Virtual Bank Account For UAE (RAKICC) Company

[OJ333]

Hello, I would like to ask those of you who have experience to point me to a good virtual bank account (think Transferwise borderless before they closed down for UAE) for a company registered in the RAKICC register from UAE (it's address is in Dubai).

So far, I have experience with:
- Transferwise - great before they closed the borderless account (though they ask too many questions and request documents that literally do not exist)
- Payoneer - works, but very limited functionality - account can't be debited, you can't receive transfers from yourself, very high fees for transfering to normal bank accounts
- Bankera - they want 450 eur just to review my information. It's not that I don't have the money, but it's a big no no.
- DSBC - 100 euros a month. I have only chatted, but have not applied yet.
- Airwallex - answered "they can't support the business" without further explanations.
- Denarii - they didn't even have a working website and customer service email

I am looking for something that can receive payment processor payments (as I am in ecommerce), that can ideally receive funds from my self / load the account with ACH and send the money to normal bank accounts around the world (I have 13 employees in the PH I need to pay).

Thank you in advance for your help.

 

[Gediminas]

Hey,

I could help you with the account onboarding either to Bankera or somewhere‍ else. I would do a pre-approval prior we start registration.

450 EUR for the application⁠ is pretty low actually. This fee is for the compliance work. Some other financial institutions,⁤ for example, Xace, charge around 2000 EUR for that.

Your goal is to find a⁣ reliable financial institution with competitive pricing for transactions and maintenance. I don't believe you will⁢ find anything better than Bankera.

In case you decide to ping me, you will find︀ my email by clicking on my signature banner.

 

[Fred]

Currenxie

They provide you exactly with what you are looking for and supporting E-Commerce.

You didn't disclose which kind of E-Commerce - if it's low-/medium-risk they will onboard you.

Alternative is 3s.money - they have local Dubai operation and targeting everything starting from 1m+ yearly‌ turnover.

 

[OJ333]

Thank you for the advice. It is very low⁤ risk ecommerce - normal every day stuff people buy (not supplements, weapons etc)