Opening a Bank AccountWio Bank (сorporate account)

The UAE banking system is characterized by a high level of reliability and a variety of financial services offered by both local and international banks. UAE banks provide their clients with a wide range of banking products, including loans, accounts, investments, and insurance, as well as e-banking services and mobile applications.

There are about 50 national and foreign banks operating in the UAE, varying in their goals and specializations:

1. Central bank: the main financial regulator of the country's banking system, monitoring and controlling financial markets, currency issuance, inflation, and ensuring the stability of the UAE's financial system.
2. Commercial banks: financial institutions that accept deposits, provide loans, and offer various banking services to both individuals and businesses.
3. Investment banks: act as intermediaries between large enterprises and investors, providing services for capital placement, asset management, mergers, and acquisitions.
4. Corporate banks: specialize in serving enterprises and companies, providing financial support and lending in various sectors of the economy.
5. Islamic banks: financial institutions operating based on Shariah principles and on the basis of "financial justice", offering alternative banking solutions such as risk and profit-sharing between the bank and the client instead of a fixed interest rate.
6. Digital banks: provide banking services exclusively through digital communication channels in an online format, using mobile applications and internet banking.

Wio Bank is a digital financial platform established in 2022 with the goal of providing advanced banking services and products for individuals and businesses. Wio Bank is regulated by the Central Bank of the UAE, with shareholders including Abu Dhabi Development Company ADQ, Alpha Dhabi Holding, e&, and First Abu Dhabi Bank (FAB). Founded on principles of flexibility, accessibility, and technological progress, Wio Bank aims to transform the banking sector by making it convenient and accessible for every client.Wio Bank offers three main products:

1. Wio Business. A product aimed at freelancers, startups, and small, medium, and large businesses, providing flexible and convenient banking solutions. This includes business accounts, corporate finance management, international transfers, and support in automating accounting and reporting.
2. Wio Personal. A product for individuals, offering mobile and online banking solutions. This includes convenient ways to manage personal finances, instant transfers, and access to a wide range of financial products.
3. Wio Invest. A product for private investors, offering a convenient online platform for managing investments. This includes access to various investment tools and services.

Wio Bank strives to stay ahead by offering its clients not only standard banking services but also innovative solutions that make financial management simpler, more convenient, and safer.

Opening a bank account with Wio Bank provides individuals and businesses with numerous benefits and opportunities:

• Digitalization. A fully digital platform available 24/7 through a mobile app, making banking services convenient and accessible anytime, anywhere.
• Quick Account Opening.The account opening process takes minimal time thanks to a streamlined procedure, no paperwork, and support at all stages.
• Innovative Technologies. Implementation of modern technologies and integration with various tools for businesses and individuals, improving the client experience, simplifying financial management, and automating accounting.
• Multi-Currency Support. The ability to work with multiple currencies ensures convenience in international transactions.
• Variety of Products and Services. A full range of financial solutions, including bank accounts, loans, and investment products.
• Competitive Rates. Transparent and affordable rates make banking services beneficial for all clients.
• Security and Confidentiality. High standards of data security and protection of clients' personal information, including strong encryption, biometric login, and fraud protection.
• 24/7 Customer Support. Professional assistance is available 24/7, ready to resolve any client questions and issues.

Wio Bank offers modern and reliable financial solutions designed to simplify financial management and enhance the convenience of banking operations.

Wio Bank supports the following types of businesses:

• Companies registered in the UAE with a valid license
• Freelancers with a freelance permit issued by a licensing authority
• Sole proprietors or individuals with the sole right to open and operate a bank account for their company.

Wio Bank does not provide banking services to the following types of businesses:

• Auction houses or antiques
• Charitable organizations and foundations
• Cryptocurrency exchanges and trading
• Currency exchange
• Trading of jewelry and bullion
• General traders without physical presence
• Gambling establishments
• Unlicensed financial institutions.

Overview and Key Features of the Wio Business Product:

• Access to Corporate Account. Joint financial management by multiple users with multi-level approval.
• Multi-Currency Accounts. Accounts in AED, USD, EUR, and GBP are available for international payments with a guaranteed exchange rate of 3.673 for AED to USD transfers.
• Automation of Accounting Operations. Integration of the corporate account with leading accounting platforms to manage invoicing, VAT, procurement, payroll, and other operations.
• Invoicing. Automatic tools help create invoices, generate instant Stripe links for invoice payments, and accept payments via POS terminals.
• Salary Payments (WPS). Simplified system for transferring employee salaries using WPS.
• Employee Bank Card. Employees can use physical and virtual cards for pre-approved expenses with set limits.
• Savings Account "Saving Spaces". Saving funds in separate accounts for tax payments, rent, and other bills.
• Wio Business Credit. Obtaining a loan of up to AED 250,000 for business development at low-interest rates with a credit application review within 3 business days.

