What is the Involvement of Remittance Companies and Governments When Sending Money to Bangladesh?

To send money to Bangladesh, many services operate abroad. Well, one can easily send money online.  A large number of Bangladeshi people are living abroad and send remittance to their homes.

Bangladesh is a highly dense country of South Asia and the population estimated in Bangladesh is 163.05 million. It is a developing country and like all other underdeveloped and developing countries.

People of Bangladesh move abroad to work overseas for escaping poverty and fulfil their family needs by sending money from abroad to manage the expenses of home and family and providing them with a better lifestyle.

What are the Statistics of Bangladeshi Economic state?

According to the World Bank, among the remittances received globally, the remittance to Bangladesh was of 16.42 billion dollars and the growth in remittance was calculated to be 9.6 percent.

Money transfer to Bangladesh ultimately boosts the economy to rise. The overseas Bangladeshi’s remittance transfer makeup is 12 percent of the Gross Domestic Product (GDP) of Bangladesh.

How the Government is Involved in Money Transfer?

The people are encouraged to send money to their home from abroad because of the increased money transfer service over the years. The government has played an important role in the trust-building or people by taking the following actions:

  • Depreciation of taka value against the dollar
  • Strict and proper surveillance
  • Stopping illegal money inflow
  • And other steps on the government level

What Are the Different Money Transfer Services?

Different money transfer organizations help people to send money online easily to Bangladesh from foreign countries. Some of the companies are listed below:

  • ACE Money Transfer
  • Western Union
  • World Remit
  • PayPal
  • Transfer Wise
  • Ria Money Transfer
  • Xoom
  • Money Gram

And many other service providers are operating to send money to Bangladesh online. All these companies can be compared by the customer. And there is a choice for choosing any organization that is offering deals and rate best suitable for the sender.

What is the Main Thing to be Compared Before Selecting a Money Transfer Provider?

While making money transfer following are the important aspect that should be compared before selecting the company:

  • The time for transferring money to the sender in the respected country.
  • The fees charged by the organization to transfer the money
  • The exchange of currency facility availability must be checked
  • The rate for currency exchange that the organizations are offering
  • Presence of any hidden charges
  • Cash pickup points availability or facility of home delivery available or not
  • The limit of the amount that can be sent to the recipient

All these points should be analyzed for every organization and then the one offering the best match to one’s need should be sorted out by the sender. This can help the person to choose the best and his money can be saved by knowing all the aspects. Further, it makes the experience for the next time to be easy.

What Are the Advantages of Online Money Transfer?

Online money transfer has caused many advantages for the customer to send money, among these some are mentioned below:

  • The online service has made the process rapid and instant. One doesn’t need to wait for long to get his money transferred to the receiver.
  • Both the sender and receiver can track the money and find out the location and position of the money.
  • Online business groups have got the best way to work through an online money transfer service.
  • One can transfer money in any currency suitable according to the sender.
  • The money sending and transaction data are recorded.
  • The time of visiting a bank and completing a lengthy process is excluded due to the online service to transfer money sitting anywhere through an electronic device.
  • Paying bank’s expensive charges are omitted.

All these points make the procedures of online money transfer to Bangladesh the best one in today’s world of technology. And people abroad can utilize this service according to their requirements.

What Are the Disadvantages of Online Money Transfer?

Everything carries its pros and cons together. The disadvantages of online money transfer can be described as:

  • Technical and internet problems can be faced
  • Exchange rates keep changing every day and are not fixed
  • The fee may vary from country to country too
  • There are limits regarding the amount that can be sent
  • There can be some chances that your data could be hacked from online

But most of these disadvantages have a chance to be present and can be eliminated by increasing the safety and manage the things causing it.

One must be very vigilant dealing with all the actions performed online and the organization should fill all the loopholes if any regarding the service to avoid these disadvantages.

How ACE Money Transfer Works For Bangladesh?

This organization promise remittance with the best exchange rates and services to Bangladesh. It transfers the money instantly to the receiver to collect. The pickup points for money collection are available at following bank branches:

  • Exim Bank Bangladesh
  • Southeast Bank Limited Bangladesh
  • First Security Bank Bangladesh
  • NCC Bank
  • Al Arafah Islami Bank Limited Bangladesh
  • Union Bank Bangladesh
  • UCBL Bangladesh
  • One Bank Ltd Bangladesh
  • Meghna Bank Limited Bangladesh
  • Jamuna Bank Limited Bangladesh
  • The Farmers Bank Limited Bangladesh
  • Mercantile Bank Limited Bangladesh
  • Modhumati Bank Limited Bangladesh

It is a secure and cheap way to send money. It requires 1-3 days to deposit the money into the recipient account. The daily exchange rate can be inquired from the website or app daily.

Conclusion

Bangladesh is a developing country in South Asia with a heavily dense population. And a lot of people abroad send remittance to their country for their families and home. This amount of remittance is increasing with time and is an important source of the economy builder as it makeup a large GDP portion of a country.

The actions of Bangladeshi government have encouraged its overseas people to send more money feasibly. Many online services are becoming better with time, and have increased the online money transfer rates all over the world including Bangladesh.