EMI account for a UAE business

[zeeoffshore]

Which EMI do you recommend for a UAE business (SHAMS or IFZA)? Transferwise stopped supporting UAE entities!

 

[Mark Rucken]

Which EMI do you recommend for a UAE business (SHAMS or IFZA)? Transferwise stopped supporting UAE entities!

Sicne when did TransferWise stop accepting UAE companies? On their website I stil lsee UAE in drop down menu? Do you have some source for this?

 

[zeeoffshore]

I was chatting with them yesterday. They informed me that I can't open a multi currency account in UAE.

 

[Konstanz]

Try opening accout at Bankera. I know they work with UAE

 

[ecool]

The problem with Bankera business is that they don't have debit cards, so you cannot pay the business expenses

 

[zeeoffshore]

Sicne when did TransferWise stop accepting UAE companies? On their website I stil lsee UAE in drop down menu? Do you have some source for this?

Please see below.

We support business accounts in both the UAE and BVI. However, we can no longer offer a multi currency account to UAE registered companies due to a change in banking regulations there.

The account can still be created, however it can only be used to make outgoing foreign payments, it cannot receive any inward payments from third parties.

Best Wishes,
Jeff
High Value Transfer Team | TransferWise

 

[Mark Rucken]

Please see below.

We support business accounts in both the UAE and BVI. However, we can no longer offer a multi currency account to UAE registered companies due to a change in banking regulations there.

The account can still be created, however it can only be used to make outgoing foreign payments, it cannot receive any inward payments from third parties.

Best Wishes,
Jeff
High Value Transfer Team | TransferWise

Well, that account is useless then.

Back on topic, Payoneer is alway an option for UAE entities.

 

[Konstanz]

The problem with Bankera business is that they don't have debit cards, so you cannot pay the business expenses

They have debit cards for physical persons. I have a corporate account with them. I have asked for their support. They will have debit cards for companies soon.

 

[lacomaco]

Maybe a UAE company with residency and local bank account would offer a better solution (although more expensive) than using an EMI with which it is very hard to plan for years

 

[Flibustier]

Maybe a UAE company with residency and local bank account would offer a better solution (although more expensive) than using an EMI with which it is very hard to plan for years

Local bank can close your account very quickly. Personally, I would still go for EMI

Any other success with any EMI and the UAE business?

 

[Fred]

Local bank can close your account very quickly. Personally, I would still go for EMI

Any other success with any EMI and the UAE business?

Personally I can't agree with that based on my experience. We have clients with exotic structures and UAE banks them still till today. Even the clients itself are wondering about it. Risk appetite is very high due to the geographical location of the UAE and the business that is done with neigbhour countries like Irak, Afghanistan and Lebanon.

 

[Flibustier]

Personally I can't agree with that based on my experience. We have clients with exotic structures and UAE banks them still till today. Even the clients itself are wondering about it. Risk appetite is very high due to the geographical location of the UAE and the business that is done with neigbhour countries like Irak, Afghanistan and Lebanon.

Fred, I am sorry but what is it you cannot agee with? That the banks in UAE can instantly close your account? Your clients with exotic structures clearly greasing the bankers wheels and putting up large deposits and hence are successful in opening accounts. Now this may take from several weeks (unlikely) to 6 months and piles and piles of papers to open a bank account even for a simple company (1 manager and 1 shareholder). I am sorry to be blunt, but I cannot see any risk apptite banks are willing to take. One has to know a shady banker who can help to put your applicatiion in front of the "right person" in the bank for some cash. This is how it works in UAE. Banks are focused on the UAE business and scared to death of any sanctioned business.

EMI are different. However, openning an account with one of them is a much quicker process.

