Wise account review 2026: fees, card and limits for India and UAE users

This review is for freelancers, founders and expats whose money crosses India, the UAE and other countries, and who want to know what Wise will and will not do for someone living where they live. My own work and family life cross India, the UAE and the US, so the country rules get most of the space.

Every fee, limit and rule below was checked against Wise’s own pages, a regulator or a named publisher on 13 November 2026, and each page is in the sources. Where a page did not confirm something, the review says so. For card markups and transfer costs across banks and providers, see international payments: how to cut forex fees and markups; this post covers Wise alone.

The short answer by country

You live in	Hold foreign currencies	Account details to get paid	Wise card	Interest on balances
United Kingdom	Yes	Yes, free, 22 currencies	Yes, 7 GBP	Yes, through Wise Assets
United States (not Nevada)	Yes	Yes, free, 22 currencies	Yes, 9 USD	Yes, through a partner bank (not New York or Alaska)
India	Only when travelling, never INR	Business accounts only, paid out in INR	Wise Travel Card, for trips abroad	Not listed
UAE	Not listed	No multi-currency account, no USD details	Not available	Not listed

What Wise is, and what it is not

Wise is not a bank, even though people call it “Wise Bank”. In the UK, Wise Payments Limited is an electronic money institution authorised by the Financial Conduct Authority (firm reference 900507). Wise’s own explainer says it “doesn’t have a UK banking licence” and does not lend out customer money. The difference matters if the company fails:

• A UK bank deposit is covered by the Financial Services Compensation Scheme (FSCS), up to £120,000 per eligible person per firm according to Wise’s August 2026 explainer, which also quotes the FSCS: “We can’t protect the money you have with e-money institutions and payment providers.”
• Wise balances are safeguarded instead. Wise keeps customer money separate from its own, as cash at regulated banks, secure liquid assets (mainly short-term government bonds) or a comparable guarantee. In its words, “Safeguarding is not a promise of instant repayment”: if Wise failed, an administrator would return safeguarded money, possibly with costs or delays.

In the US, Wise’s Interest page says Wise is “not an FDIC-insured bank”; only money in its Interest feature gets pass-through FDIC cover through a partner bank, up to USD 250,000.

Who regulates Wise, by region

Each region has its own Wise company, per Wise’s help centre:

Region	Entity	Regulator and licence
UK	Wise Payments Limited	FCA, electronic money institution, 900507
US	Wise US Inc.	Registered with FinCEN; licensed money transmitter in listed states, with Community Federal Savings Bank providing money transmission elsewhere
India	Wise Payments India Private Limited	RBI, Payment Aggregator (Cross-Border Inwards), for businesses receiving payments
India	Vaho Forex Private Limited	RBI, Authorised Dealer Category II, for outward remittances and forex cards
UAE	Wise Fintech Network L.L.C	Central Bank of the UAE: Stored Value Facility, Retail Payment Services (Category 2) and remittance through digital channels

This review found no Wise page explaining how Indian or UAE customers’ money is protected, so ask Wise before keeping a large balance.

Who can open an account

Personal accounts

Wise lists 80 countries and territories where you can hold a balance: India is on it only while you travel overseas, and the UAE is not on it. In Bahrain, Israel and Malaysia only personal accounts can hold money (relevant if you hold Malaysia’s DE Rantau Nomad Pass), in Hong Kong only business accounts, and Nevada residents cannot.

Moving country changes what you can use. Wise suspends the account while it reviews your new address, which it says takes up to 2 days. Account details in currencies not available in your new country “will automatically become inactive”, and moving to or from the US cancels your cards.

Business accounts

Wise Business accepts sole traders, freelancers, companies and partnerships, and tells you at sign-up whether it supports your country. It refuses cryptocurrency, tobacco and adult content businesses, and companies with bearer shares. A business address can only move within its country of registration, so a company that relocates needs a new account. The one-off set-up fee is 50 GBP in the UK and 31 USD in the US; Wise says Indian businesses pay nothing extra for account details.

India: remittances and a travel card for people, receiving for businesses

Individuals get two products:

• Outward remittances under the Liberalised Remittance Scheme (LRS), handled by Vaho Forex. You must be an Indian tax resident with an Indian address and phone number, verified with Aadhaar, PAN and a video check.
• The Wise Travel Card, launched on 8 December 2025. It holds 40+ currencies but never INR, needs a passport and a flight ticket out of India as proof of travel, and cannot be used in India, Nepal or Bhutan or for non-travel spending such as investments, e-wallet top-ups, crypto or FX trading.

No Wise India page offers individuals an INR balance or personal account details to get paid from abroad. Receiving is a business product.

