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EU IBAN UAE Freezone

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Lenodroid

New member
May 20, 2024
1
1
1
25
Dubai
#1
Hello Everyone,

We recently opened a Freezone in the UAE and established business accounts with NBD and Wio Personal and Business (thanks to a referral for NBD). This process was quick and completed within a week.

We are planning to transfer our clients from our UK company to our UAE company as we intend to close the UK company. The ultimate beneficial owner (UBO) is a German citizen and holds an Emirates ID.

Now, we are facing a problem with our German clients. They prefer to pay via bank transfer, but sending money to a non-EU IBAN incurs high costs. While we charge clients subscription fees and acknowledge that Stripe is an option, our clients prefer to make transfers themselves.

Here are the solutions we've tried so far:

  • - Currenxie: Does not provide EU IBAN.
  • - 3sMoney: Provides GB IBANs, which are not in the EU.
  • - PaxumBank: Keeps rejecting documents, citing missing dates.
  • - Verifo: Requires extensive information and we are still awaiting a response.
  • - Bankera: Charges €450 but only if there are connections to the EEA. We informed them there are, but they want to see contracts which we cannot provide until we have an EU IBAN to switch the clients over.
  • - Wittix: Has exorbitant sign-up fees (€850) and monthly charges (€99), plus high fees for each incoming transfer (€10 and a percentage).

The challenge we are encountering is due to our German clients' preference for bank transfers over other payment methods like credit cards. This makes the transition difficult and costly for them.

If anyone knows of a provider that can offer an EU IBAN (excluding GB), please let us know. We are also willing to pay for services to help open a suitable bank account.

Thank you.
 
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#2
Lenodroid said:
Hello Everyone,

We recently opened a Freezone in the UAE and established business accounts with NBD and Wio Personal and Business (thanks to a referral for NBD). This process was quick and completed within a week.

We are planning to transfer our clients from our UK company to our UAE company as we intend to close the UK company. The ultimate beneficial owner (UBO) is a German citizen and holds an Emirates ID.

Now, we are facing a problem with our German clients. They prefer to pay via bank transfer, but sending money to a non-EU IBAN incurs high costs. While we charge clients subscription fees and acknowledge that Stripe is an option, our clients prefer to make transfers themselves.

Here are the solutions we've tried so far:

  • - Currenxie: Does not provide EU IBAN.
  • - 3sMoney: Provides GB IBANs, which are not in the EU.
  • - PaxumBank: Keeps rejecting documents, citing missing dates.
  • - Verifo: Requires extensive information and we are still awaiting a response.
  • - Bankera: Charges €450 but only if there are connections to the EEA. We informed them there are, but they want to see contracts which we cannot provide until we have an EU IBAN to switch the clients over.
  • - Wittix: Has exorbitant sign-up fees (€850) and monthly charges (€99), plus high fees for each incoming transfer (€10 and a percentage).

The challenge we are encountering is due to our German clients' preference for bank transfers over other payment methods like credit cards. This makes the transition difficult and costly for them.

If anyone knows of a provider that can offer an EU IBAN (excluding GB), please let us know. We are also willing to pay for services to help open a suitable bank account.

Thank you.
Click to expand...
Eu bank or emi for UAE company forget it.
Reason behind this is most eu banks still have dubai on grey list although dubai is no longer on grey list.
Most UAE banks don't offer eur for now except for mashreq
Mashreq neobiz is similar to wio, check with them if they still offer eur. AFAIK they had eur accounts before.
 
#3
uranium said:
Eu bank or emi for UAE company forget it.
Reason behind this is most eu banks still have dubai on grey list although dubai is no longer on grey list.
Most UAE banks don't offer eur for now except for mashreq
Mashreq neobiz is similar to wio, check with them if they still offer eur. AFAIK they had eur accounts before.
Click to expand...
Wio personal and business have Aed / eur / usd / gbp accounts. But it’s not a eu Iban, it’s still a local Iban.
 
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#7
Lenodroid said:
Hello Everyone,

We recently opened a Freezone in the UAE and established business accounts with NBD and Wio Personal and Business (thanks to a referral for NBD). This process was quick and completed within a week.

We are planning to transfer our clients from our UK company to our UAE company as we intend to close the UK company. The ultimate beneficial owner (UBO) is a German citizen and holds an Emirates ID.

Now, we are facing a problem with our German clients. They prefer to pay via bank transfer, but sending money to a non-EU IBAN incurs high costs. While we charge clients subscription fees and acknowledge that Stripe is an option, our clients prefer to make transfers themselves.

Here are the solutions we've tried so far:

  • - Currenxie: Does not provide EU IBAN.
  • - 3sMoney: Provides GB IBANs, which are not in the EU.
  • - PaxumBank: Keeps rejecting documents, citing missing dates.
  • - Verifo: Requires extensive information and we are still awaiting a response.
  • - Bankera: Charges €450 but only if there are connections to the EEA. We informed them there are, but they want to see contracts which we cannot provide until we have an EU IBAN to switch the clients over.
  • - Wittix: Has exorbitant sign-up fees (€850) and monthly charges (€99), plus high fees for each incoming transfer (€10 and a percentage).

