Do you have an idea why many expats send money to Bangladesh through different ways?
Bangladesh is a populated country that is mostly existing between the middle class and the poverty line. The national currency of this state is taka, that is devalued highly with time. Currently, 1$ is equivalent to 84.06 Bangladeshi takas, which highlights the economic state of Bangladesh. A vast population is migrated to other countries, with stronger currencies and more opportunities. They send money to Bangladesh for their families or loved ones.
These migrants send money online regularly to their home countries, which contribute mainly to the country’s GDP. The state’s GNI, national savings and export earnings are highly dependent on foreign remittances, which is affected straightly by the unavailability of adequate money transfer service.
What Are the Loop Holes Faced by People in International Money Transfer?
In this country, several problems are faced by people and IMT providers when they send money to Bangladesh online. The most important of them are explained below.
1. Developing Infrastructure of Money Transfers
One of the significant barricades faced whilst making online money transfers to Bangladesh is developing infrastructure in the rural and semi-urban economy. There are fewer facilities or resources to run systems of International Transfers effectively. Equipment and tools are also mostly outdated. It is causing many problems for the ones whoever is involved in this process.
2. 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, and it takes more than the usual time to deliver money in such areas.
3. 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. It leads to significant variations in the actual and documented report of a state’s GDP along with GNI.
What is the Solution of Money Transfer?
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 quickly get his amount. ACE Money Transfer can help you in making safe transfers of small and large amounts all over Bangladesh. This company is expanding its services all over Bangladesh, and a receiver can get the best out of it. Many people who work abroad can send money to their loved ones through their services. It is not much difficult to pay through credit card, debit card, Giropay (Germany only) and Bancontact (Belgium only). Due to online services of ACE, overseas are getting the best out of them.