What are my local UAE capabilities?

Is this actually a local UAE account?.

Absolutely. The account is done in partnership with Emirates NBD bank and is a local account with an AE IBAN. 


Is the account in my name?

Yes, the account will be dedicated and under your company name. 


What is it useful for?

Receiving AED and USD locally from counterparties in the UAE and exchanging to other currencies to pay internationally, or to pay out locally in AED. 


Payments with which countries are supported?

The account is designed for payments within the UAE. For details, please speak to your relationship manager. 


In which currency will my funds will be held?

The funds are always stored in USD, a currency that is pegged to AED at 1 USD = 3.6725 AED. 


How is AED converted to USD when using the account?

Incoming and outgoing payments in AED will be converted by our partner bank, Emirates NBD, at a spread of under 0.05% from 1 USD = 3.6725 AED. 


How much does it cost?

There is no additional cost to open and maintain your Local AE account. For detailed information on transaction fees and all other details, please visit our fees & pricing page.


Last updated: 28/01/25



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