Wio Bank officially launches in UAE

[troubled soul]

https://www.khaleejtimes.com/business/wio-bank-officially-launches-in-uae

 

[rowena]

It looks really promising and professional. It can be a game changer for SMEs in UAE.

 

[PiersBlack]

Do they provide multi-currency account account or only AED?

 

[troubled soul]

PiersBlack said:
Do they provide multi-currency account account or only AED?
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As far as I know, It is only for AED

 

[Fred]

PiersBlack said:
Do they provide multi-currency account account or only AED?
Click to expand...

Only AED.

However it's at least something while there was earlier nothing - they have of course low risk appetite and it's more a bit of an EMI kind of acting from there side - the whole outgoing transfers are made through Wise - so it's equal to Bunq for example.

1% flat + FX for outgoing comes heavy especially when having some decent volume.

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[Crest]

Fred said:
Only AED.

However it's at least something while there was earlier nothing - they have of course low risk appetite and it's more a bit of an EMI kind of acting from there side - the whole outgoing transfers are made through Wise - so it's equal to Bunq for example.

1% flat + FX for outgoing comes heavy especially when having some decent volume.
Click to expand...

Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off

 

[Fred]

Exactly - nothing we can build on actually but a nice to have - time will tell.

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[sonato]

Crest said:
Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off
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not bad, what's to complain here?

 

[joejohnM]

Please keep us posted when you start transacting on same, especially with international transfers .

Crest said:
Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off
Click to expand...

 

[JimBeam]

Hopefully they will introduce multi-currency accounts.
Having just AED means nothing as you can't accept money from outside in USD/EUR but it's nice to have an option like this.

 

[JackAlabama]

JimBeam said:
Hopefully they will introduce multi-currency accounts.
Having just AED means nothing as you can't accept money from outside in USD/EUR but it's nice to have an option like this.
Click to expand...

Is that the case with them?
It could also mean just everything being autoconverted into aed...

 

[Fred]

JackAlabama said:
Is that the case with them?
It could also mean just everything being autoconverted into aed...
Click to expand...

Exactly - that's the case - CITIBANK is the AED IN correspondence and for outgoing SWIFT they use WISE.

It's not fully fledged Bank but for some Guys well they don't have any other option.

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[JimBeam]

Fred said:
Exactly - that's the case - CITIBANK is the AED IN correspondence and for outgoing SWIFT they use WISE.

It's not fully fledged Bank but for some Guys well they don't have any other option.
Click to expand...

Yes, I walked in City branch in UAE and they tried to explain me how their foreign currency thing works - and it made absolutely no sense.

So, if Wio uses City - than it's goof for AED only (and will mostly be useful to mainland companies)

 

[Fred]

JimBeam said:
Yes, I walked in City branch in UAE and they tried to explain me how their foreign currency thing works - and it made absolutely no sense.

So, if Wio uses City - than it's goof for AED only (and will mostly be useful to mainland companies)
Click to expand...

Again - it's AED IN International with the downside of auto conversion like @JackAlabama said - it's not only local AED within UAE.

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[Henry7]

For those of you who are still wondering about Wio multi currency accounts, it's coming in 2023

 

[turtle]

JimBeam said:
Hopefully they will introduce multi-currency accounts.
Having just AED means nothing as you can't accept money from outside in USD/EUR but it's nice to have an option like this.
Click to expand...

Wio started to issue USD accounts for UAE companies.

 

[JimBeam]

turtle said:
Wio started to issue USD accounts for UAE companies.
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That's really a great news!!!
How about EUR?

 

[turtle]

JimBeam said:
That's really a great news!!!
How about EUR?
Click to expand...

Yes pretty good news. Only USD but probably they will introduce other currencies in the future.

 

[Houdini]

That's great news. Once they introduce EUR and GBP I will consider them.

How is the process to apply for an account, easy or troubled?

 

[Fred]

They did increase immediately the Compliance together with the USD Account introducing which of course just make sense as they now have to go through a US based USD Correspondence Bank.

See below to get an idea what I'm talking about.

No you have to run this through E-Mail because cool and fancy Wio Bank has to run Compliance same like every other Bank.

Taking this into consideration there are better options out there as of now.

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