Which EMI do you recommend for a UAE business (SHAMS or IFZA)? Transferwise stopped supporting UAE entities!
EMI account for a UAE business
- Thread starter zeeoffshore
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Sicne when did TransferWise stop accepting UAE companies? On their website I stil lsee UAE in drop down menu? Do you have some source for this?
I was chatting with them yesterday. They informed me that I can't open a multi currency account in UAE.
Please see below.
We support business accounts in both the UAE and BVI. However, we can no longer offer a multi currency account to UAE registered companies due to a change in banking regulations there.
The account can still be created, however it can only be used to make outgoing foreign payments, it cannot receive any inward payments from third parties.
Best Wishes,
Jeff
High Value Transfer Team | TransferWise
We support business accounts in both the UAE and BVI. However, we can no longer offer a multi currency account to UAE registered companies due to a change in banking regulations there.
The account can still be created, however it can only be used to make outgoing foreign payments, it cannot receive any inward payments from third parties.
Best Wishes,
Jeff
High Value Transfer Team | TransferWise
Well, that account is useless then.
Back on topic, Payoneer is alway an option for UAE entities.
Back on topic, Payoneer is alway an option for UAE entities.
Local bank can close your account very quickly. Personally, I would still go for EMI
Any other success with any EMI and the UAE business?
Any other success with any EMI and the UAE business?
Personally I can't agree with that based on my experience. We have clients with exotic structures and UAE banks them still till today. Even the clients itself are wondering about it. Risk appetite is very high due to the geographical location of the UAE and the business that is done with neigbhour countries like Irak, Afghanistan and Lebanon.
Fred, I am sorry but what is it you cannot agee with? That the banks in UAE can instantly close your account? Your clients with exotic structures clearly greasing the bankers wheels and putting up large deposits and hence are successful in︀ opening accounts. Now this may take from several weeks (unlikely) to 6 months and piles︁ and piles of papers to open a bank account even for a simple company (1︂ manager and 1 shareholder). I am sorry to be blunt, but I cannot see any︃ risk apptite banks are willing to take. One has to know a shady banker who︄ can help to put your applicatiion in front of the "right person" in the bank︅ for some cash. This is how it works in UAE. Banks are focused on the︆ UAE business and scared to death of any sanctioned business.
EMI are different. However, openning︇ an account with one of them is a much quicker process.
EMI are different. However, openning︇ an account with one of them is a much quicker process.
Nothing to︄ add. That's how it's working.
EMI fits not for every turnover. TW was the best︅ EMI option for the UAE. That's now different and you will see this quick if︆ you take a look into all the other Lithuania EMI's.
From your posts I assume︇ that you got shut down from TW and now looking for alternatives. Well the best︈ alternative have you mentioned above by yourself.
EMI fits not for every turnover. TW was the best︅ EMI option for the UAE. That's now different and you will see this quick if︆ you take a look into all the other Lithuania EMI's.
From your posts I assume︇ that you got shut down from TW and now looking for alternatives. Well the best︈ alternative have you mentioned above by yourself.
some tried
https://www.xace.io/?utm_source=offshorecorp&utm_medium=banner&utm_campaign=brand&utm_content=orange
they advertise on the forum, wonder if they can help.
https://www.xace.io/?utm_source=offshorecorp&utm_medium=banner&utm_campaign=brand&utm_content=orange
they advertise on the forum, wonder if they can help.
Local UAE Bank Accounts are possible, but difficult. Yes, some banks are easier and more polite than other banks but some banks just close accounts, frozen money and don't even care about your explainations, so it is bank-to-bank difference. There are some banks you can reach to get chance: Mashreq, RAKBank, FAB, DIB and maybe other smaller banks like Ajman Bank (very bad but cheap), Sharjah Islamic Bank (always ask for Invoice before remittance)... If you have big turnover, physical banks are important even sometimes they put a lot of questions for KYC. EMIs (even Transferwise) is better for small turnover, low-fee daily transactions, less︀ problem with compliance.
I have had success with SatchelPay. I haven't asked for the card yet, but the option exists. It does have its cost, but after TW closed the
My only problem is that some countries are blacklisted, so getting payments from international customers can be difficult, but for anyone working with non-listed countries, the account should do fine.
My only problem is that some countries are blacklisted, so getting payments from international customers can be difficult, but for anyone working with non-listed countries, the account should do fine.
Satchelpay is a good alternative to Paysera.
Paysera is more commercial and cheaper but needs longer to open the account especially since so many people need to change from TW.
Satchelpay can provide EUR dedicated IBAN via SEPA/SWIFT via TARGET2 and even dedicated Multicurrency IBAN under Company Name - they charge 1.500 Euro for UAE company and the mentioned features but are streamlined and quick in response.
Paysera is more commercial and cheaper but needs longer to open the account especially since so many people need to change from TW.
Satchelpay can provide EUR dedicated IBAN via SEPA/SWIFT via TARGET2 and even dedicated Multicurrency IBAN under Company Name - they charge 1.500 Euro for UAE company and the mentioned features but are streamlined and quick in response.
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