Personal UAE bank accounts? Which one is the easiest to open?

[PinkCat]

Wondering if ENBD priority would be any⁤ better for HNWI. From my understanding it is like ADCB excellency (which I opened). From⁣ anecdotal stories (including one of the youtubers that do emirates setups) ENBD is the only⁢ one crypto friendly, that youtuber (forgot his name sorry) claims he cashed out 1M$ from︀ crypto there without problems. (he kepts transfers smaller than 100k aed though)

I just tried︁ Liv yesterday, app seems buggy so far and after the onboarding process it said it︂ will take 2 days to review my application. From the onboarding questions they ask, like︃ salary and etc I'm not very hopeful they will be ok for HNWI.

I guess︄ I'll try Wio, now that quite few people recommend it. At least as an entry︅ point of history so it's easier with other banks.
Honestly I'm even wondering if its︆ worth going for anything other than accounts like exellency and priority through an introduction since︇ I'll be moving 6-7 figures mostly.

I expected banks in Dubai to be more relaxed︈ since their whole economy counts on attracting HNWI but so far that is not the︉ case at all. They are harder to onboard than EU banks. I wonder if that︊ is because of the recent influx of controversial russian capital that raised RE prices with︋ 30% in an year and the US being not very happy about it.

 

[PinkCat]

Opened at Wio it was very smooth process. However how would they react if I‌ fund my account with wire from a crypto exchange?

 

[myself]

A couple of weeks ago I received a transfer of 11K AED from BitOasis to my‍ WIO personal account. It went through without any issues. Before initiating the transfer, I asked⁠ WIO support on Whatsapp whether they would tolerate occasional transfers of 10k-15k from a local⁤ crypto exchange and they said "crypto transfers are ok" but they may need to review⁣ the transactions. They also said that the transfer won't be accepted if I have a⁢ credit facility.
My transfer took only 2 business days from the moment I initiated it︀ on BitOasis, even though BitOasis said it may take 5 business days.
Note that I︁ have this account for few months and I've been actively using it for payments. No︂ big turnover though.
I'd suggest that you contact them first on whatsapp and see what︃ they say. Better if you can wait for few weeks in my opinion and try︄ to use the account daily so that you don't look like you opened it for︅ crypto cashouts. I can always be wrong but that's just my thought. Good luck.

 

[PinkCat]

Thanks, that helps a lot.
I guess doing 500k aed︆ from crypto won't have the same success though. Is there any way to understand without︇ actually doing it? 🙂

 

[TheCryptoAnt]

Hey could u touch‌ on this?

Ive been thinking on opening w them for their credit card as I‍ want access to lounges 'haslee-free' and its only 700AED a year.

ty

 

[FreedomSearcher]

The app of Liv is a disaster. Buggy and⁠ looks like the target audience is not very wealthy people, to say the least

 

[TheCryptoAnt]

This being‍ the case its ok for me then, I dont plan in using it much I⁠ just want access to airport lounges

 

[myself]

For whatever reason, when I hear WIO I assume smaller amounts. I⁠ think you can ask WIO support for larger amounts. Who knows they may accept it.⁤
I had raised a question in a separate thread about using swissquote for larger amounts.⁣ Some people said it worked for them. I didn’t try that yet. You can find⁢ the thread here:
Thread 'swissquote for personal crypto cashout'
swissquote for personal crypto cashout

 

[PinkCat]

hmm seems iffy to just wire to swissquote and immediatelly wire out without using⁣ any of their brokerage functions, let us know if it works though please