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How to open a Wio Business Bank Account: FULL GUIDE · GENZONE

• 0:00
  SPEAKER_00: So you're planning on setting up a bank account in Dubai, or you're planning to set up a company first, then set up your bank account in Dubai, and you're looking to see how hard it is to actually do that.
• 0:10
  SPEAKER_00: Because a lot of people like to say that it's hard to open a bank account in Dubai.
• 0:15
  SPEAKER_00: And I can agree, if you do it wrong, sure, it can be hard.
• 0:18
  SPEAKER_00: But if it's done properly, it is not a problem at all.
• 0:21
  SPEAKER_00: So in this video, I'll be going over exactly how you can set up a company in Dubai and set up a bank account in Dubai.
• 0:28
  SPEAKER_00: And I'll give you all the tips and tricks that you need to know.
• 0:30
  SPEAKER_00: Now on our channel, we've made hundreds of videos about moving to Dubai, setting up companies in Dubai, everything about Dubai, and of course, you can go and click on those videos.
• 0:39
  SPEAKER_00: But to quickly summarize, the first thing you need to do to get a bank account in Dubai is have a company in Dubai.
• 0:45
  SPEAKER_00: So we have to register a company for you here in Dubai, whether it's in the free zone or the mainland, this must be done.
• 0:52
  SPEAKER_00: Now, once your company is set up, there is a second step because you can't just directly open up a bank account.
• 0:58
  SPEAKER_00: The second step is to get a residency visa.
• 1:01
  SPEAKER_00: I had a client who asked me, Kevin, can I just set up my bank account right away after I get my business license?
• 1:06
  SPEAKER_00: And the answer is no, you cannot.
• 1:09
  SPEAKER_00: You have to get a residency visa in order to make this happen.
• 1:12
  SPEAKER_00: And to get this visa, you have to come to Dubai in person.
• 1:16
  SPEAKER_00: And within a couple days or three days, you will have your residency, and then you will have your Emirates ID, which is your official ID card, to get you these bank accounts and do everything in Dubai.
• 1:26
  SPEAKER_00: So the very first step is set up the company.
• 1:28
  SPEAKER_00: Number two is get your entry permit to enter the country, and we would do this all for you.
• 1:33
  SPEAKER_00: And then number three, you're gonna fly into Dubai and you're gonna complete your appointments and get your residency.
• 1:39
  SPEAKER_00: And then number four, you will set up your bank account.
• 1:42
  SPEAKER_00: So let's say you did all of these things.
• 1:44
  SPEAKER_00: Now let's move forward to this.
• 1:46
  SPEAKER_00: So in Dubai, there are so many different banks there's Masterk Bank, Emirates MBD, Rack Bank, WiiO Bank.
• 1:52
  SPEAKER_00: All of these are very popular banks, but more than ever, one that has been growing like crazy because of how good it is is WiiO Bank.
• 2:00
  SPEAKER_00: Now, not only is it good, but it's extremely easy to open up an account with them.
• 2:05
  SPEAKER_00: And the best part is you can technically do this from abroad.
• 2:09
  SPEAKER_00: So let's say you did fly into Dubai, you completed your residency process, you got your Emirates ID, you can technically fly out and then do your banking application without a problem.
• 2:19
  SPEAKER_00: However, just because you can do the application without a problem doesn't mean you should.
• 2:24
  SPEAKER_00: And I will tell you exactly why.
• 2:25
  SPEAKER_00: And this is extremely important.
• 2:27
  SPEAKER_00: So please, if you're not paying attention, pay attention.
• 2:30
  SPEAKER_00: Wheel Bank has a security measure in place so that if you don't receive your physical bank cards, like if you don't physically receive them inside of Dubai or the UAE, you will not have a fully active business bank account.
• 2:45
  SPEAKER_00: So if you came to Dubai, did your residency process, completed everything, got your Emirates ID, and then you flew to let's say Canada or Thailand or the UK, whatever, and you do your application there, well, you can't receive your physical cards because they will not ship these internationally.
• 3:03
  SPEAKER_00: So it's important that if you want a fully active business account, stay in Dubai until you actually get your cards.
• 3:10
  SPEAKER_00: So, how long in total does it take to receive your residency, your Emirates ID, and your bank accounts?