Businesses, including freelancers. Wise’s August 2026 India guide says sole proprietors qualify if they export goods or services, are Indian tax residents with a PAN linked to Aadhaar, bank in their own name, and are not a politically exposed person. How it works:

• Account details in 24 currencies: local details in 11 (USD, GBP, EUR, SGD, AUD, NZD, HUF, CAD, HKD, TRY and PHP) and international details in 13, including AED.
• Money is converted to INR automatically and paid to your Indian bank account, usually within 1 to 2 days. You cannot hold it or send from it.
• Each payment must be between 5 USD and 2.5 million INR or equivalent; anything outside goes back to the sender.
• An e-FIRC (electronic foreign inward remittance certificate) is emailed for each payment.

Wise’s own pages disagree on cost. The help centre describes a charge equivalent to 2 USD per payment covering the e-FIRC, while the India business pricing page promises “a free eFIRC for every transfer”. The conversion fee depends on the currency, plus 18% GST on Wise’s fees. Check what your first payment actually cost.

UAE: licensed, but most of the account is not live

Wise announced final Central Bank of the UAE approval for its Stored Value Facility and Retail Payment Services licences on 14 October 2025, as a first step towards serving UAE customers “in the future”, with no date. On 13 November 2026, a UAE resident could send from AED after verifying with an Emirates ID or residence permit, a selfie check and proof of a UAE residential address (a driving licence does not count). They could not:

• Send INR to India. Wise’s UAE page for India says it is “not quite there yet”.
• Open a multi-currency account. A Wise article updated in May 2026 says Wise “is not currently offering multi-currency accounts to users with an address in the United Arab Emirates (UAE)”.
• Get USD account details or a card. The UAE is excluded from USD details and missing from the card country list; its card page says “cards haven’t reached your country yet”.

This review could not confirm that a UAE-registered company can open Wise Business.

Balances, conversion and the mid-market rate

Wise converts at the mid-market rate, “the one you can check on Google”, and shows its fee separately before you confirm. Holding money is free, with no monthly fee or plan. The conversion fee varies by currency, from:

Pricing page	Conversion fee from
UK	0.24%
US	0.23%
India	0.33%

Your pair can cost more than the starting figure. Wise’s India pricing adds a minimum fee for small amounts and an automatic discount once you reach 25,000 USD or equivalent in a month. Compare the amount that arrives, as the forex fees guide does with a USD 1,000 example.

Getting paid with local account details

For a freelancer, this is the main reason to use Wise: a US client pays your USD details domestically, a European client pays your EUR IBAN, and nothing goes through SWIFT. Wise advises domestic details “to save on speed and fees”. Receiving fees for UK and US residents:

Payment	Fee
Getting account details in 22 currencies (personal)	Free
Domestic payments in AUD, CAD, EUR, GBP, HUF, NZD, PHP, SGD or USD (not USD wires)	Free
USD wire or SWIFT	6.11 USD each
GBP SWIFT	2.16 GBP each
EUR SWIFT	2.39 EUR each

Ask US clients to pay by ACH, since a domestic USD wire costs 6.11 USD like SWIFT, and print domestic details on every invoice. For wider habits around client income, see money tips for freelancers and founders.

The Wise card

Card issued in	Order fee	Free ATM withdrawals	After the allowance
United States	9 USD	Up to 250 USD a calendar month in total	1.95 USD + 1.95% on each withdrawal
United Kingdom	7 GBP	Up to 250 GBP a month in total	2.69% on the amount above 250 GBP
India (Travel Card)	Listed as free	Up to 200 USD a month	1.40 USD + 3.25% on the amount above 200 USD
UAE	Not available	Not applicable	Not applicable

• ATM operators can add their own fees; the allowance only waives Wise’s.
• Replacements cost 5 USD (US) or 2.50 GBP (UK); expired cards and the digital card are free.
• India’s Travel Card launched with its 460 INR issuance fee waived for early sign-ups; ordering is now listed as free, so check at checkout. GST and any TCS show before you confirm, spending is capped at 70,000 USD a month, and unused balance can be withdrawn only 10 working days after your last card transaction.

Worked examples, Wise fees only: 400 GBP withdrawn in a month on a UK card costs 2.69% of 150 GBP, about 4.04 GBP. A first 500 USD withdrawal in a month on the India card costs 1.40 USD plus 3.25% of 300 USD, 11.15 USD.

For ATM fee refunds, see free ATM withdrawals worldwide; for zero-markup credit cards, see credit cards in India, the UAE and the US compared.

Sending money to India

These rules apply wherever Wise offers the INR route, which on the date checked excluded the UAE.

• Recipient: an Indian bank account, including NRE and NRO accounts, or a UPI ID. You need the full name in Latin letters, an account number of 5 to 20 digits and the 11-character IFSC.
• Purpose: compulsory, from a fixed list. Between individuals it includes sending money home to family, savings, property purchase, education and loan repayment; payments to businesses use options such as pay for services (software export, consultancy), each mapped to an RBI code.
• Wrong purpose: this can delay or reject the payment. Once sent, Wise cannot change the code; the recipient’s bank must return the funds and you start again.
• Not allowed: transfers for investment or charitable donations, foreign direct investment, payments from non-profits or NGOs, and trade payments above 1.5 million INR per invoice per day.

