Key Takeaways
- UAE banks often charge high FX fees and offer limited support for SMEs needing multi-currency solutions.
- An accountant partner used the Private Office Hub to find an alternative provider for his international clients.
- The introduction led to faster onboarding, lower fees, and more flexibility for multiple SMEs.
- The regulated currency exchange provider now supports several of the accountant’s clients.
- Kingsbury & Partners’ Private Office Hub helps advisers and clients access better solutions without the friction.
The UAE Banking Frustration: High Fees, Low Flexibility
Ask any business owner in the UAE — opening and managing corporate bank accounts can be a painful process. High minimum balances, slow onboarding, and stiff foreign exchange fees leave many SMEs feeling like they’re working for their bank, not the other way around.
That was the recurring complaint one of our accounting partners kept hearing.
He advises a group of international SMEs — clients who operate across multiple currencies, trade internationally, and need basic things like multi-currency accounts and efficient foreign exchange services. But his clients were constantly hitting walls.
- Their UAE banks were charging high FX spreads on basic currency transfers
- Account setup was slow, especially for younger or smaller businesses
- Clients were struggling to access anything more flexible than a standard AED account
He came to us with a clear ask:
“Do you know anyone offering a proper multi-currency business account — something more SME-friendly than the banks?”
The Hub in Action: A Currency Solution that Works
Through the Private Office Hub, we connected him with a regulated currency exchange and payments provider we trust (we use it ourselves) — a firm authorised in the UK, UAE and Luxembourg and well-equipped to support cross-border SME activity.
Within days, his clients had access to:
- Multi-currency accounts that could hold, convert, and send over 30 currencies
- Faster onboarding with less red tape than local banks via an online platform (no lengthy face-to-face meetings)
- Lower FX fees and more transparent pricing than traditional banking options
- Ongoing relationship support from an account manager who actually returns calls based in the UK and/or UAE.
For businesses moving money across borders — paying suppliers, receiving international transfers, or simply managing working capital — it was a game changer.
From Frustration to Trusted Solution
The accountant has since referred multiple clients to the provider. Not only has it solved a pressing operational problem, it’s reinforced his own value as a forward-thinking adviser with practical solutions.
That’s what the Private Office Hub is for. We don’t provide the service — we connect you to people who do it well. Whether it’s banking, legal, structuring, or something specific to the UAE, we’ve built the network so you don’t have to.
Need a smarter solution for business banking or currency exchange?
Use the Private Office Hub to access trusted, regulated providers supporting international SMEs in the UAE.