Crypto-friendly banks in UAE

[GendalfB]

Hello everyone!

I've received Emirates residency and looking for crypto-friendly bank in UAE to set up account.

Despite I can provide proof of legality of my crypto and fiat funds there was information that not all UAE banks like transfers to/from cryptocurrency exchanges for whatever reason.

I would really appreciate if you can give me any clue of what banks in UAE more crypto-friendly than others.

 

[BlueMist]

Maybe consider SwissQuote or Flowbank. Both are Swiss banks and both will ask for a‌ proof of residence in a form of utility bill. Both are okay with transfers to/from‍ crypto exchanges.

 

[GendalfB]

Thanks!
Two more for swiss banks list.
Also I heard of SEBA.
And still, would‌ be interesting to have some of local uae banks.

 

[rowena]

Don't spend time with local UAE banks and none of them crypto-friendly. If they ask‌ for a physical form of the cryptocurrency as source funds or a "stamped" document for‍ the crypto transfer, don't suprise.

Swissqoute is the best option for you. If you're going⁠ to transfer more than €500K then you also use Bank Frick.

 

[Fred]

Well we face no issues with UAE banks to the EUR SWIFT Bank Frick account‌ of Kraken.

Just double check the SWIFT CODE of the UAE sender bank upfront with‍ Kraken and when they say no issues with latest deposit/withdraw you are good to go.⁠

 

[GendalfB]

All right! I’ll check them. Thank you.

 

[GendalfB]

Great.
Since you mentioned Kraken: Am I understand correctly that⁤ Kraken received in UAE its financial services permission in December 2019?
Is it helpful for⁣ seamless withdrawals to uae banks?

 

[Fred]

Don't know in detail about license or permission. only know⁠ what works in practice. Could be because that what you mentioned.

 

[GendalfB]

Fred,
could it be that EUR withdrawals to UAE banks⁤ is more seamless than USD?

 

[Fred]

Of course as mentioned they like the Bank Frick SWIFT‍ correspondence in Liechtenstein.

Of course you have to use it organic. Pay your salary from⁠ UAE company bank account to the personal in EUR and then to Kraken. After you⁤ make profits you can withdraw from Kraken back.

Of course plain personal bank account that⁣ starts withdrawing from Kraken without any history just for cash out one time - AML⁢ will kick in fast like with every bank that has AML.

If you search for︀ a one time cash out solution we have to go the way via business earnings︁ and business bank account.

 

[GendalfB]

And if I am just hodler? Early adopter whose investments in︁ crypto are 1 - 4 years long. No speculative trading. Just buy and hold.
From time to time I want to cash out some amounts to bank.
Will banks react︂ negative?

 

[Fred]

Of course if you don't have history with the bank they don't know⁠ from where the money is coming.

As mentioned before you can prepare everything but if⁤ the compliance is lazy or simply don't want to look deeper into your case -⁣ they will close the account.

I'm now understanding your situation. In your case you have⁢ to mask the one time cash out as business earnings.

We have good workarounds -︀ did it by myself 4 years back at last ATH. I just pass the experience︁ I collected over the last 5 years with Bitcoin in Dubai to you. That's it.︂

 

[GendalfB]

Thanks! Helpful information.

 

[joachimssj]

Hi,

I am in a somewhat similar Gendalf8 case, the vast majority︁ of my sources of income come from my crypto exchanges (I live thanks to my︂ binance VISA card currently). I come from Belgium and have recently moved to Dubai, I︃ never imagined that it could be complicated to send FIAT to your UAE bank account.︄ I'm not sure I understood, then I did what Kraken asked me to do, which︅ is to use Silvergate. I was accepted but now I have to use an intermediary︆ bank, I don't quite understand. This is what they tell me "Silvergate Bank is not︇ a participant of the SWIFT network, so they don't have access to SWIFT's" reference guide︈ "of other members of the network. Silvergate Bank can remit funds via fedwire to an︉ intermediary bank who will then complete the transfer to the destination bank via SWIFT, but︊ our clients have to supply that information ahead of time otherwise there's a very high︋ chance the wire would fail.

Please speak to your bank and ask them for an︌ intermediary you can use for an incoming wire originating in the United States. You recommend︍ , I didn't understand correctly, to open a swissQuote account (so no longer to use︎ my UAE bank) or to use bankfrick or silvergate?

 

[Fred]

We are using Bank︈ Frick Bank Details from Kraken all the time for EUR transfers.

 

[rubi]

Crypto - Citigold - exchange to Citi
ADCB,
Never walk in, Call Spend 200-500$ to‌ get some of the bank products like insurance, Makes it easy for almost all bank‍

 

[workthearts]

Which bank in Dubai will accept a swift transfer and then be able to convert‌ those funds into bitcoin

 

[rgrchris]

@workthearts or anyone - did you find out which loacl banks accept crypto from what‌ exchanges?

I am receiving funding to start a business but first need the seed funding‍ cashed out in fait to incorporate.

My partners and I have the following banks: Emirates⁠ NBD, Rak, HSBC

 

[NoKYC]

How's the DBS branch in Dubai? The main office love crypto so wouldn't it make‌ sense to go with them?

 

[Fred]

Dead.

Try to reach them‍ via phone or mail - no reply.