How Foreign Remittance Play A Major Role in Bangladesh Economy?

Bangladesh is one of the most developing countries around the globe. It is currently underdeveloped, lying between poor and middle-class country. Most of the people, in this state, are living beneath the poverty line. The foreign remittances play a significant role in the GDP chart of Bangladesh. According to a study, the money transfer rose 14.79% in 2018, with a total of 15.54$ billion cash-in during the last year. When you want to send money to Bangladesh, these numbers highlight the importance of the money transfer.

How to Make Credible Transfers with Optimized Rates?

The few things to be considered while sending money to this country are shortly briefed down so that you can make credible transfers with optimized rates.

What are the Money Transfer Limits for Bangladesh?

The money transaction rules are revised recently by the Government of Bangladesh. The withdrawal limits depend directly on the bank or IMT provider. On average, most of the banks allow withdrawing 20,000 takas per ATM transaction. However, if you want to send money online, then all accounts have a limit of 10,000 USD in 30 days. If you’re going to have a per-transfer limit, instead of the 30-day limit, then you may need some additional documents to do so.

What is a Common Online Money Transfer Process for Bangladesh?

The process of making an online money transfer to Bangladesh is quite simple. You can easily transfer funds to your families or loved ones, in Bangladesh in four easy steps.

  1. Enter the amount and country.
  2. Enter the details of the recipient.
  3. Choose the way for cash withdrawal (Pay-out, bank, mobile transfer or door to door delivery)
  4. Your transaction is completed!

What is the Most Recommended IMT Providers?

The specific money transfer platform positively impacts the international money transfer. Every IMT platform sets the exchange rate, transfer fee, time of transfer and withdrawal options. However, according to the customer’s feedback and rate policies, the few top-recommended companies, working in Bangladesh are enlisted below.

1.     ACE Money Transfer:

With around 275,000 payout locations, it has made it very easy for the customers to send or receive any payment online. For money transfer to Bangladesh, they have zero-markups on fee, and the currency exchange rates are totally optimized. You can send money globally on an immediate basis within seconds, and the whole process is very user-friendly. You can choose from multiple receiving options such as door to door delivery, bank transfer or instant cash pick out, according to the feasibility of the receiver.

  1. World Remit:

This company is providing efficient money transferring services in all over Bangladesh. With positive feedback from 98% of people, it is regulated by FCA. World Remit is providing extremely low currency exchange rates, which help the customers to save most of their money.

Both companies mentioned above are a good option if you have to send money to Bangladesh online. You can use your bank account or get their mobile app for using its services. Their currency exchange rates are also extremely low, and they have many pick out locations around the globe. Once you’ve made your transfer, you can track your money too.