Moving funds from crypto CEX to UAE bank..cheaper, safe and legit alternatives to my current system?

[JJReddick]

Mmm just a quick Q following another thread I just read here. I am a Dubai tax resident and live in Dubai more than 183 days a year.

So far my route for sending funds to my UAE bank has been:

1) withdraw EUR from Kraken to EU bank
2) send EUR from EU bank to Wise
3) convert EUR to AED on Wise
4) send AED from Wise to UAE bank account

So far the amounts have not been very significant and I accepted the fee in the process (the main one being 0.58% fee applied by Wise for moving money through it, which would lower down in the 0.40s area if I was to make a 7 figs AED transfer)

I wonder if there is a more fees efficient way to move larger sums from CEX to Emirati bank as I am looking to buy a property in Dubai.
I am looking for fully legit ways in case one day I will move back to Europe and will have to explain source of funds/assets to EU authorities and whatnot.

I am happy to use Binance p2p (never tried it), just concerned in case that wouldnt result in issues for me to explain source of funds down the lane. I hold enough USDT so wouldnt need to pay any extra exchange fees besides withdrawal charges.

I am fully KYCd in both Binance and Kraken.

Is Binance p2p reliable? Would my Emirati bank (HSBC) freak out to see a 7figs AED incoming deposit from a third party account?

Any ideas and thoughts are very welcome.

 

[Martin Everson]

JJReddick said:
So far the amounts have not been very significant and I accepted the fee in the process (the main one being 0.58% fee applied by Wise for moving money through it, which would lower down in the 0.40s area if I was to make a 7 figs AED transfer)

I wonder if there is a more fees efficient way to move larger sums from CEX to Emirati bank as I am looking to buy a property in Dubai.
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I think that rate is acceptable. Otherwise some developers like DAMAC etc accept crypto payments directly I believe. But I can't believe it would be competitively priced in crypto.

JJReddick said:
I am happy to use Binance p2p (never tried it), just concerned in case that wouldnt result in issues for me to explain source of funds down the lane. I hold enough USDT so wouldnt need to pay any extra exchange fees besides withdrawal charges.
Click to expand...

Just document all the transactions you undertake.

JJReddick said:
Is Binance p2p reliable? Would my Emirati bank (HSBC) freak out to see a 7figs AED incoming deposit from a third party account?
Click to expand...

Depends on your profile you have with them. If transaction source and amount is way outside your risk profile then they will ask questions. So speak to them beforehand as only you know what financial details you told HSBC when opening.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[TheCryptoAnt]

JJReddick said:
Mmm just a quick Q following another thread I just read here. I am a Dubai tax resident and live in Dubai more than 183 days a year.

So far my route for sending funds to my UAE bank has been:

1) withdraw EUR from Kraken to EU bank
2) send EUR from EU bank to Wise
3) convert EUR to AED on Wise
4) send AED from Wise to UAE bank account
Click to expand...

talk to this people DubaiOTC - Buy and Sell Cryptocurrencies in Dubai
max tx 5M AED tho

 

[apres777]

JJReddick said:
Mmm just a quick Q following another thread I just read here. I am a Dubai tax resident and live in Dubai more than 183 days a year.

So far my route for sending funds to my UAE bank has been:

1) withdraw EUR from Kraken to EU bank
2) send EUR from EU bank to Wise
3) convert EUR to AED on Wise
4) send AED from Wise to UAE bank account

So far the amounts have not been very significant and I accepted the fee in the process (the main one being 0.58% fee applied by Wise for moving money through it, which would lower down in the 0.40s area if I was to make a 7 figs AED transfer)

I wonder if there is a more fees efficient way to move larger sums from CEX to Emirati bank as I am looking to buy a property in Dubai.
I am looking for fully legit ways in case one day I will move back to Europe and will have to explain source of funds/assets to EU authorities and whatnot.

I am happy to use Binance p2p (never tried it), just concerned in case that wouldnt result in issues for me to explain source of funds down the lane. I hold enough USDT so wouldnt need to pay any extra exchange fees besides withdrawal charges.

I am fully KYCd in both Binance and Kraken.

Is Binance p2p reliable? Would my Emirati bank (HSBC) freak out to see a 7figs AED incoming deposit from a third party account?

Any ideas and thoughts are very welcome.
Click to expand...

Would you be willing to share which bank you use to cashout within Europe?

If you don't want to share it publicly, would also love to hear it via DM. Currently facing some issues with this topic.

