By zoostoki 
Key Takeaways
- Wise allows receiving funds in Bangladesh: Users in Bangladesh can receive money via Wise in Bangladeshi Taka (BDT) but cannot send money outward due to local regulatory restrictions.
- Cost-effective international transfers: Wise provides low fees and mid-market exchange rates, ensuring recipients in Bangladesh receive maximum value from transfers.
- Fast and transparent transactions: Transfers to Bangladesh through Wise are completed within 1-2 business days with real-time tracking and upfront cost details.
- Regulations impact outbound transfers: Sending money from Bangladesh using Wise is restricted due to compliance with the country’s financial regulations.
- Alternatives to Wise: Services like Payoneer, Xoom, Western Union, and local bank transfers are viable options for international money transfers to and from Bangladesh in cases where Wise is limited.
Sending money internationally has become easier than ever, but navigating the options can still feel overwhelming. If you’re in Bangladesh or looking to send money there, you might be wondering if TransferWise (now known as Wise) is a viable option. With its reputation for low fees and transparent exchange rates, it’s no surprise that many are curious about its availability in this region.
I’ve explored the ins and outs of using Wise for cross-border transfers, especially when it comes to Bangladesh. Whether you’re sending money to family, paying for services, or managing business transactions, understanding your options is crucial. Let’s dive into what you need to know about using Wise in Bangladesh and whether it’s the right choice for your financial needs.
Overview Of TransferWise (Wise)
Wise, formerly known as TransferWise, is a global platform for fast and low-cost international money transfers. Established in 2011, it serves millions of users with transparent fees and mid-market exchange rates.
How TransferWise Works
Wise uses a unique system to process international money transfers. Instead of transferring money directly across borders, Wise matches transfers within its vast network. For example, if User A in the US sends money to Bangladesh and User B in Bangladesh sends money to the US, Wise matches their transactions locally, reducing international transfer costs and speeding up delivery.
The sender starts by selecting the recipient’s country, preferred currency, and payment method. After confirming the transfer amount and Wise’s fee preview, the sender pays Wise locally through supported payment options, such as bank transfers, debit cards, or direct debits. Wise then settles the corresponding amount in the recipient’s local currency to their account, using the actual mid-market exchange rate.
Key Features Of TransferWise
- Transparent Fees
Wise charges fees upfront and provides detailed breakdowns before confirming a transfer. Compared to banks or other providers, Wise’s costs are significantly lower.
- Mid-Market Exchange Rates
Wise uses the mid-market exchange rate, avoiding hidden currency conversion fees. This ensures recipients get the maximum value from transfers.
- Multi-Currency Accounts
Wise offers borderless accounts, enabling users to hold and exchange over 40 currencies, including USD, GBP, and EUR. These accounts help freelancers, travelers, and businesses manage foreign transactions efficiently.
- Fast Transfer Speeds
Transfers typically take minutes to a few hours, depending on the recipient’s bank and payment method.
- Global Reach
Wise supports transfers to over 170 countries, with methods such as bank deposits, mobile wallets, or card payments.
- Regulated And Secure Services
Wise is authorized and regulated by financial authorities in major markets, ensuring secure handling of your transactions. Two-factor authentication adds an extra layer of protection.
These features highlight why Wise is a preferred choice for cross-border money transfers worldwide, including destinations like Bangladesh.
Is TransferWise Available In Bangladesh?
Wise (formerly TransferWise) operates in many countries, including Bangladesh. However, its availability depends on specific services and regulatory factors.
Supported Countries And Currencies
Wise supports over 170 countries and more than 50 currencies, including Bangladesh. Users in Bangladesh can receive money via Wise in Bangladeshi Taka (BDT). Sending from Bangladesh isn’t currently supported due to local financial regulations, but users can access global transfers by receiving funds or linking bank accounts abroad.
Limitations And Restrictions In Bangladesh
Wise allows receiving money in Bangladesh but doesn’t support outbound transfers from local bank accounts. This is due to compliance with Bangladesh’s strict regulations regarding international money transfers. Additionally, users must ensure their bank supports remittance transactions to complete transfers without issues.
Steps To Send Money Using TransferWise In Bangladesh
Wise supports receiving funds in Bangladesh but not sending money outward due to regulatory restrictions. Here’s how to effectively use Wise for receiving and managing international transfers in Bangladeshi Taka (BDT).
Account Setup And Verification
I create a Wise account through the website or mobile app using my email address. After signing up, I provide my full name, address, and date of birth. Wise then requires identity verification to ensure security and compliance with financial regulations. I submit a government-issued ID, such as a passport or national ID card, and may complete additional security checks depending on my country.
Once verified, I link my local bank account to the Wise account to receive transfers in BDT. Wise ensures all linked details are secure and encrypted.
Adding Recipients And Sending Funds
To receive money, the sender adds me as a recipient in their Wise account. They enter my full name, my local bank details (e.g., account number and bank name), and the currency in BDT. Wise calculates an exact transfer amount using mid-market exchange rates to ensure no hidden fees.
The sender confirms the payment, and I get notified of the transfer. Funds typically arrive directly in my bank account, often within 1-2 business days, depending on the processing time of local banks.
