Open WIO Bank Account in Dubai, UAE

WIO is a leading digital financial platform providing banking solutions for businesses and individuals, established with the participation of the state. WIO Bank is regulated by the Central Bank of the UAE.

In the rapidly growing economy of Dubai, WIO hits the mark by offering a suite of financial services through online and mobile platforms, leading the digital revolution.

This blog is intended to provide a complete guide on how to open a WIO bank account in Dubai.

Choose the right type of Account:

WIO offers several types of accounts, such as savings or business accounts, each with its own perks. The pricing plans offered are:

• Monthly Business Account Plan Fees:

Essential: Best for freelancers & small businesses: AED 99

Grow: Best for medium & large businesses: AED 249

• Monthly Personal Account Plan Fees:

Standard: AED 25/month or FREE if you keep at least AED 3,000 in your account

Plus: AED 49/month or FREE if you keep at least AED 35,000 in your account

 

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Preparation of necessary documents:

Arranging for the necessary documents for opening an account will save a lot of time. The list of documents required for opening an individual or business account with WIO is given below.

1. For Individual Accounts:
   1. A valid Emirates ID
   2. Passport with a valid UAE visa
   3. Proof of address (such as a utility bill or rental agreement)
   4. Salary certificate or a letter of employment
2. For Business Accounts:
   1. Trade license
   2. Certificate of incorporation
   3. Memorandum and Articles of Association
   4. Board resolution
   5. Valid Visas
   6. Passport copies of shareholders and authorized signatories
   7. Emirates IDs of shareholders and authorized signatories
   8. Proof of address for the business (such as a utility bill or lease agreement, VAT filing)

Pro Tip from BCL Globiz to Reduce Processing Time:

We have got a pro-tip for you to expedite the process. Along with the previously mentioned documents, prepare and upload the following under “Other Documents”. Or if this option is not available, then keep these documents ready. This way if bankers contact you, you’ll be ready to respond quickly, significantly reducing processing time:

• Profile of individual shareholders and managers: Ensure this matches and syncs with the Trade License.
• Profile of the business entity: Ensure this matches and syncs with the Trade License.
• Basic details: Provide the business name and address of three potential customers, three vendors, and three employees.
• Existing bank accounts of the business, if any.
• In some rare cases, personal bank statements for the past six months (accounts held within or outside the UAE) of shareholders or managers may be requested by the bankers.

Submission of online application:

WIO Bank offers the ease of opening a bank account online by visiting their website or through their mobile app, which can be downloaded from the Google Play Store or Apple Store. The forms are available on their website or in their mobile app. Fill out the application form by providing the necessary details. Make sure that all details are accurate and match the documents that will be shared with the bank.

• Upload the scanned documents:

Upload the scanned copies of the required documents. Ensure that the documents are clear and legible. This will ensure that the verification process is faster.

• Verification process:

Once the application and documents are submitted, the bank shall review them, and a representative may contact you for further details or information.

• Confirmation of opening of bank account:

Upon successful bank verification, an email or notification will be sent by WIO along with your account details, including your account number and online banking credentials.

• Deposit and start using your bank account:

Deposit funds into your bank account through your other bank account or at a WIO bank branch, ATM, or any other method. After funding the bank account, you may start using it for your financial transactions. WIO offers online banking, mobile banking, and many other financial tools to manage your finances.

• Safety and Security:

Ensure that you do not share the login credentials and that they are stored safely. If you are facing any issues or require assistance, approach customer support. To receive important notifications and updates, keep your contact information updated.

WIO offers a hassle-free process with maximum convenience to its users. For individuals or businesses, WIO bank provides robust and comprehensive banking solutions to meet your financial needs.

Also read our most searched guide on – Top 9 Digital Banks in UAE