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 the 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 can be easy because there are a lot of options. From bank transfers to online money transfer companies, you have good choices to transfer money online to the recipient within minutes.
Is Money Transfer Possible Through Credit Cards and ATM’s?
You may think it can be a complicated task to send money to Bangladesh online to your family. Well, you have to deal with a 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 nor 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.
Why Traditional Ways Cost Money and Time?
Traditional ways of transferring money like using banks and some company for money transfer to Bangladesh are on top priorities for most of the people. It is because they consider them a safe way to send money to their family. But the fact is that using these ways you not only loss your money, but your family also have to wait for money. These companies charge high money transfer fees.
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 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 truly a miracle 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 transfer money to Bangladesh and 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 a convenient website and have a mobile application for your convenience.
The country of Bangladesh is lying between under-developed and developing state from many years. The state has made regulations that can increase the chances of international currency flow, resulting in a higher GDP. If you want to send money to Bangladesh, then below are the regulations associated with all types of foreign investments.
1. Investments in Industrial Enterprise
Foreign people are allowed to make investments in the whole state, except for some reserved sectors. If they are spending their funds, then no permission from the Government will be needed. But if someone needs financial aid, then it is must to register with the Board of Investments (BOI). It depends on the investor if he wants to own the enterprise fully or to have industrial shares with any local businessman. The government welcomes foreign investments with open hands, and there are no specific regulations in this process.
If you are looking for a money transfer service, that can help you to do cash transfers or to send money online, for business purposes then Ace Money Transfer is the best choice for you. They allow their users to transfer money to Bangladesh, with higher transfer limits and credible transfers. The whole process is secure, so you do not have to worry about the confidentiality of your account details whenever you send money to Bangladesh online.
2. Shares in Stock Markets
The non-resident Bangladeshis are allowed to invest in shares or stocks of foreign exchange brought or sent to the state. They can even invest in new, yet-to-be registered stock lists. In this case, they do not need the mediation of any registered stock member. 5% of the total stock share is reserved for NRB’s (Non-Residential Bangladeshi). No permission from the Government is needed to invest in the stock market of Bangladesh. Other than that, every investor can freely transfer the shares to other people that may be residents or non-residents.
3. Remittance on Shipping
In all international shipping’s and air operations, the airlines and shippers are allowed to carry the funds collected in Bangladesh, along with the freight and passengers. If there are any taxes or regulations, then they must be resolved before any operation. Usually, Government policies have all tax instructions written in their regulations.
4. Foreign Loans
The local, international or resident enterprises in Bangladesh can take foreign loans by the permission of Board of Investments (BOI). If your application gets approved, you can easily apply for loan to any foreign industry or enterprise. Not to forget that Bangladesh Government has been struggling by leaps and bounds to improve the financial state of the country.
5. Incentives on Remittances
For all the migrants who have to do money transfer in Bangladesh online, the government has introduced an incentive of 6% for the financial year 2019–20. It will help the people in receiving extra money, that will enhance their buying power. However, there are specific regulations on this process too. For Instance, it’s compulsory to submit your incentive request within 15 days to the Bangladesh National Bank.