Wise
Money transfer app
A London-headquartered, publicly listed fintech offering low-cost, transparent international money transfers and a multi-currency account, app-first with no physical branches.
Last updated June 2026
At a glance
- Founded
- 2011, founded by Kristo Käärmann and Taavet Hinrikus (originally as TransferWise).
- Headquarters
- London, United Kingdom. UAE operations led by a local country manager (Joyce Lau, Country Manager, Wise UAE).
- Legal entity
- Wise Group plc (Nasdaq-primary, London-secondary listed group parent following the May 2026 restructuring); UK operating entity Wise Payments Limited. Formerly TransferWise; the previous listed parent was Wise plc.
- Regulation
- Central Bank of the UAE (CBUAE): final approval for Stored Value Facilities and Retail Payment Services - Category 2 licenses, announced 14 October 2025 (live outbound remittance availability should be confirmed directly)
- UK Financial Conduct Authority (FCA): Wise Payments Limited authorised as an Electronic Money Institution under the Electronic Money Regulations 2011 and Payment Services Regulations 2017 (FCA firm reference number 900507). As an e-money institution, customer funds are safeguarded under FCA rules but are not covered by the Financial Services Compensation Scheme (FSCS).
- United States: Wise US, Inc. registered with FinCEN as a Money Services Business (MSB) and licensed as a money transmitter across multiple US states
- Holds 70+ regulatory licences across other jurisdictions worldwide, per company statements
Is Wise safe and trustworthy?
Wise is a well-established, publicly listed fintech (primary listing on Nasdaq since May 2026 under Wise Group plc, with a secondary listing on the London Stock Exchange; originally listed in London in July 2021) operating since 2011 and regulated in its major markets, including the CBUAE in the UAE, the FCA in the UK and FinCEN and state regulators in the US. The company reports scale of more than 15 million customers and roughly $48 billion in quarterly cross-border flows as of late 2025, and as a listed company it publishes audited financial disclosures. Users should still verify current UAE service availability and terms directly, as features such as live outbound remittances were still subject to confirmation under CBUAE rules.
History of Wise
Wise was founded in 2011 as TransferWise by Kristo Käärmann and Taavet Hinrikus, built around the idea of charging an upfront, transparent fee while passing on the mid-market exchange rate rather than burying a markup in the rate. The company rebranded to Wise on 22 February 2021 to reflect its expansion beyond transfers into a multi-currency account, debit card and business products. In July 2021 Wise went public on the London Stock Exchange via a direct listing. It has grown into one of the largest standalone cross-border money-movement platforms globally.
Growth and scale
As of its October 2025 UAE announcement, the company reported serving more than 15 million customers globally (around 15.6 million active customers in its FY2025 results), processing approximately $48 billion in cross-border flows per quarter and holding over $28 billion in customer balances, per company figures. Wise states it holds more than 70 regulatory licences worldwide and operates as an app and web-only service with no retail branches. The UAE entry followed a similar recent expansion in India.
Where it stands today
Active and expanding. On 14 October 2025 Wise received final approval from the Central Bank of the UAE (CBUAE) for Stored Value Facilities and Retail Payment Services (Category 2) licenses, enabling the Wise Account and Wise Business in the UAE. Wise's own 14 October 2025 press release announces these licences but does not itself confirm that live outbound remittances from within the UAE are available; secondary reporting suggested a further CBUAE step may be required, so users should confirm current availability directly. Separately, in July 2025 Wise shareholders approved moving the company's primary listing to the US. The move completed in May 2026: the scheme of arrangement became effective on 8 May 2026 and shares began trading on Nasdaq (ticker WSE) on 11 May 2026 under the new group parent Wise Group plc, with the London Stock Exchange retained as a secondary listing.
Does Wise give the best rate?
Wise positions on a transparent-pricing model: it uses the mid-market (interbank) exchange rate with no rate markup and charges a clearly disclosed upfront fee, shown before you confirm. Per Wise's own pricing, this typically takes the form of a variable percentage fee starting around 0.41% for some currencies, plus a small fixed amount, with the exact rate varying by corridor and funding method. This contrasts with many banks and exchange houses that embed a margin in the exchange rate. Wise is generally competitive on total cost for many corridors, but the actual best rate and fee vary by corridor, currency, funding method and day, so verify live pricing and run a live comparison to decide the cheapest option for a specific transfer.
Compare Wise's live rateWho Wise is best for
Tech-comfortable expats and businesses in the UAE who want fully digital, app-based transfers with transparent fees and the mid-market rate, holding and converting across many currencies. Well suited to major Western and account-deposit corridors (e.g. GBP, EUR, USD) and to anyone prioritising transparent cost and speed over needing a cash-pickup or branch network. Less suited to users who need physical branch service or cash payout; live availability of specific UAE outbound corridors should be confirmed.
Compare Wise by destination
Sources
- Wise secures Central Bank final approval for Stored Value Facilities and Retail Payment Services licenses in the UAE (Wise Newsroom)
- How is Wise regulated in each country and region? (Wise Help Centre - FCA EMI, FinCEN MSB, firm reference 900507)
- After India, Wise gets Central Bank nod for fund transfer services in UAE (Gulf News, 14 Oct 2025)
- Wise Fees & Pricing: Only Pay for What You Use (Wise official pricing)
Important — please read
Last updated June 2026. This page is provided for general information only and is compiled from publicly available sources, accurate to the best of our knowledge at the date shown. Information can change and may contain errors or omissions. Rate Wala is an independent comparison service and is not affiliated with, endorsed by, or acting on behalf of Wise.
Nothing on this page is financial, legal, tax or other professional advice, or a recommendation to use any provider. You are solely responsible for carrying out your own due diligence — including verifying a provider's current licensing, regulatory status, fees, exchange rates, security and terms — directly with the provider and the relevant authorities before transferring any money.
To the fullest extent permitted by law, Rate Wala, its owners, operators and contributors accept no liability for any loss, damage, cost or risk of any kind — including financial loss, fraud or phishing — arising from your use of, or reliance on, this information or any third-party provider or service. Your use of Rate Wala and of any provider is entirely at your own risk.