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Does anyone know how much UAE banks charge for receiving SEPA payments?

vgahdmi123

vgahdmi123

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Sep 23, 2024
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#1
I have VPN business with average 400 transactions per month from customers directly via IBAN (those who are afraid to pay with credit cards).
I am thinking about forming company in Dubai due to basically 0% tax, but what concerns me is how much they will charge me for receiving transactions from SEPA/EU.
I am trying to calculate overall cost so I would be grateful for any realistic info on how much banks do take in UAE for receiving EU payments.



thanks
 
#2
Good news: They change nothing for that.
Bad news: They cannot receive the money through SEPA:
https://en.wikipedia.org/wiki/Single_Euro_Payments_Area

You need to get a EEA based bank account. There are some EMIs that could help. Wise, etc.

You can use the search function for "UAE EMI" and you will find solutions:
J

Thread 'EMI or Bank for UAE company'

Hello,
I urgently need to find an EMI or BANK that I can open remotely account for my company in UAE (offshore). I currently have an EMI in Lithuania but I am seriously excausted (in aspect of time and money) with all that they require, their paperwork requirements are taking almost all my time, every week they are asking for something new. It appears I am working for this terrible EMI rather than for my company anymore...

The business is torally clear, nothing illegal, customers are in Europe and UK.

Can you please suggest EMI or Bank that works and I can open the account remotely...
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#3
Sorry but ypur comment is so wrong.
Why they would not be able to receive payments?? It does not mean that Sepa banks can send only in between themselves, it means they just have better fees and faster service.
 
#4
vgahdmi123 said:
Sorry but ypur comment is so wrong.
Why they would not be able to receive payments?? It does not mean that Sepa banks can send only in between themselves, it means they just have better fees and faster service.
Click to expand...
UAE is not part of SEPA. You can only use SWIFT to send money from EEA to UAE. Unless your EEA bank uses a local UAE account for the payout, which could be possible but rather the exception.

Hence, your title is wrong. It should be how much UAE banks charge for incoming SWIFT. And then we have the next issue: the sender also must pay the hefty SWIFT fees. For a typical German bank, they are 12 EUR and more. I doubt that this makes sense for a VPN service which typically cost maximum 100 EUR per year.

Therefore as mentioned, you need to get an EMI that accepts UAE companies and offers EEA bank accounts. The rest is not feasible if you want to serve EEA.
 
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#5
You can use your UAE Company to obtain an ALT Payment Gateway, then you can receive your payments through local bank transfer in each country [The gateway handles that] and then finally receive the payout to your UAE bank.

as far as I remember, it wasn't more than 6%
 
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