Founded with the goal of making international money transfer cheaper and faster, Wise continues to exist in many countries. The company, which provides services in many countries of the world, announced that it will face some restrictions in Turkey due to new regulations.
Wise users will no longer be able to load money into the app
With the newly introduced rules, we can say that Wise will say goodbye to most of its functions. From now on, users will be able to send money abroad only from their own banks via Wise. All other services of the system will be removed with the date of 30 August.
As of today, Wise application cannot be done:
- Opening a new account for any currency
- Adding money to your Wise TRY balance from your Turkish bank account
Transactions that cannot be made after 30 August:
- Opening new balances for different currencies
- Converting between Wise balances
- Adding funds to your existing Wise balances
- Transferring your Wise balances
- Receive money through Wise.
This means that any Wise account details you have will no longer work and any money sent to them will be returned to the sender. So be sure to let the people who send you money know that they can no longer send you money this way.
Transactions that can be made on Wise after 30 August:
- You can withdraw the remaining money from your Wise balance to your own bank accounts.
- You can make international transfers through Wise directly from your bank account in Turkey.
Wise has lost its function to a large extent after the incoming money sending restrictions. From now on, this service can only be used to make direct money transfers abroad in Turkey. So what do you think about Wise and the restriction on sending money? You can share your views with us in the comments section.