UAE Banks: Solutions to Payment Challenges

Problematic Situation with a Bank Payment

When working on each application, our specialists often face the need to resolve a wide range of additional tasks. In today’s environment, tasks like transferring payments abroad or dealing with organizations and government agencies in other countries can become particularly challenging. However, our extensive experience enables us to identify alternative solutions that align with our clients' best interests. Here is an example of one such case.

Interaction with the Bank

A client based in Russia transferred a payment for services to our company’s account in the UAE. The bank’s compliance department requested the necessary documents to process the payment: an invoice, a copy of the contract, and information about the source of funds. In response to our request, the client provided account statements from their sole proprietorship accounts.

Since there were more than ten documents, translating them into English alone was estimated to cost 183,000 RUB. Additionally, submitting a large volume of Russian documents, which might not be readily understood by a foreign bank, risked further delays due to additional inquiries. What could be done in this situation?

Document Preparation

To avoid this, we prepared a streamlined list of documents that could verify the source of funds more efficiently and cost-effectively. As a result, the client provided the following:

• A certificate of sole proprietorship registration,
• A tax return,
• A turnover statement from Otkritie Bank, through which the foreign currency transfer was made,
• A bank statement of sole proprietorship transactions from the same bank.

These documents provided the bank with all the necessary information while minimizing potential follow-up questions. Additionally, they were less voluminous (e.g., an account statement might span several pages, while a certificate of registration is only one page), resulting in lower translation costs and quicker document review.

Once the client submitted the required documents, we arranged their translation into English and submitted them to the bank’s compliance department in the UAE. No additional requests followed, and the client’s payment was processed in the shortest possible time, allowing us to proceed with the application.

Expertise and Efficient Solutions

Since we work across various migration directions, especially in 2022–2023, we have amassed significant knowledge about resolving similar problems. We are always ready to provide clients with the optimal course of action for their specific situation. This ensures that the process of obtaining citizenship or a residence permit in another country can be completed with minimal time investment.

Garant.In, a licensed agency, is your reliable guarantee of results.