Most crypto friendly bank in Dubai?

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PinkCat

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I'm in the process of obtaining golden visa through real estate investment in Dubai, soon I'll be able to open bank accounts as a resident, so would like to prepare myself in advance and see which bank should I go for if I'll be receiving 6 to 7 figures incoming wires from regulated crypto exchanges to my bank account in Dubai.

Since I'll be spending in Dubai just few weeks per year, I would like to be able to do everything online, and if they have debit card with fair fees for international use even better.
 
Not a single bank in Dubai is crypto friendly, Good luck finding one.
 
For small amounts, none of them can be considered crypto friendly.

For larger amounts (seven figures per month), there are some that will listen. But it has to be a very clean, reputable exchange sending money to you and the SOF/SOW documentation has to check out. Approach the big local banks that offer private banking. But there's a chance they'll tear you apart and/or rip you off if you're not introduced by another Emirati and bypass the front desk staff.

PinkCat said:
PinkCat said:
wasn't Dubai supposed to be crypto friendly though?
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Dubai is. Dubai banks aren't.

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This is the probably the answer to your question.
 
Sols said:
Sols said:
Dubai is. Dubai banks aren't.
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rof/% smi(&% 😉
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PS. If there was ONE thing I wished when I was growing up, was to have had more people like you around that just hammered into me the realities of life. The ones who didn't know and remained quiet are also "good" people! The enemies were those who perpetuated a lie and spoke about subjects they knew NOTHING about! stupi#21 - Thank you for sharing this
 
ENBD is ok with withdrawals from Nexo in USD.
In EUR they see them as 1st party transfers.

You can also use one of the multiple OTC desks, but they are more expensive.
 
ecool said:
ecool said:
Crypto is a direct competitor of banks. Why would a business support a direct competitor?
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Then how do you explain crypto friendly banks?

That's not the reason banks avoid crypto. It's for a few reasons. For one, crypto is still fraught with regulatory uncertainty which makes banks nervous about enabling transactions. The increased regulatory clarity in EU has helped ease many (but far from all) banks' attitudes towards crypto. Another reason is the perception that crypto is disproportionately used for criminal activities.

If you ask a senior banker in UAE, many of them are positive to crypto. But they don't want to risk their correspondent accounts, which they hold with banks that are even less crypto friendly. Correspondent accounts are sometimes held with banks that are crypto friendly or tolerant, but that friendliness or tolerance does not extend to correspondent relations.

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This is the probably the answer to your question.
 
PinkCat said:
PinkCat said:
Don't banks ask why some random person sent you money to your account?
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whom "us"? you have voices in your head?


What makes a person "random"? By your logic, when you buy a coffee in a coffeshop, shouldn't then a bank ask a coffeshop "why did a random person buy coffee here?" ?
 
donna4 said:
donna4 said:
You can use P2P exchanges like Paxful.com or Noones.com
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Ok you send them crypto and they wire you the equivalent in AED to your personal bank account in Dubai.
Won't the bank ask why this person is sending you money?
Especially higher amounts?
 
Sygnum bank in Switzerland for big amount, they received their licence in Abu Dhabi as well. Initial deposit starts at usd 500k fro Swiss citizen and USD 1m for foreigners and not Swiss resident.
 
PinkCat said:
PinkCat said:
Tell us more. What app/site you use for P2P in Dubai? Is it safe?
Don't banks ask why some random person sent you money to your account?
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I've been using binance p2p for 1 and a half years with CBD and rakbank. I usually receive amounts of 18k AED in one transaction. I do that like once a month, sometimes more frequently or with higher amounts.
I have had not problem with rakbank. But CBD sent me 2 sms warnings recently that using my personal account to route business transactions is not allowed by the bank.

Sols said:
Sols said:
For small amounts, none of them can be considered crypto friendly.
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How about withdrawing from locally regulated exchanges such as bitOasis and coinmena? I didn't try my self but others on reddit did and they say that it works. I've heard that bitOasis lost their license with the VARA though.

Last edited: Nov 15, 2023
 
ZipZop said:
ZipZop said:
Sygnum bank in Switzerland for big amount, they received their licence in Abu Dhabi as well. Initial deposit starts at usd 500k fro Swiss citizen and USD 1m for foreigners and not Swiss resident.
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I have account with them but now need one in Dubai as well.
Btw the min for non-Swiss is 500k francs
 
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