Does WIO in UAE allow sending money to crypto exchanges?

[5K1PP3R]

Anyone had first had experience?

 

[PiersBlack]

WIO does work with Rain for both sending and receiving, $XX,XXX so far.

Edit: the money arrives from "your name" to "your name" so I think that helps as well.

 

[5K1PP3R]

Support actually told me

As per the confirmation I've got, there is restriction from our end.

So probably you can slip under the radar, but for bigger amounts that trigger checks this may not work.

 

[5K1PP3R]

Interesting. Checked Rain https://support-ae.rain.com/en/supp...7295-fund-your-rain-account-with-easy-deposit and they seem to support most UAE banks via local transfer. Will ask them if deposit can cause issues anyway

 

[5K1PP3R]

rain.com charges 2.5% fees quite ridiculous, who is going to use them?? You can just pay something for Russians, they will give you crypto

 

[5K1PP3R]

Rain.com "0% fees" claim is a total lie. They hide fees in the spread, which is a whopping 5% (2.5% on both buy and sell). They blame "sourcing costs" and "FX fees," but AED is pegged to USD, so that's just nonsense. Avoid

 

[TheCryptoAnt]

Anyone had first had experience?

open an acc w Nexo and send them EUR; they open you an acc with OpenPayd so WIO sees it as 1st party

 

[AlicaFunk]

Are you guys happy with Wio or Nexo? I talked to someone here on the forum who said their money got stuck there.

 

[5K1PP3R]

Are you guys happy with Wio or Nexo? I talked to someone here on the forum who said their money got stuck there.

I wouldn't be surprised. I had and still have so many bank accounts blocked that I am gradually moving all my funds to crypto just to sleep good. CBD.ae for example blocked my account and send me some 10 different forms to fill on 40 pages. When i did, they sent more forms. From what I've heard about WIO, they are reasonably fast in unfreezing the account if provided with POF/KYC docs. With FAB I had to threaten them with a law suit and central bank complain for them to unfreeze the account after few months.
My Nexo experience started with the absence of registration email on my gmail account which seems like a common thing judging by the search results and immediate account freezing after i used protonmail, stated that my residency is UAE using the website from another country. Nexo support still hasn't replied but it is clear they are too dumb even to set up email properly.
All these companies are under stress because there are rouge players who use stolen accounts, nominees for crypto trading and money laundering. It seems like their f***ing problem until it becomes your problem. I personally think DAI is the best option to keep the money nowadays if you don't want to be exposed to Bitcoin fluctuations.

 

[icecold]

All these companies are under stress because there are rouge players who use stolen accounts, nominees for crypto trading and money laundering. It seems like their f***ing problem until it becomes your problem. I personally think DAI is the best option to keep the money nowadays if you don't want to be exposed to Bitcoin fluctuations.

A few months ago after reading the forum I exchanged all my USDT to DAI to avoid any risk to get the coins frozen.

 

[5K1PP3R]

An update about Nexo. So far I can't overcome the first step - account creation. What seems like a simple thing, resolved by millions of websites, poses a unsurmountable challenge for Nexo. SMS/emails don't arrive, password reset doesn't work. Support takes few days to respond. Oh man.... And besides that seems like they also charge 2% commission via price spread?

 

[5K1PP3R]

Restored my crypto.com account. They also charge 2.5% hidden commission via price spread. Wow things changed. I have impression it was 1% before. Doesn't make any sense now, p2p all the way

 

[icecold]

An update about Nexo. So far I can't overcome the first step - account creation. What seems like a simple thing, resolved by millions of websites, poses a unsurmountable challenge for Nexo. SMS/emails don't arrive, password reset doesn't work. Support takes few days to respond. Oh man.... And besides that seems like they also charge 2% commission via price spread?

that sounds very bad for a crypto service. You may made the right choice with crypto.com

 

[AlicaFunk]

All these companies are under stress because there are rouge players who use stolen accounts, nominees for crypto trading and money laundering. It seems like their f***ing problem until it becomes your problem. I personally think DAI is the best option to keep the money nowadays if you don't want to be exposed to Bitcoin fluctuations.

What are you doing with all the frozen accounts, waiting till they payout the frozen money or write it off? DAI is a good choice for storing money you need for spending as I see. I followed your advise.

 

[PhantomOf ThePits]

Did any of you try to on/off ramp via https://www.m2.com/en_AE/ or their OTC Desk ( https://www.m2.com/en_AE/otc/ ) to UAE Bank?

 

[linusAG]

Did any of you try to on/off ramp via https://www.m2.com/en_AE/ or their OTC Desk ( https://www.m2.com/en_AE/otc/ ) to UAE Bank?

Yes, I did several times. They have an account with a UAE Bank, I think