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Dubai's New Online Bank? (WIO Guide)

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Embarking on a business venture in Dubai has historically been accompanied by banking challenges. However, in the past 12 months, a game-changing digital bank, WIO Bank, has simplified the process, making it more accessible for thousands of businesses. 

This guide walks you through the step-by-step process of setting up a WIO Bank account for your company, providing a seamless and efficient experience.

Initiating the WIO Bank Account Setup

To begin the WIO Bank account setup, download the app from the App Store. With separate apps for personal and business accounts, we focus on the latter. The process involves entering personal details, selecting your role in the company, and providing your company name, aligned with your business license.

Business types WIO supports:
  • Sole proprietors or individuals with sole authorisation to open and operate a bank account for their company.
  • Businesses with joint authorisation to open and operate a bank account for their company.
  • Freelancers with a freelancer permit issued by a licensing authority.
Business types WIO can’t support
  • General traders with no physical presence
  • Jewelry and bullion trading
  • Money exchanges
  • Cryptocurrency exchanges / trading
  • Unlicensed financial institutions
  • Trusts
  • Auction houses or antiques
  • Gambling establishments
  • Charities and foundations
Subscription Plans with WIO Bank

WIO Bank offers two subscription plans: Essential and Grow, both at a remarkably low cost. The table below provides an in-depth analysis of these plans and guides you in selecting the one that aligns with your business requirements.

Monthly account fees
  • The monthly subscription fee will be charged 30 days after opening your account.
  • Start using Saving Spaces on or before March 31, 2024 and earn 3% interest per annum ON THE FIRST 90 DAYS on all Saving Space balances; earn 1% interest per annum thereafter. The interest will be credited to your Saving Space on the first day of the following month.
  • Once you upgrade to Grow plan, you can enjoy its benefits immediately. You’ll be charged AED 249 on your next billing cycle date.
Uploading Essential Company Documents
WIO Bank requires essential documents for verification, including:
  • Your trade license
  • Memorandum of association (MOA) 
  • Proof of address for your business
  • Passport size photograph
Referral Code and Additional Assistance

Use our referral code: C094 while opening your WIO bank account. We can provide you with one-on-one consultation on banking.

Utilizing WIO Bank for Your Business

Empower your team to manage your business: Give your team access to your account while maintaining control of it. 

Automate your admin: Payments made easy. Prepare, send, and collect them through automated invoicing.

Manage expenses with virtual cards: Adios cash management! Give your team access to unlimited virtual cards for your business payments.

Easy, safe and fast payments: Pay easily and securely with your Wio Business cards using Apple Pay.

Expand globally with multi-currency accounts: Send and receive transfers directly in US Dollars, Euros and British Pounds. Plus, enjoy a guaranteed rate of 3.673 when converting UAE Dirhams to US Dollars.


Setting up a business bank account in Dubai is now streamlined and efficient with WIO Bank. By following our comprehensive guide, you can navigate the application process with ease, ensuring your business experiences a hassle-free banking journey. Embrace the convenience of WIO Bank and take the first step toward a dynamic and efficient financial future in Dubai.

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