EMI BANKS & UAE BUSINESS

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onelittlecookie

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Sep 6, 2021
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Hi!

I would love to get some tips on all the different EMI banks that you have noticed work with an UAE company located in the free zone.
Transfers are from business in EU to account, and then to Private account in UAE as divided.

All tips are welcome.

I have used Global net intl, but they have started to become a real pain in the butt so I am looking for other options.
 
Hey,

Globalnet faces issues with a regulator and they got fined too, so avoid this financial institution at least for now.

Try Bankera, they will be fine with such a company (subject to business operations, etc).

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onelittlecookie said:
onelittlecookie said:
Hi!

I would love to get some tips on all the different EMI banks that you have noticed work with an UAE company located in the free zone.
Transfers are from business in EU to account, and then to Private account in UAE as divided.

All tips are welcome.

I have used Global net intl, but they have started to become a real pain in the butt so I am looking for other options.
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That's interesting as we have clients with existing Moneynetint accounts that can even open new accounts with them for there new Dubai Companies.

They have the most interesting USD possibility as an EMI for Dubai Companies I have seen since Wise stopped working for the UAE.

If you are looking for something similar then I can recommend you to look into IFX & WorldFirst.

However if you only have the need of getting a EUR SEPA bank account - close to all UK and LT based EMI's that serve non-eu clients / companies can serve you and it's more a thing of your risk category which then utlimately makes the pricing.

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I get better FX rates than World First from Moneycorp. They open business accounts for UAE freezone companies. I usually exchange something like 10-20% e.g. to AED and forward all AED and EUR to UAE. They are fine with that. The only issue is that the IBANs are pooled, so your EU clients need to provide your unique reference number in bank transfers description. They send out all wires with OUR instructions covering all fees along the way for free.
 
Fred said:
Fred said:
That's interesting as we have clients with existing Moneynetint accounts that can even open new accounts with them for there new Dubai Companies.

They have the most interesting USD possibility as an EMI for Dubai Companies I have seen since Wise stopped working for the UAE.

If you are looking for something similar then I can recommend you to look into IFX & WorldFirst.

However if you only have the need of getting a EUR SEPA bank account - close to all UK and LT based EMI's that serve non-eu clients / companies can serve you and it's more a thing of your risk category which then utlimately makes the pricing.
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Are you talking about MoneyNetInt? Global Payment

I think OP and @Gediminas are talking about GlobalNetInt, the LT EMI: One Stop Payment Solutions | Globalnetint | SEPA payments
 
onelittlecookie said:
onelittlecookie said:
Hi!

I would love to get some tips on all the different EMI banks that you have noticed work with an UAE company located in the free zone.
Transfers are from business in EU to account, and then to Private account in UAE as divided.

All tips are welcome.

I have used Global net intl, but they have started to become a real pain in the butt so I am looking for other options.
Click to expand...
Click to expand...

I have been using Currenxie with no issue, since Wise was forced to shut down operations in UAE. Same setting as yours.
 
Cristero said:
Cristero said:
I have been using Currenxie with no issue, since Wise was forced to shut down operations in UAE. Same setting as yours.
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So you receive payment and then pay from that account to yourself as dividend without them asking for any special documents?
How long was the setup? and the cost to apply for he account?
 
onelittlecookie said:
onelittlecookie said:
So you receive payment and then pay from that account to yourself as dividend without them asking for any special documents?
How long was the setup? and the cost to apply for he account?
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Click to expand...

No special document requested and no cost to set up the account. They will charge a little fee for each incoming and outcoming transaction (60 cents and 3 euro respectively)
It takes a couple of week and a remote interview to set it up.
 
Gediminas said:
Gediminas said:
Hey,

Globalnet faces issues with a regulator and they got fined too, so avoid this financial institution at least for now.

Try Bankera, they will be fine with such a company (subject to business operations, etc).
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Click to expand...
Hi Gediminas!

I just wanted to check your experience with Satchel?
As they offer account with transactions within the EU, but I have heard they have trouble offering Swift payments to be able to send funds to a local account in the UAE?
 
onelittlecookie said:
onelittlecookie said:
Hi Gediminas!

I just wanted to check your experience with Satchel?
As they offer account with transactions within the EU, but I have heard they have trouble offering Swift payments to be able to send funds to a local account in the UAE?
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Click to expand...
Yes.

Close to all Lithuania based EMI's are limited to SEPA payments via Centrolink or they relay on Rietumu Bank or Mano Bank for SWIFT EUR payments only.

You can check out Wallter they are executing SWIFT via St. Lucia based Bank that's at least something else then a Latvia Laundromat or a Lithuania Fintech Bank - questionable if more reliable. However they charge you flat % fees for incoming and outgoing transactions up to 5%.

A few Lithuania based EMI's can send EUR via TARGET2 by the Bank of Lithuania - however they are low risk usually - no Crypto etc.

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onelittlecookie said:
onelittlecookie said:
Hi Gediminas!

I just wanted to check your experience with Satchel?
As they offer account with transactions within the EU, but I have heard they have trouble offering Swift payments to be able to send funds to a local account in the UAE?
Click to expand...
Click to expand...
Satchelpay right ?

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Any feedback on satchel. The opening fees are quite higher then Paysera so I was wondering...
 
Zikki said:
Zikki said:
Any feedback on satchel. The opening fees are quite higher then Paysera so I was wondering...
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Hi!

Sorry for late reply, been away for a while. Satchel has worked super with Sepa payments.
For swift I use Bankera.

I have two accounts with satchel for two different companies and it works without a problem so far.
 
Sachelpay is an EMI only right ? they don't do any card payments or do they ?

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