Crypto Withdrawals in the UAE
This is just my second time to withdraw some crypto into Fiat here in the UAE. While it is almost as easy as 1-2-3 in the Philippines or some other parts of the world, it is quite the opposite where I am currently residing. The options are very limited, and after doing a bit of research, it seemed that my only option is again BitOasis.
The first time I tried to withdraw to AED (UAE Dirham) was three years ago, sometime in August 2017. The charges were high, and the processing took forever! I wrote about it here - Bitoasis Bitcoin Wallet: How to get your account and what you need to know. Needless to say, I did not try using BitOasis again.
Until earlier this month...
BitOasis in 2020
In all fairness, BitOasis has improved a lot, added a "Pro Trading Platform", with several trading pairs. There are 16 AED pairs, 14 in BTC, 4 ETH pairs, and 3 USDT pairs. They also now have a mobile app which can be downloaded via Google Playstore and IOS.
Since my last withdrawal in 2017, I never used BitOasis. I have been holding mine in Abra for some time now, and in coins.ph before that. Now that I am presented with a need to withdraw from my holdings, I tried to check out BitOasis again.
I only needed to update my KYC documents (the documents I submitted before already expired), and change my bank account details. There is an option to update my preferred bank account details on site, but to confirm the change, I had to send them a photograph of myself while holding the proof of ID submitted. I don't mind these steps - for me it just means that they are compliant with the UAE regulations (might be an issue for those who want to remain anonymous).
Withdrawing to AED
I had to transfer some LTC from my Abra account, where I was charged 0.01LTC from Abra. The LTC hit my BitOasis account after several confirmations, and then I converted it to my fiat currency, AED.
TAT and Charges
What has not changed over the course of three years is their withdrawal turnaround time which is 7 working days. When I was to initiate the process, I silently prayed that it would be faster, but unfortunately there is no improvement in this area as yet.
I initiated a withdrawal on August 10th, and received the funds a grueling 10 days later.
To top it all, there was a 15% withdrawal fee that was charged from me! Whew, a rip-off!
Hence, Abra.
I talked about Abra sometime ago, and briefly mentioned that they facilate zero fees on withdrawals to almost all of the major Philippine banks. The processing time is also not as long as forever, but a reasonable enough 3 working days.
I have an account with Banco De Oro (BDO) and I decided 5 days later I made a BitOasis withdrawal to make another one, this time through Abra to my Philippine bank account, in Philippine Peso. This way, I will be able to receive my withdrawal in full-- no transaction fee.
The only charges I expect to have now would be a flat rate Php 200(~AED 15) for an ATM withdrawal for a maximum of Php 5,000(~AED 370 at current exchange rate). Otherwise, I can also opt to just use my debit card for POS transactions that would just the use prevailing exchange rate of PHP/AED. That is more reasonable than the 15% rip-off withdrawal charges of BitOasis, also considering that the Philippine Peso is stronger these days.
Best Option For Now
Right now, I believe withdrawing crypto via Abra to my Philippine bank account is more reasonable than using Bitoasis due to the abovementioned reasons. So far, I have used my BDO debit card for groceries and petrol, and I did not have any issues. Next time I may try the ATM withdrawal, but I may also just keep using my debit card for purchases while PHP/AED conversions are still good.
