Wio Bank officially launches in UAE

Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more
CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Do they provide multi-currency account account or only AED?
Only AED.

However it's at least something while there was earlier nothing - they have of course low risk appetite and it's more a bit of an EMI kind of acting from there side - the whole outgoing transfers are made through Wise - so it's equal to Bunq for example.

1% flat + FX for outgoing comes heavy especially when having some decent volume.
 

Crest

New member
Only AED.

However it's at least something while there was earlier nothing - they have of course low risk appetite and it's more a bit of an EMI kind of acting from there side - the whole outgoing transfers are made through Wise - so it's equal to Bunq for example.

1% flat + FX for outgoing comes heavy especially when having some decent volume.
Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Exactly - nothing we can build on actually but a nice to have - time will tell.
 

sonato

Offshore Agent
Mentor Group Gold
Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off
not bad, what's to complain here?
 

joejohnM

Silver Member
Mentor Group Light (Private use!)
Please keep us posted when you start transacting on same, especially with international transfers .
Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off
 

JimBeam

Entrepreneur
Hopefully they will introduce multi-currency accounts.
Having just AED means nothing as you can't accept money from outside in USD/EUR but it's nice to have an option like this.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Is that the case with them?
It could also mean just everything being autoconverted into aed...
Exactly - that's the case - CITIBANK is the AED IN correspondence and for outgoing SWIFT they use WISE.

It's not fully fledged Bank but for some Guys well they don't have any other option.
 

JimBeam

Entrepreneur
Exactly - that's the case - CITIBANK is the AED IN correspondence and for outgoing SWIFT they use WISE.

It's not fully fledged Bank but for some Guys well they don't have any other option.
Yes, I walked in City branch in UAE and they tried to explain me how their foreign currency thing works - and it made absolutely no sense.

So, if Wio uses City - than it's goof for AED only (and will mostly be useful to mainland companies)
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Yes, I walked in City branch in UAE and they tried to explain me how their foreign currency thing works - and it made absolutely no sense.

So, if Wio uses City - than it's goof for AED only (and will mostly be useful to mainland companies)
Again - it's AED IN International with the downside of auto conversion like @JackAlabama said - it's not only local AED within UAE.
 
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