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Wio Bank officially launches in UAE

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.
 
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
 
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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)
 
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.
 
For those of you who are still wondering about Wio multi currency accounts, it’s coming in 2023
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They did increase immediately the Compliance together with the USD Account introducing which of course just make sense as they now have to go through a US based USD Correspondence Bank.

See below to get an idea what I'm talking about.

WIO USD COMPLIANCE.jpg



No you have to run this through E-Mail because cool and fancy Wio Bank has to run Compliance same like every other Bank.

Taking this into consideration there are better options out there as of now.
 

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