 

[JJReddick]

apres777 said:
Would you be willing to share which bank you use to cashout within Europe?

If you don't want to share it publicly, would also love to hear it via DM. Currently facing some issues with this topic.
Click to expand...

dm'd you

TheCryptoAnt said:
talk to this people DubaiOTC - Buy and Sell Cryptocurrencies in Dubai
max tx 5M AED tho
Click to expand...

if i read correctly the quotes they are giving it seems like they are taking about a 0.55% cut, so pretty much the same i get from my bank or slightly higher. interesting none the less, will drop them a message just in case they offer better quotes in private. Thanks.

Last edited: Jan 8, 2023

 

[bonox]

Can you DM me the bank too?

 

[TheCryptoAnt]

JJReddick said:
interesting none the less, will drop them a message just in case they offer better quotes in private.
Click to expand...

This, just talk to them.
If you turn to be a regular they'll accommodate w better fees, Specially if you bring volume.

 

[JimBeam]

Can you also DM me the EU bank too?
Also rough monthly volumes you pulled trough and if they asked any SOF or anything?
Thx

 

[JJReddick]

Will DM but please note that I have been a long standing client of the bank, have used it to cash out from crypto since 2017/2018, and I regularly purchase some of their structured products and give them some fees so that they consider me a good client and go the extra mile for me (something often people forget, give them a couple of Ks in fees and they will see you in a totally different light - take it as cost of doing business. Also, they deffo ask for SOF. It's a EU, compliant bank. On the plus side, 7figs deposits from kraken to the bank take less than 24hrs once all of the above are met.

 

[vehzag]

Martin Everson said:
I think that rate is acceptable. Otherwise some developers like DAMAC etc accept crypto payments directly I believe. But I can't believe it would be competitively priced in crypto.



Just document all the transactions you undertake.



Depends on your profile you have with them. If transaction source and amount is way outside your risk profile then they will ask questions. So speak to them beforehand as only you know what financial details you told HSBC when opening.
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Hello Martin
Is that possible to setup like a call with you maybe and have a consultation about my company? Can you write me in DM please
Thank you

 

[Martin Everson]

vehzag said:
Hello Martin
Is that possible to setup like a call with you maybe and have a consultation about my company? Can you write me in DM please
Thank you
Click to expand...

Hi don't do consultation. I prefer you ask the question here or on MentorGroup.

I will ping you a msg anyway.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[vehzag]

Martin Everson said:
Hi don't do consultation. I prefer you ask the question here or on MentorGroup.

I will ping you a msg anyway.
Click to expand...

Sure I can ask here
I thought maybe you dont give advices for free
Okay
I am running my company in Spain
Crypto trading company based on trading my own funds only (funds of owner)
I have a problem here to open corporate bank account because spanish banks still are afraid of word crypto
Thats why I am looking for a bank that i will have no problems and freezes with and that will help me to withdraw the income from Binance into EUR and afterwards after taxes do a SEPA transfer to my own bank account in Spain

 

[Martin Everson]

vehzag said:
Thats why I am looking for a bank that i will have no problems and freezes with
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No such banks exist due to nature of banking 😕. But I know what you mean.

vehzag said:
and that will help me to withdraw the income from Binance into EUR and afterwards after taxes do a SEPA transfer to my own bank account in Spain
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Your best to just use a crypto friendly EMI like Finductive or MT etc. Otherwise have a look at my post below and see if any of those banks work for you.

https://www.offshorecorptalk.com/threads/dedicated-usd-account-for-a-bvi-entity.40332/post-248342

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[vehzag]

Martin Everson said:
No such banks exist due to nature of banking 😕. But I know what you mean.



Your best to just use a crypto friendly EMI like Finductive or MT etc. Otherwise have a look at my post below and see if any of those banks work for you.

https://www.offshorecorptalk.com/threads/dedicated-usd-account-for-a-bvi-entity.40332/post-248342
Click to expand...

Thank you very much i will look trhough that list
And what do you think of bankera or mistertango or other european institutions?Those EMI are good to make 6 figures transfers?
and can you please shortly explain why you recommend EMIs instead of banks?

vehzag said:
Thank you very much i will look trhough that list
And what do you think of bankera or mistertango or other european institutions?Those EMI are good to make 6 figures transfers?
and can you please shortly explain why you recommend EMIs instead of banks?
Click to expand...

I see MT is Mistertango I am right now trying to pass the process of onboarding

 

[vehzag]

vehzag said:
Thank you very much i will look trhough that list
And what do you think of bankera or mistertango or other european institutions?Those EMI are good to make 6 figures transfers?
and can you please shortly explain why you recommend EMIs instead of banks?


