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Wio Business
About 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!
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.
Account Opening & Eligibility
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)
Local & International Transfers
How long does it take for local transfers to be credited?
If your local transfer is under AED 25,000, it should take a few minutes to be credited to your account.
If your local transfer is above 25,000, it can take up to 1 business day to be credited to your account These transfers are always processed before 9pm. They won't be processed on Sundays and UAE public holidays.
In which currencies can I send or receive money?
You can send money internationally from your available multi-currency accounts. You can receive money in AED, USD, EUR, and GBP, depending on the provided account IBAN.
While local transfers are always done in AED by default, if you provide a multi-currency IBAN, Wio will convert AED to the desired currency and credit your account accordingly. The applied exchange rate will be visible in your transaction history details.
What currency conversion rates apply to multi-currency account?
We offer competitive rates on all FX transactions. Currency conversion rates vary based on prevailing foreign currency markets and can change daily
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
Why has my international payment not been received yet?
International transfers can take around 3 business days.
As this payment is coming via SWIFT, reach out to the sender to confirm its whereabouts with the sending bank. As the money hasn't reached Wio, it could be stuck with the sending or intermediary bank. This is the fastest way to locate the payment.
If you haven't received your transfer after 3 business days, please share with us a copy of the Swift payment including the UETR number. You can ask the sender for the copy.
What is the "Sender Fee" in transaction history?
In some inward transfers, the transction fees can be shared between the sender and the beneficiary, if the sender has selected this. In this case, the sending bank will debit fees from the transfer amount and send the remaining amount to the Wio Bank account. In some of these cases, these fees are declared by the bank in the transaction message and in some cases they aren't. If we receive the charges by the sending bank, we'll show them in your transaction history as "Sender Fee".
Why did I receive less money than anticipated?
There can be multiple reasons for this:
1. The sender may have selected the charge code as 'BEN' which means the charges would be paid by you, or 'SHA' which means the charges would be shared between the sender and you. In both of these cases, the sender bank or sender's correspondent bank may have collected the fee amount from the transfer amount and forwarded the reduced amount to your Wio Bank account.
2. The sender bank or the sender's correspondent bank might have converted the amount from a foreign currency to AED with a high conversion rate.
Why did I receive the payment in a different currency?
In some occasions, sender banks convert the payment to AED before sending it to Wio. Wio doesn't do any conversions if the payment currency matches the currency of the beneficiary account and only converts the incoming transfer to the currency of the receiving IBAN. In this case, reach out to the sender to understand why this happened.
What are the charges on inward transactions?
We don’t charge any transaction fees on incoming transfers. However, sending or intermediary banks may charge a fee. If you receive less money than expected, please reach out to the sender.
What are the outward transaction charges?
On foreign currency outward transfers, we charge the Wio Transaction Fee as listed on our price plan.
If the charge code 'OU' is selected, the sender will pay all charges, this includes: the correspondent banking fees and the Wio Transaction Fee.
If the charge code 'SHA' is selected, the sender and the beneficiary will share the charges. In this case, the sender will be charged the Wio Transaction Fee and the beneficiary will pay for all the correspondent banking fees, charged by all banks involved in the transaction. This fee will be deducted from the amount they receive.
What are Wio Business's international transfer fees?
Wio Business charges the following transaction fees on transfers.
Essential Plan: AED 52.50
Grow: AED 26.25
Correspondent Bank charges are:
If you pay for all the fees, for USD, GBP and EUR, you'll be charged AED 63 (or 15.75 in multi-currency account)
For SAR transfers, you'll be charged AED 27 (or AED 7 in multi-currency account)
For INR transfers, you'll be charged AED 4 (or AED 1 in multi-currency account).
If you share the fees with the beneficiary on USD payments above USD 1,000, USD 25 will be taken from the transfer amount and the beneficiary will receive less than the transfer amount.
If you share the fees with the beneficiary on EUR payments above EUR 1,000, EUR 25 will be taken from the transfer amount and the beneficiary will receive less than the transfer amount.
If you share the fees with the beneficiary on GBP payments above GBP 1,000, GBP 25 will be taken from the transfer amount and the beneficiary will receive less than the transfer amount.
If you share the fees with the beneficiary on SAR payments, SAR 25 will be taken from the transfer amount and the beneficiary will receive less than the total transfer amount.
Why did the beneficiary get less money than expected?
If you had selected the option to share the transfer fees between you and the beneficiary, the beneficiary bank and the intermediary banks may have collected fees from the amount you sent.
Why hasn't the beneficiary received my international payment yet?
International transfers can take around 3 business days. If it's been 3 days already, reach out to us and we'll investigate.
My beneficiary is requesting an MT103/Swift copy. How can I obtain it?
The MT103 or transfer copy is available in your transaction history and your email.
Wio Business Credit
What is Wio Business Credit?
