EMI with a local IBAN in UAE

[oklybusiness]

Hello Everybody,

I'm new here I'd like to know if there's someone who knows an EMI that provides a local IBAN in the United Arab Emirates (USD or Other currency) ?

Thank you

 

[rowena]

Not possible. UAE Central Bank doesn't allow EMI backed AE IBANs.

 

[oklybusiness]

Thank you for the answer, And what about USD IBANS ?

 

[WoWNull]

Well there is no EMI directly, but any way there is no money license bank/app‌ etc.. accept without UAE ID and residential
for example, liv, neo, smartbank etc..

 

[WoWNull]

any bank in UAE can offer you a multi currency account, where u can‍ have USA etc..

 

[oklybusiness]

Thank you for your answer, And do you have an idea about⁠ Ebury or IbanFirst Ibans in UAE ?

 

[WoWNull]

for ebury i was talking to‍ them today by chance, and they reject me because my transactions is low, so i⁠ dont have much idea about it.

but i dont think any bank can get you⁤ UAE iban while you are not resident in UAE.

 

[BlueMist]

Ebury AED / USD IBANs are‍ held in UK with Barclays / Citibank.

 

[rowena]

You can't get any UAE based IBAN for any currency via EMI. You have to‌ open a regular bank account for UAE IBANs.

You can use TransferWise or Moneycorp to‍ get foreign based IBANs without paying any activation fees etc..

 

[JustAnotherNomad]

Do any UAE banks offer more exotic currencies than EUR/USD/GBP/AED? Or would you have to‌ use a forex trading account like SwissQuote?

 

[rowena]

@JustAnotherNomad
Most UAE banks are offering lots of currencies. For example, you can open those‌ currencies with Mashreq:

AED - UAE Dirham
AUD - Australian Dollar
BHD - Bahraini Dollar‍
CAD - Canadian Dollar
CNY - Chinese Yuan
EGP - Egyptian Pound
EUR - Euro⁠
GBP - Great British Pound
JOD - Jordanian Dinar
JPY - Japanese’s Yen
KWD -⁤ Kuwaiti Dinar
NZD - New Zealand Dollar
OMR - Omani Riyal
QAR - Qatar Riyal⁣
SAR - Saudi Arabian Riyal
USD - United States Dollar

 

[JustAnotherNomad]

Thanks! That’s not bad, but I need other currencies than that... Any other good options?‌

 

[oklybusiness]

I get it now @rowena and do you have an idea if we can open⁤ a regular bank account in the UAE remotely ?

 

[WoWNull]

Only private banking ( for deposit of 200k $+ ) the amount can be different from‍ bank to bank.

another way to do it remotely if you have UAE ID then⁠ yes possible as if you are in UAE, other than these 2 options not possible⁤

even for people who live in UAE opening a bank account can be a headache⁣

 

[rowena]

You can't open a bank account remotely without visa/emirates id.

You can open a non-resident‌ bank account with a tourist visa but you need to apply a higher tier of‍ service level like priority banking/gold etc... It is not private banking and generally requires around⁠ $100K. If you go with any private banking service then you need to deposit a⁤ minimum $1M.

 

[CaptK]

Standard Chartered and Masreq used to do it⁣ with 10K deposits on a tourist visa. On the basis you are wanting to buy⁢ property for investment "eventually".

 

[rowena]

We opened a non-resident bank account for my friend at Mashreq 5-6 months ago. Their‌ website is saying that you can open basic non-resident account but the reality is different.‍ We went to the branch and they informed us they will only process the Gold⁠ tier(AED 300K min) application. There are extra KYC procedures for non-resident accounts and they simply⁤ don't want to deal with extra KYC processes for low-amount accounts. They opened my friend's⁣ bank account after 7-10 days(some questions, documents etc..).

 

[Spinat]

great review @rowena, the information provided by you in this thread is very useful,‌ thank you 😉

 

[isyet]

Freemont Oneworld Group has helped us for⁠ UAE IBAN. Try it if you wish.

 

[clemens]

You mean
https://freemontgroup.com/home/
Did they help you with the company or‍ also with the bank account?