Wise is a very popular name for its numerous money transfer services internationally. Let’s find out what is Wise, the advantages and disadvantages of Wise and useful information about Wise account opening rules.

What is Wise?

Wise was formerly known as TransferWise. It is a money transfer service that works just like the other ten money transfer services, but it has some special features. Wise started its journey in 2011. Wise is one of the ways to send money internationally.

Money can transact easily by creating a wise account. Money can be sent to the desire currency by selecting any one currency and the total amount of money. The transfer fee can also see before sending money.

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Wise is quite safe and easy to use. It is not like a conventional bank. Wise has gained a good reputation through its competitive low transfer rates.

Is it possible to send money from abroad to Bangladesh using Wise?

Yes, there is a facility to send money from abroad to Bangladesh through Wise. Wise is a very popular service for international money transfer. There is a higher fee for using a bank to transfer money. International money transfer services like Wise are offering better benefits than this.

Advantages and disadvantages of Wise

The use of Wise is quite convenient for sending friends or family from abroad, or for international purchases. Let’s take a look at the advantages and disadvantages of Wise.

Benefits

There are a number of reasons why Wise is widely use. Let’s take a look at the benefits of Wise.

Security

Security is one of the most important part of any money transfer service. In the case of Wise, one can be quite confident about security. Wise is a licensed electronic financial institution that complies with the rules of the Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs in the United Kingdom. Both organizations use 256-bit SSL data encryption with institutional-level security and 2046-bit keys.

Consumer account funds are kept separate from corporate accounts. In other words, there is no reason to worry if the organization has any financial problems or bankruptcy.

Wise’s transfer process is also update using the Wise app and email which ensures transparency and security. Money sent through Wise can receive without Wise account.

Low currency exchange rate

The real market price of any currency is always fluctuating. Although banks make their own profit from the actual rate. The good thing about Wise is that Wise informs about the actual rate. Wise always displays their actual rate chart. In other words, Wise is very transparent about the price of currency.

Affordable from the bank

Most traditional banks, financial institutions and exchange offices have to pay a hidden fee of up to 5% for currency exchanges and international money transfers. In addition, both the sender and the receiver have to pay extra fees for the transfer.

Considering these issues, using Wise is quite affordable. It is also quite affordable as it tells Wise directly about charges and fees.

Extensive coverage

Very few platforms provide large-scale services like Wise. Wise can use to send money in more than 50 currencies in more than 70 countries.

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Quick transaction

Wise usually sends money from one country to another within 1-2 working days. If you have a mobile wallet such as bKash account , money goes to bKash from Wise in a few minutes. The Wise app will also show you how long it will take for your transaction to be complete.

Disadvantages

But Wise is just an advantage, but not that. There are also some disadvantages to using Wise. Let’s take a look at Wise’s disadvantages.

Limited support

Customer service is available using phone only during regular working hours during office hours. While this is a standard for most economic services, it is good to know this.

Limited debit card

One of the best features of Wise is its debit card. Debit Card MasterCard is available with Wise Account just like Payoneer. However, only a few countries users are given this card. Wise has not yet started issuing debit cards to its customers in Bangladesh.

Wise rates and fees

Before sending money from one country to another using Wise, you need to understand how Wise’s currency exchange works. Wise uses real exchange rates for transfers, which are expensive and less than ten commercial exchange rates. 

Wise charges of 1% to 2.5% apply. There is no hidden fee for using Wise. However, in case of exchange rate, the fees will be applicable. Where other financial institutions say nothing about their exchanges, but Wise informs users directly about their fees.

Wise is suitable for whom?

Wise can be used for institutional use or to receive payment from a freelance client. Wise can also be use to transfer money from abroad to friends or family if needed. If you bring remittances to expatriates with Wise in Bangladesh, you will also get 2.5 percent government incentive bonus.

Wise Website: Website Link.

Wise Android App. Wise iOS App.