It’s a Credit line designed specifically for fast-growing businesses, offering them a flexible way to manage day-to-day business expenses and boost their cash flow. It’s loaded on the customers’ existing Wio Business card and can be used for all online and physical purchases.
How can I get Wio Business Credit? What are the requirements?
You can apply for Wio Business Credit from the mobile app home screen. Once applied, we’ll get back to you within 3 business days. If you don't see the application option, it might be due to you not meeting our eligibility criteria at the moment. The good news is we regularly re-evaluate. So, try again after a while.
For applying, we only require these 3 things:
A VAT statement for the last 6 months, or 2 quarters (if
applicable).Your company’s annual turnover.
IBAN for all your bank accounts.
What are the benefits of Wio Business Credit?
Up to AED 250,000 credit limit.
One intelligent card for debit and credit. With a simple toggle in your Wio Business app, easily switch between debit and credit funds.
0% interest on your borrowed money for up to two months.
Is it the same as Business Credit Card?
The credit line is loaded on your existing Wio Business card, similar to a credit card. However, you can switch between debit and credit funds in the Wio Business app without the need to use another plastic. Please note that cash withdrawals is not allowed from credit funds.
What are the fees and charges?
There’s no annual membership fee. You can pay as little as 5% of your outstanding card balance each month and carry the balance forward to the next billing cycle. Pay only 3.45% interest per month on any outstanding credit balance.
How can I use my Wio Business Credit?
Your Wio Credit can be used for all transactions made with your Wio Business card. Simply go to 'Cards', switch from 'My Money' to 'Wio Credit', and your credit limit will be used for your transactions.
How does the fee-free period (up to 60 days) work?
For instance, if your repayment date falls on the 1st of each month and you spend AED 1,000 on the 2nd of June, you'll need to repay only the minimum (5% of AED 1,000) on the 1st of July to avoid any fee. To not pay any interest, repay the full amount by the 1st of August. This grants you a fee-free period for June and July.
What is the minimum repayment amount?
The minimum repayment is 5% of your outstanding balance on the repayment date. Please make sure that your repayment meets or exceeds this amount.
How can I make a repayment?
You have two options for repayment:
Manual Repayment: From the Home screen, go to 'Wio
Credit' and tap on 'Pay Credit+', choose the desired amount
to proceed with the repayment.Autopay: Ensure you have enough money in your current
account. Autopay will automatically occur at 6pm on the
repayment date.
When is the repayment due?
The specific repayment date can be found in the 'Wio Business Credit' section, which you can access from the home screen. Autopay is scheduled to occur at 6pm on the set date.
Why am I sometimes unable to repay the full amount?
Only completed transactions qualify for repayment. Pending transactions can’t be included. Repaying all completed transactions counts as a full repayment.
How is the interest calculated?
Interest is calculated as a fixed percentage of your outstanding balance on the repayment date and is charged monthly. However, if you repay the entire outstanding amount before the repayment date, no interest charges will be applied on that month.
Why am I still repaying even after I paid my agreed outstanding?
The autopay will occur based on the outstanding balance on the due date. If you've made a payment earlier but still have an outstanding balance on the due date, autopay will proceed as scheduled.
When will I get my statement?
Statements will be ready on the due date after autopay. From the home screen, go to the ’‘Wio Business Credit' section, tap on ‘Manage’, and select 'Download statements’.
Customer Support
How can I contact Wio?
We're digital, but you can reach out to our team through our call center on 600500946
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)
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 Sanadak, the UAE’s Ombudsman Unit, by accessing this link www.sanadak.gov.ae.
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?
To earn interest, sign up to Wio Personal ‘Plus’ Plan and watch your money grow. We offer 2 ways to get the best interest rates.
Earn 5% p.a. on existing Saving spaces from 1 Jan 2024, on any AED amount, no minimum required. Lock in even higher interest at up to 5.5% p.a. with Fixed Saving Spaces. Choose your preferred term and start growing your money!
1 or 3 months - 5.2% p.a.; no penalty for early withdrawal.
6 or 12 months - 5.5% p.a.; 1.25% penalty for early withdrawal.
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.
Why haven't I received my international transfer?
International transfers can take around 3 business days.
As this payment is coming via SWIFT, reach out to the sender to confirm its whereabouts with the sending bank. As the money hasn't reached Wio, it could be stuck with the sending or intermediary bank. This is the fastest way to locate the payment.
If you haven't received your transfer after 3 business days, please share with us a copy of the Swift payment including the UETR number. You can ask the sender for the copy.
How long does it take for local transfers to be credited?
If your local transfer is under AED 25,000, it should take a few minutes to be credited to your account.
If your local transfer is above 25,000, it can take up to 1 business day to be credited to your account These transfers are always processed before 9pm. They won't be processed on Sundays and UAE public holidays.
In which currencies can I send or receive money?