• 3:16
  SPEAKER_00: I would say between one and a half weeks to a maximum of roughly two weeks.
• 3:21
  SPEAKER_00: Now I mentioned that the account would be partially active.
• 3:24
  SPEAKER_00: What does that actually mean?
• 3:25
  SPEAKER_00: Well, it's pretty straightforward.
• 3:27
  SPEAKER_00: You only have partial access to the banking features.
• 3:31
  SPEAKER_00: Now, to be even more precise, you can only receive money.
• 3:35
  SPEAKER_00: You cannot send any money if your account is partially active.
• 3:40
  SPEAKER_00: So let's say your clients are telling you, I'm gonna send you money.
• 3:43
  SPEAKER_00: That's fine, you can receive the money.
• 3:44
  SPEAKER_00: But let's say someone says, Hey, can you please pay this invoice?
• 3:47
  SPEAKER_00: You will not be able to transfer them any money because your account is partially active.
• 3:52
  SPEAKER_00: So in that case, you would have to fly back to Dubai, reorder your cards, and then once it's received, your account will be fully active.
• 4:00
  SPEAKER_00: And now that I got that out of the way, let me show you exactly step by step how to actually set up your Wheel business bank account.
• 4:08
  SPEAKER_00: Now, this might change based on when you're watching this video, but if you have any questions and you use our referral code, we can most definitely help you.
• 4:17
  SPEAKER_00: So if you want the support, you have to use this code right here, C094.
• 4:22
  SPEAKER_00: It will be in the pinned comment section down below as well for you to use.
• 4:27
  SPEAKER_00: Please make sure to use this.
• 4:28
  SPEAKER_00: If you don't use it, we cannot help you.
• 4:30
  SPEAKER_00: I'm sorry.
• 4:31
  SPEAKER_00: So the very first thing you're gonna do is download the Wheel Business Bank app.
• 4:36
  SPEAKER_00: You can find it on the App Store or on the Play Store, or you can actually even do this on your computer.
• 4:41
  SPEAKER_00: I suggest to do this on a mobile device because there is a KYC part that requires a camera.
• 4:46
  SPEAKER_00: So do it on a phone.
• 4:47
  SPEAKER_00: So the very first thing you're gonna do is add your name.
• 4:50
  SPEAKER_00: So in this case, I'm putting my name here, Kevin McKenzie.
• 4:52
  SPEAKER_00: I'm going to put my role in the company.
• 4:54
  SPEAKER_00: Now, as you're choosing the role in the company, I want to make it very clear that if you want to avoid some problems, just go ahead and select shareholder.
• 5:02
  SPEAKER_00: That is what you should select.
• 5:04
  SPEAKER_00: Of course, this may vary based on what you are doing and what your structure is, but in 99% of the cases, it is shareholder.
• 5:11
  SPEAKER_00: After that, you're gonna go ahead and put in your company name.
• 5:14
  SPEAKER_00: And one of the next steps after this is to go ahead and put the referral code again.
• 5:18
  SPEAKER_00: If you want our help, if there's any issues that arises, you have to have this code, otherwise, we can't help you.
• 5:23
  SPEAKER_00: C094 is the code, just input it, then click next.
• 5:28
  SPEAKER_00: Then one of the next steps is to choose the plan you want.
• 5:30
  SPEAKER_00: You want the essential plan or the growth plan, they explain exactly what each offers.
• 5:35
  SPEAKER_00: Just choose one that is good for you.
• 5:37
  SPEAKER_00: So now we're gonna move forward to the next section to insert your company details.
• 5:41
  SPEAKER_00: So in this case, it's gonna ask you right away where your business is registered.
• 5:45
  SPEAKER_00: Now, in the UE, there are many, many, many places to register your business.
• 5:49
  SPEAKER_00: It's not like in Canada or the UK or in Spain where it's just one place.
• 5:53
  SPEAKER_00: There are many options.
• 5:54
  SPEAKER_00: So with those options comes a very important decision.
• 5:57
  SPEAKER_00: Way before you even register your company, you have to decide where you should register your company because each place is different and not all of them are good.
• 6:06
  SPEAKER_00: If I'm being very honest, some places are like iPhones and some other places are like having a Nokia phone.
