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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?
Wio Business Credit offers short-term financing with 0% interest for 60 days and 2% cashback on all credit spends. The credit limit is up to AED 250,000, where 25% of your credit can be converted into Easy Cash and you can apply directly in the Wio Business App.
How can I get Wio Business Credit? What are the requirements?
You can apply for Wio Business Credit from the mobile app home screen. If the option isn’t available, it means you may not meet the eligibility criteria currently. We regularly re-evaluate our criteria, so check back later.
For applying, we only require these 3 things:
A VAT statement for the last 6 months, or 2 quarters (if applicable).
Your company’s turnover of AED 375,000 or $100,000
IBAN for all your bank accounts.
What are the benefits of Wio Business Credit?
0% interest for the first 60 days.
2% cashback on all credit spends (up to AED 2,000 monthly).
Credit up to AED 250,000.
Convert 25% of your credit into cash.
Apply directly in the App.
One intelligent card for debit and credit. With a simple toggle in your Wio Business app, easily switch between debit and credit funds
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.
Is there any cashback on spends?
Yes, get 2% cashback on all credit spends, up to AED 2,000 monthly.
How can I use my Wio Business Credit?
Use your Wio Credit for transactions with your Wio Business card. Go to 'Cards', switch from 'My Money' to 'Wio Credit', and your credit will be used.
How does the interest-free period (up to 60 days) work?
If you spend AED 1,000 on June 2, you only need to repay 5% by July 1 to avoid fees. To avoid any fees, repay the full amount by August 1. This gives 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. Ensure your repayment meets or exceeds this amount.
How can I make a repayment?
Manual Repayment: From the Home screen, go to 'Wio Credit', tap 'Pay Credit+', and choose the amount.
Autopay: Ensure funds are available in your current account. Autopay occurs at 9 PM on the repayment date.
When is the repayment due?
The specific due date that is mentioned in the 'Wio Business Credit' section. Autopay is scheduled for 6 PM on the due date.
What happens if I miss a payment?
A late payment fee of AED 199 applies if the minimum payment is not made by the due date. The late payment fee is applied after a grace period of 5 business days (T+6).
Why am I sometimes unable to repay the full amount?
Only completed transactions qualify for repayment. Pending transactions are excluded. Full repayment covers all completed transactions.
What is the roll-over fee?
The rollover fee is 3.45% of the remaining principal, charged monthly if the outstanding balance is not fully repaid.
How is the roll-over fee calculated?
The roll-over fee is a fixed percentage of your outstanding balance, charged monthly. If you repay in full before the due date, the fee for that month is waived.
Why do I need to provide the company's VAT statement?
If requested, obtain your VAT statement from the Federal Tax Authority (FTA) or your accountant.
Why am I still repaying after I paid my agreed outstanding?
Autopay is based on the outstanding balance at 9 PM on the due date. If a balance remains, autopay will proceed as scheduled.
When will I get my statement?
Statements are ready on the due date after autopay. From the home screen, go to 'Wio Business Credit', tap '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.
Fixed Saving Space
What is a Fixed Saving Space?
You can access your Fixed Saving Space via your account. You’ll be able to deposit any amount and accrue interest depending on the terms you’ve chosen. At the end of the term, you’ll receive your principal amount along with the interest earned.
How to create a Fixed Saving Space?
Open Fixed Saving Space Easily:
Get on your Wio Business app.
Head to your ‘Savings’, open a Fixed Savings Space via the (+) button.
Transfer any amount.
Which plan has Fixed Savings Spaces?
Fixed Saving Spaces are available on the Grow plan.
In what currency are Fixed Saving Spaces available?
Fixed Saving Spaces are available in AED only.
What are the available terms for Fixed Saving Spaces?
Maximaze your earnings with Fixed Saving Spaces:
Deposit for 1 or 3 months and earn 3% per annum
Deposit for 6 or 12 months and earn 4% per annum
What are the penalties for early account closure or partial withdrawal?
For 1 & 3 months, no penalties for early withdrawal or closure.
For 6 and 12-month terms, the interest rate will be reduced by 0.5% for the withdrawn amount.
The interest rate and maturity date for the remaining amount remains unchanged.
How do I manage or close a Fixed Saving Space?