The challenge we are encountering is due to our German clients' preference for bank transfers over other payment methods like credit cards. This makes the transition difficult and costly for them.

If anyone knows of a provider that can offer an EU IBAN (excluding GB), please let us know. We are also willing to pay for services to help open a suitable bank account.

Thank you.
Click to expand...
Why do you want to exclude GB IBANs when EUR SEPA transfers are exactly the same there? 3s.money, Bilderlings and Currenxie should all accept a UAE company and provide a GB EUR IBAN that is connected to SEPA.
 
Last edited:
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#8
Lenodroid said:
Hello Everyone,

We recently opened a Freezone in the UAE and established business accounts with NBD and Wio Personal and Business (thanks to a referral for NBD). This process was quick and completed within a week.

We are planning to transfer our clients from our UK company to our UAE company as we intend to close the UK company. The ultimate beneficial owner (UBO) is a German citizen and holds an Emirates ID.

Now, we are facing a problem with our German clients. They prefer to pay via bank transfer, but sending money to a non-EU IBAN incurs high costs. While we charge clients subscription fees and acknowledge that Stripe is an option, our clients prefer to make transfers themselves.

Here are the solutions we've tried so far:

  • - Currenxie: Does not provide EU IBAN.
  • - 3sMoney: Provides GB IBANs, which are not in the EU.
  • - PaxumBank: Keeps rejecting documents, citing missing dates.
  • - Verifo: Requires extensive information and we are still awaiting a response.
  • - Bankera: Charges €450 but only if there are connections to the EEA. We informed them there are, but they want to see contracts which we cannot provide until we have an EU IBAN to switch the clients over.
  • - Wittix: Has exorbitant sign-up fees (€850) and monthly charges (€99), plus high fees for each incoming transfer (€10 and a percentage).

The challenge we are encountering is due to our German clients' preference for bank transfers over other payment methods like credit cards. This makes the transition difficult and costly for them.

If anyone knows of a provider that can offer an EU IBAN (excluding GB), please let us know. We are also willing to pay for services to help open a suitable bank account.

Thank you.
Click to expand...
Are you fine to have only EURO Account?
 
#10
Easy to resolve, just establish a middle EU invoicing company. Or use freelance platforms.

The biggest issue with UAE is payments. Stripe can close your account, leaving you with no alternatives.
 
#12
cryptotree said:
Don’t the freelance platforms take large fees?
Click to expand...
10-30% depending on platform . 10% for upwork 20% for fiverr . But there are also fees on the buyer side like transaction fees which the buyer has to cover mostly around 5%

I wouldn't recommend redirecting existing customers to freelancer platforms ,because they can be a big pain in the a*s regarding payouts and especially in dispute situations you probably can forget about the money .
 
#14
3s money will offer you EU IBAN in Luxembourg, I worked with them for 1 year it was perfect, I stopped because I changed my setup but I only can recommend them.
They have GB IBAN but also Luxembourg IBAN and really good international FX fees to convert in AED. Work with big amount and they have an UAE License
 
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#15
openlaw said:
Hey, Lenodroid,
Payoneer will help you to have EU receiving account (Banking Circle's Luxembourg IBAN). They have small FX fees and they even have receiving AED account in Standard Chartered.
But outpayments to external bank account should be in EUR or USD, not AED.
Click to expand...
We use Payoneer and their fees to receive money are small but to withdraw it to the bank account are 2% LOL.
It would be cheaper to say to your client to just pay you to the WIO IBAN and to tell them that you'll cover the costs (they can deduct them).
 
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#17
Lenodroid said:
Hello Everyone,

We recently opened a Freezone in the UAE and established business accounts with NBD and Wio Personal and Business (thanks to a referral for NBD). This process was quick and completed within a week.

We are planning to transfer our clients from our UK company to our UAE company as we intend to close the UK company. The ultimate beneficial owner (UBO) is a German citizen and holds an Emirates ID.

Now, we are facing a problem with our German clients. They prefer to pay via bank transfer, but sending money to a non-EU IBAN incurs high costs. While we charge clients subscription fees and acknowledge that Stripe is an option, our clients prefer to make transfers themselves.

Here are the solutions we've tried so far:

  • - Currenxie: Does not provide EU IBAN.
  • - 3sMoney: Provides GB IBANs, which are not in the EU.
  • - PaxumBank: Keeps rejecting documents, citing missing dates.
  • - Verifo: Requires extensive information and we are still awaiting a response.
  • - Bankera: Charges €450 but only if there are connections to the EEA. We informed them there are, but they want to see contracts which we cannot provide until we have an EU IBAN to switch the clients over.
  • - Wittix: Has exorbitant sign-up fees (€850) and monthly charges (€99), plus high fees for each incoming transfer (€10 and a percentage).

The challenge we are encountering is due to our German clients' preference for bank transfers over other payment methods like credit cards. This makes the transition difficult and costly for them.

If anyone knows of a provider that can offer an EU IBAN (excluding GB), please let us know. We are also willing to pay for services to help open a suitable bank account.

Thank you.
Click to expand...
How did you get the NBD referral?
 
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