If you're a UAE resident using Wise, you may have noticed that Wise now offers interest on balances in some markets. The UK and EU apps show a "Interest" feature on GBP and EUR balances. US users can earn on their USD.
UAE residents are not included.
Here's what's actually going on — and what alternatives exist.
Why Wise doesn't pay interest to UAE residents
Wise's interest feature is tied to its e-money licences and banking partnerships in the UK and EU. In the UAE, Wise holds a remittance licence from the Central Bank of the UAE — a different regulatory category that doesn't permit them to offer interest on deposits.
As of March 2026, Wise UAE accounts earn 0% on all balances: AED, USD, GBP, EUR, or any other currency held in your Wise account.
This isn't a product decision. It's a licensing constraint.
What UAE residents actually use Wise for
Wise in the UAE is predominantly used for:
- Currency conversion — competitive mid-market rate with transparent fees
- International transfers — sending money to the UK, India, Europe, Philippines
- Multi-currency holding — keeping GBP or EUR for travel or overseas expenses
For these use cases, Wise is genuinely excellent. No one beats their exchange rates for international transfers at retail amounts.
But if you're holding meaningful savings in Wise's USD account earning nothing, the cost compounds quickly.
The opportunity cost of idle balances
On $10,000 sitting in a Wise USD account:
- Wise earns: $0
- UAE bank savings account (standard): ~$150/year (1.5%)
- StashAway Simple UAE: ~$390/year (3.6%)
- Vault: ~$540/year (~5.4% variable, no fee)
Over three years at current rates, the gap between Wise (0%) and Vault (~5.4%) on $10,000 is over $1,700.
Many UAE residents hold larger USD balances — amounts they've saved in USD because they earn in USD or plan to eventually repatriate in USD. At $50,000, the annual gap between Wise and Vault is approximately $2,700.
What Vault is (and isn't)
Vault isn't a replacement for Wise. They solve different problems.
Wise is for moving money across borders efficiently. Vault is for the money sitting still while you're not moving it.
Vault:
- ~5.4% current earnings on USD deposits (variable, not guaranteed)
- Earnings come from fees paid by institutional borrowers in vetted lending markets
- No lock-in — withdraw anytime
- No management fee
- No minimum balance
- No specialist knowledge needed
- Pursuing ADGM regulatory approval (not yet licensed)
When to use each:
- Use Wise to transfer money internationally — nothing beats it for that
- Use Vault for savings you're parking: your emergency fund, house deposit, runway, gratuity
What about Revolut?
Revolut recently received in-principle regulatory approval in the UAE but had not yet fully launched as of March 2026. When it does launch, its UAE licence covers payments — not savings or earnings products. Revolut's savings features (available in the UK and EU) are not expected to be part of the initial UAE rollout.
The honest picture for UAE expats
If you use Wise for transfers and hold a meaningful idle balance there, that balance earns nothing. The Wise account is not a savings account.
The most common pattern among UAE expats: keep Wise for what it's good at (transfers), and move idle savings somewhere that earns. Right now, the no-condition, no-lock-in USD savings options in the UAE are:
| Option | Rate | Notes |
|---|---|---|
| Wise | 0% | Transfers only |
| UAE bank savings | 0.5–2.5% | Variable |
| StashAway Simple | 3.6% | Money market fund, DFSA-regulated |
| Sarwa Save+ | ~3.2% net | 0.5% annual fee deducted |
| Vault | ~5.4% (variable) | No fee, no lock-in |
Join the waitlist at vlt.money
Vault earnings are fees paid by institutional borrowers in vetted lending markets — not guaranteed returns. Rates are variable. Vault is in the process of obtaining ADGM regulatory approval.
