Our preferred choice for business and personal banking is Wio, it is regulated by the Central Bank of UAE and owned byFAB (First Abu Dhabi Bank).
In our experience it is the best, digital alternative to traditional banks, with Apple Pay andno minimum balance requirement (just 99 AED per month as subscription fee).
Wio has EUR, AED and USD accounts,you can open these accounts from their app right away.
Wio’s FX conversion rates are MUCH better compared totraditional banks in UAE. Super smooth, fully digital onboarding (no need to visit any branch or sign any documents inperson), application can be done fully remotely.
Things you need: your original Passport, original Emirates ID, yourDubai company’s documents saved on your phone + a board resolution tailored for Wio approval (we can help preparethis for you) and UAE mobile number (you can get one in any Virgin Megastore in Dubai).
Wio doesn’t conduct heavydue diligence: No bank statements, no address proof/utility bills are required. We recommend to have a businessemail and a basic, simple landing page (website) for your Dubai entity, that is an advantage for account approval.
We have great experience in getting these accounts approved and we are here to support you.
Wio usually takes just 3-5days from application till approval, you’ll get your IBANs generated after that and you can start using your account.You will get a debit card as well, in the Wio welcome kit which they deliver only within UAE and you must pick it up inperson. Welcome kits are couriered 1-2 days after account approval.
If you are not in UAE, you can ask them to keepyour welcome pack for a later delivery (just email care@wio.io) Local and International transfer limits (outgoing): 350,000 AED (per transfer) and 3,000,000 AED (per day).
Cash withdrawal limit AED 5,000 (per withdrawal) and AED75,000 (per day). Point of Sale Daily Transaction Limit with the debit card is AED 125,000.