EMI for UAE/Dubai
- Thread starter dxbkk
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Alternative you may setup another similar company and place your turnover with this new company to avoid any troubles.
If you have a fully working solution which is stable I would stick to it.
If you have a fully working solution which is stable I would stick to it.
Did you look into Paysera, ePayments, N26 and Neteller you may even check CIM Bank a Swiss bank they look like a valid solution for your purpose.
Finally you can check with RAKBank and check this list List of Banks, EMI's, Payment processors and BTC to FIAT institutions. for even more suggestions.
Finally you can check with RAKBank and check this list List of Banks, EMI's, Payment processors and BTC to FIAT institutions. for even more suggestions.
Thanks for your reply.
Paysera - I will apply there now.
ePayments - Had difficulty with approving documents but will try this again.
N26 - I don't believe UAE is supported.
I am not aware of any online product RAKBank offers? If you are talking about the normal bank, I applied 5 months ago for an account there and am still waiting, hence︀ the reason I turned to EMI's.
Paysera - I will apply there now.
ePayments - Had difficulty with approving documents but will try this again.
N26 - I don't believe UAE is supported.
I am not aware of any online product RAKBank offers? If you are talking about the normal bank, I applied 5 months ago for an account there and am still waiting, hence︀ the reason I turned to EMI's.
If you setup a company in reputable jurisdiction(like DMCC) you should not face any issues and you can open bank account in a week including ENBD. Proper company setup comes with expanses(office, audit, accounting etc..) min 20K USD per year but it is easily affordable for your turnover.
You're right, and that is exactly my plan - for other reasons the earliest I can do this is in May next year. I just need EMI's to tie me over until then!
In theory, could I just receive USD payments into my TW EUR account, convert it back into the USD balance and take the hit on the FX?
In theory, could I just receive USD payments into my TW EUR account, convert it back into the USD balance and take the hit on the FX?
Ebury supports UAE companies now, however if your account is approved they will charge you to finish activation. You will be operating a GB or US Iban for USD.
With local banks in UAE to get a bank opened you need a local residency, purchase bank products from the bank (insurance, investments) or find a flexible bank account manager that would accept a "donation" to push your case. The more of these you have the higher/faster you get your account.
With local banks in UAE to get a bank opened you need a local residency, purchase bank products from the bank (insurance, investments) or find a flexible bank account manager that would accept a "donation" to push your case. The more of these you have the higher/faster you get your account.
Ebury charge 8500 AED for activation. They rejected my application, reason unknown.
Updates on my situation:
Epayments approved, but as Rowena rightly said there is no USD.
CIM Bank, no reply.
Cost to open new company for new TW acct, around $15k.
I will hit the TW $5m limit next month, so my only option is to receive funds to a EUR account and convert back to USD. Will swallow 0.37% fee + losses in FX.
Updates on my situation:
Epayments approved, but as Rowena rightly said there is no USD.
CIM Bank, no reply.
Cost to open new company for new TW acct, around $15k.
I will hit the TW $5m limit next month, so my only option is to receive funds to a EUR account and convert back to USD. Will swallow 0.37% fee + losses in FX.
You should get proper assistance to help you things get moving. If I was you, I would build a proper structure for it. What kind of taxes are you paying now? If you don't want to disclose sensitive information publicly, you are welcome to my PM.
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