The easiest way to get your business bank account in UAE

The “Revolut of the Middle East”? Yes, something very similar. A long-awaited fully digital banking alternative was launched in 2022 with UAE Central Bank Approval: Wio (www.wio.io/business) is the digital product of First Abu Dhabi Bank (FAB), which completely shook up the market. Wio is a worthy alternative to traditional banks, which are often incomprehensibly slow, complicated and often have poor terms and conditions. 80%+ of our active customers are now banking exclusively with Wio.

Why is Wio so good? A million reasons why -without being too exhaustive, we have compiled the top 10 most important arguments in its favour ->

✅ Wio's business banking solutions are specifically designed for SMEs and Freezone Companies

✅ The registration process is digital from start to finish, there is no need to visit a bank branch in person

✅ You can open an account even if you are outside Dubai

✅ IFZA Freezone and Wio have a strategic partnership, so companies registered in IFZA are not on the 'grey list' of high-risk freezone outside Dubai

✅ Unlike traditional banking requirements, Wio has no mandatory “minimum balance requirement” and no minimum expected turnover

✅ Wio charges a small monthly fee of AED 99 and in return, you don’t have to maintain any ‘minimum balance’ on your account  (in contrast, traditional banks have a minimum expected balances of AED 50.000 – AED 500.000, if you fall below that, they charge AED 200-750 penalty monthly)

✅ The average account approval takes just 1 week (unlike traditional banks, where it often takes 1-3 months till an account is approved)

✅ Currently, compliance screening of applicants are very “light”, WIO doesn’t ask for address proof in UAE (traditional banks do)

✅ Currency conversion rates (EUR -> AED or AED -> EUR for example) are significantly better than with traditional banks

✅ Wio has an incredibly user-friendly mobile app,

✅ You can create virtual debit cards with fully customised parameters in a just a few seconds. You can assign these cards to anybody you appoint.

✅ Wio virtual debit cards can be added to ApplePay

How to execute a smooth account opening and get compliance approval in no time?

UAE-Solutions provides 'Wio Bank Account Opening Assistance', where we assist our clients in meeting all the requirements of WIO Compliance, from the start till approval of the account application. We provide full support (online or in person, depending on whether you are in the UAE when you start the procedure) for the account opening. We give you a comprehensive checklist ahead of the application, we cross-check all your documents and advise for necessary amendments, corrections. As a step in the account opening application, you can enter a "referral code", which is not mandatory but is an advantage and makes the account opening process easier. As part of our account opening assistance service, we will share our referral code with you. We know  all the ‘nuances’ that will get you an approved account in record time - It’s all about the necessary preparation work and the correct way of presenting the information to Wio Compliance. UAE-Solutions has a 90%+ success rate for account approvals.

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Book your consultation about WIO Bank account opening through THIS LINK.

Please note that we are not providing any financial services or finance related consulting, we are purely sharing our own experience working with the banks in UAE in general. Conditions, fees, requirements, processes may change at any time without any prior notice. Business Bank account opening is subject to approval of the compliance department of the Bank.