX are trash.

Currenxie works but very limited features(ex. you can't send money under your company's name).

Airwallex doesn't onboard UAE companies they will just waste your time.

3S Money is overpriced and their onboarding fee is about 2000 eur.

Paysera works but accepts only limited freezones. Payoneer also works but is expensive you can also try finductive.
 
OFX and TorFX are trash.

Currenxie works but very limited features(ex. you can't send money under your company's name).

Airwallex doesn't onboard UAE companies they will just waste your time.

3S Money is overpriced and their onboarding fee is about 2000 eur.

Paysera works but accepts only limited freezones. Payoneer also works but is expensive you can also try finductive.
3s - through an introducer our client was quoted 20k EUR
With 3m revenue they would have had the cost of 100k for payment processing.
 
Oh wow, what was their field of business, maybe it was high risk? 3% for receiving bank transfers sounds crazy high
Yes, dealing with Belarus to be exact, business itself was not high risk by its nature.

It was rather difficult to find a solution in such case, and given the high fees, setting up structures abroad starts to make more sense (even in UAE).
 
Yes, dealing with Belarus to be exact, business itself was not high risk by its nature.

It was rather difficult to find a solution in such case, and given the high fees, setting up structures abroad starts to make more sense (even in UAE).
Ok, I think Belarus is their 3rd zone country. Location itself may be making it high risk. Especially its in a potentially sanctioned territory
 
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I dont think that WHT is applicable to funds held by the US marketplace on behalf of the customer (app developer), however I'd also like to know the opinion of @rowena
Correct. App Store sales are not subject to WHT.

@rowena Can you please share what EMIs allow SEPA transfers as UAE resident ? Got a Mashreq Neo EURO account but transfers ans slow and expensive.
I have Revolut and N26 as EU resident but I need to stop transactions on them to avoid any residency confusion with my passeport country.
I already shared. Try Payoneer, Paysera, and Finductive. They all have different pricing and don't expect cheap as Wise but the cheapest one is Paysera.
 
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Currenxie works but very limited features(ex. you can't send money under your company's name).
Just a tiny correction – for SWIFT transfers, it is an outdated information. It was so some time ago that your money could be sent and received only under name “Currenxie - Your Company Name”; but since at least ~this summer, you get the IBAN under your name (in both cases, it is the account with Citi HK). Nevertheless, SEPA transfers seem to be done still under name “Currenxie - Your Company Name” or so, furthermore via LHV Bank Estonia that is rubbish.
 
quick update on what I've tried so far:

Finductive: Asked me quite alot of documents and a call as well, but overall seems working fine.
Wllxb: Opened an account without too many issues, seems working fine.
Bankera: Asked me thousands documents, didn't opened yed.
OFX: the IBAN is not at the company name, you have to insert the ID in every transaction details.
TorFX: Extremely slow verification processes, didn't opened yet.

Finductive and Wllxb looks like the 2 to go, maybe also Bankera after the infinite KYC
 

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