By zoostoki 
Key Takeaways
- Wise operates in Bangladesh: Users can send money internationally using Wise (formerly TransferWise), but local regulations and limitations on the Bangladeshi Taka (BDT) as a sending currency must be considered.
- No direct support for BDT: Bangladeshi residents need to convert BDT to a supported currency like USD, EUR, or GBP before initiating transfers through Wise, potentially requiring intermediary services.
- Cost-effective and transparent: Wise offers low fees, competitive mid-market exchange rates, and detailed cost breakdowns compared to traditional methods, making it an attractive option for international transfers.
- Compliance with regulations required: Due to Bangladesh Bank’s strict regulations, users may face verification steps or other compliance requirements that could cause delays.
- Alternative platforms available: Services like Western Union, MoneyGram, Xoom, bKash, Payoneer, and Remitly also provide international transfer options from Bangladesh, each with varying features and fees.
Sending money internationally has become easier than ever, but figuring out the right platform can still feel overwhelming. If you’re in Bangladesh and looking for a reliable way to transfer money abroad, you’ve probably come across Wise, formerly known as TransferWise. It’s known for its low fees and competitive exchange rates, but is it an option for you?
What Is TransferWise?
TransferWise, now known as Wise, is an international money transfer platform designed to offer low fees and mid-market exchange rates. It supports cross-border payments between over 170 countries, making it accessible for a wide range of users.
I see Wise as a modern alternative to traditional bank transfers. Transactions happen online or through its mobile app, ensuring convenience and transparency. Unlike banks, Wise charges upfront fees and provides a detailed cost breakdown before confirming a transfer.
Wise uses local bank accounts in both the sending and receiving countries. This setup eliminates hefty international transaction fees, especially when dealing with currencies like USD, EUR, or GBP. Its platform also ensures that transactions remain traceable, offering real-time updates and delivery estimates.
Businesses and individuals can use Wise’s services for various purposes, such as paying freelancers, sending remittances, or settling international invoices.
Can I Send Money Through TransferWise From Bangladesh?
Yes, Wise (formerly TransferWise) allows users in Bangladesh to send money to international destinations. However, its services depend on specific regulations and supported currency pairs.
TransferWise Availability In Bangladesh
Wise operates in over 170 countries, but availability in Bangladesh relies on compliance with local financial regulations. Bangladeshi residents can create a Wise account, but sending money directly from a Bangladeshi bank account or mobile financial service may be restricted. For payouts, Wise typically uses its global bank account network, allowing seamless transfers to supported destinations.
If you’re in Bangladesh, you may need additional verification steps to comply with Bangladeshi central bank policies. Availability also depends on transaction purposes, as Wise mainly supports personal and business use cases rather than charitable or illicit activities.
Supported Currencies And Payment Options
Wise supports transfers involving over 50 currencies, including major ones like USD, EUR, GBP, and AUD. However, Bangladeshi Taka (BDT) isn’t a directly supported sending currency. You’ll need to convert funds to a supported currency before initiating a transfer through Wise.
For payments, Wise accepts debit/credit cards and local currency via supported payment methods. Since BDT isn’t among accepted sender currencies, users may require intermediary services or third-party accounts tied to Wise-compatible currencies for processing transactions.
How To Send Money From Bangladesh Using TransferWise
Sending money from Bangladesh internationally through TransferWise (Wise) involves several steps that ensure compliance with local regulations and the platform’s requirements. Here’s a detailed guide to help with the process.
Steps To Set Up Your TransferWise Account
- Create an account: I accessed the Wise website or downloaded the Wise app from the App Store or Google Play. Using my email address, I signed up by providing my name, residence, and a strong password.
- Verify identity: Wise requested my verification documents, such as a passport or national ID, to comply with Bangladeshi regulations. I submitted clear, scanned copies of these documents through their platform.
- Connect funding source: Since Wise doesn’t currently support direct transfers from Bangladeshi bank accounts, I needed a foreign-based bank account, international debit card, or a different supported funding source linked to my Wise account.
- Configure account settings: I selected a primary sending currency and chose notification preferences for real-time updates on my transfers.
Process Of Transferring Money
- Enter recipient details: I provided the recipient’s full name, bank account information, and country. For business transfers, I included the receiving company’s details.
- Specify payment amount: I selected the amount in the desired currency. Wise displayed the applicable fees and mid-market exchange rate upfront, so I knew the exact cost.
- Fund the transfer: I used my linked payment source to fund the transfer—options included international debit cards, credit cards, or accounts in other supported currencies.
- Review and confirm: Before completing the transfer, I reviewed all details, including fees, currency conversion rates, and estimated delivery time.
- Track the transfer: Wise’s platform provided me with real-time updates and alerts until the recipient successfully received the funds.
Adhering to local regulations, payments originating from Bangladesh may need intermediary arrangements. Wise ensures transparency with detailed cost breakdowns and efficient handling for global transactions.
Benefits Of Using TransferWise In Bangladesh
Wise offers significant advantages for international money transfers from Bangladesh. Its cost-effectiveness, speed, and security set it apart from traditional methods.
Lower Fees And Competitive Exchange Rates
Wise charges transparent, low fees compared to banks, which often include hidden charges. For example, sending $1,000 in USD through Wise generally incurs a fee of around 0.5% depending on the currency pair, whereas banks typically charge 3-5%. It applies the mid-market exchange rate with no markup, ensuring you and the recipient get the most value. This benefit proves particularly valuable when transferring to major currencies like USD or EUR.
