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Making wires from Europe to UAE increasingly difficult, is it just me or?

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PinkCat

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Dec 20, 2022
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I've had to make few 6 figures wires from personal acc in Swiss to property developers bank accounts in UAE.
- SoF is verified long time ago
- documentation for the transaction is provided together with the wire (invoice from the developer and contract for the deal)

And still they take 20+ days, there is always an investigation (well at least for the 1st wire to new receiver) and sometimes are returned.
What I can do to make this process more reliable? Sometimes you can lose your deposit if the downpayment is delayed too much so it creates unnecessary stress.

Would it be in any way easier if wire from my personal acc in Swiss to my personal account in UAE first or that will also be a problem and why?
 
The issue might not be the Swiss bank, but‌ that it needs to pass through US correspondents. Would be better if you could get‍ the developer to use a different currency, even EUR should be a lot easier.
 
That's your problem. I discussed in other threads, USD‌ payments are high risk for banks outside the US and not to mention UAE has‍ only just got of the FATF grey list a few days ago and not sure⁠ if banks are yet fully aware of it. Hence banks could be manually reviewing large⁤ USD payments somewhere along the line - anywhere from the sender bank to the correspondence⁣ bank in NY to the receiving bank in UAE.

See below thread.

https://www.offshorecorptalk.com/th...nce-2-weeks-any-experiences.37741/post-217827
P.S Hopefully⁢ things will get better with UAE removal now from FATF grey list.
 
I completely agree with @ilke and @Martin Everson. USD seems to be the core‌ of the problem.
Well, wrt the problem root, it⁤ can help a little (transfer between accounts in the same name always looks better) but⁣ just a little and nothing is guaranteed.
Can't you agree with your Swiss bank on⁢ sending AED? (What bank do you use?) I think that the developer would not have︀ any objections 😉
 
is impossible wire in real time money to dubai from a europe bank, even if‌ you succeced you will have visit from tax office forget about it
 
funny as when i send from wells fargo in usa to uae, its credited within‌ 10 minutes.

from switserland, ask to convert to AED - since you will be needing‍ to do that anyway - aed to usd is fixed exchange rate(i wonder why? 🙂 ), still shop around a bit.

alternatively open a same named account in uae and transfer⁠ same ubo to same ubo

the problem is eu BS nothing else
 
Yes my bank told me the issue is by the correnspondent bank. I asked them‌ if it would better in EUR, they told me that would be even worse but‍ didn't specify why.

I will check if they can convert to AED at their side,⁠ but last time i checked i think there was no AED balance option.

This developer⁤ doesn't accept USDT unfortunately.
 
Yes I'm using that with 1 dev that accepts cash‍ or 3rd party checks but not all do
also I'm being charged 1.5-2% for that,⁠ how much do you pay for that service?
 
1% is standard rate in dubai , you can do at 0% also sometimes if‌ you know people in the market
 
isn't it more likely to run into scammers by finding‍ someone random on google?
 
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