Benefits Of Using TransferWise In Bangladesh
Using Wise in Bangladesh for receiving international transfers offers multiple advantages, including cost-saving and swift, transparent transactions.
Cost-Effectiveness
Wise eliminates hidden fees by using the real mid-market exchange rate. Unlike traditional banks or transfer services, it avoids inflated rates or additional conversion charges. For example, if I receive $1,000 in Bangladeshi Taka (BDT) through Wise, the difference in received funds compared to banks can be substantial. Wise’s fee structure is clearly outlined before transactions, ensuring there are no surprises.
Speed And Transparency
Transfers via Wise are completed quickly, with most arriving within 1-2 business days. I can track the transfer in real-time, making the process predictable and reliable. Additionally, Wise provides upfront cost details and the exact amount the recipient will get in BDT. This level of transparency builds trust and eliminates uncertainties common in traditional money transfer systems.
Alternatives To TransferWise In Bangladesh
While Wise provides significant benefits for receiving funds in Bangladesh, limited outbound transfers create a need for other options. Exploring local bank transfers and international money transfer services can help address these limitations.
Local Bank Transfers
Local banks in Bangladesh often support international remittances in partnership with global financial networks. Many major banks, like BRAC Bank and Dutch-Bangla Bank, allow users to send and receive money internationally. These transfers rely on systems such as SWIFT for processing. However, fees are generally higher, and exchange rates may include markup costs. Processing times can range from 2-5 business days, depending on the bank and destination country.
Bangladesh Bank regulates remittance processes, ensuring user protection but enforcing rules that may slow international transfers. Users sending money should check transfer limits, required documentation, and partner banks in the destination country. Direct bank transfers suit larger sums but aren’t ideal for low-cost, quick transactions.
Other International Money Transfer Services
Several services address the gaps Wise cannot fill in Bangladesh. Payoneer is widely used, especially by freelancers and businesses, for seamless transfers to connected bank accounts. It offers competitive rates but requires linked accounts to withdraw funds in BDT.
Xoom, a PayPal service, specializes in sending money from abroad to Bangladeshi recipients. It supports cash pickups and deposits into local bank accounts. Xoom typically delivers transfers within hours, though fees are higher for small amounts.
Western Union and MoneyGram provide cash payments and bank deposits across Bangladesh. Both services cater to those without online access but involve higher costs, particularly for urgent remittances. Processing is usually instantaneous to cash pickup locations within the network.
For digital options, Skrill supports low-cost transfers to Bangladeshi users, focusing on card or bank account connections. While available in select regions, its low transfer limits might not meet all user needs.
Conclusion
Wise is an excellent option for receiving money in Bangladesh thanks to its low fees, transparent exchange rates, and fast transfer speeds. While sending money from Bangladesh isn’t currently supported, its features make it a trustworthy choice for incoming transfers in BDT.
For those needing outbound transfer options, exploring local banks or alternative services like Payoneer or Western Union can help meet specific needs. By understanding the available options, you can choose the most efficient and cost-effective solution for your international money transfers.
Frequently Asked Questions
1. What is Wise, and how does it work?
Wise (formerly TransferWise) is a platform for fast, low-cost international money transfers. It works by matching transfers within its network to minimize fees and uses the mid-market exchange rate. It serves millions of users across 170+ countries.
2. Can I send money from Bangladesh using Wise?
No, Wise currently does not allow outbound transfers from Bangladesh due to local regulations. However, you can receive money in Bangladeshi Taka (BDT) through Wise.
3. How can I receive money in Bangladesh using Wise?
To receive money, create a Wise account, complete identity verification with a government-issued ID, and link your local bank account. Senders can then transfer funds to your Wise account, which will typically arrive within 1–2 business days.
4. What fees does Wise charge for international transfers?
Wise charges low, transparent fees and avoids hidden costs by using the real mid-market exchange rate. Fees are disclosed upfront before confirming the transfer.
5. How long does it take to receive money with Wise in Bangladesh?
Transfers made through Wise usually take 1–2 business days to reach your bank account, depending on the sender’s payment method and processing times.
6. Is Wise safe to use for international money transfers?
Yes, Wise is highly secure. It is regulated in multiple countries and uses two-factor authentication to protect user information and transactions.
7. Can I track my Wise money transfer?
Yes, Wise allows you to track your transfer in real-time via their website or mobile app. Updates about your transfer’s progress are also sent through notifications.
8. What are the benefits of using Wise in Bangladesh?
Wise offers low fees, fast transfers, mid-market exchange rates, real-time tracking, and transparent cost details. These features help maximize received amounts in BDT.
9. Are there alternatives to Wise for sending money from Bangladesh?
Yes, alternatives include local bank transfers through BRAC Bank or Dutch-Bangla Bank, and services like Payoneer, Xoom, Western Union, MoneyGram, and Skrill. Each has different fees and processing times.
10. Why does Wise not support sending money from Bangladesh?
Wise complies with local financial regulations, which currently restrict outbound international money transfers from Bangladesh. Users can only use Wise to receive money.