UAE banking and crypto

[PinkCat]

Thanks for suggesting. May I ask the benefits of the bank(s) you've in mind compared to Swissquote (which has a local branch in UAE and is less/not constraining in terms of entry and minimum balance)? (Swissquote or any similar option)

Is swissquote even a bank? Last time I checked it was more like a broker?

There are currently 3 crypto friendly swiss banks, but from my last experience wiring to Dubai is problematic sometimes. Takes 2 weeks for a SWIFT and usually there is a investigation/questions. Money arrived eventually but was stressful.

 

[uranium]

Is swissquote even a bank? Last time I checked it was more like a broker?

There are currently 3 crypto friendly swiss banks, but from my last experience wiring to Dubai is problematic sometimes. Takes 2 weeks for a SWIFT and usually there is a investigation/questions. Money arrived eventually but was stressful.

May I ask how about sending from dubai to swiss banks
How was your experience

 

[PinkCat]

May I ask how about sending from dubai to swiss banks
How was your experience

I have not had the need to do that yet. Probably won't need to soon. So sorry.

 

[JoeyMess]

Swiss bank direclty in SWISS are better privacy, and you can easily get loan in europe etc for real estate

How was the onboarding process with these banks?

 

[PinkCat]

How was the onboarding process with these banks?

If you are really rich and legit it is generally easy, video interview, answer bunch of questions about SoF, provide bunch of documents about SoF depending on your unique situation and its all done.

 

[Thomas67]

Is swissquote even a bank? Last time I checked it was more like a broker?

There are currently 3 crypto friendly swiss banks, but from my last experience wiring to Dubai is problematic sometimes. Takes 2 weeks for a SWIFT and usually there is a investigation/questions. Money arrived eventually but was stressful.

They're bank too now.
Never had any issue with wires personally, with limited amounts though.
Astonishing you had such issues, wouldn't investigations/questions come from the receiving bank usually?

Swiss bank direclty in SWISS are better privacy, and you can easily get loan in europe etc for real estate

Which interest do you see in having more privacy, if you're AML and tax compliant?
Sure for that purpose. Swissquote (or any other close option) is now a bank too apparently.

But where I can see an advantage for other Swiss banks (incl. those you're thinking of) is the deposit protection, their financial solidity and related metrics, etc...

 

[PinkCat]

They're bank too now.
Never had any issue with wires personally, with limited amounts though.
Astonishing you had such issues, wouldn't investigations/questions come from the receiving bank usually?


Which interest do you see in having more privacy, if you're AML and tax compliant?
Sure for that purpose. Swissquote (or any other close option) is now a bank too apparently.

But where I can see an advantage for other Swiss banks (incl. those you're thinking of) is the deposit protection, their financial solidity and related metrics, etc...

Hm I'll give swissquote a try then. Thanks.
investigation was by the correnspondent bank of the swiss bank.

 

[zaybxc]

Swiss bank direclty in SWISS are better privacy

Do they keep your crypto wallet address private or is there the risk to find your name, wallet balance and transactions publicly available on the internet through some deanonymizing tool like Arkham Intelligence?

 

[Rotor]

But where I can see an advantage for other Swiss banks (incl. those you're thinking of) is the deposit protection, their financial solidity and related metrics, etc...

Yes Credit Suisse was very solid financially...
And UBS bitching about capital requirements is surely a sign of strong financial solidity too...

https://www.reuters.com/business/finance/ubs-says-seriously-concerned-about-new-capital-requirements-talk-2024-04-24/

 

[rm777]

Hey

I m living in Dubai since 4 years.

Must thing you need to know about here, if you got a western passeport ( eu / Canada / us etc), all biggest wealth guys use Swiss bank with UAE residency, because they are the best bank in the world for crypto.

Let me explain I did a nft collection and I earn 7million, no bank in uae accepted because most of them are cheap advisor and don’t understand everything.

What we did, it’s setup a bank account in Swiss with UAE residency, and we was able to cash out in personnal account 7m, you can also do it with a company account if you want, and we paid 0%.

For cashout they have swift account and then you can receive from all exchange ( we received from Binance when it was possible to do swift transfer)

Then if you would like to move to US it’s easy you can transfer around the world, due to Swiss reputation.


I can also introduce you to the bank I opened an account, you can dm me.

Hope that can help.

Thanks for the reply. I will DM.

 

[rm777]

Hey

I m living in Dubai since 4 years.

Must thing you need to know about here, if you got a western passeport ( eu / Canada / us etc), all biggest wealth guys use Swiss bank with UAE residency, because they are the best bank in the world for crypto.

Let me explain I did a nft collection and I earn 7million, no bank in uae accepted because most of them are cheap advisor and don’t understand everything.

What we did, it’s setup a bank account in Swiss with UAE residency, and we was able to cash out in personnal account 7m, you can also do it with a company account if you want, and we paid 0%.

For cashout they have swift account and then you can receive from all exchange ( we received from Binance when it was possible to do swift transfer)

Then if you would like to move to US it’s easy you can transfer around the world, due to Swiss reputation.


I can also introduce you to the bank I opened an account, you can dm me.

Hope that can help.

Just want to give everyone a heads up:

I messaged this person and they said they require a minimum of 3 million before they can tell you what the bank is.
Not sure what kind of scheme they are running but "yeah bro I can tell you the bank but only if you are ready to deposit 3mm" does not seem legitimate to me.

Maybe they want some sort of referral kickback (which I am not sure Swiss banks even offer as it would be negative for their reputation) that they would not get otherwise or maybe it is a very small bank (which would therefore likely not have a well established Swiss reputation in the first place) that is only accessible to referrals. If not these two options, what else could be the reason for such secrecy? Any legitimate bank with a solid reputation would not need to engage in these shady third-party referral backchannels where you get referred but only if you have millions that you are ready to deposit. Gonna write this off as a scam.

It does seem that crypto-friendly banks in Switzerland really are the best option for the purposes of my OP:

The Best Crypto-Friendly Banks Worldwide

Explore leading global crypto-friendly banks. Compare services for secure digital transactions. Find the perfect financial ally.

www.ulam.io

Swiss Banks Offering Accounts and Crypto Services to VASPs

A list of crypto-friendly banks for that offer banking services to Swiss VASPs and customers.

www.21analytics.ch

 

[Mercury]

I messaged this person and they said they require a minimum of 3 million before they can tell you what the bank is.
Not sure what kind of scheme they are running but "yeah bro I can tell you the bank but only if you are ready to deposit 3mm" does not seem legitimate to me.

Indeed.
Anyone who can deposit several millions $ from legit crypto will certainly be able to open an account contacting directly a high street or private bank in CH, SG or HK. No middleman is needed.