TW closing UAE accounts

[Runway]

Apparently the party is over in UAE...

From February 22, 2021, we can no longer offer multi-currency accounts to those with an address in the UAE. This means that:

You can still send money abroad using your debit or credit card.
You can't add and hold money in your TransferWise account.
You won't be able to receive payments or use your international bank details.
Move any money you're holding out of your account before February 22.

As soon as you can, move your money to a different account. If you have an address outside the UAE, you can register that address with us and continue using your multi-currency account.

You can read here on how we verify your address.

Why is this happening?

Due to a recent regulatory update, those with a UAE address are not able to hold a multi-currency account with Transferwise.

We're working hard to get your multi-currency account back. We'll let you know as soon as they are available again.

We're sorry about this. If you have any questions, please reach out to our support team.

Thanks,

The TransferWise Team

 

[Gediminas]

To be more precise, the party is over in TW 🙂

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[Runway]

Gediminas said:
To be more precise, the party is over in TW 🙂
Click to expand...

Of course, just a question of time when this will also affect the few other remaining options. Things are changing in the UAE

 

[JackAlabama]

Runway said:
Of course, just a question of time when this will also affect the few other remaining options. Things are changing in the UAE
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Is this due to uae changing things or the fact that tw is a european service? and europe going towards communism and you gotta pay tax or be out.

 

[MiddleEuroAsia]

JackAlabama said:
Is this due to uae changing things or the fact that tw is a european service? and europe going towards communism and you gotta pay tax or be out.
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nah, It's the European side that's going crazy, and it also seems that that banks that Partner up with transferwise have tighten up.

TW down for UAE right now, A lot of EMI will appear from the ashes among the known working solutions (Payoneer, bankera, OFX...etc). It's just a cat and mouse game between regulators and money services at this point and you can do nothing but adapt to these draconian laws unfortunately. 🙁

 

[JackAlabama]

MiddleEuroAsia said:
nah, It's the European side that's going crazy, and it also seems that that banks that Partner up with transferwise have tighten up.

TW down for UAE right now, A lot of EMI will appear from the ashes among the known working solutions (Payoneer, bankera, OFX...etc). It's just a cat and mouse game between regulators and money services at this point and you can do nothing but adapt to these draconian laws unfortunately. 🙁
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i do not know one single thing coming out of eurocommistan being beneficial these days. Their lust for regulation is just mad.

 

[rowena]

UAE banned TransferWise because their service is very good and lots of residents started to use it and this situation decreased profits of local banks. No one wants to use local banks in the UAE. They are slow and have very bad customer service.

I don't think UAE will restrict other EMIs because they are very small.

I always write good things about the UAE but this is a completely fail for UAE. This is going to be a big loss for the UAE economy.

 

[MiddleEuroAsia]

rowena said:
UAE banned TransferWise because their service is very good and lots of residents started to use it and this situation decreased profits of local banks. No one wants to use local banks in the UAE. They are slow and have very bad customer service.

I don't think UAE will restrict other EMIs because they are very small.

I always write good things about the UAE but this is a completely fail for UAE. This is going to be a big loss for the UAE economy.
Click to expand...

Wait, so is it the UAE regulators the people behind this nonsense? It's not been over a year since TW received it's License from adgm (Abu Dhabi Global Market's Financial Services Regulatory Authority) for f**k sakes!.

So, what is stopping them from cracking down on other EMIs now? As people won't stop their businesses or stop using other EMIs because TW is not working nowadays, people will just use other services.

And what the f**k is wrong with UAE, If they don't want people to use EMIs, then they have to improve their banking sector. they make it difficult for people starting out to bank with them unless you know some one.

As I see it now. If UAE banks won't make it easier for people to bank with them, and UAE will start banning EMIs and other money services, then the UAE will absolutely become useless and no longer be an attractive option in the offshore world! (unless you decided to move and actually live there part of the year).

 

[ih8socialism]

MiddleEuroAsia said:
Wait, so is it the UAE regulators the people behind this nonsense? It's not been over a year since TW received it's License from adgm (Abu Dhabi Global Market's Financial Services Regulatory Authority) for f**k sakes!.

So, what is stopping them from cracking down on other EMIs now? As people won't stop their businesses or stop using other EMIs because TW is not working nowadays, people will just use other services.

And what the f**k is wrong with UAE, If they don't want people to use EMIs, then they have to improve their banking sector. they make it difficult for people starting out to bank with them unless you know some one.

As I see it now. If UAE banks won't make it easier for people to bank with them, and UAE will start banning EMIs and other money services, then the UAE will absolutely become useless and no longer be an attractive option in the offshore world! (unless you decided to move and actually live there part of the year).
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Its common in UAE to ban services which are in competition with state owned services. Just remember for how long skype and facetime was banned lmao

 

[Cristero]

Hi everyone. I've registered specifically for this matter, as I was having a personal account and a business account with TW for my company in the free zone of Rakez.
Now that it's not available anymore, I've applied for Currenxie and I'm waiting for their response. I need European and possibly USD accounts to get paid by my clients and then pay myself on my personal account.
Who else would you suggest if Currenxie decline my application? What about Paysera?

 

[Konstanz]

Cristero said:
Hi everyone. I've registered specifically for this matter, as I was having a personal account and a business account with TW for my company in the free zone of Rakez.
Now that it's not available anymore, I've applied for Currenxie and I'm waiting for their response. I need European and possibly USD accounts to get paid by my clients and then pay myself on my personal account.
Who else would you suggest if Currenxie decline my application? What about Paysera?
Click to expand...

I would advise you to try Bankera. I have both corporate and personal account there and happy

 

[Cristero]

Konstanz said:
I would advise you to try Bankera. I have both corporate and personal account there and happy
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Thanks, I'll check it out. Do they send the debit card anywhere you tell them or to the company address exclusively?
I can't travel to the UAE at the moment due to this mess.

 

[JimBeam]

Got the same email but wasn't able to figure out are they closing the UAE business TW accounts or just personal ones?

 

[rowena]

JimBeam said:
Got the same email but wasn't able to figure out are they closing the UAE business TW accounts or just personal ones?
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All of them.

 

[JimBeam]

rowena said:
All of them.
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WTF! I had this bank account details already setup in many places and contracts!
Are there some decent alternatives or should I switch everything to Mashreq?

 

[rowena]

JimBeam said:
WTF! I had this bank account details already setup in many places and contracts!
Are there some decent alternatives or should I switch everything to Mashreq?
Click to expand...

Stay away from any UAE bank especially for business purposes. Try Payoneer, Paysera or Airwallex.

 

[Gediminas]

rowena said:
Stay away from any UAE bank especially for business purposes.
Click to expand...

Why?

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[rowena]

Gediminas said:
Why?
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Because of very bad IT infrastructure and a very slow processes. If you want to spend time with banks instead of your business then it is a good choice 😀

 

[tacokai]

Does that only affect multi currency accounts or all type of accounts registered for a UAE company?

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[Gediminas]

rowena said:
Because of very bad IT infrastructure and a very slow processes. If you want to spend time with banks instead of your business then it is a good choice 😀
Click to expand...

Strange, because I get the opposite feelings. I use a UAE account for my business and enjoying the speed of swift transfers. Only positive vibes.

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