Open WIO Bank Account in UAE

WIO Bank is a digital financial platform that offers a wide range of banking services to individuals and businesses. It was founded in 2022 and is regulated by the Central Bank of the UAE. It focused on its services for small and medium businesses in the 1st year of operation, adding Personal Accounts segment in 2023. More than 50,000 business and personal accounts have been opened across both business segments. Payment Currency: USD, EUR, GBP, SAR, INR.

WIO Bank Partnerships: IFZA Free Zone; First Abu Dhabi Bank (FAB); ADGM Free Zone; Lulu Exchange; RAKEZ Free Zone; Magnati; Mambu; Meydan Free Zone; Flat6Labs; Paymentology; Khalifa Fund; Hub71.

WIO Bank Key Facts

• The all-in-one digital financial platform;
• Unlimited number of virtual cards for business accounts for free;
• Physical card is available for personal bank accounts;
• 24/7 assistance;
• The monthly subscription fee is applicable;
• Cashback is available;
• International money transfers to over 100 countries;
• Highly attractive exchange rates;
• Access to thousands of stocks, ETFs, and fractional shares;
• Automated invoicing;
• Multi-currency business accounts are available and include: USD, EUR, GBP.

Types of businesses eligible to open an account with WIO BANK

• Sole proprietors or individuals with sole authorization to open and operate a bank account for their company;
• Businesses with joint authorization to open and operate a bank account for their company;
• Freelancers with a freelancer permit issued by a licensing authority.

Types of businesses that are not eligible to open an account with WIO BANK

• General traders with no physical presence;
• Jewelry and bullion trading;
• Money exchanges;
• Cryptocurrency exchanges/trading;
• Unlicensed financial institutions;
• Trusts;
• Auction houses or antiques;
• Gambling establishments;
• Charities and foundations.

Monthly Business Account Plan Fees:

1. Essential: Best for freelancers & small businesses: AED 99
2. Grow: Best for medium & large businesses: AED 249

Monthly Personal Account Plan Fees:

• Standard: AED 25/month or FREE if you keep at least AED 3,000 in your account;
• Plus: AED 49/month or FREE if you keep at least AED 35,000 in your account.

Business Account Opening Document Requirements

• Memorandum of Association (MOA);
• Power of Attorney (POA);
• Board Resolution;
• Proof of address (Title Deed/UAE; VAT filing; Ejari/Tenancy Contract; Utility Bill (for the last 3 months);
• Bank statement (for the last 3 months);
• Emirates ID;
• Passport copy;
• Valid visa (if applicable);
• Trade License or Certificate of Incorporation;
• Shareholder Structure (Optional);
• Additional documents will be required during the compliance stage.

Personal Account opening document requirements

• Passport;
• Emirates ID;
• Registered UAE mobile number;
• Additional documents will be required during the compliance stage.