Day 2 Dubai Banking Options And Pallapay Crypto Off Ramp Looks Great

This is day 2 of my Dubai trip which was two fold really with one sorting out my off shore bank account and the other finding a crypto off ramp that works in the shadows. Having a route in and out of crypto is rather important when true regulation hits and I want to find a way in and out that is not being flagged every 5 minutes. The UAE is a tax haven so there are no taxes.

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1. BANKING IN DUBAI

The bank account for normal people living in well respected countries is simple as Dubai will welcome your business. They ask a couple of personal questions like why do you want to bank with them and I was honest and to the point saying my currency where I live is devaluing at such a rate I have to look elsewhere.

South Africa is on the bad list for corruption and money laundering along with a few other countries that are listed. The bank says anyone from these countries is high risk and that is not the end of the world as they will work with you.

I have an option paying into an investment fund policy or a life insurance policy for 5 years which then pays out. This would cost me $60K over 5 years or $12K per year and having bought a service from the bank I would receive elite banking. This apparently removes the risk and opens the doors to using their bank. This is not that bad as the money I invest comes back anyway and is not lost. This bypasses the taxes on things like having a foreign pension which SA is going to be taxing at 45% from March 1st next year. Just this move alone banking in Dubai already would be saving me more than this policy is costing.

For everyone else that was asking yes you can open a bank account in Dubai and if you want contact details ask me on discord as I have the ladies details at the Commercial Bank of Dubai (CBD). I did inform her to expect contact from others looking to open an account. I would contact her first before flying to Dubai as to make sure you have all the paperwork required and it takes 2 days to open an account. Check your country is also not on the bad boys list. At least you do not have to be jumping through hoops like I have to. I could open an expat bank account on the Isle Of Man, but I need to deposit 100K GBP as a minimum balance so the $60k over 5 years is half of that and I do understand that buying a service gets you the access that I require.

I am still working through all the options and will most likely choose Revolut for the next few months until the peak of the crypto cycle and only then open a Dubai based bank account with CBD. I could just pay the $12K and be up and running immediately so I need to get home and think this one through. This has been a proper pain in the back side and a curve ball I had no idea was going to happen especially when you have been a loyal client with a bank for 31 years.

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1. PALLAPAY CRYPTO OFF RAMP

I took a taxi drive through to PALLAPAY this morning which like everything in Dubai takes an age and was roughly a 50 minute journey as the city is very spread out and the roads are fairly busy. Taxi's are very safe and they have 4 cameras inside each vehicle so if you leave something behind it will be returned to you. All you need is a name of a drop off point or pick up point and they will contact the driver. Crime here is non existent and everyone seems to respect the law.

Pallapay is a crypto facility that will buy and sell crypto on your behalf and send it to your wallet or your bank account world wide. You register with the app and you will receive your Pallapay wallet. After speaking with them this morning the easiest option is sending USDT to your wallet and they will cash out taking 3 days sending the USD, EURO, GBP or whatever currency you require to your bank. If you have a Dubai bank account you can have various currencies like EU if you live in the EU so there is no currency exchange costs. This is actually quite handy and useful as it saves banking fees.

Pallapay accept up to $10k per transaction and taking 3 days means you could do 10 transactions per month so $100K cashing out to your bank account if you require that amount. If you want to cash out more this is possible, but you would need to contact the head of the branch for permission. Pallapay charge 2% commission for their services.

I was hoping to speak to the manager this morning, but he was unavailable and they suggested emailing him which I will do once I am back in Johannesburg. I would like to know if they would accept HIVE directly and if they wont what would it take o get HIVE listed as one of their 160 crypto currencies.

I do think this service is a great option when regulation hits everyone because having no direct sending from an exchange to your bank account is the key here. Moving crypto from a cold wallet direct to Pallapay and then via them to your bank account does not offer a direct and obvious link.

I will keep you all informed what Pallapay say with regard to HIVE and if you have any questions you are wanting to ask please let me know and I will include them in my email. The more information we have with regard to off ramp options is knowledge that can keep us informed making the right decisions.

Posted Using INLEO