Think about the best way to send money to Bangladesh now if you haven’t yet. This article will throw light on how big and competitive the online money transfer industry has become.
We will look at the figures and a few big names of the industry whose growth in this business will give us a fair idea about market size and competition. A few factors will also be discussed in this piece. All in all, this article will be your best guide on the size and competitiveness of this market.
A report published by BusinessWire (a UK-based company) revealed that the market size of the global remittance industry was estimated at a whopping 682.6 billion USD in 2018. The current trajectory is set to reach 930.44 billion USD by 2026, with a growth rate at a CAGR of 3.9% from 2019 to 2026.
Online money transfer and remittance services have been adopted by many companies worldwide to convenience customers with transparency, comfort and a rich and data-driven ecosystem rooted in a network of partners based on deep work liaison.
Now, let’s take a look at the progress of some of the big online money transfer companies for money transfer to Bangladesh and other developing countries.
ACE:- With its services available in upwards of 100 countries worldwide, ACE Money Transfer company is the top remittances service provider in the world. ACE has been catering to the needs and requirements of millions of its loyal customers residing in different parts of the world since its start in 2002. ACE is one of the few companies which have expanded exponentially in less than a couple of decades. Its services quality and wide range of blindly trusted products can be gauged from the fact that a new customer becomes loyal only by doing a small act – one simple first transaction with ACE!
PayPal:- PayPal is one of the world’s most valued payment companies. In the first half of 2019, its stocks went up by 41%. Online payments worldwide remained a major segment of its entire business. PayPal is one of the few companies which offer a large range of products and services to individuals, businesses and merchants regarding online money transfer to Bangladesh.
Western Union:- With a staff count of over 10,000, Western Union is one of the largest companies in the world. Its stocks were up by 21% in the first half of 2019. It is one of those companies in this business whose services its customers trust blindly, and it continues to deliver diligently.
MoneyGram:- Although it is one of the big and most credible companies in this business, MoneyGram has been in financial trouble lately. Different companies such as Ripple (a blockchain company) pledge to invest in MoneyGram a hefty amount, it announced to restructure its debts in 2019. But, the past performance and firm standing of MoneyGram are strong reasons for all to believe that it will be out of financial doldrums sooner rather than later.
TransferWise:- TransferWise was at the top with a 292 million USD increase in 2019. It is the only money transfer company that is recording 100% growth year after year. With the current growth trajectory of about 50 billion USD to 60 billion USD per year, TransferWise is all set to achieve the goal of 100 billion USD in the coming few years only in sending remittances worldwide. This company is also dealing in other businesses in collaboration with different banks and is planning to launch more services and products for its customers to cater to their needs and requirements.
Conclusion:- We have seen the size and the growth trends in this particular business. There are still countries where online money transfer services are not as viable and accessible as elsewhere. Still, the day is not far when technological penetration forces people to resort to these services and replace the old methods with newer technology. Are you ready to send money to Bangladesh online?