How do you send money to Bangladesh from abroad? In this article, we will discuss the offline ways people choose to transfer funds to somewhere instead of the online methods which are being used by a large part of the global population.
We will also throw light on some of the advantages as well as disadvantages of using offline ways to send money to other people.
But, first, we need to understand what is an offline way of transferring money.
Offline money transfers: – Offline money transfer or wire transfer is one of the oldest ways to transfer money to another person at another place. It is usually done through depositing a cheque in a bank account whether one of the depositor’s or into one of the beneficiaries. It is considered one of the safest and secure ways of money transfer to Bangladesh and other countries; which is one of the big reasons why people, even in this era, choose this way to transfer their money or funds to other people around the world.
Mostly, the offline ways of transferring money transactions refer to cash transactions or transfers but credit card machines can get offline payments from the credit cards such as Visa and MasterCard etc., within a given time which usually is up to 7 working days.
Let’s now take a look at some of the advantages of using offline ways to transfer money.
Transparency:- Even in this age of science and technology which has eased the ways people transfer money to others at home or abroad, the one feature that gives reasonable leverage to offline money transfer ways over online ways is transparency. In an offline way, both sender and the beneficiary are sure about sending and receiving the funds because, since these transactions mainly take place through banks, people put their trust in these institutions because of their being well-entrenched and firmly grounded. And it seems difficult that the emergence of online money transfers companies, no matter how reputable and credible they are, will dent this trust anytime soon in the near future.
Direct transaction:- In this way both the sender and receiver are confident about the payments as it includes hand-to-hand transactions too.
Simple:- The offline way of transferring money to others is simple and convenient and does not require paper works or the exercises like registrations on certain sites or apps etc.
Easy to use:- Offline tractions do not require you to be tech-savvy, which the online money transfer to Bangladesh and other countries require. These methods neither require any gadgets etc., which makes it easy and convenient for people to adopt offline methods for sending money, particularly the elderly.
Let’s now take a look at the disadvantages of offline ways of money transfer.
Limitation:- Offline ways are PIN verified only. The credit card machine has to be online in order for the transaction to complete and mature.
Risk:- There is a risk of delay or even decline in payment in an offline way owing to a number of reasons before the transaction can be complete.
Huge amount:- Huge amounts transferred through offline ways carry the risk of getting declined by the concerned channels for which reason you will resort to an online way to send money.
Conclusion:- We have, by now, understood some of the basic reasons why people prefer offline ways of transferring money to other people in the same country or in a different one. Although many reputable online money transfer companies such as ACE Money Transfer are dispensing amazing services to send money to Bangladesh online there is a long road ahead before the offline money transfer ways are completely replaced by the online ways being practised in the world.