Wio Bank: Abu Dhabi's digital bank, open to residents and new arrivals in the UAE

The account is held by Wio Bank PJSC, a company incorporated under Abu Dhabi law, which states that it is "licensed and regulated by the Central Bank of the United Arab Emirates". The Emirati press describes it as jointly owned by the state-owned holding company ADQ, Alpha Dhabi Holding, the operator e& (formerly Etisalat) and First Abu Dhabi Bank; it launched its personal banking offer, Wio Personal, in 2023, after an offer aimed at businesses.

Wio is a bank in its own right, not a brand backed by a partner bank.

We did not consult the Central Bank of the UAE's register of licensed institutions; the licence reference is not included.

Wio presents account opening as fully digital, "whether you live in the UAE or are moving there", with a photo of the Emirates ID card or the Emirati work visa and a selfie. According to this description, a new arrival can therefore open an account as soon as they obtain their work visa, without waiting for the Emirates ID card.

The page does not say whether a non-resident without an Emirati visa can open an account, or what happens to the account when the holder leaves the UAE and their visa is cancelled. Age requirements are not included.

The Wio card works as a debit or credit card, in physical or virtual form, and can be linked to a balance in dirhams, US dollars, euros or pounds sterling. Spending and transfers are available in about ten currencies, including the Australian dollar, Canadian dollar, Swiss franc, Singapore dollar, yuan and Saudi riyal. The app also provides access to investing and to savings pockets.

The monthly fees for the plans, the conditions for fee waivers and the foreign exchange fees are set out in the Key Fact Statement for the personal account, which we were unable to read; they are not included. Amounts quoted by comparison sites were not used for lack of a primary source.

To our knowledge, the United Arab Emirates has no public deposit guarantee scheme comparable to those in Europe or Asia; the Emirati press was already pointing this out in 2008, and we found no recent source indicating that one has been created. Deposits with Wio therefore do not benefit from a ceiling guaranteed by a dedicated fund.

The absence of a guarantee scheme is based on an older press source; the current state of Emirati law has not been verified against an official text.

In the absence of a public guarantee, a depositor's protection rests on the supervision of the Central Bank of the UAE and on the soundness of the bank itself. For substantial assets, spreading them across several institutions, or using a bank covered by a guarantee in another country, reduces concentration risk.

• The visa and the Emirates ID card: they determine whether you can open the account and, presumably, how long it stays open.
• The fees of the plan you choose, in the up-to-date Key Fact Statement.
• The absence of a public deposit guarantee: spread substantial assets across several institutions.
• The reporting obligations linked to your tax residence: a French tax resident must declare every year the accounts opened, held, used or closed outside France, including those with online banks and payment wallets; other countries impose comparable obligations.