Wio Business: International Transfers & Payments

Welcome to International Transfers with Wio Business

Send and receive money globally with ease, speed, and complete transparency. Whether you are paying international suppliers, managing cross-border business expenses, or receiving client payments from abroad, Wio Business provides secure and seamless international payment solutions.

How International Transfers Work

Wio automatically routes your transfer through the most efficient global network depending on your account and the currency you choose:

• SWIFT Network: Used for transfers in major global currencies (such as USD, EUR, GBP, SAR, INR, CAD, AUD, CHF, and ZAR) and for all transfers sent directly from Multi-Currency accounts.

• Wise Partner Network: Available for local-currency transfers initiated from your AED account to over 40 destination countries (such as EGP, INR, SGD, CAD, AUD, and many more).

How to Send an International Transfer

Follow these simple steps in your Wio Business app:

1. Log in to your Wio Business mobile app or web platform.

2. Navigate to Transfers:

• From the Dashboard (Home), tap Transfers, then select Send International.

• Alternatively, go to the Payments screen, select International, and choose your saved recipient.

3. Choose the Source Account:

• Under Which account would you like to send from, select your AED or specific Multi-Currency account. Ensure your account balance covers the transfer amount and applicable fees.

4. Enter the Transfer Amount:

• Under How much would you like to send, enter the amount you wish to transfer.

5. Review Fees & Exchange Rates:

• The app will display a complete breakdown including the real-time exchange rate, estimated arrival time, transfer fees (inclusive of 5% VAT), and the total amount to be debited.

6. Select Who Pays the Fees:

• OUR (I’d like to pay all the fees): You pay both Wio’s transfer fee and any correspondent bank fees upfront. Your recipient receives the exact transfer amount with no deductions.

• SHA (I’d like to pay my share of the fees): You pay Wio’s transfer fee, and the correspondent bank fees are deducted from the transferred amount upon arrival.

7. Select the Purpose of Payment:

• Under What is the purpose of your transfer, select the relevant Purpose of Payment (POP) code from the list provided.

8. Add an Optional Note:

• Under Would you like to Add a note to the payee, enter a payment reference or note (avoid using special characters).

9. Review and Confirm:

• Check all payment and recipient details on the final summary screen.

• Swipe to confirm and complete the verification using your PIN, biometric authentication, or One-Time Password (OTP).

10. Track Your Transfer:

• Once submitted, you can monitor the status of your transfer anytime under your transaction history.

Tip: You can cancel an unconfirmed transfer at any point before the final swipe. Once cancelled, transfer details will not be saved.

Understanding Fees & Charges

All fees displayed in the Wio app are inclusive of 5% VAT.

1. SWIFT Outgoing Transfer Fees

Refer to Wio Business Schedule of Fees

• If you select OUR: Correspondent bank fees are added upfront to your total debit (e.g., AED 63 / USD 15.75 for USD/EUR/GBP, AED 27 for SAR, AED 4 for INR).

• If you select SHA: For major currencies (USD, EUR, GBP, AUD, CAD) above a value of 1,000, a correspondent fee of 25 (in the respective currency) is deducted by intermediary banks from the final credited amount. Transfers under 1,000 incur no correspondent deduction.

2. Wise Transfer Fees

• Wio Fee: AED 0 (Wio charges no additional bank fee).

• Partner Processing Fee: Dynamic fee typically between 0.35% and 2% depending on the corridor and currency. The exact fee and live exchange rate are shown upfront before you confirm.

3. SWIFT VS WISE Quick Comparison Matrix

Beneficiary Name Validation (BNV)

To protect your business from payment errors, delays, and misdirected funds, Wio automatically validates recipient details prior to payment.

Adding a New Recipient

1. Enter your recipient’s details (Name, IBAN/Account Number, and Bank Identifier).

2. Choose Validate now (or No thanks if you prefer to skip, though validation is strongly recommended).

3. Review the result:

• Validation successful: Account details match official bank records. You can proceed immediately.

• Beneficiary Name Needs Attention / Close Match: A minor difference was detected. You can review the suggested spelling or confirm the existing name.

• Invalid Account Details / Unable to Verify: Account details could not be matched. Please double-check with your recipient to avoid delays or returned funds.

Managing & Updating Existing Recipients

• What you can edit: You can update a recipient’s Name and Address by navigating to Beneficiary Details and tapping Edit.

• Account details & IBAN: For security and compliance, bank account numbers, IBANs, and routing codes cannot be edited directly. To change account numbers, delete the existing recipient and add a new one.

Receiving International Transfers

Receiving Funds into Wio Accounts

• Into an AED Account: You can receive international transfers in AED, USD, EUR, GBP, SAR, INR, and other major currencies. Incoming foreign currency funds are automatically converted to AED at competitive market rates and credited directly to your account.

• Into Multi-Currency Accounts: To receive funds directly in USD, EUR, GBP, etc., without currency conversion, provide the sender with your specific multi-Currency IBAN found in your app.

Wio Inward Bank Details

Share these standard details with senders:

• Bank Name: WIO Bank PJSC

• Bank Code: WIOB

• SWIFT / BIC Code: WIOBAEAD (8 digits) or WIOBAEADXXX (11 digits)

• Routing Code: 808610001

• Bank Address: Al Raha Beach, Al Muneera, P.O. Box 112437, Abu Dhabi, UAE

• Beneficiary Name & IBAN: Your exact company name and Wio account IBAN.

Important: Always ensure the sender inputs your Wio account IBAN as the primary beneficiary. Do not use intermediary/correspondent bank accounts as the final beneficiary account.

Limits & Processing Times

• Daily Outward Limit: The default daily transfer limit across local and international transfers is AED 750,000 (or currency equivalent). You can request a limit increase directly in the app.

• Inward Transfer Limit: Unlimited.

• Delivery Timeframes:

• SWIFT Transfers: Typically arrive within 1 to 3 business days.

• Wise Transfers: Typically arrive within 1 to 3 business days (many local corridors deliver within hours).

How to Download a Transfer Receipt (SWIFT Copy)

You can download proof of payment directly from the app for any completed transfer:

1. Log in to your Wio Business app.

2. Go to your Transaction History and select the transfer.

3. Tap Download SWIFT Copy (or payment advice receipt).

4. The receipt includes complete transaction details, intermediary routing, and the unique transaction tracking reference (UETR).

Frequently Asked Questions (FAQs)

1. Can I send local currencies from my Multi-Currency accounts?

Multi-Currency accounts support transfers via the SWIFT network in supported major currencies (USD, EUR, GBP, etc.). To send local currencies via Wise (e.g., EGP, PHP, SGD), initiate the transfer from your AED account.

2. What happens if I send a payment outside banking hours?

Transfers can be initiated 24/7. SWIFT transfers are processed during standard international interbank operating windows. If submitted on weekends or public holidays, settlement begins on the next business day.

3. Why did the recipient receive slightly less than the amount sent?

If you selected SHA (I’d like to pay my share of the fees) or if intermediary routing banks applied processing charges, deductions may occur along the payment path. To guarantee the exact amount arrives, select OUR (I’d like to pay all the fees) when sending via SWIFT.

4. Does Wio charge any fee on incoming international transfers?

No. Wio does not charge any fee to receive international funds. Any difference in expected amounts is due to sender bank deductions, intermediary bank charges, or foreign exchange conversion.