Bangladesh is one of the most densely populated countries, with most of its people living beneath the poverty line. Falling between the middle-class and poor category, the Government of Bangladesh has been trying to make several improvements in the policies of the state, for an enhanced economic state. People living abroad often send money to Bangladesh, because their objective is to meet the day-to-day needs of their loved ones.
Money Transfer Service plays an important role in developing the GDP and GNI of Bangladesh. The export earnings of this country are highly dependent on international remittances. Thus, for enhancing the flow of foreign money exchange, Bangladesh Government has made a new policy for the financial year 2019–20, according to which there will be a 2% incentive on all foreign remittances.
Important Factors for Transferring Money
There are several benefits of implementing this policy in Bangladesh. Before you send money online, follow the important factors enlisted below:
- The rate of money transfer in Bangladesh was 4.9$ billion in 2004–05 that increased to 15$ billion in 2018. This fact highlights the importance of increasing trend to “send money online” between different states. The incentive will help in elevating the foreign income rate more rapidly.
- Due to high currency differentiation, it is already beneficial to send money to Bangladesh from the US. However, with the addition of incentive, ex-pats will prefer this money exchange even more.
- The increased number of foreign remittances will help the economic state of Bangladesh by a multitude of factors. The GDP of the country will be raised which will lead to a decrease in the poverty rate. Better policies will be implemented for mass’s betterment and the country will move towards abrupt progress.
- It will help all the families and migrants that are working hard for bearing the household expenses. With the complimentary money, not only the people can receive more payment, but they will also be more satisfied and contented towards their Government.
- This step will also play a significant role in the flourishment of online money transfer platforms working in Bangladesh. Due to more remittance flow, more companies will aim at starting their businesses in the state, which will ultimately result in an elevated GDP. Moreover, the services provided by IMTOs will also be positively impacted.
- The quality of lifestyle, education status and buying power of people will increase. All these benefits have their direction towards the same thing, and that is Bangladesh’s overall economic progress.
- There will be increased chances of businesses in the state, because of the increased earning power of the citizens. If we think usually, 2% may not mean a lot in the smaller transaction but in larger transfers even 2% can mean a fortune for the sender and receiver.
Different companies are providing the facility to do a money transfer to Bangladesh, with optimized rates and reliable services. ACE Money Transfers is an emerging platform to transfer money online around the globe. If you are looking for a trusted provider to transfer your payments, then their services will be rejoiced by you for sure. For more details, visit their website!
Why You Should Always Choose Cheaper and Fast Methods for Sending Money to Bangladesh?
If you want to send money to Bangladesh to support your loved ones, navigating an expensive and complicated process is the last thing you want to consider. Transferring money to Bangladesh does not have to be a burden on budget. Before considering any money transfer service it would be better to compare exchange rates, transfer fees and different options to find out the best deal for you. Sending money to Bangladesh online can be easy because there are a lot of options from bank transfers to online transactions that can transfer money to the recipient within minutes.
Credit cards and ATMs
It can be a complicated task to send money to your family living in another country. There you have to deal with a totally different form of currency and change rates that may fluctuate from day to day. Moreover, if you use your credit cards or ATM, you also have to bear heavy transfer fees. ATMs are not convenient. If your family members are using ATM to withdraw money in a foreign country he will be charged for currency conversion fee, fee from their bank and fee from ATM itself.
Are Traditional Ways Cost Money and Time?
Traditional ways of transferring money like using banks are on top priorities of some people. It is because they consider them a safe way to send money to their family. With the passage of time, many money transfer companies are providing this facility. They often offer high exchange rates and low fee, when it comes to transfer money to Bangladesh online.
Let’s take example, that you are going to sell a property in one country and buying another property in another country. For this purpose, you need to transfer money. Let’s say it is about $300000 and you need to transfer it from Sydney to San Francisco. You will be surprised to hear that they charge about 13%. Banks charge at least 7% on average. So we can say that for $300,000 you pay $10,500.
What is the Best Option for Sending Money Online to Your Family?
Best way to transfer money to your family is using online money transfer providers. They give you some extra advantages. They provide you with fast easy money transfer services. This is a very safe way to use. Moreover, it is not so tough to send money online as there is no need to enter so much information.
It is a truly a good thing that you can connect with your family living far away in another country. Online money transfer is the most convenient method for transferring your funds. Online money transfer services allow you easily do money transfer to Bangladesh online and to other countries. Today online services are more advanced and secure. Online money transfer services have a strong impact on your business. For transferring funds there are a lot of companies giving you secure services.it would be better to prefer ACE Money Transfer. They also have convenient website and have mobile application for your convenience.