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Sending money abroad with a traditional bank from or to Bermuda is expensive, there's always hidden fees that we have all been forced to pay at some point. They will tell you they offer "free transfers" or "0% in commissions". It sounds like money is flowing freely, but we all know that this is not true, it is just propaganda.


Online accounts like the one provided by Wise (Formerly known as TransferWise) remove all these inconveniences, allowing you to make online purchases or remit money abroad at the lowest cost available, using interbank exchange rates and no hidden fees.



Wise: An eWallet for Payments and Transfers at the lowest cost available


Wise is a financial platform offering online accounts, that in essence work in a similar way to the online platforms of a traditional bank, allowing you to (a) receive money, (b) transfer money easy and fast, and (c) to pay online products and services. These types of accounts are called e-wallets or electronic wallets. In essence, Wise offers the following services:


  1. Online Shopping and Payments.

  2. Instant Online Money Transfers anywhere in the world at a low cost.

  3. 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. The platform's motto is "the cheapest and fastest way to send money", let us analyse whether this is a true statement.



What uses can I give to a Wise account?


A general question that arises when opening an account with an eWallet is the following: “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:


  • If you live in a country with capital restrictions, or that international bank transfers are costly, Wise can be a cheap and straightforward solution when making payments and transfers online. Through the prepaid Mastercard, you are allowed to purchase with the available funds in the account.

  • If two family members have Wise accounts and travel and need money, the other family member can instantly transfer money online. The family member who is travelling can withdraw the funds at any ATM that accepts Mastercard.

  • Suppose you need an account in a different currency than the one offered by his/her bank. Wise allows the opening of multi-currency accounts (meaning, one account, many foreign currencies) in Dollars, Euros, Pounds Sterling, among many others.

  • If you need to send money abroad to your relatives regularly.

  • If you are a Forex or CFD trader that needs to deposit and withdraw funds regularly.

  • If you make online purchases regularly, Wise is a much safer option than using your traditional bank, being it a prepaid account, if the website where the purchase is a scam built to steal credit card data, you are only exposed with the balance available in the Wise account.



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 balance of cash, a list of transactions, transfer options, etc. The only difference is that Wise is an online financial institution, that is, it does not have physical branches to go to, for example, deposit cash. 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 request you some personal details to do so.

Fund the Account. Wise allows deposits from Credit cards, bank transfers and deposits from other eWallets (Although the most popular ones like Skrill or Neteller are not available).

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.

Pay and Shop, via:

  • Wise Virtual Card: It works as any Prepaid Debit Card and can purchase goods and services online.

  • Wise Prepaid Mastercard: It’s a physical prepaid card that can be used to pay and withdraw at any shop or ATM that accepts Mastercard.

Low-Cost Transfers. After the account is funded, you can transfer money globally at a meagre cost, the reason why it is a very well-known service in the expatriate community.



Wise Online Account Pros


  • Transactions between Wise accounts are instantaneous, that is, if two users have a Wise account and one transfers money to the other, the latter has it available to spend or withdraw instantly.

  • Wise offers a virtual card for online payments, as well as a physical prepaid Mastercard.

  • It offers a multi-currency account, that is, if you need to have an account in, for example, dollars, euros and pounds at the same time, you can have it with Wise.

With Wise you may open balances in 50+ currencies. It even provides you with local bank details in EUR, USD, GBP, AUD, NZD, HUF and SGD. The design of the platform is clean and intuitive.

With Wise you may open balances in 50+ currencies. It even provides you with local bank details in EUR, USD, GBP, AUD, NZD, HUF and SGD. The design of the platform is clean and intuitive.

How to Open an Account with Wise from Bermuda


Like any other online service, opening an account and acquiring the Prepaid Mastercard through Wise is a process carried out online; no paperwork required. It only requires the client to upload an ID (Passport or Identity Document) and proof of address.


Wise takes only a few days to open the account, allowing the client to start operating the account.



Wise' Fees and Commissions


Wise is a company working with payments and transfers, so its commission structure is related to funds flow.


To Deposit, Wise charges the following fees:

Euros = 0%

US Dollars = 0.45%


To Convert Currencies in the account balances, that is, for example, converting US Dollars to Euros, fees are 0.41% of the transaction. If any of the currencies is a minor one, the cost is 0.55%.


To Transfers Funds between accounts nominated in the same Currency, from an account in US Dollars to another account in US Dollars, it has no cost.


For transfers between 2 accounts nominated in different currencies, fees vary between 0.61% and 2.2%.


For Online Shopping, Wise only charges fees when you buy in a currency, and you don't hold an account in that currency, that is, if you purchase something in Dollars and pay it with Euros. If you shop online paying with a currency and hold an account in that currency, Wise doesn't charge fees. Remember that the platform offers a Multicurrency account, so it's straightforward to open a subaccount in a different currency.

Sending money abroad is expensive. Wise allows you to make online purchases or remit money abroad at the cheapest cost. Open a free account today.

INSTANT [AND CHEAP] MONEY TRANSFERS WITH WISE FROM BERMUDA

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