SEPA banks / EMI for Dubai UAE companies?

[JonnyStekkino]

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

 

[Transferli]

try paysera

 

[avalanche]

JonnyStekkino said:
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
Click to expand...

What size of payments you are going to accept? Have you tried Stripe or 3S Money?

Last edited: Nov 6, 2022

 

[rowena]

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.

 

[Don]

rowena said:
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.
Click to expand...

3s - through an introducer our client was quoted 20k EUR
With 3m revenue they would have had the cost of 100k for payment processing.

 

[avalanche]

Don said:
3s - through an introducer our client was quoted 20k EUR
With 3m revenue they would have had the cost of 100k for payment processing.
Click to expand...

Oh wow, what was their field of business, maybe it was high risk? 3% for receiving bank transfers sounds crazy high

 

[Don]

avalanche said:
Oh wow, what was their field of business, maybe it was high risk? 3% for receiving bank transfers sounds crazy high
Click to expand...

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).

 

[avalanche]

Don said:
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).
Click to expand...

Ok, I think Belarus is their 3rd zone country. Location itself may be making it high risk. Especially its in a potentially sanctioned territory

Last edited: Nov 7, 2022

 

[rowena]

My business is low risk(my clients are Google and Apple) and 3S asked for 2000 eur as an onboarding fee + 500 eur monthly fee + fixed fees for every transaction. I already have accounts with top-tier EMIs and real banks and paying very low fees. 3S Money is trying to rip off all non-EU clients.

 

[Marzio]

rowena said:
My business is low risk(my clients are Google and Apple)
Click to expand...

Are you a mobile app developer? Just curious 🙂

 

[rowena]

marzio said:
Are you a mobile app developer? Just curious 🙂
Click to expand...

Yes. We're in the app development and marketing business.

 

[Founders Society]

wio.io great new online bank here in the UAE, supported by First Abu Dhabi Bank

 

[Marzio]

rowena said:
Yes. We're in the app development and marketing business.
Click to expand...

How do you avoid 30% US WHT since UAE doesn't have a DTT with US?

 

[avalanche]

marzio said:
How do you avoid 30% US WHT since UAE doesn't have a DTT with US?
Click to expand...

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

 

[rowena]

avalanche said:
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
Click to expand...

Correct. App Store sales are not subject to WHT.

Moulaga said:
@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.
Click to expand...

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.

 

[JonnyStekkino]

Moulaga said:
@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.
Click to expand...

Same situation here, still didn't found anything..

 

[avalanche]

JonnyStekkino said:
Same situation here, still didn't found anything..
Click to expand...

Have you tried Multipass? They seem to accept UAE companies

 

[Forester]

rowena said:
Currenxie works but very limited features(ex. you can't send money under your company's name).
Click to expand...

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.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[JonnyStekkino]

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

 

[MoralCapitalist]

Moulaga said:
@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
Click to expand...

N26 is German and Revolut Lithuaninian. Why would both impose the same problem?