Speed And Security Of Transactions
Wise processes payments within 1-2 business days for most currencies, but many transfers complete in hours. Its robust security measures include encryption, fraud monitoring, and regulatory compliance, as Wise is regulated by financial authorities in multiple jurisdictions. Users in Bangladesh receive real-time updates and detailed delivery timelines, which increase reliability for everything from repatriating funds to family support abroad.
Challenges And Limitations
While Wise offers an efficient platform for international money transfers, users in Bangladesh may face specific challenges due to local regulations and platform constraints.
Restricted Payment Methods
Wise doesn’t directly support Bangladeshi Taka (BDT) as a sending currency, requiring users to first convert funds into a supported currency like USD, EUR, or GBP. Limited options for funding transfers, such as direct bank account linking, can make it difficult to initiate payments. In many cases, users may need to rely on intermediary services or additional steps to process transactions effectively.
Bangladesh-Specific Restrictions
Local financial regulations tightly control cross-border transactions in Bangladesh, impacting the ability to send money through Wise. Residents must comply with Bangladesh Bank’s approval processes and audit standards for remittance purposes. Additional identity verifications or documentation might be necessary to adhere to compliance requirements. These regulatory limitations can delay or complicate the overall transfer process.
Alternatives To TransferWise In Bangladesh
Several alternatives exist for sending money internationally from Bangladesh. These platforms cater to varying needs, offering options for residents seeking flexibility and compliance with local regulations.
- Western Union
Western Union facilitates international money transfers from Bangladesh. Users can send funds to over 200 countries, either online or through physical agent locations. It supports cash pickup and direct bank transfers, though fees can vary based on the transfer method and destination.
- MoneyGram
MoneyGram provides quick international transfers with a presence in numerous Bangladeshi banks and agent locations. Transfers can be funded through bank accounts, mobile wallets, or cash. Recipients can access funds within minutes depending on the payout method.
- Xoom (PayPal Service)
Xoom allows users to send money, pay bills, or reload phones internationally. It’s accessible via mobile and supports transfers to over 130 countries, including Bangladesh. Users can send funds to bank accounts or make cash pickups. Higher fees may apply for instant transfers.
- bKash
bKash, a prominent mobile financial service in Bangladesh, facilitates outbound international remittances through partnerships with providers like Western Union. It’s convenient for mobile wallet users, though availability depends on partnerships with external platforms.
- Payoneer
Payoneer supports cross-border payments, focusing on professionals and businesses. Freelancers or small businesses receiving funds from global clients can transfer earnings to Bangladeshi bank accounts. Payoneer charges service-based fees and imposes conversion costs.
- Remitly
Remitly enables international transfers with competitive exchange rates and tiered pricing. Users can send money from Bangladesh with multiple delivery options, including direct deposits, cash pickups, or mobile money. Instant transfers might incur higher costs.
Each option has unique benefits and constraints based on fees, transfer speed, and supported currencies. Regulatory compliance remains crucial when using these services in Bangladesh.
Conclusion
Wise offers a modern, cost-effective solution for international money transfers, but its usability in Bangladesh comes with certain limitations. While the platform excels in transparency, low fees, and speed, users must navigate local regulations and the lack of direct support for Bangladeshi Taka. Exploring intermediary options or alternative services may be necessary to meet specific needs. Ultimately, it’s important to assess your priorities and choose the most suitable method for your international transfers.
Frequently Asked Questions
What is Wise, and how does it work for international money transfers?
Wise is an online money transfer platform offering low fees and mid-market exchange rates. It uses local bank accounts in both sending and receiving countries to avoid international transfer fees. Users can send money to over 170 countries by creating an account, entering payment details, and funding the transfer online or via a mobile app.
Can people in Bangladesh use Wise to send money abroad?
Yes, Bangladeshi users can use Wise to send money internationally, but direct transfers from Bangladeshi Taka (BDT) are not supported. Funds must be converted to a supported currency like USD, EUR, or GBP, and transactions must comply with local financial regulations.
What currencies can I send using Wise?
Wise supports transfers in over 50 currencies, including USD, EUR, GBP, AUD, and more. However, Bangladeshi Taka (BDT) is not a supported sending currency, so users in Bangladesh must first convert their funds to a supported currency.
How much does Wise charge for international money transfers?
Wise charges transparent, upfront fees—typically around 0.5% for sending $1,000. It applies the mid-market exchange rate with no markup, making it more cost-effective compared to traditional banks, which may charge 3-5%.
How long does it take to transfer money using Wise?
Wise typically processes transactions within 1-2 business days. Many transfers complete within hours, depending on the currencies involved, payment method, and local regulations.
What are the benefits of using Wise over traditional banks?
Wise offers lower fees, mid-market exchange rates, faster processing times, and a transparent cost breakdown. It eliminates hidden bank fees by using local accounts for transactions and provides real-time updates on transfer status.
Are there any limitations for Bangladeshi users on Wise?
Yes, Bangladeshi Taka (BDT) cannot be used directly to send money. Local regulations may impose restrictions requiring intermediary services or additional identity verification, potentially complicating the transfer process.
Is Wise secure for international money transfers?
Yes, Wise is highly secure. It uses advanced encryption, fraud monitoring, and complies with global financial regulations. Real-time updates and tracking enhance trust and reliability for users.
What other international money transfer options are available in Bangladesh?
Alternatives to Wise include Western Union, MoneyGram, Xoom, bKash, Payoneer, and Remitly. These services cater to different needs, offering cash pickups, faster transfers, or business payment solutions while complying with local regulations.
How can I set up a Wise account to send money?
To set up a Wise account, visit their website or download the app. Register with your email, verify your identity as per local regulations, link a payment source, and follow the steps to initiate transfers.