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TW closing UAE accounts

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The most serious would be Ebury I‍ think. AED 8500 one time fee opening which includes AED and USD held at Barclays⁠ or Citibank UK. Additional currencies are AED 4000 per currency, e.g. EUR and they have⁤ few countries to choose from where it can be held.
 
Ok cool. But does anyone know what this regulatory update that TW is facing actually‌ is. Could it not affect Ebury also?
 
Who knows‍ really? The update might be related to ADGM itself and Ebury may not be affected⁠ because they were granted DIFC license few weeks back.
 
I don't know which bank you use but I have a bank account in the⁠ biggest 3 banks of UAE. I sent a USD transfer to the USA 2 weeks⁤ ago it took 4 days to reach. I had to deal with the super bad⁣ UI of the bank and the outdated mobile app. UAE banks are famous with their⁢ bad service.

VS

I transferred 100.000 EUR yesterday from my TransferWise Belgium IBAN to my︀ personal bank account in France and it took 7 seconds(Sepa Instant).
 
I think it depends on the bank. From⁢ ADCB to UK (international SWIFT) it reaches in few hours if submitted before 3pm. I︀ have never had to wait more than 24 hours for the transfer to reach the︁ recipient from ADCB at least. Also TW failed in my case, I thought I could︂ easily send money to US, but it was not possible. The instructions I got from︃ recipient (AMEX USD banking details in US) were not accepted by TW system, I even︄ emailed TW about it and they said it is not possible to send money to︅ US using details provided. No such issues with ADCB or Moneycorp.
 
You forgot to compare sending crypto.
You can send 100M and they reach your︀ goal within minutes and no paperwork nor bad ui.

sending in $ can always cause︁ issues. i Remember some wires to panama which took ages or have been returned to︂ me.
 
You can transfer money to the︁ UK in seconds with TW. I can't say anything for USD because I don't use︂ USD currency too much but as far as I know, they now support all USD︃ account.

ADCB & ENBD are the best options in the UAE but they still the︄ worst banks I have ever used.

Not too long several months ago ENBD decided to︅ start planned maintenance but they messed up and couldn't open the bank back again 😀. It took 4 days: I mean no atm withdrawal, no card usage, no bank transfer,︆ no online banking. People went crazy. Can you imagine a bank culture this? Btw ENBD︇ is the biggest and "best" bank in Dubai.

https://www.thenationalnews.com/bus...services-for-emirates-nbd-customers-1.1061131


https://www.reddit.com/r/dubai/comments/i6zq1a
 
Aiwallex onboarding for UAE is not easy, they insisted on‍ seeing a public registry and this obviously was not possible
 
No, TW doesn't support all USD transfers unfortunately. I can't pay my AMEX⁤ USD card through TW, as TW doesn't accept Standard Chartered Bank NY details provided by⁣ Amex. TW confirmed it via email.

I can't speak for ENBD, as I don't use⁢ them much for the personal account. Their online banking layout is not appealing to me︀ at all.

But ADCB is very good both personal and business. I sent a bank︁ transfer today at 12:30pm to SQ Lux, just checked SQ Lux at 7pm and money︂ is already there. That's not bad I think. Don't forget it is sent as normal︃ SWIFT transfer and not instant SEPA, both cannot be compared really. Also instant SEPA is︄ not supported by majority of the EU banks, so no matter what, SEPA transfer is︅ +1. My transfers from ADCB reach faster Europe than normal SEPA transfers.
 
SWIFT transfer doesn't take much time now. I use Payoneer for my USD SWIFT transfers⁤ and generally only takes 1-2 hour to reach.

Do you mean SEPA Instant?⁢ SEPA supported all over Europe.
 
Yes, SEPA Instant is not supported by⁠ most EU banks. That means standard SEPA transfer will reach the recipient only next day,⁤ slower than ADCB. If I would send SEPA transfer today from another EU bank to⁣ SQ Lux it would arrive on the 4th Jan.

Don’t compare EMI. They may have⁢ local banks in place like US Payoneer, so obviously it will be fast.
 
Sure, SEPA instant does not have 100% coverage but already supported by many big banks:‍ Participants

My TW SEPA transfers always reach the same day to a foreign country.

Nope, Payoneer transfers are SWIFT transfers and︁ originated from the USA(no local bank transfer). Check my latest USD SWIFT transfer, it took︂ about 40 minutes to reach Europe. Swift transfers are much faster than before in everywhere︃ compared 1-2 years ago.
 
That’s a very short list of supported banks. Also quite few⁠ EU countries do not use EUR as a base currency so EUR is never same⁤ day, at least I never saw unless within the same bank. My point is if⁣ I send normal SEPA transfer between normal banks (not EMI) it’s never the same day,⁢ even within the same country . It’s always +1.
 
I don't know why your transfer always +1 but I frequently send 6 figure SEPA‌ transfers between Germany, Switzerland, Luxembourg, France and I always receive payment the same day(both via‍ EMIs and Banks), If I execute a payment before 15:00. Even the country doesn't use⁠ the EURO as a base currency you can still send a SEPA transfer(like Switzerland).
 
It often happens to me that transfering from TW to Revolut lands the money in‌ the destination account (with associated push notification) seconds BEFORE TW is actually showing it's completed‍ lol
 
Yes I know I can send SEPA in countries where base⁣ currency is not EUR, what I am saying is that I never saw same day⁢ SEPA credit in such countries. I often send SEPA transfers between normal banks in Cyprus︀ / Malta / Poland / Luxembourg / Italy / Netherlands and it is never same︁ day even if submitted at 10am. Bank of Cyprus for instance shows you always the︂ date on which recipient will get the payment and for SEPA they always show next︃ day. Bank of Valletta SEPA transfers are always reaching next working day, never the same︄ day (even between Malta banks...). In many EU countries not a single bank support instant︅ SEPA yet, while the normal regular SEPA is always +1.

Also another thing to consider︆ is that some banks support incoming instant SEPA transfers but they do not support outgoing︇ instant SEPA. So while you may get the impression the bank support it, but it︈ only support it 1 way. Sending transfer the other way around would result in crediting︉ money next working day. It's just the way the system works.

Anyway, I find the︊ few hours form ADCB completely sufficient and it is the only local bank in the︋ UAE in my opinion worth partnership on the higher than standard levels (Excellency / private︌ banking).
 
@rowena I just sent a bank transfer from ADCB at 3pm to UK and it's‌ there at 3:15pm, total 15mins! Things are really smooth and fast with ADCB to some‍ countries at least.
 
ADCB, ENBD, Mashreq(probably most of the local⁠ banks) have branches/intermediary banks in the UK because of lots of Emiratis in the UK.⁤ They're probably routing GBP transfers via their UK branch but still slower than TransferWise because⁣ GBP transfers are instant with TW.
 
The transfer was in EUR. ENBD does have a presence in London,⁤ ADCB doesn't. The transfer went to Barclays bank. But apparently this same day feature is⁣ listed on ADCB website under money transfers:
"Instant and same day** transfers for major⁢ currencies such as USD, GBP, EUR, CAD and INR"

I don't want to say UAE︀ banks are great, as they are definitely lacking many things, but I sent bank transfers︁ few times the other way around from different EU banks to UAE and it was︂ never credited on the same day in the UAE.
 
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