Can Bitcoin be Converted to Cash in UAE?

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Is it possible to buy Btc in Dubai? The recent spike in the price of bitcoins has attracted attention to this question. Can you buy Btc in Dubai? What does that mean? And why is it so hard to find an online Dubai merchant who accepts it?

Credit Card or PayPal Account

To answer the second question first. Yes, you can buy Btc in Dubai. You can buy them from an online platform using your credit card or PayPal account. But you need to realize that you are dealing with a foreign currency, and that is not something you can easily change. If you want to convert Btc to USD, then you need to hold the currency in your bank or your FX broker. That takes a few weeks until the effect of the Btc price move through all the market makers and the exchanges.

Banking Facility

There are some exceptions here – for instance, if you have an outstanding deposit at your bank which is not covered by your current Btc position. Or if you are a resident of Dubai or another country on the Arabian Peninsula, and you are eligible for the OMR – otherwise known as the offshore banking facility. The OMR is usually available only to corporate customers of the bank, though, so you may have to apply for it separately.

Private Money

Private money transfers are fairly common in Dubai. Banks usually have branches both in Dubai and across the Middle East. A lot of expatriates also have money sitting in offshore banks in countries like Switzerland and Panama. That money can be easily moved between accounts in Dubai or any other location using local currency. You would have to be aware of the currency conversion rules for these transfers though.

Government Restrictions

So, if you want to buy Btc, you need to either transfer the money over to Dubai or buy Btc in another currency. But the question remains: how can you buy Btc in UAE? The most obvious option is to sell the Btc that you already have – but that option presents some complications. For one, if you transfer the Btc you already have back to your home country, you run the risk of the government making restrictions on your being able to buy more Btc.

Another possible option is to buy Btc online. There are several websites that allow you to buy Btc this way, but the commissions that the websites charge could be quite high. In any case, you would have to factor in the fees the exchange sites charge when you add the commissions to your transaction. Those fees are typically low compared to the cost of transferring the Btc to Dubai, but they still have to be paid.

Alternatively

you could pay someone in Dubai to carry out the transaction for you. This is the least risky option, but the process is much more expensive than buying Btc online. Once you have received the Btc, you would need to have it convert to US dollars before you could spend it. That means you would have to pay someone else to do that for you. This is another cost that adds to the total expense of a transfer.

So, the short answer to the original question is “Yes.” However, the long answer is “Not yet.” As mentioned earlier, there are some issues with converting Btc to US dollars in the UAE. However, the situation is certainly improving and taking hold in many parts of the Middle East.

Middle Eastern Countries

For example, Turkey and several other Middle Eastern countries such as Egypt, have passed laws that allow residents of those countries to convert their Btc into other currencies. This provides a useful service to those who live in those countries and who want to make money without having to adjust their money management schemes every time their cash balances change. The two major banks in the UAE have also signed up to accept deposits from any of their customers who wish to convert their currency balances to Btc. They will then allow them to trade those funds in the Btc market. You may need to get in touch with your bank to find out more information.

National Currency

Another way that you can make use of this method is if you want to buy something in the UAE but have an American debit card. When you use your card to pay for your purchases, the money gets converted automatically into local currency. This means that you won’t have to worry about exchanging your money into the national currency, especially if you usually buy things in US dollars. You can therefore enjoy all the benefits of using US dollars at stores and shops in the UAE without having to pay extra costs. In this way you can continue enjoying your purchases, even if you are paying in other currencies. This will allow you to diversify your investments, thus avoiding potential losses by keeping your money in the currency that offers the most stability.

Final Step:

Many people think that trading in foreign currencies requires lots of research and expertise, and they would not have the time or skills to devote towards it. But as long as you have a computer with an internet connection, you can easily start exchanging Btc. You will find numerous websites that let you do this. To ensure that the website you select is secure, you should first read its security terms and conditions before you make a transaction. With the right website, you can easily convert your Btc into cash in the UAE.

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