Meydan Freezone

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diosmios

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Nov 6, 2020
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Hello and thank you for this forum and everyone's participation. I've been learning a lot.

There was a comment from @CaptK about Meydan being "useless, just as bad as RAK".

I was wondering if he could be more specific, and if anyone has an experience with Meydan, if they could kindly share feedback about their experience.

My aim:
- FZ
- Visa
- Corp Account > they say they facilitate this with Mashreq > any feedback?
- Pers Account

Thank you very much.
 
Meydan you can get all on the list except a corporate bank account.

The banks won't open you a corporate account they just don't like Meydan. Not saying it's not possible but I haven't been able to do it with a local UAE bank.
 
@CaptK is right.

Don't go with the bottom of the barrel if you want to have more then 1 bank option.

Contact someone like @CaptK or us as we know what's working in practice.

You can try it by yourself with Meydan - I mean paying some learning money isn't bad - that's how we figuered it out.

But if you want to have a straightforward process go with something that is reliable.

If you go cheap - you always endup paying 2x times in the UAE.

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Fred said:
Fred said:
If you go cheap - you always endup paying 2x times in the UAE.
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Good advise, you should take note of this. It applies for almost any service in this category. Go cheap and you ask for troubles.

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Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's your feedback on this? I understand it's a wallet with an IBAN. There's no upper limit on amount you can hold according to them.
 
diosmios said:
diosmios said:
Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's your feedback on this? I understand it's a wallet with an IBAN. There's no upper limit on amount you can hold according to them.
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I have never used them. I would be wary as they make those claims but in reality it's bulls**t. There are various Neo banks in the UAE at the moment only the ones that associated with the big banks seem to work.
 
diosmios said:
diosmios said:
Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's your feedback on this? I understand it's a wallet with an IBAN. There's no upper limit on amount you can hold according to them.
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It's an EMI white label - don't bother.

The whole point about the Dubai Company with Dubai Residence Visa is to get access to reliable retail Banks in a 0% Tax environment with minimum of bureaucracy involved.

If you don't intend to achieve this then you can go with a Seychelles IBC or BVI IBC and use some EMI banking - of course this shouldn't be the goal but gets you exactly the same like with a FZ + EMI banking for 20% of the cost.

That's not a recommendation as it's neither reliable or something for the long-term - however we want to make you aware if this before you get burned - or more your money get burned.

UAE is a great location - in our opinion actually the best taking in consideration all the pros and cons - but be careful with what you get offered.

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Thank you for your responses. If anyone reads this and had a good experience with Meydan, it'll be good to read your feedback too. For now I won't proceed with them.
 
Depending on your business take a freezone that makes the most of sense and Check out WIO bank in the UAE they will open a Business bank account in no time and so far I have not heard anything about someone being rejected.

diosmios said:
diosmios said:
- Corp Account > they say they facilitate this with Mashreq > any feedback?
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No way that you will get a Mashreq bank, without a real office and even then it depends on their mood
 
Offshore13 said:
Offshore13 said:
Depending on your business take a freezone that makes the most of sense and Check out WIO bank in the UAE they will open a Business bank account in no time and so far I have not heard anything about someone being rejected.
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AED only for now right?
Ive heard they had plans to add USD but dunno if they already got to it.
 
TheCryptoAnt said:
TheCryptoAnt said:
AED only for now right?
Ive heard they had plans to add USD but dunno if they already got to it.
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They did launch USD 4 days ago and now run compliance like every other bank.

The few clients followed our instructions have now a Bank Account with AED/USD received at almost no compliance however for new applications it takes them a week to get back and it's unknown how long the compliance back and forth via e-mail takes.

The UI design and idea behind Wio is fancy and interesting however since they become more useful like a normal bank the compliance goes immediately up and it's the same if not even worse compliance proceedure (due to the fact they send you e-mails with 12-20 questions) like with every other bank now.

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Offshore13 said:
Offshore13 said:
For now only AED but surprisingly the conversion is really good, I have not heard about USD currency being added but I am sure for this type of bank it needs to be on their roadmap
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It's added already.

Go on the right drop down menu next to your balance and you can add USD.

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