EMI account for a UAE business

[Rael]

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.

It's EUR 1075, plus 50 per month. Would be a great solution, if they accepted payments from everywhere.

Paysera wants your company documents notarized. Will cost quite a fortune. Satchelpay doesn't require it

 

[BlueMist]

Where is the IBAN of Satchelpay domiciled?

I have recently opened Moneycorp business account for my UAE Fujairah freezone company. It works without any issues, can accept 3rd party payments provided a unique reference number is mentioned in the bank transfers details (as the IBAN is not unique). I usually exchange something into another currency so they don’t have any objections for it to be only a pass through account. No issues or questions even with €100k transfers. Also they send all transfers for free with OUR charges anywhere and in any currency.

 

[Fred]

It's EUR 1075, plus 50 per month. Would be a great solution, if they accepted payments from everywhere.

Paysera wants your company documents notarized. Will cost quite a fortune. Satchelpay doesn't require it

Original respond by them:

Just to clarify for you we use TARGET 2 for the SWIFT transfers.

The package for an account opening + multi currency IBAN and up to 5 virtual or physical cards in your company name would be 1,500EUR.

They accept Tier 1 Offshore Jurisdictions but not the old school shady ones. You can transact with them between UAE, SG, HK, China and USA.
Of course no Seychelles, Belize or Mauritius. They are very transactional - had not good picture from them because of the past and the thread they had here but only from practical point of view there is no single issue.

 

[For Free]

Where is the IBAN of Satchelpay domiciled?

I have recently opened Moneycorp business account for my UAE Fujairah freezone company. It works without any issues, can accept 3rd party payments provided a unique reference number is mentioned in the bank transfers details (as the IBAN is not unique). I usually exchange something into another currency so they don’t have any objections for it to be only a pass through account. No issues or questions even with €100k transfers. Also they send all transfers for free with OUR charges anywhere and in any currency.

Dear @BlueMist, does Moneycorp require Emirates ID and any prove of residence to open account for you? Also does it restrict to send/receive money to/from any country?

 

[BlueMist]

Dear @BlueMist, does Moneycorp require Emirates ID and any prove of residence to open account for you? Also does it restrict to send/receive money to/from any country?

Yes it does require Emirates ID for UAE residents. No restrictions when it comes to sending or receiving payments from 3rd parties.

 

[denysp]

guys, what about revolut for business company in UAE and also private acc too?

 

[Fred]

guys, what about revolut for business company in UAE and also private acc too?

Revolut and in General all discount EMI are not working with UAE Residence.

You get for Dubai Company Business and Personal Account with EMI like Satchel all the benefits like with Revolut but not for free. 0% Tax, No Audit and Bookkeeping has it's price in this case paying some money for Service that is free with Revolut.

If you already have a Private Account with Revolut you can keep using it if you are living in the UAE but only with the home country address and this is something we don't recommend.

Make everything 100% straight and use only EMI that supports you with UAE Residence to avoid troubles in the future.

 

[denysp]

Revolut and in General all discount EMI are not working with UAE Residence.

You get for Dubai Company Business and Personal Account with EMI like Satchel all the benefits like with Revolut but not for free. 0% Tax, No Audit and Bookkeeping has it's price in this case paying some money for Service that is free with Revolut.

If you already have a Private Account with Revolut you can keep using it if you are living in the UAE but only with the home country address and this is something we don't recommend.

Make everything 100% straight and use only EMI that supports you with UAE Residence to avoid troubles in the future.

yes, sorry about Revolut

Satchel required a tax identification number, I don't have it. I know that Payoneer doesn't request it for opening an account.

 

[denysp]

Revolut and in General all discount EMI are not working with UAE Residence.

You get for Dubai Company Business and Personal Account with EMI like Satchel all the benefits like with Revolut but not for free. 0% Tax, No Audit and Bookkeeping has it's price in this case paying some money for Service that is free with Revolut.

If you already have a Private Account with Revolut you can keep using it if you are living in the UAE but only with the home country address and this is something we don't recommend.

Make everything 100% straight and use only EMI that supports you with UAE Residence to avoid troubles in the future.

what do you think about Bankera, Fred?

 

[Fred]

what do you think about Bankera, Fred?

I think for UAE Residence they don't have debit cards yet and SEPA only in company name - SWIFT in there name.

Paysera is a good try as well they provide you with Visa Debit Card, SEPA and SWIFT in the company name but they are limited to EUR only.

 

[zzzzzz]

I think for UAE Residence they don't have debit cards yet and SEPA only in company name - SWIFT in there name.

Paysera is a good try as well they provide you with Visa Debit Card, SEPA and SWIFT in the company name but they are limited to EUR only.

Was Paysera (personal account) in the past available to UAE residents? Last week I tried to open personal account and immediately after entering UAE phone number it said: not available to UAE citizens. Not sure why they say citizens, and not residents?

 

[joffreylol]

Was Paysera (personal account) in the past available to UAE residents? Last week I tried to open personal account and immediately after entering UAE phone number it said: not available to UAE citizens. Not sure why they say citizens, and not residents?

It says citizens because they are stupid. I even went one step beyond and typed a different country phone number, selected UAE for ID verification, uploaded my Emirates ID and my account was closed in 10 minutes for breaching their agreement clause 12.2.3. They also locked out Russians indiscriminately when war broke out without any requirement from EU to do so. They did it just because they are Lithuanians and hate everything Russian, like some other members in this forum who are also from Baltic states. Paysera is not working for UAE personal nor business accounts anymore. That's unfortunate because they were offering sepa, swift and eur debit card for cheap but as a company they are just too awful.