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Opening a U.S. Bank Account through TransferWise (Wise) From Pakistan
In the age of digital banking, traditional barriers to accessing financial services are being dismantled. For individuals and businesses in Pakistan, gaining access to a U.S. bank account can significantly enhance their ability to conduct international transactions, access global markets, and diversify their financial holdings. One innovative solution for opening a U.S. bank account from abroad is through Wise (formerly known as TransferWise), a leading fintech company that offers seamless international banking services. This article provides a comprehensive guide on how to open a U.S. bank account through Wise.
Understanding Wise
Wise is a financial technology company that specializes in international money transfers and multi-currency accounts. It aims to make banking services more accessible and affordable by providing users with local bank details in multiple countries, including the United States. Through Wise, you can receive payments, hold balances, and conduct transactions in different currencies without the need for a physical presence in those countries.
Benefits of Using Wise
- Ease of Access: Wise simplifies the process of obtaining U.S. bank details without requiring a U.S. address or visiting a bank branch.
- Cost-Effective: Wise offers competitive exchange rates and low fees compared to traditional banks.
- Multi-Currency Accounts: Hold and manage multiple currencies in one account, making it easier to handle international transactions.
- Fast Transfers: Efficient money transfer services with transparent fees and real-time exchange rates.
- User-Friendly Platform: Intuitive and easy-to-use online platform and mobile app.
Steps to Open a U.S. Bank Account through Wise
- Sign Up for Wise
The first step is to create a Wise account. You can do this by visiting the Wise website or downloading the Wise mobile app.
- Provide Personal Information: Enter your email address and create a password. You will also need to provide your full name, date of birth, and phone number.
- Verify Your Identity: Wise requires identity verification to comply with financial regulations. You will need to upload a copy of your passport or national ID card and a selfie for verification.
- Set Up Your Multi-Currency Account
Once your identity is verified, you can set up your multi-currency account. This account allows you to hold and manage multiple currencies, including U.S. dollars.
- Navigate to Balances: Log in to your Wise account and go to the “Balances” section.
- Add a Balance: Click on “Add a balance” and select U.S. dollars (USD) from the list of available currencies.
- Get U.S. Bank Details
After adding a U.S. dollar balance, you can obtain your U.S. bank details. This includes a U.S. bank account number and routing number, which are essential for receiving payments in USD.
- Request Bank Details: In the “Balances” section, find your USD balance and click on “Get bank details.” Wise will generate a U.S. bank account number and routing number for you.
- Use Your Bank Details: You can now use these details to receive payments from U.S. businesses, clients, or individuals. This is particularly useful for freelancers, remote workers, and international businesses.
- Manage Your Account
With your U.S. bank details set up, you can manage your account through the Wise platform.
- Receive Payments: Provide your U.S. bank details to clients or businesses to receive payments directly into your Wise account.
- Send Money: Transfer money to other bank accounts domestically and internationally at competitive rates.
- Convert Currencies: Convert your USD balance to other currencies within your Wise account at real-time exchange rates.
Security and Compliance
Wise is a reputable and secure financial services provider. It is regulated by financial authorities in multiple jurisdictions, ensuring compliance with international financial regulations. Wise employs robust security measures, including encryption and two-factor authentication, to protect your account and personal information.
Opening a U.S. bank account through Wise offers a convenient and cost-effective solution for individuals and businesses in Pakistan. With its user-friendly platform, competitive rates, and multi-currency capabilities, Wise provides a practical alternative to traditional banking methods. By following the steps outlined in this guide, you can easily set up a U.S. bank account through Wise, enabling you to conduct international transactions with ease and confidence. Whether you are a freelancer, entrepreneur, or simply someone looking to diversify your financial options, Wise offers a seamless pathway to accessing U.S. banking services.
Business
Apple Removes Advanced Data Protection in UK After Government Demand
Apple has announced it will no longer offer its highest level of data security, Advanced Data Protection (ADP), to users in the United Kingdom. The decision follows a request from the UK government for access to encrypted user data.
ADP provides end-to-end encryption, ensuring that only account holders can access their online photos, documents, and other data. Not even Apple can decrypt this information. However, the UK government, citing the Investigatory Powers Act (IPA), requested the ability to access this data, leading Apple to withdraw the service.
Apple expressed disappointment in a statement, reaffirming its stance against creating a “backdoor” into its systems, as it could potentially be exploited by malicious actors. “We have never built a backdoor or master key to any of our products, and we never will,” the company stated.
As of Friday at 15:00 GMT, UK users attempting to activate ADP receive an error message. Those already using the feature will lose access at a later date. The number of users who opted into ADP since its UK launch in December 2022 remains unknown.
Masterton Mayor Gary Caffell called the situation “shocking” and “unexpected,” emphasizing the impact on the local community. Cybersecurity expert Prof. Alan Woodward from Surrey University criticized the UK government’s move as “an act of self-harm,” arguing that it weakens online security and privacy. Online privacy expert Caro Robson noted that Apple’s decision to withdraw a product instead of complying with government demands is “unprecedented.”
