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Wio Business
What is Wio Bank PJSC?
Wio Bank PJSC is an intelligent financial platform that reboots business and personal banking for everyone. With a holistic offering in one single app, Wio provides limitless options at the touch of a button. Its simplified and fully digital bank account opening, personalized options, and seamlessly integrated services are built around each client's needs, helping them spend, save, and plan for their life journey. Wio is regulated by the Central Bank of the UAE.
What is Wio Business?
Meet the future of business banking through one intelligent app. Wio Business allows you to open your business account fast, automate your admin, manage your payments seamlessly, budget for VAT, and much more! We have advanced online services to suit a tech-loving generation and give business owners their time back.
Is Wio Business available now?
Yes, go ahead and download the Wio Business app from the App Store or Play Store, and sign up!
Can any company open a Wio Business account?
Wio Business accounts are available to UAE-based companies with a valid trade license.
Can I open a Wio Business account as a freelancer?
Freelancers with a freelancer permit are able to open a Wio Business account.
What documents do I need to open an account?
You will need the following documents for a hassle-free Wio Business account opening:
Memorandum of Association (MOA)
Trade License
Power of Attorney (POA)
Board Resolution
Proof of address
Any of these documents will be accepted as proof of address:
Title deed/UAE VAT filling
Valid Ejari/tenancy contract
Utility bill (last 3 months)
Bank statement (last 3 months)
We will also need these documents from your partners (if any):
Valid Emirates ID
Valid Passport copy
Valid VISA (If applicable)
Trade License or certificate of incorporation
MoA
Shareholder Structure (Optional)
My emirates ID is under process and my visa is not stamped yet, can I open an account for a recently established company?
To complete the Wio Business account application process:
The company's authorized individual must have a valid Emirates ID and visa.
For the business partner's information, if they are a UAE resident, they must have a valid Emirates ID.
I don’t have company address proof; can I open an account?
To complete the Wio Business account application process, the company must provide proof of address as evidence of its physical existence.
You can use any of the following as proof of address:
Title deed
UAE VAT filling
Valid Ejari/tenancy contract
Utility bill (last 3 months)
Bank statement (last 3 months)
Is Wio secure?
Wio is regulated by the Central Bank of the UAE. We take all the necessary precautions to keep your account and payment services protected.
How can I contact Wio?
We're digital, but you can reach out to our team through our call center on 600500946 and our email care@wio.io.
How do I raise a complaint?
Raising a complaint is easy, simple, and free of charge. Just get in touch through any of our contact channels and explain your issue. The advisor will raise the complaint for you.
If your complaint requires us to discuss your account, we may redirect you to another channel so that we can authenticate you.
What’s the process to raise a complaint?
If you have a query about anything related to the bank, the first step is to contact us using one of the methods below:
Phone: 600 500 WIO (600 500 946)
WhatsApp: 600 500 WIO (600 500 946)
Email: care@wio.io
Our agents will do everything they can to solve the issue. However, if you’re unhappy with the resolution, please let the agent know, and they will offer to raise a formal complaint.
If you choose to raise a formal complaint, the agent will pass the case on to a complaint handler. The complaint handler will examine your case to make sure we have acted in line with our internal processes and the law.
You will receive a written response within 30 business days with the outcome of your complaint. We may uphold, partially uphold, or reject your complaint and will explain the reason why.
If you’re unhappy with the outcome of the complaint investigation, you can let us know and send your complaint to our "Complaints Resolution Mechanism". This will be a second check to make sure the first check was correct.
Finally, if you still believe that you have not been treated correctly, you can contact the Central Bank of the UAE.
Who is Wio Bank's correspondent bank?
Currency - USD
Correspondent Bank Name: Citibank NA
BIC/SWIFT Code: CITIUS33XXX
Currency - GBP
Correspondent Bank Name: Citibank London
BIC/SWIFT Code: CITIGB2LXXX
Currency - EUR
Correspondent Bank Name: Citibank Ireland
BIC/SWIFT Code: CITIIE2XXXX
Wio Personal
What do I need to open a Wio Personal account?
All you need is a valid Emirates ID and a valid UAE mobile number. If we need any additional documents, our team will reach out to you.
Can I open more than one Wio Personal account?
You can link your Emirates ID to only one Wio Personal account.
How much interest can I earn?
Sign up to the Wio Personal 'Plus' plan, create a savings space, and save up to AED 5,000,000 to earn 6% interest p.a. If your savings are over AED 5,000,000 then you'll earn 4% interest p.a. on your savings. You can also earn 2% interest p.a. on your USD savings. These interest rates are valid until December 31, 2023.
When will the interest be credited?
The interest is calculated daily based on your end-of-day balance and credited to your savings space on the first day of the following month.
How can I view information about fees?
Head to the product hub on your Wio Peronsal app, click on the wheel icon to access the settings page, go to 'Preferences', click on 'Subscription', select 'Subscription plans', scroll down, and click on 'View plan details.'
How can I view or change my subscription plan?
Head to the product hub on your Wio Personal app, access the settings page by clicking on the wheel icon, navigate to 'Preferences', click on Subscription, and select 'Subscription Plans' to view or change your plan.
Points to note:
1. You can upgrade to the Plus Plan instantly through the Wio Personal app and enjoy the enhanced benefits. The Plus Plan monthly fee will be charged on the first day of the following month.
2. You also have the option to downgrade to the Standard Plan within the app. You'll continue to enjoy Plus Plan benefits until the month's end.
3. Please note that you can upgrade or downgrade your plan only once per month.
Wio Invest
What’s Wio Securities?
Wio Securities is authorized by the Securities and Commodities Authority (SCA)-UAE as a securities broker in international markets. You can access our digital investment platform on Wio Personal and start investing with us today!
What fees do I need to pay for trading with Wio Invest?
None! We don't charge any commission fees, so you can trade with confidence.
What is a stock dividend?
A stock dividend is when a company increases the number of shares on offer and distributes the new shares to existing shareholders. This can lead to a reduction in the value of the shares relative to the new shares issued, similar to a stock split.
What is a pattern day trading violation?
A pattern day trader is an account that executes four or more “day trades” within any rolling 5-day period, as defined within FINRA Regulation T and Rule 4210. If you violate this rule, your account will be restricted for 90 calendar days, during which you can't trade any new positions.
Can I transfer securities from another broker to Wio?
Currently, we don't accept transfers from other brokers.
Can I transfer my securities to another broker?
Yes, we do offer transfers. If you decide to switch to another broker, you'll need to sell your current securities, transfer the funds to the new broker from your Wio bank account, and purchase new shares at the new broker.