Euro bank account for UAE company
- Thread starter SimpleGuy
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A business partner of mine uses the Sparkasse(Germany) for her Freezone Company, possibly because she was already a customer with her German company before.
We use Citibank UK for EUR SEPA - earlier LHV Bank but they stopped to support basically to work with all Countries with neutral position about the current Russia/Ukraine conflict.
I see Raifeisenbank International Austria is used as well as Landesbank Liechtenstein but I guess both have high requirements.
Banking Circle is widely used from EMI's with several IBAN's across Europe - could be some middle way for you.
I see Raifeisenbank International Austria is used as well as Landesbank Liechtenstein but I guess both have high requirements.
Banking Circle is widely used from EMI's with several IBAN's across Europe - could be some middle way for you.
I had already inquired with Raifeisenbank International Austria last year, the requirements are very high.
We can cash in the UAE, and also spend with our UAE card but the problem is the fees.
Stripe 3% + 1% conversion fee, and when spending 3% to convert back. That's almost 7%.
That's why we'd like a bank with a European IBAN to have a Stripe fee of just 1.4%, and no conversion fees on spend.
I'm not against EMI but I don't believe any provide maps.
What are the requirements for Citibank UK and LHV? Do they provide credit cards?
Stripe 3% + 1% conversion fee, and when spending 3% to convert back. That's almost 7%.
That's why we'd like a bank with a European IBAN to have a Stripe fee of just 1.4%, and no conversion fees on spend.
I'm not against EMI but I don't believe any provide maps.
What are the requirements for Citibank UK and LHV? Do they provide credit cards?
We used to have CIM Bank (Switzerland) account for our UAE FZ company.
At the time they told us they only open bank accounts to FZ companies in Dubai (they won't take Ajman, RAK etc).
We had to deposit $10k so they will even review our application.
If we got approved the money would be deposited into the account otherwise they would return it back.
So they did open the account (and deposited these 10k) and we used it for couple of years, but then we closed it as we no longer needed it anymore.
Was working fine but it was pricy.
At the time they told us they only open bank accounts to FZ companies in Dubai (they won't take Ajman, RAK etc).
We had to deposit $10k so they will even review our application.
If we got approved the money would be deposited into the account otherwise they would return it back.
So they did open the account (and deposited these 10k) and we used it for couple of years, but then we closed it as we no longer needed it anymore.
Was working fine but it was pricy.
Your Account Opening Experience needs to be prior 2020.
They introduced 2020 new︀ Substance Requirements with Residence Director and Office - we did achieve this for every client︁ and still during 2021 they said even for some jurisdictions like Dubai this is no︂ longer enough.
So with other words - they stopped opening Business BanK Accounts for Dubai︃ Companies in 2021.
Personal Accounts seems to be still working as Dubai Resident but almost︄ doesn't make any economy sense working for Personal Account with there Price Model - can︅ be seen as a High Risk EMI charging you % starting certain amount.
They introduced 2020 new︀ Substance Requirements with Residence Director and Office - we did achieve this for every client︁ and still during 2021 they said even for some jurisdictions like Dubai this is no︂ longer enough.
So with other words - they stopped opening Business BanK Accounts for Dubai︃ Companies in 2021.
Personal Accounts seems to be still working as Dubai Resident but almost︄ doesn't make any economy sense working for Personal Account with there Price Model - can︅ be seen as a High Risk EMI charging you % starting certain amount.
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