Criticism has also come from the United States. Senator Ron Wyden warned that Apple’s withdrawal “creates a dangerous precedent which authoritarian countries will surely follow.” WhatsApp head Will Cathcart echoed concerns on social media, stating that a global backdoor would compromise security for users worldwide.
Apple acknowledged the privacy and security risks associated with this decision but stated its commitment to offering robust data protection in the future. The company hopes to reintroduce ADP in the UK if circumstances change.
Meanwhile, child safety organizations such as the NSPCC have voiced concerns that end-to-end encryption could hinder efforts to detect and prevent child sexual abuse material (CSAM). However, Emily Taylor of Global Signal Exchange argued that encryption is essential for safeguarding consumer privacy, emphasizing its everyday use in banking and secure communication.
The debate highlights the ongoing tension between privacy, government surveillance, and online safety, with global implications for technology companies and their users.
Business
Apple Halts Advanced Data Protection in UK After Government Demand for Access
Apple is removing its top-tier data encryption feature, Advanced Data Protection (ADP), from UK users following a government request for access to user data. The decision means that Apple customers in the UK will no longer be able to activate ADP, which ensures that only account holders can access their iCloud-stored content through end-to-end encryption.
The UK government made the request earlier this month, seeking the ability to access encrypted data under the Investigatory Powers Act (IPA), which mandates that companies must provide information to law enforcement agencies upon request. While Apple has consistently resisted creating encryption backdoors, citing potential misuse by cybercriminals, the company confirmed it would disable ADP activation in the UK starting Friday at 3 p.m. GMT. Existing users will also lose access at a future date.
“We are gravely disappointed that UK customers will no longer have access to this security feature,” Apple said in a statement. “We have never built a backdoor or master key into our products and never will.”
The Home Office declined to comment on the specific order, stating, “We do not comment on operational matters.”
Cybersecurity experts have criticized the government’s move, arguing that it undermines online privacy. Professor Alan Woodward of Surrey University called the decision “an act of self-harm” that weakens security for UK users. “It was naïve of the UK government to think they could dictate terms to a US technology company on a global scale,” he added.
The development has sparked backlash from privacy advocates, who describe the order as an “unprecedented attack” on individual privacy. Concerns have also emerged in the United States, where two senior politicians warned that the UK’s demands could jeopardize intelligence-sharing agreements between the two countries.
Despite the removal of ADP in the UK, the feature will remain available to users in other countries, raising questions about the global impact of the UK’s IPA order. In its statement, Apple emphasized its commitment to user privacy and expressed hope that it could restore ADP in the UK in the future. “Enhancing the security of cloud storage with end-to-end encryption is more urgent than ever before,” the company stated.
This latest dispute highlights growing tensions between governments seeking access to encrypted data and technology companies prioritizing user privacy, with potential implications for international regulatory frameworks and cross-border data security.
Business
European PMI Data Reveals Mixed Economic Signals
February economic data across Europe showcased divergent trends, with the UK’s services sector seeing growth, Germany’s manufacturing hitting a two-year high, and France continuing to face challenges.
The flash estimate for France’s HCOB Manufacturing PMI rose to 45.5 in February from 45 in January, according to S&P Global. While still indicating contraction, this was the mildest decline since May 2024. The services sector, however, fell more sharply, with its PMI dropping to 44.5 from 48.2, driving the composite PMI to 44.5—the steepest contraction since September 2023. Economist Dr. Tariq Kamal Chaudhry of Hamburg Commercial Bank noted that shrinking order intakes and subdued future activity expectations remain key concerns.
In contrast, the UK’s services sector expanded, with its PMI rising to 51.1 from 50.8, surpassing analyst expectations. Despite this growth, new work fell at the fastest rate since November 2022 due to weakened business investment and budget cuts. The UK manufacturing sector continued to contract, with its PMI falling to 46.4 from 48.3, missing market forecasts.
Germany’s manufacturing PMI climbed to 46.1, its highest in two years, supported by slower declines in factory output. Meanwhile, the services sector experienced a slight dip, with its PMI at 52.2 compared to 52.5 in January. Overall, Germany’s private sector remains affected by manufacturing challenges, though the pace of contraction has slowed.
Across the eurozone, the composite PMI held steady at 50.2, signaling marginal growth but falling short of expectations. The manufacturing PMI rose to 47.3 from 46.6, while the services PMI dropped to 50.7 from 51.3. Kyle Chapman, FX markets analyst at Ballinger Group, noted that while modest growth is preferable to contraction, consumer caution due to political and economic uncertainty continues to limit recovery.
In the UK, Chapman pointed to the impact of rising payroll taxes on employment, with one-third of surveyed companies linking lower staffing levels to the October budget. Weak demand and stagnant productivity levels are further hindering the country’s economic performance.
The latest PMI data highlight the complex economic landscape in Europe, with some sectors showing signs of resilience while others grapple with ongoing challenges, influenced by both domestic policies and broader global conditions.
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