I see MT is Mistertango I am right now trying to pass the process of onboarding
Click to expand...

JohnyDoe says its rubbish MT and bankera

 

[Martin Everson]

vehzag said:
And what do you think of bankera or mistertango or other european institutions?Those EMI are good to make 6 figures transfers?
Click to expand...

MT and Bankera are questionable and we have threads on the topic which you should read. I have personally slammed both but I can be objective in the sense that it may make sense for some people with no alternatives. Also both have many happy customers I guess. However now you mention 6 figures I would think very carefully and spread money around different FI's as good practice.

vehzag said:
and can you please shortly explain why you recommend EMIs instead of banks?
Click to expand...

Crypto is high risk activity for banks and most traditional banks shy away from it. Unless you find a specialist bank that is willing to support crypto activity then your left with EMI's. I mean its unlikely you will be able to open a crypto business account with Bank Frick in Liechtenstein or Seba bank in Switzerland for example but you can try I guess - I don't know how deep your pockets are.

The reality is that your gonna have to just accept what banks or EMI's are willing to work with you. The list I gave in link has several banks. But the list was aimed at a person who had a BVI company aka has limited choices 😕. You have to work out whether you have any other better choices.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[vehzag]

Martin Everson said:
MT and Bankera are questionable and we have threads on the topic which you should read. I have personally slammed both but I can be objective in the sense that it may make sense for some people with no alternatives. Also both have many happy customers I guess. However now you mention 6 figures I would think very carefully and spread money around different FI's as good practice.




Crypto is high risk activity for banks and most traditional banks shy away from it. Unless you find a specialist bank that is willing to support crypto activity then your left with EMI's. I mean its unlikely you will be able to open a crypto business account with Bank Frick in Liechtenstein or Seba bank in Switzerland for example but you can try I guess - I don't know how deep your pockets are.

The reality is that your gonna have to just accept what banks or EMI's are willing to work with you. The list I gave in link has several banks. But the list was aimed at a person who had a BVI company aka has limited choices 😕. You have to work out whether you have any other better choices.
Click to expand...

Thank you! I thought maybe there is some list of really reputable EMIs
But could not find it here on the forum
I tried those banks
SEBA and SQ want to have big deposits from me
Frick said they will evaluate what i told them and maybe come back

 

[Martin Everson]

vehzag said:
Thank you! I thought maybe there is some list of really reputable EMIs
But could not find it here on the forum
Click to expand...

Reputable EMI's that work with crypto companies? I don't think such a thing exists any more thats why...lol.

vehzag said:
I tried those banks
SEBA and SQ want to have big deposits from me
Frick said they will evaluate what i told them and maybe come back
Click to expand...

You can try some of the other Swiss banks that have crypto activity. If you make a business case for using some of their crypto products etc it may help conf/(%.

Dukascopy
FlowBank
Swissquote

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[vehzag]

Martin Everson said:
Reputable EMI's that work with crypto companies? I don't think such a thing exists any more thats why...lol.



You can try some of the other Swiss banks that have crypto activity. If you make a business case for using some of their crypto products etc it may help conf/(%.

Dukascopy
FlowBank
Swissquote
Click to expand...

Thanks
SQ wants me to hold on their account 500k but I use money for work
Dukascopy and FlowBank I will try thanks

Martin Everson said:
Reputable EMI's that work with crypto companies? I don't think such a thing exists any more thats why...lol.



You can try some of the other Swiss banks that have crypto activity. If you make a business case for using some of their crypto products etc it may help conf/(%.

Dukascopy
FlowBank
Swissquote
Click to expand...

FlowBank says that they are not commercial bank and they wont help me with my needs

Martin Everson said:
Reputable EMI's that work with crypto companies? I don't think such a thing exists any more thats why...lol.



You can try some of the other Swiss banks that have crypto activity. If you make a business case for using some of their crypto products etc it may help conf/(%.

Dukascopy
FlowBank
Swissquote
Click to expand...

Dukascopy says that they can help me only with personal account not with corporate one
They give corporate account only for certain type of activities and crypto trading for now is not on the list

So these 3 banks are not for me

Last edited: Feb 24, 2023

 

[Martin Everson]

Thanks for feedback. I guess this is why I recommend an EMI sadly. Take what you can get out here 😕. The other banks in Puerto Rico....well you take the risk over an MT or even Bankera.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.