You can send money internationally from your available multi-currency accounts. You can receive money in AED, USD, EUR, and GBP, depending on the provided account IBAN.
While local transfers are always done in AED by default, if you provide a multi-currency IBAN, Wio will convert AED to the desired currency and credit your account accordingly. The applied exchange rate will be visible in your transaction history details.
What are the limits for local and international transfers?
Plus Plan: The daily transaction limit for local and international transfers is AED 500,000 for all available currencies. This means that a single transfer cannot exceed either AED 500,000, and the total sum of all transfers within one day cannot exceed AED 500,000.
Standard Plan: The daily transaction limit for local and international transfers is AED 300,000 for all available currencies. This means that a single transfer cannot exceed either AED 300,000, and the total sum of all transfers within one day cannot exceed AED 300,000.
The above limits may be increased based on customer request and account activity review. Wio Bank reserves the right to reduce the limit in accordance with internal policy.
What is the sender's fee in the transaction history?
In some inward transfers, the transction fees can be shared between the sender and the beneficiary, if the sender has selected this. In this case, the sending bank will debit fees from the transfer amount and send the remaining amount to the Wio Bank account. In some of these cases, these fees are declared by the bank in the transaction message and in some cases they aren't. If we receive the charges by the sending bank, we'll show them in your transaction history as "Sender Fee".
Why did I receive less money than anticipated?
There can be multiple reasons for this:
1. The sender may have selected the charge code as 'BEN' which means the charges would be paid by you, or 'SHA' which means the charges would be shared between the sender and you. In both of these cases, the sender bank or sender's correspondent bank may have collected the fee amount from the transfer amount and forwarded the reduced amount to your Wio Bank account.
2. The sender bank or the sender's correspondent bank might have converted the amount from a foreign currency to AED with a high conversion rate.
In both cases, contact the sender as Wio doesn't charge any fees on incoming transfers.
Why did I receive a transfer in a different currency?
In some occasions, sender banks convert the payment to AED before sending it to Wio. Wio doesn't do any conversions if the payment currency matches the currency of the beneficiary account and only converts the incoming transfer to the currency of the receiving IBAN. In this case, reach out to the sender to understand why this happened.
What are the currency conversions for your multi-currency account?
We convert the incoming transfer to the currency of the receiving IBAN. For example, if someone sends AED to your USD account, we'll make the conversion at competitive rates. We don't convert currencies in any other scenario. So, if you have any questions about FX rates, besides the FX charged by Wio, you should ask the sender.
What are the charges on inward transfers?
We don’t charge any transaction fees on incoming transfers. However, sending or intermediary banks may charge a fee. If you receive less money than expected, please reach out to the sender.
What are the charges on outward transfers?
Wio Personal doesn't charge transaction fees on transfers. However, there are correspondent banking fees you should be aware of. If the charge code 'OU' is selected, the sender will pay all the correspondent banking charges. If the charge code 'SHA' is selected, the sender and the beneficiary will share the charges. In this case, the beneficiary will pay for all the correspondent banking fees, charged by all banks involved in the transaction. This fee will be deducted from the amount they receive.
If you pay for all the fees, for USD, GBP and EUR, you'll be charged AED 63 (or 15.75 in multi-currency account)
For SAR transfers, you'll be charged AED 27 (or 7 in multi-currency accounts)
For INR transfers, you'll be charged AED 4 (or 1 in multi-currency accounts)
If you share the fees with the beneficiary on USD payments above USD 1,000, USD 25 will be taken from the transfer amount and the beneficiary will receive less than the transfer amount.
If you share the fees with the beneficiary on EUR payments above EUR 1,000, EUR 25 will be taken from the transfer amount and the beneficiary will receive less than the transfer amount.
If you share the fees with the beneficiary on GBP payments above GBP 1,000, GBP 25 will be taken from the transfer amount and the beneficiary will receive less than the transfer amount.
If you share the fees with the beneficiary on SAR payments, SAR 25 will be taken from the transfer amount and the beneficiary will receive less than the total transfer amount.
*If you share the fee, in addition to the charges listed above, other banks in the chain may also charge fees. In which case, the beneficiary will get lesser than the amounts shown above
Why did the beneficiary receive less money than anticipated?
If you had selected the option to share the transfer fees between you and the beneficiary, the beneficiary bank and the intermediary banks may have collected fees from the amount you sent.
Why hasn't the beneficiary received my international transfer?
International transfers can take around 3 business days. If it's been 3 days already, reach out to us and we'll investigate.
My beneficiary is asking for the MT103/Swift copy. How do I get it?
The MT103 or transfer copy is available in your transaction history and your email.
What currency conversions rates are applied for your multi-currency account?
We offer competitive rates on all FX transactions. Currency conversion rates vary based on prevailing foreign currency markets and can change daily
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)
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 Sanadak, the UAE’s Ombudsman Unit, by accessing this link www.sanadak.gov.ae.
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.