Some things to consider in case someone here wants to also open an account with them:
They charge 1% for crypto trades, so depositing USDC to trade it for USD (fiat) is not a good idea. But you can make a circle.com account for your DMCC company and redeem USDC yourself, it will take 1 to 2 weeks for the deposit to show up on your account cuz SWIFT. You can also use some other exchange instead of Circle but ask the bank first if they accept transactions from that exchange, I remember they said they don't accept from Binance a while ago.
Also, probably worth noting the way they handle depositing crypto is very weird, you have to contact your account manager and they provide you with a random small ETH amount that you send to their address (to prove you own your wallet), and then after that you can make the actual deposit. You have to do this every time even if it's the same wallet. Very annoying if u wanna use the acc for arbitrage or deposit crypto outside working hours.
The ebanking part is also quite barebones, its lacking in terms of UX and features, for example UI stuff sometimes breaks and u gotta reload page, internal transfers between your own accounts take a few dozen minutes for some reason. Trading securities on this thing is also probably not a good idea, it's basically a form where you input the ticker, the size and the price etc.
For now, the plan is to simply ape the entire balance into tbills and pay myself a salary. This way the investment is kept off the balance sheet also.
But one thing for sure is that the team is really good, they answer really fast, and they know their s**t. Only thing that's meh is the web/mobile app but I don't really care cuz I won't be using it much.
If you guys have any question let me know, will be happy to help!
They charge 1% for crypto trades, so depositing USDC to trade it for USD (fiat) is not a good idea. But you can make a circle.com account for your DMCC company and redeem USDC yourself, it will take 1 to 2 weeks for the deposit to show up on your account cuz SWIFT. You can also use some other exchange instead of Circle but ask the bank first if they accept transactions from that exchange, I remember they said they don't accept from Binance a while ago.
Also, probably worth noting the way they handle depositing crypto is very weird, you have to contact your account manager and they provide you with a random small ETH amount that you send to their address (to prove you own your wallet), and then after that you can make the actual deposit. You have to do this every time even if it's the same wallet. Very annoying if u wanna use the acc for arbitrage or deposit crypto outside working hours.
The ebanking part is also quite barebones, its lacking in terms of UX and features, for example UI stuff sometimes breaks and u gotta reload page, internal transfers between your own accounts take a few dozen minutes for some reason. Trading securities on this thing is also probably not a good idea, it's basically a form where you input the ticker, the size and the price etc.
For now, the plan is to simply ape the entire balance into tbills and pay myself a salary. This way the investment is kept off the balance sheet also.
But one thing for sure is that the team is really good, they answer really fast, and they know their s**t. Only thing that's meh is the web/mobile app but I don't really care cuz I won't be using it much.
If you guys have any question let me know, will be happy to help!
Yea, honestly if I had all the documents ready & wasn't so dumb at making random mistakes in the forms it would have took much less. Like at most a month probably. But I had to find rent for UAE proof of address and certify my Emirates ID & passport because I was outside the country etc. If you have all the documents and forms ready today for example it shouldn't take more than 2 weeks (they do meetings every Wednesday)
Thanks a lot!
