EMI BANKS & UAE BUSINESS

[Zikki]

Sachelpay is an EMI only right ? they don't do any card payments or do they ?

Apparently they do. Quite high fees though

 

[Zikki]

I have been using Currenxie with no issue, since Wise was forced to shut down operations in UAE. Same setting as yours.

Still happy with currenxie? I'm in the onbarding process with them... how long did it take for you?

 

[tacokai]

Still happy with currenxie? I'm in the onbarding process with them... how long did it take for you?

how comes you are happy if you are still in the onboarding process

 

[Zikki]

Never stated i was happy, i asked if he was...

 

[Cristero]

Still happy with currenxie? I'm in the onbarding process with them... how long did it take for you?

Yeah, no problem. But they don't provide a business debit card for companies outside HK yet

 

[Zikki]

how comes you are happy if you are still in the onboarding process

I can now state I'm happy. Accounts created in two days without crazy requests for KYC. Next business days incoming payments and a couple of hours for outgoing sepa.

If I had that company names 4 months it would have save me a loooooooooot of stress and stomach aches.

But once again, simple structure on my end, no red flags, just a ramping consulting company that needed a bank account to initiate the cash-flow

 

[John Noel]

• I have established a company in IFZA to do some cash intensive business in the EU
• As part of the business I will need to make SEPA credit transfers
• For commercial reasons I had to hire a nominee as signatory
• My advisor (the nominee) is setting up account at Emirates NBD

Question 1: Will emirated NBD be able to make SEPA transfers?

• Besides, in this uncertainty I decided to have some alternative in my pocket
• When googling I discovered this forum (for the first time) and this thread
• I started applying for the emi you mentioned and figured out that:
  • Payswix and Revolut don't work in the UAE anymore
  • Paydo doesn't support my business model (don't want to disclose but it's cash intensive and the opposite of "green")
  • Finductive, Moneycorp, CIM Banque are reviewing my application
  • Currenxie, Satchel and Bankera require a facial recognition for my signatory (he's a real moron and take ages to move a finger so I am still waiting, offtopic I want to replace him)

Question 2: other suggestions please?

 

[Spinat]

• • Currenxie, Satchel and Bankera require a facial recognition for my signatory (he's a real moron and take ages to move a finger so I am still waiting, offtopic I want to replace him)

switch the agent, switch the director / UBO or live with it.

 

[Fred]

• I have established a company in IFZA to do some cash intensive business in the EU
• As part of the business I will need to make SEPA credit transfers
• For commercial reasons I had to hire a nominee as signatory
• My advisor (the nominee) is setting up account at Emirates NBD

Question 1: Will emirated NBD be able to make SEPA transfers?

• Besides, in this uncertainty I decided to have some alternative in my pocket
• When googling I discovered this forum (for the first time) and this thread
• I started applying for the emi you mentioned and figured out that:
  • Payswix and Revolut don't work in the UAE anymore
  • Paydo doesn't support my business model (don't want to disclose but it's cash intensive and the opposite of "green")
  • Finductive, Moneycorp, CIM Banque are reviewing my application
  • Currenxie, Satchel and Bankera require a facial recognition for my signatory (he's a real moron and take ages to move a finger so I am still waiting, offtopic I want to replace him)

Question 2: other suggestions please?

If your nominee is a moron you never ever receive a Business Bank Account with Emirates NBD - no Emirates NBD can't make any SEPA Transfers and forget about any EMI when it comes to "cash intensive business" - it's burn and churn with the classic mainstream ones like Revolut and Wise etc. which you can see on Binance P2P.

 

[John Noel]

switch the agent, switch the director / UBO or live with it.

indeed what i am tryina do: asked if you can recommend any good legal representative service in dubai
worst case i'll find someone among family & friends

If your nominee is a moron you never ever receive a Business Bank Account with Emirates NBD - no Emirates NBD can't make any SEPA Transfers and forget about any EMI when it comes to "cash intensive business" - it's burn and churn with the classic mainstream ones like Revolut and Wise etc. which you can see on Binance P2P.

Hence I am fooked you mean
look, idk what you would have done in my place but i am quite sure if I have 1% success in my venture it shall be in UAE cause almost impossible establish a business and open a bank account in the EU (at least for this business and with a legal representative different from UBO)
It might be 1% but I am going for it anyways

 

[tacokai]

do as they suggest in this thread and you will be fine. Take the loss of switching agent now, keep the company and get something that will work for you in the future.