Wio Business Product Rates.

1. Wio Essential (AED 99/month). Suitable for freelancers, small businesses, and startups.
   • Terms
     • No minimum balance required.
     • Account access: free for 2 users (AED 26.25/month for each additional user).
     • Salary payments (WPS): 1 file free/month (AED 31.50 for each additional file).
     • Invoicing (AED): free.
     • Stripe payments: free registration (Stripe fees apply).
   • Wio Cards
     • Pastic Card (AED):
       • Free (replacement card — AED 26.25)
       • Daily cash withdrawal limit — AED 50,000
       • Total daily transaction limit — AED 125,000 (including card withdrawals and transactions).
     • Virtual Сard (AED):
       • Free
       • Applicable only to e-commerce and POS transactions where Apple Pay or Google Pay is accepted
       • Maximum of 10 virtual cards can be created per day
       • Maximum of 99 virtual cards can be active at the same time.
     • Multi-currency account (USD): free.
     • Cash withdrawals and deposits (FAB ATMs): free.
     • Cash withdrawals (other UAE ATMs) — AED 2.10.
     • Cash withdrawals (GCC ATMs) — AED 6.30.
     • International cash withdrawals — AED 21.
     • Cash deposits (Lulu Exchange)— AED 10.50.
   • Transfers
     • Local transfers: free.
     • International transaction fee outside UAE — 2%.
     • International transfers via Swift — AED 52.50.
     • International transfers via correspondent banks: Wio and correspondent bank fees apply.
     • International transfers via Wise: Wise fees apply.
     • Daily transfer limit for local and international transactions: AED 750,000 for all available currencies.
   • Cheques
     • Cheque book: one free (10 leaves — AED 10.50, 25 leaves — AED 26.25).
     • Returned cheque — AED 105.
     • Stop cheque — AED 52.50.
     • Cheque copy — AED 10.50 per copy.
2. Wio Grow (AED 249/month). Suitable for medium and large businesses.
   • Terms
     • No minimum balance required.
     • Account access: free for 10 users (AED 26.25/month for each additional user).
     • Salary payments (WPS): 3 files free/month (AED 31.50 for each additional file).
     • Invoicing (AED): free.
     • Stripe payments: free registration (Stripe fees apply).
   • Wio Cards
     • Pastic Сard(AED):
       • Free (replacement card — AED 26.25)
       • Daily cash withdrawal limit — AED 50,000
       • Total daily transaction limit — AED 125,000 (including card withdrawals and transactions).
     • Virtual Сard (AED):
       • Free
       • Applicable only to e-commerce and POS transactions where Apple Pay or Google Pay is accepted
       • Maximum of 10 virtual cards can be created per day
       • Maximum of 99 virtual cards can be active at the same time.
     • Multi-currency account (USD): free.
     • Cash withdrawals and deposits (FAB ATMs): free.
     • Cash withdrawals (other UAE ATMs) — AED 2.10.
     • Cash withdrawals (GCC ATMs) — AED 6.30.
     • International cash withdrawals — AED 21.
     • Cash deposits (Lulu Exchange)— AED 10.50.
   • Transfers
     • Local transfers: free.
     • International transaction fee outside UAE — 2%.
     • International transfers via Swift — AED 26.25.
     • International transfers via correspondent banks: Wio and correspondent bank fees apply.
     • International transfers via Wise: Wise fees apply.
     • Daily transfer limit for local and international transactions: AED 750,000 for all available currencies.
   • Cheques
     • Cheque book: one free (10 leaves — AED 10.50, 25 leaves — AED 26.25).
     • Returned cheque — AED 105.
     • Stop cheque — AED 52.50.
     • Cheque copy — AED 10.50 per copy.
   • Savings Account "Saving Spaces"
     • 3% p.a. for the first 90 days.
     • 1% p.a. after the first 90 days.

Wio Bank opens corporate bank accounts in AED, USD, EUR, and GBP.

Wio Bank does not have its own ATMs, but cash withdrawals and deposits can be made without fees at First Abu Dhabi Bank (FAB) ATMs.

"Wio Care" Support Service:

• Phone: +971 600 500946
• Email: [email protected]
• Website: www.wio.io
• Legal Address: Etihad Airways Centre, 5th Floor, Abu Dhabi, UAE