Sending money from India: LRS, TCS and paperwork

• Paying Wise: from your own personal account by UPI (up to 100,000 INR a day, no Wise fee), IMPS (usually up to 500,000 INR) or NEFT and RTGS (no Wise limit). Pay the exact amount, decimals included; the UPI payee shows as Vaho Forex Private Limited. Not from a business or NRE account, and a name mismatch with your PAN brings a request for a bank statement.
• Purposes: Wise’s INR guide lists education, medical, travel, vacation and visit expenses, with supporting documents. For anything else, such as investing abroad, use an authorised bank.
• Limits: 60,000 USD per transfer, within the LRS limit of 250,000 USD per financial year (April to March), which the RBI applies across all sources in India, with PAN mandatory.
• TCS: Wise checks your PAN. Below 10 lakh INR in a financial year, no TCS on education, travel or family visits. Above it, 2% on medical and education and 20% on other purposes; education funded by a financial institution’s loan has none. Once over the threshold, TCS applies to the full transfer.

TCS is not a fee but tax paid in advance, recorded on a Form 27D certificate from the authorised dealer and claimed in your return. The forex fees guide covers LRS and TCS in full.

Limits at a glance

What	Limit
Sending from India	60,000 USD per transfer; 250,000 USD per financial year under LRS
Paying Wise by UPI from India	100,000 INR a day
Sending INR between individuals	100 million INR per transfer
Indian business receiving	5 USD minimum, 2.5 million INR maximum per payment
India Travel Card spending	70,000 USD a month

Other limits depend on the currency, payment method and your verification level; Wise publishes a guide per currency.

Interest and Assets

Neither India nor the UAE appears on Wise’s list of countries for Interest and Stocks.

UK. Wise Assets invests each currency in a BlackRock money market fund. On 10 November 2026 the variable 7-day rates were 3.47% on GBP, 3.66% on USD and 2.32% on EUR, with annual fees of 0.55%, 0.28% and 0.26% respectively, including a 0.1% fund manager fee. Wise says “Capital at risk, taxes may apply”, and that invested money is eligible for up to £85,000 FSCS protection; that does not protect the fund’s value.

US. A different product: money sits with a partner bank, Wise keeps part of the interest and charges no separate fee. The page showed 3.4% APY on USD, 2.21% on GBP and 1.2% on EUR, updated 18 September 2026. It needs a verified SSN or EIN, excludes New York and Alaska, and ends if you move out of the US.

Why accounts get restricted, suspended or closed

Wise’s help centre separates three situations:

• Restricted: a temporary hold while Wise checks unusual activity, confirms it is you, verifies your identity, address or source of money, or checks policy compliance. Answer by email or in the app; support cannot lift it or speed it up by phone.
• Suspended: for a compulsory politically exposed person check, and during a change of country. You cannot add or receive money meanwhile.
• Closed: when activity breaks the Customer Agreement or Acceptable Use Policy, with crypto trading, illegal goods and weapons as examples. You usually get 90 days to move money out, decisions are “usually final” though appealable, and you generally cannot open another account.

To stay clear: pay in from accounts in your own name, choose the right purpose code, update your country before you move, keep invoices for client payments and answer document requests quickly. Wise says it will never ask for your password, PIN, CVV or a one-time password, or ask you to move money for an investigation.

Alternatives, briefly

Option	What was confirmed	Caveat
Payoneer	Receiving free in your local currency, 1% (minimum 1 USD) in another, up to 3.99% + 0.49 USD by card	Bank withdrawals mostly 1.2% to 4%; 29.95 USD a year if you receive under 6,000 USD in 12 months
Revolut, UAE	Central Bank of the UAE stored value and retail payment licences, reported 17 June 2026; accounts and cards planned	No launch date reported; public launch not confirmed here
Revolut, India	RBI authorisation in April 2025 for prepaid cards and wallets, alongside an AD-II licence for forex cards and remittances	Full public launch not confirmed here

US-registered companies have more choices; see Mercury vs Brex for startups.

Who Wise suits

It suits: UK and US residents billing clients in several currencies; Indian freelancers and small businesses who want an e-FIRC and INR within days, once they have checked the per-payment cost; Indian residents travelling abroad who plan for TCS; and people outside the UAE sending money to family in India.

It does not suit, yet: UAE residents who want an account, card, USD details or transfers to India; Indian residents who want to hold foreign earnings (the forex guide covers EEFC accounts); and anyone who needs deposit insurance or credit.

Checklist before you rely on Wise

1. Check your country on Wise’s hold-money list, card country list and USD account details exclusions.
2. Use your own country’s pricing page, and compare the amount received against your bank and one other provider.
3. Put domestic account details on invoices and ask US clients for ACH.
4. In India, confirm the e-FIRC charge, pick purpose codes carefully and track your LRS total.
5. In the UAE, recheck the India transfer and card pages before relying on Wise.
6. Keep only near-term money in Wise: it is safeguarded, not insured.
7. Update your address before you move, and recheck these figures yearly.