Zand gets Central Bank licence, onboards first customers

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
IMPORTANT:

The current account is dominated in AED only which means for everyone dealing with other currencies like EUR, GBP and AED 3-5% FX applys - same goes for Debit Card purchase.

No further plans to launch real multi-currency accounts are available yet - general speaking it's only possible to register for newsletter - so it's if even in a Beta Phase.

The Abu Dhabi based equal is www.wio.io


Same concept just with the difference international transfers cost you 1% and are made through Wise - same concept like Bunq just dominated in AED instead of EUR.

At this stage both Banks are not working in practice and are super expenisve for everyone dealing in other currencies beside of AED - WHAT SUBSTANCE IS REQUIRED isn't clear or public available yet.

So we don't work or recommend both Banks at the current stage and continue working with classic Banks.
 
Last edited:

lostguy

Mentor Group Gold
Good news for Zand, but there are better options.
 

Crest

New member
IMPORTANT:

The current account is dominated in AED only which means for everyone dealing with other currencies like EUR, GBP and AED 3-5% FX applys - same goes for Debit Card purchase.

No further plans to launch real multi-currency accounts are available yet - general speaking it's only possible to register for newsletter - so it's if even in a Beta Phase.

The Abu Dhabi based equal is www.wio.io


Same concept just with the difference international transfers cost you 1% and are made through Wise - same concept like Bunq just dominated in AED instead of EUR.

At this stage both Banks are not working in practice and are super expenisve for everyone dealing in other currencies beside of AED - WHAT SUBSTANCE IS REQUIRED isn't clear or public available yet.

So we don't work or recommend both Banks at the current stage and continue working with classic Banks.
I have opened a business account with Wio to test. With an individual sharheolder the account was open within 2 days and activated within another 3 once the debit crd and cheque book arrived. A handy solution for DMCC companies where you have to deposit the share cap. As you must know, opening in UAE 'classic' banks can take ages with a flexi desk etc.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
I have opened a business account with Wio to test. With an individual sharheolder the account was open within 2 days and activated within another 3 once the debit crd and cheque book arrived. A handy solution for DMCC companies where you have to deposit the share cap. As you must know, opening in UAE 'classic' banks can take ages with a flexi desk etc.
Yes with DMCC Company it's basically essential I mean this was the biggest **** show ever where you had to first deposit the share capital - the classic chicken and egg game. That's why we always setup Companies without paid up capital requriement.

However Wio is still useless as a Bank replacement - no AED international, No SWIFT international - still Beta etc.
 

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