TransferWise Work In Bangladesh

Last Updated on March 3, 2021 by Adnan Musa

TransferWise is a London-based very popular online money transfer service. TransferWise was founded in January 2011 by Estonians Kristo Käärmann and Taavet Hinrikus. Since the establishment, TransferWise has supported more than 750 currency routes across the world including the BDT of Bangladesh. It means TransferWise works in Bangladesh and you can send or transfer money in Bangladesh by TransferWise.

Features Of TransferWise

1. It’s a simple way to transfer money from one bank account to another

2. TransferWise supports large money transfer

3. International money transfers with low-rate exchanges

4. It supports multi-currency account for sending and receiving money

5. TransferWise provides a debit card that you can link to the multi-currency bank account

6. Different tools for paying invoices to multiple people around the globe

7. You can Integrate TransferWise with different popular invoicing software

8. API access to automate payments and payment collection processes

9. A transparent transfer calculator to see how much you’re being charged in fees

10. Provide monthly statement so that you can check how much you’ve been spending and receiving in your accounts

11. TransferWise supports transferring money to a non-TransferWise account

Pricing For The TransferWise Account

1. Creating and managing an account: Free

2. Holding currencies in your accounts: Free

3. Creating multi-currency bank account details (like IBAN and routing numbers): Free

4. Receiving direct money transfers in the same currency: Free

5. Fees for converting any currencies: 0.35% to 3%

6. Adding a direct debit to your account: 0.2%

Pricing For The Debit Card Of TransferWise

1. Signing up and receiving the debit card: Free

2. Spending with the currencies you have in your account: Free

3. Converting a currency with the use of your card: 0.35% to 3% 

4. Spending in rare currencies: MasterCard rate

5. ATM withdrawals up to $250 per month: Free

6. ATM withdrawals over $250 per month: 2%

TransferWise Security Measures

Security is the main concern for people when they are using different types of online money transfer services. If you use TransferWise to send money online then there is nothing to worry about the security and privacy of your account. TransferWise is authorized and securely regulated by the Financial Conduct Authority (FCA) in the UK which is a standard security procedure for every bank in the UK. Other security measures of TransferWise include:

1. DDoS protection from Cloudflare

2. Regular updates and patches to the software

3. Tightly secured servers with audit logs to see who accesses the servers

4. Hardened servers with restrictive firewalls

5. TransferWise is SOC 1 Type 2 and SOC 2 Type 2 certified and GDPR compliant

6. Several user-based security offerings are available, such as phishing tracking, two-step login, etc. 

List Of Sending Currencies Supported By TransferWise      

1. United States dollar

2. Canadian dollar

3. Brazilian real

4. Euro

5. British pound

6. Swiss franc

7. Danish krone

8. Norwegian krone

9. Swedish krona

10. Bulgarian lev

11. Czech koruna

12. Croatian kuna

13. Hungarian forint

14. Polish złoty

15. Romanian leu

16. Australian dollar

17. New Zealand dollar

18. United Arab Emirates dirham

19. Turkish lira

20. Indian rupee

21. Hong Kong dollar

22. Japanese yen

23. Malaysian ringgit

24. Singapore dollar

25. Vietnamese dong

List of Receiving Currencies Supported by TransferWise

1. Bangladeshi Taka

2. United States dollar

3. Canadian dollar

4. Argentine peso

5. Chilean peso

6. Costa Rican colón

7. Mexican peso

8. Peruvian nuevo sol

9. Brazilian real

10. Euro

11. British pound

12. Swiss franc

13. Uruguayan peso

14. Russian rouble

15. Ukrainian hryvnia

16. Georgian lari

17. Egyptian pound 

18. Danish krone

19. Norwegian krone

20. Swedish krona

21. Bulgarian lev

22. Ghana Ghanaian cedi

23. Kenya Kenyan shilling

24. Nigeria Nigerian naira

25. Tanzania Tanzanian shilling

26. Uganda Ugandan shilling

27. Czech koruna

28. Croatian kuna

29. Hungarian forint

30. Moroccan dirham

31. South African rand

32. Nepalese rupee

33. Sri Lankan rupee

34. Pakistani rupee

35. Polish złoty

36. Romanian leu

37. Australian dollar

38. New Zealand dollar

39. United Arab Emirates dirham

40. Turkish lira

41. Indian rupee

42. Hong Kong dollar

43. Chinese yuan

44. Indonesian rupiah

45. Philippine peso

46. Thai baht

47. Japanese yen

48. Malaysian ringgit

49. Singapore dollar

50. Vietnamese dong

How To Open A TransferWise Account In Bangladesh

We already know that Bangladeshi Taka is supported by TransferWise. So you can easily open a TransferWise account in Bangladesh and receive money. The process is very simple. Follow the below steps:

1. First, open a browser on your account

2. Now visit TransferWise.com

3. Once the webpage completely load you will find the “Register” option at the top right corner

4. Click on the Register and a new webpage will load

5. Here you have to provide a valid mail address, password, and country

6. Now click on the “Sign Up” button

7. You will be logged into your TransferWise account

8. Now click on the profile icon from the top right corner

9. A drop-down menu will appear; from the available options select “Finish Account Setup”

10. On the next page, you have to provide your full name, date of birth, personal address, and mobile number

11. An OTP will come to your mobile number; enter the OTP to verify your mobile number

12. Once the verification is completed, click on the “Save” button to complete the process

How To Change The Currency Of A TransferWise Account To Bangladeshi Taka

When you open a TransferWise account, by default the currency will be GBP. You can easily change the currency to Bangladeshi Taka. Here are the details:

1. First login to your TransferWise account

2. Now from the available option select Balance

3. Then click on the “Open a Balance”

4. Now you have to choose the currency from the drop-down menu

5. Select Bangladeshi Taka and then click on the Confirm button to complete the process

Remember, by changing currency to Bangladeshi Taka, you’ll be able to hold BDT to pay for future transfers. You can’t add BDT directly to your TransferWise account but you can still get BDT by converting it from another currency in your TransferWise account.

How To Send Money To Bangladesh Via TransferWise

You can easily send money to a Bangladeshi TransferWise account. If you are wondering how then check the below steps:

1. First login to your TransferWise account

2. Now from the available options select “Send Money”

3. In the next step, you have to provide the amount you want to send

4. Then you have to select “Bangladeshi Taka” from the available option

5. Now click on the Continue

6. Next, you have to provide the full name, bank name, account number of the recipient

7. Check the information and click on the Confirm button to complete the process

FAQs About TransferWise

1. Who Can I Send BDT To?

If you have a TransferWise account then you can send BDT to any bank account and bKash account in Bangladesh.

2. What Information Do I Need About My Recipient?

You will need a few pieces of information to send money via TransferWise. They are:

1. Full name of the recipient
2. Bank and branch details
3. Bank account number
4. Recipient’s mobile number if you are sending money via bKash

3. How Much Can I Send To Bangladesh Via TransferWise?

With TransferWise you can send up to 145,000 BDT per transfer to bank accounts. If you send money to bKash then you can send 122,500 BDT per day and 441,000 BDT per month to bKash.

4. How Long Does It Usually Take For The Money To Arrive?

It usually takes 2–3 working days to arrive the money to the recipient’s bank account.

5. Are There Any Restrictions On Sending To BDT?

If you have a personal TransferWise account then there is no restriction. However, you can’t send business transfers to BDT.

6. What’s The Cash Incentive For Sending Money To Bangladesh?

Bangladesh government has announced Cash Incentive for Inward Wage Remittances. So if you are a Bangladeshi national living abroad and send money to Bangladesh then the cash recipient will receive a 2% cash incentive for any amount.

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