Sending Payments with a Crypto Friendly Bank in UAE11 min read
Reading Time: 4 minutesWhether it is to pay a Dubai-based contractor or to accept money from foreign customers, payments at both the local and international level should be easy. The issue here, however, is not always the case with mainstream banks. This is where “crypto friendly bank” such as The Kingdom Bank come in handy.
Our word “crypto friendly” refers to a bank that realizes crypto is here to stay. We aren’t afraid of change, we embrace technology to improve customer experience.
Let’s see how using a service such as The Kingdom Bank can help you streamline your payments.
Why Choose a Crypto Friendly Bank in the UAE?
There are some good reasons why a crypto friendly bank in UAE such as The Kingdom Bank is a wise choice for anyone who wants to enjoy the best of both worlds of banking and cryptocurrencies. First and foremost, it is convenient to have your fiat and crypto assets on one platform.
Maintaining separate traditional and crypto accounts at two different banks is like jumping through more red tape to transfer funds from one bank to the other.
Using a crypto banking service simplifies the process, since you deposit fiat currencies at your local bank, buy cryptos, and store them in your digital wallet – all within the same online banking portal. This gives a seamless feel to your finances.
Furthermore, crypto friendly banks are secure because they are licensed and regulated as traditional banks. For The Kingdom Bank, for instance, your account has a full deposit protection of EUR 100,000 through the Investor Compensation Scheme.
This provides customers with protection should the bank go under insolvency, whereas unregulated crypto exchanges do not.
A second major benefit is the convenience of sending and receiving payments internationally. Through a service such as The Kingdom Bank, you can easily transfer online crypto banking funds across the globe in real time to other banks, exchanges or individuals.
This is useful when shifting funds between countries or sending out international invoices. The old-school banks in UAE remain sluggish when it comes to crypto, so an exclusive crypto banking service is generally your best bet.
How to Open an Account with a Crypto Friendly Bank in the UAE?
It’s easy to open an account with a reputable crypto bank like The Kingdom Bank.
Here are the basic steps:
- Visit the The Kingdom Bank Website
Click on The Kingdom Bank website, “Open an Account” to open an account online.
- Provide Your Details
You’ll need to upload your name, date of birth, address and ID. For compliance, The Kingdom Bank conducts rigorous KYC/AML audits.
- Verify Your Identity
Complete the identity check, which may involve submitting pictures of your valid passport or other government document.
- Fund Your Account
After the approval, you can top up your new The Kingdom Bank account by debiting it from your existing bank account. Minimum deposit amounts apply.
- Start Banking
Immediately start using your account to purchase and trade cryptocurrencies, hold them in your digital wallet, or send and receive local and international fiat/crypto payments.
From application to funds transfer, the whole process of opening an account usually takes between 1–3 business days. The Kingdom Bank focuses on a quick and easy onboarding process for new customers.
Cross-Border Payments with Crypto Friendly Banks in the UAE
The primary advantage of utilizing a crypto-friendly bank such as The Kingdom Bank is that cross-border payments are easy to send and receive.
Whether it’s paying an overseas supplier or contractor, or getting funds from an overseas client, crypto banking makes the process easy.
- Suppose for instance you have an online shop in the UAE selling your products all over the world. With The Kingdom Bank, you can:
- Receive crypto and fiat payments from your customers around the world online, with money wired directly into your account.
- To make things flexible, hold funds in multiple currencies such as USD, EUR or cryptocurrencies such as Bitcoin and Ethereum.
- Transfer money to overseas manufacturers and dropshippers to replenish stock in just a few clicks.
- Payments to foreign marketing agencies, freelancers, or any service providers can be made effortlessly.
Transfers are carried out on a regular basis, at market-leading exchange rates, and without any additional charges.
This kind of ease is hard to come by when you still have traditional banks struggling to a foothold in the online world.
Benefits of Using a Crypto Friendly Bank for Payments in UAE
The bottom line is that there are several major advantages to choosing a crypto-friendly bank for UAE local and foreign payments:
- Convenience – Control fiat and crypto on one single platform for one bank account.
- Security – Money is insured in the same way a bank would be for your protection.
- Flexibility – Assets in multiple currencies and cryptocurrencies.
- Quick – Send or receive anywhere in the world immediately without any delay.
- Cost Efficiency – Lower transaction costs at traditional banks and exchanges.
- Future Proofing – Be a leader with a bank built for the digital economy.
When it comes to those who invest in both cryptocurrencies and traditional money, a dedicated crypto banking platform such as The Kingdom Bank will clearly be a better option than multiple accounts at multiple platforms.
Is a Crypto Friendly Bank in the UAE Right for You?
So to sum it up, if you’re in need of a complete bank that can cater both your fiat and crypto transactions in UAE, then a crypto friendly bank could be your best option.
Upon checking out the benefits, it is easy to see why The Kingdom Bank has become one of the leading players in the industry.
When you are using The Kingdom Bank, you enjoy unbeatable ease as our platform is entirely online. We even have the same protection for your money that a bank does.
You can also enjoy industry-leading cross-border payment features that are essential for businesses around the world.
The Kingdom Bank offers, in general, an online crypto banking experience optimized for the digital age. If you’re looking to manage your money in the modern era, then an account is simply the first step.
Simply log in to The Kingdom Bank website to register and start enjoying hassle-free crypto banking in UAE. Your money, payments and information will be in incredibly safe hands.
