[11/07/22] Save Bank Charges with Wise!

[Love] Hello, Tiger Pal!

For traders from Malaysia, Indonesia, and some other countries, Wise is a GREAT platform! Don't believe me? Have a look at this article!

1. Wise?

Wise is an online remittance platform, mainly providing cross-border money transfer and exchange services. Through our collaboration with Wise, Tiger is able to provide you with a better fund deposit experience.

2. Pros?

Using Wise's Link in Tiger and you can:

• Save procedures: transfer local currency from your bank account outside of Singapore, and directly credit SGD into your Tiger account.
• Save money: lower transaction fees than cross-border bank transfers.
• Save time: faster to arrive than cross-border bank transfer.

3. How to use it?

Since this platform is so great, how do I use it? The steps are simple:

Go to "Trade > Deposit > Wise" in your Tiger Trade App

1) Link your Wise account with your Tiger account.

2) Create a money transfer instruction in your Tiger Trade App.

3) Follow the prompt on the page after the transfer instruction has been submitted and initiate the transfer from your bank account. Once you have transferred the money, please wait for Tiger to receive your deposit.

Note:

1. You do not need the Wise App in order to perform the deposit.

2. Please initiate the deposits from Tiger App or Tiger Official Website. Don't initiate transfers directly from the Wise APP to Tiger as we will not be able to receive those them.

4. Currencies?

Current Supported Currencies: Malaysian Ringgit (MYR), Indonesian Rupiah (IDR), Australian Dollar (AUD), British Pound (GBP), Canadian dollar (CAD), Euro (EUR)

Final Destination Currency: Singapore Dollar (SGD)

• For example, if you have a Euro bank account, you can transfer Euros directly through Wise. Euros would be exchanged for Singapore dollars and then deposited into your Tiger account.

5. Bank Accounts?

Currently, we recommend you to use bank accounts outside Singapore to deposit funds via Wise.

• If you already have a Singapore bank account, please use DDA, FAST, or bank account transfer, instead of Wise.
• If you have a bank account in Singapore and have foreign currencies in your account, you cannot initiate a deposit via Wise. Please use bank account transfer.

For more information on the supported deposit methods, you can check them HERE.

6. FAQs

6.1 Can I deposit USD via Wise from a Singapore bank account？

No. We are unable to accept USD deposits via Wise from a Singapore bank account. Please use bank transfer.

6.2 Are deposits made via Wise immediate?

1. No, Wise will estimate the arrival time based on your remittance currency, amount, and other factors. The estimated fund arrival time can be viewed in your Tiger App [Trading > Deposit > Wise].
2. As banks in most countries/regions do not process funds on weekends and public holidays, if you initiate a transfer on these days, usually you need to wait until the next working day to receive the funds in your Tiger account.

6.3 What is a guaranteed exchange rate?

1. It is an exchange rate guaranteed for a specified period of time. When you initiate a transfer, Wise will guarantee your rate for a certain period of time. As long as Wise receives your remittance on time, you will get that rate locked.
2. Wise provides sufficient time for you to make a transfer, ensuring that your remittance can arrive within the valid time period of the guaranteed exchange rate. The period of time at which your exchange rate is guaranteed is usually about 2-72 hours, depending on the currency you choose.
3. The exchange rate is provided by Wise. For more details on the guaranteed exchange rates, please refer to Wise's Guaranteed Rate.

6.4 What are the charges for depositing via Wise?

1. Tiger does not charge any fees. All fees are charged by Wise. The cost of each transfer can be viewed on the corresponding transfer page.
2. Wise's fees generally depend on 3 factors: remittance amount, payment method, and exchange rate. For more details on fees charged, please refer to Wise's Fees. You can also use Wise's Fee Calculator to view Wise's estimated fees and exchange rates.

6.5 Is there a maximum amount that I can deposit via Wise?

Yes. Wise's transfer limits vary according to your remittance currency, payment method, and accumulated transfer amount. Please refer to the transfer page for the specific limit. If the amount you enter exceeds the limit, you will be notified on the transfer page.

6.6 Can I initiate a transfer directly from Wise's App or Website without going through Tiger?

No. Please ensure that your deposit is initiated through Wise's link in Tiger APP. If you initiate a deposit directly from the Wise APP/website, we will not be able to accept your deposit.

6.7 My bank account only supports local currency (in Malaysia). Can I use Wise to withdraw money?

It is not supported for the time being. You can submit the application for withdrawal in USD or any currency supported by Tiger. If your receiving account does not support multiple currencies, the receiving bank will automatically convert it into local currency and deposit the money into your bank account. //

[Happy] Like what I said at the beginning, Wise is a great platform, right?[Cool] I hope this article can help you to know how to use Wise. If you have anything to ask, feel free to write it in the comment section below.

APPHelper is here to help. :)

Updated on 11/07/22