A Quick Snapshot on Remittance Inflows to Bangladesh from the UK

As of 2021, approximately seventy thousand Bangladeshi expats live in the United Kingdom.

Bangladeshi expatriates have increased in the UK since 1980 resulting in an exponential growth in international remittance inflows and the country’s economy moved upward along with it.  Many send money to Bangladesh to support their families financial needs, which as result strengthens the economy at large.

As a result, like many other developing countries, Bangladesh also continued to progress in many industries including textile, farming, shipbuilding, tourism, information, communication, and technology to name a few.

Remittance Inflows from the UK, a Deeper Analysis

Remittances from migrants have given Bangladesh a boost towards uplifting the economy even more, where the average value has risen by 0.76% since 2017 compared with the past. In 2020, the World Bank presented a list of countries that have sent the highest number of remittances from the UK, and Bangladesh stood at 43rd, a rank higher than the past five years.

For the past two years, it has significantly aided Bangladesh’s economic growth. The remittance industry is now the second-largest contributor to currency inflows after textile. Presently, export earnings make up 49.22% in the balance of payment, followed by remittances at 29.36%. 

How Do Bangladeshi Expatriates Earn in the UK?

Though most Bangladeshis may be amongst the working labourers of the UK, they also earn their living by working at multinational organisations or even owning their businesses. From working at a store to successful people in business and entrepreneurs, Bangladeshi emigrants work in almost every field in the UK. These immigrants work hard to earn for their families back home. A survey presented by the World Bank states that most Bangladeshi immigrants reside in the UK to fulfil the necessities of life for their families in their origin country. Almost every Bangladeshi individual working in the UK strives hard to help support the family needs back home by earning there. Their next primary concern is to find out the best way to make a money transfer to Bangladesh that can turn their GBP earnings into hefty sums in Taka after conversion. 

Over 70,000 Bangladeshis residing in the UK earn livelihoods and send remittances to their home country for their families. The labourers from Bangladesh in the UK have the highest percentage of sending money to their families to fulfil basic necessities for life. But how do these immigrants prefer to remit their hard-earned money?

How Do Bangladeshi Immigrants Send Money to Bangladesh from the UK?

Today’s remittance industry is replete with countless service providers making it difficult to choose the best and most reliable option for online money transfer to Bangladesh from the UK. When sending funds back home to support the needs of their families, the Bangladeshi expatriates and overseas workers in the UK must essentially consider the highest exchange rates, lowest transfer fees, and timely processing of the transactions when choosing a service. Luckily, an immense population of Bangladeshi expats have the most trustworthy and the industry’s leading remittance service ACE Money Transfer, fulfilling their needs successfully for the past two decades. Thousands of Bangladeshis living in the UK send money online to their families using ACE’s website or mobile app, which they find exceptionally convenient and reliable. 

Reliable, Secure and Efficient – ACE Money Transfer

ACE Money Transfer started its journey from a small setup in the UK. It has grown to stardom in various parts of the world, such as Europe, Canada, Asia, Africa, Australia, Poland, particularly Bangladesh & Pakistan. With over a hundred plus receiving countries, ACE has become the most reliable remittance provider for its customers. With their motto, “Smile on the beneficiary’s face is our earning”, ACE has proven to be capable of trust. Over 1.3 million valued customers have entrusted ACE, and the number grows every day.

 

ACE has been assisting the Bangladeshi expatriates in accomplishing several remittance goals, such as sending remittances to Bangladesh swiftly and securely with great peace of mind and strengthening their country’s economy. ACE continues to provide a reliable, smooth, and secure method to send money to Bangladesh online to continue such massive inflows of remittances to the country from the UK.

Learn more about how Bangladeshi expatriates can benefit from ACE Money Transfer’s special incentives and promotions.