• 6:12
  SPEAKER_00: I would prefer to have the iPhone any day of the week.
• 6:14
  SPEAKER_00: So now that you completed that part of the process, the next part is to declare who you do business with.
• 6:19
  SPEAKER_00: Now it's very important to keep in mind to keep this as accurate as possible.
• 6:22
  SPEAKER_00: But if I'm being very honest, the more you have, the more complicated things are going to be.
• 6:27
  SPEAKER_00: And of course, if you put any sanction country, then you're going to have more complications.
• 6:32
  SPEAKER_00: It's very straightforward.
• 6:34
  SPEAKER_00: So try to be as realistic as possible with your answers here.
• 6:38
  SPEAKER_00: Now, moving forward, Wii O has been recently asking questions about cash deposits and cash withdrawals.
• 6:44
  SPEAKER_00: Now, keep this in mind that no bank around the world likes cash, no bank around the world likes crypto either, to be honest.
• 6:51
  SPEAKER_00: So it's very important to keep this in mind.
• 6:52
  SPEAKER_00: If you put a high amount of cash, well, this might hurt your application, but of course, try and keep this as accurate and truthful as possible.
• 7:00
  SPEAKER_00: The last thing I want you to do is lie.
• 7:02
  SPEAKER_00: And here at Gen Zone, we've literally opened hundreds of bank accounts with banks all over the UAE.
• 7:07
  SPEAKER_00: And if you work with us to set up your business, we can ensure a 100% success rate to open up your bank in Dubai.
• 7:16
  SPEAKER_00: Now keep in mind that's only for the people who we set up businesses for.
• 7:19
  SPEAKER_00: If you're just using our referral code, then we cannot guarantee that because of course we don't know how you actually structured your company and we don't know all of those details.
• 7:28
  SPEAKER_00: But of course, this video went over the best practices to actually set up your bank account.
• 7:32
  SPEAKER_00: And if you do have any problems with your Wii O banking application and you use this referral code right here, C094, we can definitely assist you.
• 7:40
  SPEAKER_00: Just give us a message.
• 7:41
  SPEAKER_00: So now let's go over a lot of important things that you need to keep in mind with Wii O Bank because this is really a full guide.
• 7:47
  SPEAKER_00: I want you guys to have all of the answers you want.
• 7:50
  SPEAKER_00: So let's go over the FAQs.
• 7:52
  SPEAKER_00: The very first thing is what currencies can you hold in Wii O Bank?
• 7:55
  SPEAKER_00: Well, you can have euro, AED, GBP, and of course the US dollar.
• 7:59
  SPEAKER_00: Now, in the future, this might change, they might add even more, and I expect them to add more.
• 8:04
  SPEAKER_00: So for now, that is what is available at the time of this recording.
• 8:07
  SPEAKER_00: The next thing is these Wii O bank cards can be added to your iPhone for Apple Pay.
• 8:12
  SPEAKER_00: So that is fantastic.
• 8:13
  SPEAKER_00: You can just quickly add them, these virtual cards, they're fantastic.
• 8:16
  SPEAKER_00: The next thing is if Wii O is a digital bank, can I still deposit and withdraw cash in person?
• 8:22
  SPEAKER_00: And the answer is yes.
• 8:23
  SPEAKER_00: Although WiiO is a digital bank, it is owned by FAB Bank, Fab Bank.
• 8:28
  SPEAKER_00: So you can use any of their locations to go ahead and deposit cash or withdraw cash or deposit checks, do whatever you want.
• 8:36
  SPEAKER_00: You can do that.
• 8:36
  SPEAKER_00: And if you're wondering how many locations there are, there's a lot, so you don't have to worry about that.
• 8:41
  SPEAKER_00: And even if you're not in the country, don't worry, just take your Wii O card, put it in the ATM, and you can withdraw money as well.
• 8:47
  SPEAKER_00: And a few months ago, we made a full guide about this as well.
• 8:50
  SPEAKER_00: So let's go over some of the questions that people asked us in the comment section down below.
• 8:55
  SPEAKER_00: The first question is does it subtract a monthly fee if your balance is at zero?
• 8:59
  SPEAKER_00: If your balance is at zero, it might close your account.
