Dubai resident - want to withdraw USD from centralised crypto exchange to HSBC UAE - anyone had any issues?

[JJReddick]

Hi there,

I am a Dubai tax resident. I would like to withdraw 6 figs from a large centralised exchange into my UAE HSBC personal account, so to have cash at hand rather than going the EU bank - Revolut - UAE HSBC route. Has anyone withdrew from the likes of Binance, FTX, Kraken into UAE HSBC? Anything I should be aware of?

 

[bonox]

Not really, but you must have some sort of source of funds in case they‌ will ask for it at HSBC which I believe they will do.

If you never‍ have done that before I would start with small amounts and see if they arrive⁠ or what trouble there will come.

 

[GeneralGogol]

Don't do it. It's not worth it to save on fees but risk having your‌ account frozen\closed.

 

[Martin Everson]

I would 100% let them know in⁣ advance of the transaction and see what they say.

 

[JJReddick]

Yes thats what I was thinking but knowing‍ how things work in Dubai I might get the employee who I would be speaking⁠ with telling me a thing, only to find out when I actually withdraw that someone⁤ higher up decided otherwise. Thats why I was hoping for some direct feedback from this⁣ group. Good suggestion none the less

 

[bigbill27]

Avoid at all costs ….. Hsbc uae will block this transaction …. There are some‌ places in business bay you can cash out crypto , which would be easier and‍ hassle free

 

[JJReddick]

mmm thanks for this. Are you speaking from⁠ personal experience if you dont mind asking? I dont care about cashing out crypto for⁤ physical money, I was just hoping to have some AED into my HSBC account without⁣ going through the EU bank > Revolut > HSBC loop

 

[bigbill27]

Personal experience ! There are other UAE banks out there that will accept transfers from‌ exchanges. I let others give their feedback .

 

[bonox]

Mind to share where?
Mind to share what banks ?⁣

 

[bigbill27]

ADCB and Emirates NBD work , but this is with transfers coming from Rain.BH not‌ binance. Also the transfers were not close to six figures.

 

[JJReddick]

Funnily enough I know the head of compliance at Rain, but never really used the⁠ exchange. Might be time to give it a try if I was also to open⁤ an account with ENBD. Last time I checked ENBD was problematic with opening business accounts,⁣ I wonder if they are less difficult with personal accounts

 

[ecool]

Did you end up doing it? What⁣ was the outcome?

 

[JJReddick]

No havnt done it. Was thinking of the possibility of buying a flat here rather‍ than spending 50k a year in rent, but kinda decided otherwise and will just keep⁠ transferring money from EU bank. There's always this scammy feeling about investing in real estate⁤ in Dubai I just cant get over it

 

[pesto]

agree, that's the way to do it.

 

[GrumpyMess]

Why? Isn't it a best idea to‍ cash out via buying an apartment in Dubai? Or it's impossible to buy with crypto⁠ now?

 

[JJReddick]

I mean‍ I have a way to cash out via EU bank so rather do that. Ended⁠ up buying an apartment in Dubai anyway as I found a decent deal and want⁤ some passive income while I am staying here, but went through the crypto > EU⁣ bank > Wise > HSBC route.

 

[GrumpyMess]

Maybe you⁤ know how possible it is to buy an apartment for crypto without source of funds⁣ questions asked?

 

[JJReddick]

Have no idea but I'd say‍ it's difficult. Better ask to some of the Dubai veterans here

 

[Martin Everson]

Maybe ask DAMAC properties to see‍ what they require first.

https://www.damacproperties.com/en/blog/buy-dubai-property-with-bitcoin-and-ethereum