To manage or close your Fixed Saving Space, go to the app dashboard, select ‘Manage,’ edit the space name/picture if needed, and select ‘Close.’
When will the interest be credited?
Interest accrues daily based on the end-of-day balance and is credited to your Current Account on the maturity date.
Will my money get transferred to my current account automatically when Fixed Saving Space matures?
Yes, your money will be automatically transferred to your Current Account once the Fixed Saving Space matures.
Example:
Open a 6-month Fixed Saving Space with AED 100,000 deposit.
At a 4% per annum interest rate, you'll earn AED 4,000 on maturity.
On the maturity date, the principal amount of AED 100,000 and the AED 4,000 earned from the interest will be credited to your Current Account.
What if I close Fixed Saving Space before maturity?
You'll receive the full amount in your Fixed Saving Space plus the interest earned up to that date, credited to your current account.
Example:
Open a 6-month Fixed Saving Space with AED 200,000 deposit.
After 90 days, withdraw AED 50,000.
Interest for the withdrawn amount is calculated at 3.5% (4% - 0.5%).
The AED 50,000 along with the interest (calculated as 50,000 * 3.5% / 360 * 90 days) = AED 437.5 will be transferred immediately.
The remaining AED 150,000 stays in the Fixed Saving Space with a 4% interest rate and the same maturity date.
How many Fixed Saving Spaces can I create?
You can create as many Fixed Saving Spaces as you want.
Can I add more money to a Fixed Saving Space after it's opened?
No, you can’t add more money to a Fixed Saving Space once it’s opened. The interest rate and maturity are fixed for the duration of the term.
Can I convert an existing Saving Space to a Fixed Saving Space?
Yes, you can convert an existing Saving Space to a Fixed Saving Space by selecting 'Convert into a Fixed Saving Space' in the app and agreeing to the terms.
Can I use Fixed Saving Spaces for external transfers or bill payments?
No, Fixed Saving Spaces do not have an IBAN or account number and cannot be used for external transfers or bill payments.
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.
Wio Invest
What’s Wio Securities?
Wio Securities is approved by the UAE Securities and Commodities Authority for dealing in securities as a trading broker in the international markets and dealing in securities portfolio management. All customers have access to trade in the US and UAE markets, as well as virtual assets.
How do I open a brokerage account?
You can access our digital investment platform on Wio Personal app and start investing with us today!
What are the markets we support?
We currently support investments in the US and UAE markets, as well as virtual assets.
What is the settlement period for trades?
We provide instant settlement for all trades. Cash is credited to your account immediately after you sell your investments. T&C applies.
What are the commission fees for trades?
Investing in the US markets incurs a flat fee of $1 per order, while fees for the UAE markets vary by exchange. On the Abu Dhabi Securities Exchange (ADX), the fee is 0.15% of the order value, with a minimum charge of 0.20 AED per order. On the Dubai Financial Market (DFM), the fee is 0.275%, plus an additional charge of 10 AED per order. For virtual assets, we charge 2% of the order value. All fees are excluding VAT.
How is my account information protected?
At Wio Invest, we take your account security seriously. We have implemented security protocols such as multi-factor authentication to protect your account and assets from fraudulent activities.
How do I access my trade confirmation and account statements?
You can find all reports related to your investments within the Invest section in the application
What order types are supported?
We support Market, Limit and Stop orders
Can I set up recurring investments?
Yes, we support recurring investments for all instruments in US, UAE and virtual assets
What taxes are applicable on my investments?
For a Non-US Resident, captial gains from US securities are not taxed. However they may be subject to withholding tax on dividends paid by US companies and US estate tax. Kindly be informed that Wio Securities does not offer tax, legal, or investment advice. If you require information on tax matters, it is recommended to consult with a licensed professional.
What is a pattern day trading violation (PDT)?
In the US markets, a pattern day trader is an account that executes four or more “day trades” within any rolling 5-day period and if the portfolio balance is below USD 25000, 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. For other markets, PDT rule is not applicable.
Can I transfer securities from other broker to Wio?
For UAE markets, you can transfer your securities to Wio Invest. We will soon launch transfers for US markets.
Can I transfer my securities to another broker?
For UAE markets, you can transfer your securities from Wio Invest to other brokers. We will soon launch transfers for US markets.