Wise: Your Alternative to Skrill in Timor-Leste
Wise is a financial platform offering online accounts that, in essence, work similarly to the online platforms of a traditional bank, allowing you to (a) receive money, (b) transfer money easily and fast, and (c) pay for online products and services. These types of accounts are called e-wallets or electronic wallets. In essence, Wise offers the following services:
Online Shopping and Payments.
Instant Online Money Transfers anywhere in the world at a low cost.
Prepaid Mastercard for purchases in any store, online or ‘offline’.
Wise is a platform for those who trade, work, invest, gamble in online casinos or need to transfer funds to other countries online regularly. Registration is free, and the process is completed online. Although the platform's motto is "the cheapest and fastest way to send money, " let us analyse whether this is true.
What uses can I give to a Wise account?
“If an eWallet like Wise works with all the features of a traditional bank account and I already have a traditional bank account ... Why do I need an Online account with a provider like Wise?” This question is indeed valid; however, some use cases of this type of financial service that are unique, and that can make life easier for you and your family environment. Below is a list of [some of] these use cases; however, there are many, many more:
Wise can be a cheap and straightforward solution for online payments and transfers if you live in a country with capital restrictions or international bank transfers are costly.
If two family members have Wise accounts, travel, and need money, the other can instantly transfer money online. The travelling family member can withdraw the funds at any ATM that accepts Mastercard.
Suppose you need an account in a different currency than their bank's. Then, it allows the opening of multi-currency accounts (meaning, one account, many foreign currencies) in Dollars, Euros, and Pounds Sterling, among many others.
If you need to send money abroad to your relatives regularly.
If you are a Forex or CFD trader, you must deposit and withdraw funds regularly.
If you make online purchases regularly, Wise is a much safer option than using your traditional bank, a prepaid account; if the website where the purchase is a scam built to steal credit card data, you are only exposed to the balance available in the Wise account.
Wise is a mobile application that provides users with a simple and intuitive interface for managing a multicurrency account. The app is available for download on both Android and iOS devices.
The app's main dashboard displays the user's cash balance, recent transactions, and pending transfers. Users can also view their account settings, transaction history, and other account information from the app.
How does Wise Work?
As mentioned previously, Wise accounts work similarly to the online account of any traditional bank. It offers a view of the cash balance, a list of transactions, transfer options, etc. The only difference is that Wise is an online financial institution; it does not have physical branches to go to, for example, to deposit cash. Instead, it is an app on the phone designed to offer payment solutions and money transfers to everyone at a meagre cost compared to traditional banking. The app works as follows:
First, Open the Account. Wise will ask for some personal details to do so.
Fund the Account. Wise allows deposits from Credit cards, bank transfers and other eWallets (Although the most popular ones like Skrill or Neteller are unavailable).
Receive money from other Wise accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that use Wise. Another user or online company can send money online to the Wise account, fast and straightforward.
Low-Cost Transfers. After the account is funded, you can transfer money globally at a meagre cost, which is why it is a well-known service in the expatriate community.
Let me guess: You've probably gone into Google and searched for "Skrill Timor-Leste" in the hope of an accurate response to the question: "Is Skrill [the popular eWallet] available locally?" Bad news: Unfortunately, Skrill does not open Accounts for Timorese residents. However, you must transfer cheaply via a multicurrency [USD, EUR, GBP, among many others] account and find a wallet available to local clients.
So, we have checked out the feasible alternatives that local clients have; this article will provide you with what we think is the best.
DOES SKRILL WORK IN TIMOR-LESTE?