Making wires from Europe to UAE increasingly difficult, is it just me or?

[Alexmorgan]

Dealing with UAE or Shanghai entities will be considered as money laundering until you prove its not

And sending wire to those places or receiving will be leading to problems

 

[Martin Everson]

PinkCat said:
isn't it more likely to run into scammers by finding someone random on google?
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Opportunists exist everywhere ready to take your funds and write you a fake check.

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

 

[JackAlabama]

PinkCat said:
can you link someone reliable that does it at 1%?
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youre in dubai.
Just go out and network and you will be found or find someone.
But apply a very tough and strict filter.

Many of us who went there 3y ago, and went thru the same stages. But the uae of 3y ago is not the same as of today. So knowledge and contacts get old very very quickly.

 

[baltic7]

Martin Everson said:
Opportunists exist everywhere ready to take your funds and write you a fake check.
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Let life teach him a valuable lesson. rof/%

 

[Henn and Rich]

I have funds wired from a Swiss personal account into my corporte Dubai account and the funds are credited same day as being sent. All in USD.

PinkCat said:
can you link someone reliable that does it at 1%?
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I use the same guy for many years in Deira, very reliable. His business is gold trading.

 

[PinkCat]

Henn and Rich said:
I have funds wired from a Swiss personal account into my corporte Dubai account and the funds are credited same day as being sent. All in USD.


I use the same guy for many years in Deira, very reliable. His business is gold trading.
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weren't there questions about the wire at least the first time?

 

[Henn and Rich]

PinkCat said:
weren't there questions about the wire at least the first time?
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strangely enough, not. And it was a $100,000 wire

Henn and Rich said:
strangely enough, not. And it was a $100,000 wire
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the only time I got questions in regards to a Europe transfer, was for a EUR 20,000 wire from Revolut ns2

 

[PinkCat]

Henn and Rich said:
strangely enough, not. And it was a $100,000 wire
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hm weird. Care to share the bank name?

 

[Henn and Rich]

PinkCat said:
hm weird. Care to share the bank name?
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WIO Bank. It is a digital bank from FAB (First Abu Dhabi Bank). They are relatively new, focused on SMEs so their KYC is quite lax... for now...

I got a multi-currency account in less than 3 hrs when I had applied, KYC documents required quite minimal as well..

 

[PinkCat]

Henn and Rich said:
WIO Bank. It is a digital bank from FAB (First Abu Dhabi Bank). They are relatively new focused on SMEs so their KYC is quite lax... for now...

I got a multi-currency account in less than 3 hrs when you apply, KYC documents required quite minimal as well..
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yes i'm with WIO as well but I was asking for the bank on the swiss side 🙂

 

[Henn and Rich]

PinkCat said:
yes i'm with WIO as well but I was asking for the bank on the swiss side 🙂
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ah sorry, it was UBP

 

[Lord Palmerstone]

I have had over the last year, problems with useless 'scaredy cat' UK Banks (can anyone tell me what use they are these days, especially if you do not conform to their supposed values)? We never had any problems when Capt Mainwearing and Sergeant Wilson were at the Hight St. branch.

However, if we look through all their AML/KYC BS nonsense, we see behind that it is the regulation/rules of POLITICIANS and those corrupt Ali Baba institutions (who actually are the biggest thieves of this world), not the Banks - so it is the elected officials (politicians who do what they want (not want the electorate wish), and listen (take instructions) from those UNELECTED institutions, (including the EU), that are to be blamed

 

[Meta]

I have another data point for this. I was doing a transfer from Georgia to UAE. USD. They asked for documents, including some that don't really exist (bill of lading for personal purchase). I said that I can't produce those documents and that the request was strange. The bank answered that they agree but they would not be able to make the transfer for me. Then they offered to convert everything to AED. I agreed and the transfer went out with only an invoice required. Easy, fast. So, I believe it was a requirement imposed on them and USD was the reason. Cheers.

 

[Alexmorgan]

Meta said:
I have another data point for this. I was doing a transfer from Georgia to UAE. USD. They asked for documents, including some that don't really exist (bill of lading for personal purchase). I said that I can't produce those documents and that the request was strange. The bank answered that they agree but they would not be able to make the transfer for me. Then they offered to convert everything to AED. I agreed and the transfer went out with only an invoice required. Easy, fast. So, I believe it was a requirement imposed on them and USD was the reason. Cheers.
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Its known in this forum that sending USD out of US is high risk and for sure they will ask

 

[PinkCat]

Meta said:
I have another data point for this. I was doing a transfer from Georgia to UAE. USD. They asked for documents, including some that don't really exist (bill of lading for personal purchase). I said that I can't produce those documents and that the request was strange. The bank answered that they agree but they would not be able to make the transfer for me. Then they offered to convert everything to AED. I agreed and the transfer went out with only an invoice required. Easy, fast. So, I believe it was a requirement imposed on them and USD was the reason. Cheers.
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hm very useful to know! Did they screw you on the AED/USD rate though?

 

[Meta]

PinkCat said:
hm very useful to know! Did they screw you on the AED/USD rate though?
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Yep, it was absolutely terrible.

 

[PinkCat]

Meta said:
Yep, it was absolutely terrible.
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I see, that's how they get you.
When I wire USD to an AED acc in Dubai it gets auto converted upon receiving by the receiving bank at pretty decent rate since there is a peg.
But yeah wiring USD is hard nowadays so that is the trade off

 

[csp dubai]

why scammer 1% in dubai there 1 milion people who the business , always this scammer fobia , going always via legit banks legit exchangers will always leave only paper trail . beter theold good cash to cash transaction at least when cash will exist

 

[GPT]

A client I work with transfers regularly from ING in NL and Credit Suisse in CH to the UAE. Without exception always in USD.

Transactions normally take 72-96 hours. It depends a bit on when they are initiated. Wednesday or later is always credited after the weekend. Monday / Tuesday shows up on Friday in 95% of the cases. Amounts are ranging from 75k to 250k per transaction.

Only once the ING asked questions. Money never bounced. The delays seem to happen at correspondent banks. One is better than the other. Slowly, because of the swift info, we are getting some insights in which correspondents are slower/faster.

Recipients in the UAE are multiple spread out across a variety of local and international banks.