Questions & Answers
Transferring money to a personal account in the UAE
Hello,
We have moved to the UAE and opened a Free Zone Company. We have managed to open our personal UAE bank accounts and these accounts have a GBP foreign currency account in them as well (personal).
Now, the issue is we are facing tremendous issues with two business banks that we opted to apply for our business accounts.
Our questions:
We have two clients in the United Kingdom that will be paying us in GBP £, can we get them to pay us directly into our personal GBP accounts whilst we wait for the banks to get their act together?
Would this be allowed by UAE law?
Hello,
Transferring money to banks in the UAE is subject to supervision to ensure that there are no cases of money crime, so you must be banned in the case of transferring money to your personal account, to be prepared with all the necessary documents to prove the source of the money.
It is preferable to transfer to the company’s account after eliminating the problem of banks.
We wish you good luck!
Dear questioner,
Once the money is transferred, the bank will block the account, however, you can inform your bank earlier and prepare the dealing papers like a contract or anything which proves the source and reason for the transaction.
