TW closing UAE accounts

[rowena]

@orange
RAKICC is a very problematic jurisdiction. Even the RAK Goverment owned RAKBANK doesn't open‌ account for RAKICC. The goverment itself not supporting the jurisdiction... Unfortunately, my suggestion is you‍ should close your RAKICC.

Airwallex support is disaster. You can expect reply in 3-4 weeks.⁠ Paysera is good but they won't open account for RAKICC.

 

[orange]

Thanks for the heads up! For the time being, I'll try to open various bank⁣ accounts as a quick fix. I'll post back which worked and which didn't.
If that⁢ fails, I'll start looking into DMCC or another country altogether (Georgia maybe)

 

[For Free]

Dear @BlueMist, is your company LLC or FZC/FZE? Do you need local︅ office to open business account at ADCB?

 

[BlueMist]

My company is FZ LLC.‍ I don’t know the requirements now to be honest, as I opened it few years⁠ back.

 

[loccu]

Hey orange, any updates on this? What did you do and which banks⁠ worked and didnt work?

In the same boat so would appreceate sharing your experience!

 

[troubled soul]

In Dubai Rules and regulations changes very quickly If any one serious about it ,Go‌ there and Find out the requirement.
If Something works Today. Very next day it will‍ not work.
That is the sad reality of UAE

 

[For Free]

You may need to provide the following information and supporting documents:

• Any other‍ sister/parent company in UAE or abroad?
  
• What is the company line of business?
  
• In which⁠ services/products Company is majorly dealing?
  
• What is the actual reason of establishing free zone company?⁤
  
• Perform enhanced due diligence regarding the profile of customer in which activities he was engaged earlier in home country, UAE etc.. and share the same with Compliance.
  
• Expected annual turnover⁣
  
• Major supplier names:
  
• Major client names:
  
• Number of employees
  
• Company complete address
  
• In which other⁢ UAE Banks company is maintaining account?
  
• Is customer well known to branch
  
• Does customer will︀ submit documentary evidences to justify the transactions?
  
• Any transactions originating to/from Sanctioned countries?
  
• What are︁ the expected transactions conducted by customer on monthly basis, kindly provide in below table:
  

Transactions Type	Number of transactions	Amount in AED
Cash Deposit
Cheque Deposit
Inward Telex Transfer
Internal Transfers
Others

My recommendation is to start with an small and easier bank (like Ajman︂ Bank - a very bad-service bank), then get the Bank Statement after 3-6 months then︃ go to bigger banks (Mashreq, FAB...). Offshore company will not work anymore, so better if︄ you have at least Free Zone Company with Flexi Desk

 

[orange]

Results so far:

• Paysera - fail (asked for public registry which doesn't exists)‍
  
• Airwallex - in process, but given up for now (they are super super slow to⁠ respond, they just asked for a whole bunch of documents that need to be notarized,⁤ after 20 days after applying. Runway has written a few posts before that they also⁣ ask for a public registry proof)
  
• Payoneer - already gotten GBP account details and EUR⁢ IBAN (ireland) in about a week, but the account is still marked as "in review",︀ didn't test it out yet due to this (keep in mind, this might be an︁ expensive solution, 2% fees)
  
• Paydo - applied today, will see what the future holds
  
• Bankera - next on my list to try (didn't start yet)
  

PS. my UAE agent suggested︂ Quant Paymenet, and says one of her customers uses it successfully. I'm not even gonna︃ try since its basically non-existent on google. (their android app has 10+ downloads)

 

[EliasIT]

What about Payeer any thoughts on them for UAE companies?

 

[Cristero]

Hey,
I'm in the same︄ situation as you. Company incorporated in UAE through RAKEZ and I was using TW with︅ no issues until the ban.
I've set up another account with Currenxie but I don't︆ like the fact that the bank accounts they provide have the prefix "Currenxie".
Airwallex has︇ been really slow until now and they came out today saying that they put my︈ application on pending because they don't have any experience with companies incorporated in UAE and︉ they are checking the legislation.
It's been really annoying since they shut down TW, it︊ was the perfect solution for me.

 

[Fred]

We always open accounts for Dubai Companies in Paysera for our clients.

There is a‌ workaround we can provide you via PM to keep it working in future.

In our‍ eyes Paysera is the best Electronic Money Provider for companies incorporated in UAE for EUR.⁠

Forget about all the other rip off EMI's with the non refundable application fees and⁤ even can't provide SWIFT payments at all or only in in name of the EMI⁣ instead of your company.

 

[Cristero]

Hi Fred. Do you provide a⁣ multicurrency business account with bank coordinates to receive payments for the USA, UK and Europe?⁢

 

[Fred]

In case you have‍ a local UAE bank account you can try Payoneer. They charge 2%+ FX for withdraw⁠ to local bank account.

If you don't have a local UAE bank account we can⁤ help you with.

Beside of this two options we only have one other solution in⁣ mind but we need more information about your business.

 

[rowena]

You can open Payoneer without having a local UAE account. Their pricing is only 2%(FX‌ included) but highly negotiable. If you have a monthly $100k+ turnover you can get 0.6%.‍

 

[Cristero]

I don't need a UAE bank account. I'm just looking for an⁣ EMI that provides a business account in different currencies.
Basically something like TW or Airwallex.⁢
Bankera is not an option for the UAE due to ridiculous fees.
I just have︀ a one man company with not much of a turnaround at the moment.

 

[Fred]

Payoneer wanted us and other clients to withdraw in AED⁠ currency for the bank withdraw option. Maybe you can clarify.

Furthermore we have made the⁤ experience that they are only fine with big payments of big players like Google and⁣ Amazon and typically reject 3rd party payments with 5 figures+ and close the account.

Only the clients receiving Google, Amazon and PayPal money are fine till today even with 100k$⁢ payments.

 

[rowena]

There are 2 ways:
1-) You can withdraw from Payoneer company account to any shareholder's personal bank account in any‍ currency.
2-) You can open a personal Payoneer account and transfer funds to Payoneer personal⁠ account from the Payoneer company account. Once you transfer the funds, you can withdraw money⁤ from your Personal Payoneer account to your personal bank account easily or you can use⁣ your Payoneer card.

I don't have experience about receiving money from a third party but yes you can easily︂ receive money from marketplaces with Payoneer. They provide US/USD and IR/EUR accounts which are very︃ useful.

 

[Fred]

Transferwise was the best EMI solution for UAE. All other EMI's are restricted in currencies⁤ or in the funcionality for UAE companies.

We recommend local bank account now as the⁣ best alternative to Transferwise if someone needs all the requirements like you mentioned.

As already⁢ memtioned here UAE banned Transferwise to boost the local banks.

 

[extremedox101]

you sure very selective with these reputable emi's .

 

[Cristero]

I did the application with Mashreq that went through, but they require signatures to be⁣ done physically in one of their branch and travelling is not an option at the⁢ moment.
They also require an Emirate ID.

Do you have a workaround?