Bangladesh is an extremely populated country that is existing between the middle class and the poor line. The national currency of this state is taka, that is devalued highly with the passage of time.
Currently, 1$ is equivalent to 84.06 Bangladeshi takas, which highlights the economic state of Bangladesh. A huge population is migrated to other countries, with stronger currencies and more opportunities, in order to send money online to Bangladesh for their families or loved ones.
What is the Importance of Online Money Transfer to Bangladesh?
These migrants send money online on a regular basis to their home countries, which contribute largely to the country’s GDP. The state’s GNI, national savings and export earnings are highly dependent on foreign remittances, which is affected by the unavailability of adequate money transfer service.
In this country, there are several problems that are faced by people and IMT providers when they send money to Bangladesh online. The most important of them are explained below.
- Poor Infrastructure: One of the major barricades faced whilst making transfers to Bangladesh is poor infrastructure in the rural and semi-urban economy.
- There are no proper facilities or resources to effectively run systems of International Transfers.
- Equipment and tools are totally outdated or disturbed, which is causing a heck of problems for every person who is involved in this process.
- Unavailability of Commercial Banks: As this state is densely populated, it’s no less than a challenge for anyone to buy a place and start a franchise of commercial or international bank in every corner of the country.
- There are many cities in which no international bank is available.
- Some transfer companies are providing services in all over Bangladesh, still, due to the absence of banks, it takes more than the usual time to deliver money in such areas.
- Information Asymmetry: This is a very disruptive culture, that is widely observed in all over Bangladesh. Any important information is not told to every citizen.
- For Instance, if any important information is told about money delivery, then only the top few organisations will have that organization and others will not be told about any update, which results in loss of both the company and the individuals.
- This unevenness in the system has led to serious consequences for everyone in the state.
- Inefficient Financial Institutions: Due to the lack of adequate man, material and money resources, the financial institutions in Bangladesh are very futile.
- The machines and systems are old class and the labour is not skilled properly.
- The reports shown in institutions are not genuine and most of the times, many important things aren’t reported at all.
- It leads to major variations in the actual and documented report of a state’s GDP along with GNI.
What’s the Solution?
If you are trying to make a money transfer to Bangladesh, then pick up a provider which has proper infrastructure and adequate payout locations, so that the recipient can easily get his amount. Ace Money Transfers can help you in making safe transfers of small and large amounts all over Bangladesh.