• 9:01
  SPEAKER_00: So please do not have a balance of zero.
• 9:04
  SPEAKER_00: This next person is asking if they have to put a company website.
• 9:07
  SPEAKER_00: And the answer is no, you don't have to put a company website because WiiO does ask for one.
• 9:12
  SPEAKER_00: And I skipped over this purposely because you do not have to insert that.
• 9:16
  SPEAKER_00: Just click on skip.
• 9:17
  SPEAKER_00: This next person asks if Wii O provides stamped bank statements.
• 9:21
  SPEAKER_00: And the answer is yes.
• 9:22
  SPEAKER_00: Do you charge us anything for your assistance if we put your referral code?
• 9:26
  SPEAKER_00: The answer is no, we don't charge you anything, it's free.
• 9:28
  SPEAKER_00: And nothing's better than free, so use the code.
• 9:30
  SPEAKER_00: This next person is asking how long it takes for the bank cards to arrive to their house.
• 9:33
  SPEAKER_00: And the answer is quite simple.
• 9:35
  SPEAKER_00: Once your account is open, you should expect to receive your cards within two to three business days.
• 9:39
  SPEAKER_00: Somebody will physically deliver this to you and hand it to you.
• 9:42
  SPEAKER_00: And like I mentioned earlier, you have to receive this in the UAE.
• 9:47
  SPEAKER_00: And another point to mention actually, someone else cannot receive this for you.
• 9:50
  SPEAKER_00: So if you're outside of the country and you say, Kevin, can you please receive my card for me?
• 9:54
  SPEAKER_00: I cannot.
• 9:55
  SPEAKER_00: It won't work.
• 9:56
  SPEAKER_00: There's a security measure that requires you to receive the card.
• 9:59
  SPEAKER_00: So nobody else can do it for you.
• 10:00
  SPEAKER_00: It has to be you.
• 10:01
  SPEAKER_00: This next person is asking about opening the Wii O account after receiving a rejection.
• 10:05
  SPEAKER_00: And the unfortunate answer is if you get rejected, you are not getting a second attempt with Wheel.
• 10:11
  SPEAKER_00: So make sure to do it properly.
• 10:12
  SPEAKER_00: Not the application only, but setting up your company properly as well.
• 10:16
  SPEAKER_00: I will say, in some cases, very specific cases, even people who have completed both steps properly can get rejected.
• 10:23
  SPEAKER_00: So it's important to have backup plans in measure in case this does happen.
• 10:26
  SPEAKER_00: This next person is asking about cashing out crypto.
• 10:29
  SPEAKER_00: Now, like I said earlier, no bank likes cash and no bank likes crypto.
• 10:33
  SPEAKER_00: Why?
• 10:33
  SPEAKER_00: Because they don't know where it comes from.
• 10:34
  SPEAKER_00: So it's important to have a good plan in place to properly cash out your crypto without raising too many flags.
• 10:40
  SPEAKER_00: So do I suggest someone to just directly transfer crypto into their bank account from the exchange?
• 10:46
  SPEAKER_00: No.
• 10:46
  SPEAKER_00: This next person is asking, is it possible to withdraw money with no physical card?
• 10:50
  SPEAKER_00: And the answer is yes, you can actually go to the FAB ATMs and just put in a code and it'll let you withdraw and deposit cash without having your card.
• 11:01
  SPEAKER_00: So that's a fantastic feature.
• 11:02
  SPEAKER_00: All you got to do is go in the bank app itself, click either top up or withdraw and generate a code.
• 11:08
  SPEAKER_00: You'll see it right at the bottom, and then you can do it.
• 11:10
  SPEAKER_00: So if you have any questions at all, feel free to leave them in the comment section down below.
• 11:14
  SPEAKER_00: And of course, if you're planning on setting up a business in Dubai, book a free call with us.
• 11:18
  SPEAKER_00: We'd be more than happy to show you exactly how we can help you.
• 11:21
  SPEAKER_00: And of course, if you have any questions about banking and you use our code, again, send us a message.
• 11:26
  SPEAKER_00: We would be more than happy to help you out.
• 11:28
  SPEAKER_00: The code is C094, and I'll see you guys all in the next video.