 

[Fred]

Fred, I am sorry but what is it you cannot agee with? That the banks in UAE can instantly close your account? Your clients with exotic structures clearly greasing the bankers wheels and putting up large deposits and hence are successful in opening accounts. Now this may take from several weeks (unlikely) to 6 months and piles and piles of papers to open a bank account even for a simple company (1 manager and 1 shareholder). I am sorry to be blunt, but I cannot see any risk apptite banks are willing to take. One has to know a shady banker who can help to put your applicatiion in front of the "right person" in the bank for some cash. This is how it works in UAE. Banks are focused on the UAE business and scared to death of any sanctioned business.

EMI are different. However, openning an account with one of them is a much quicker process.

Nothing to add. That's how it's working.

EMI fits not for every turnover. TW was the best EMI option for the UAE. That's now different and you will see this quick if you take a look into all the other Lithuania EMI's.

From your posts I assume that you got shut down from TW and now looking for alternatives. Well the best alternative have you mentioned above by yourself.

 

[Flibustier]

Nothing to add. That's how it's working.

EMI fits not for every turnover. TW was the best EMI option for the UAE. That's now different and you will see this quick if you take a look into all the other Lithuania EMI's.

From your posts I assume that you got shut down from TW and now looking for alternatives. Well the best alternative have you mentioned above by yourself.

Yes, I am looking for an alternative, but cannot see a straight forward one yet.

 

[uplana]

some tried
https://www.xace.io/?utm_source=offshorecorp&utm_medium=banner&utm_campaign=brand&utm_content=orange
they advertise on the forum, wonder if they can help.

 

[For Free]

Local UAE Bank Accounts are possible, but difficult. Yes, some banks are easier and more polite than other banks but some banks just close accounts, frozen money and don't even care about your explainations, so it is bank-to-bank difference. There are some banks you can reach to get chance: Mashreq, RAKBank, FAB, DIB and maybe other smaller banks like Ajman Bank (very bad but cheap), Sharjah Islamic Bank (always ask for Invoice before remittance)... If you have big turnover, physical banks are important even sometimes they put a lot of questions for KYC. EMIs (even Transferwise) is better for small turnover, low-fee daily transactions, less problem with compliance.

 

[Fred]

Local UAE Bank Accounts are possible, but difficult. Yes, some banks are easier and more polite than other banks but some banks just close accounts, frozen money and don't even care about your explainations, so it is bank-to-bank difference. There are some banks you can reach to get chance: Mashreq, RAKBank, FAB, DIB and maybe other smaller banks like Ajman Bank (very bad but cheap), Sharjah Islamic Bank (always ask for Invoice before remittance)... If you have big turnover, physical banks are important even sometimes they put a lot of questions for KYC. EMIs (even Transferwise) is better for small turnover, low-fee daily transactions, less problem with compliance.

Exactly. That's why we setup always a mix of reliable bank account as well as EMI for SEPA/SWIFT EURO processing for the company as well as for personal.

 

[Flibustier]

some tried
https://www.xace.io/?utm_source=offshorecorp&utm_medium=banner&utm_campaign=brand&utm_content=orange
they advertise on the forum, wonder if they can help.

@uplana

No, they would not accept anything outside EU.

 

[Rael]

I have had success with SatchelPay. I haven't asked for the card yet, but the option exists. It does have its cost, but after TW closed the

My only problem is that some countries are blacklisted, so getting payments from international customers can be difficult, but for anyone working with non-listed countries, the account should do fine.

 

[Fred]

I have had success with SatchelPay. I haven't asked for the card yet, but the option exists. It does have its cost, but after TW closed the

My only problem is that some countries are blacklisted, so getting payments from international customers can be difficult, but for anyone working with non-listed countries, the account should do fine.

Satchelpay is a good alternative to Paysera.

Paysera is more commercial and cheaper but needs longer to open the account especially since so many people need to change from TW.

Satchelpay can provide EUR dedicated IBAN via SEPA/SWIFT via TARGET2 and even dedicated Multicurrency IBAN under Company Name - they charge 1.500 Euro for UAE company and the mentioned features but are streamlined and quick in response.