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Dubai resident - want to withdraw USD from centralised crypto exchange to HSBC UAE - anyone had any issues?

#2
Not really, but you must have some sort of source of funds in case they will ask for it at HSBC which I believe they will do.

If you never have done that before I would start with small amounts and see if they arrive or what trouble there will come.
 
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#4
JJReddick said:
Hi there,

I am a Dubai tax resident. I would like to withdraw 6 figs from a large centralised exchange into my UAE HSBC personal account, so to have cash at hand rather than going the EU bank - Revolut - UAE HSBC route. Has anyone withdrew from the likes of Binance, FTX, Kraken into UAE HSBC? Anything I should be aware of?
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I would 100% let them know in advance of the transaction and see what they say.
 
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#5
Martin Everson said:
I would 100% let them know in advance of the transaction and see what they say
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Yes thats what I was thinking but knowing how things work in Dubai I might get the employee who I would be speaking with telling me a thing, only to find out when I actually withdraw that someone higher up decided otherwise. Thats why I was hoping for some direct feedback from this group. Good suggestion none the less
 
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#7
bigbill27 said:
Avoid at all costs ….. Hsbc uae will block this transaction …. There are some places in business bay you can cash out crypto , which would be easier and hassle free
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mmm thanks for this. Are you speaking from personal experience if you dont mind asking? I dont care about cashing out crypto for physical money, I was just hoping to have some AED into my HSBC account without going through the EU bank > Revolut > HSBC loop
 
#9
bigbill27 said:
Avoid at all costs ….. Hsbc uae will block this transaction …. There are some places in business bay you can cash out crypto , which would be easier and hassle free
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Mind to share where?
bigbill27 said:
Personal experience ! There are other UAE banks out there that will accept transfers from exchanges. I let others give their feedback .
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Mind to share what banks ?
 
#11
bigbill27 said:
ADCB and Emirates NBD work , but this is with transfers coming from Rain.BH not binance. Also the transfers were not close to six figures.
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Funnily enough I know the head of compliance at Rain, but never really used the exchange. Might be time to give it a try if I was also to open an account with ENBD. Last time I checked ENBD was problematic with opening business accounts, I wonder if they are less difficult with personal accounts
 
#16
GrumpyMess said:
Why? Isn't it a best idea to cash out via buying an apartment in Dubai? Or it's impossible to buy with crypto now?
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I mean I have a way to cash out via EU bank so rather do that. Ended up buying an apartment in Dubai anyway as I found a decent deal and want some passive income while I am staying here, but went through the crypto > EU bank > Wise > HSBC route.
 
#17
JJReddick said:
I mean I have a way to cash out via EU bank so rather do that. Ended up buying an apartment in Dubai anyway as I found a decent deal and want some passive income while I am staying here, but went through the crypto > EU bank > Wise > HSBC route.
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Maybe you know how possible it is to buy an apartment for crypto without source of funds questions asked?
 
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