Wise has secured final regulatory approval from the Central Bank of the United Arab Emirates (CBUAE), paving the way for the global money transfer company to launch its full suite of products in one of the world’s most internationally connected markets.
Wise Money Transfers In The UAE
The Central Bank has granted Wise two licences – Stored Value Facilities and Retail Payment Services (Category 2) – marking a major milestone in its plan to offer Wise Account and Wise Business to personal and corporate customers across the UAE. The approvals come as the country’s 200-plus nationalities move an estimated $40 billion across borders every year, creating heavy demand for fast, low-cost international transfers from the UAE.
Joyce Lau, Country Manager for Wise UAE, said the licences represent “a significant milestone” and praised the regulator’s collaborative approach. “For the UAE’s diverse population, this means access to a truly global financial account that works seamlessly across borders,” she said.
Wise already serves more than 15 million customers worldwide, moving around $48 billion every quarter and holding over $28 billion across multi-currency accounts. The UAE approval expands a regulatory footprint that now includes more than 70 licences globally. It follows recent approvals in India, where Wise now supports 10 percent of all incoming foreign currency flows for individuals, and in Australia, where the firm has been authorised to provide investment services.
Wise’s entry into the UAE will bring one of the world’s most widely used money transfer apps to a market dominated by traditional remittance providers with higher fees. Good Money Guide, which named Wise the Best Money Transfer App 2025, highlights the platform’s speed, ease of use and low fees as the main reasons it has disrupted the remittance industry since launching as TransferWise in 2011. Wise typically delivers transfers in seconds, offers over 40 currencies, and is consistently among the cheapest providers for small and medium-sized transfers.
However, customer reviews on Good Money Guide also show that Wise’s rapid growth has brought challenges. Some users report frustration with account freezes, sanction-screening decisions, and difficulty resolving complex cases due to limited telephone support. Wise remains highly rated overall – scoring 4.2 out of 5 – but is generally seen as best suited for everyday transfers rather than very large, high-touch transactions.
Even so, Wise’s UAE launch is set to intensify competition in a country where cross-border money movement is central to daily financial life, offering residents a cheaper, faster and more transparent alternative to traditional remittance services.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
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