25 Jul 2022
Bangladesh is one of the third-world countries with an economy relatively better in the region. During the past decade, its economy has kept strengthening for many Bangladeshi expatriates who live and work in foreign countries send money to Bangladesh that adds value to its economic strength.
Its people can still not lead a life that they might call fulfilling. Many basic necessities, such as quality education, best healthcare services etc., are still missing from their lives. It leads many Bangladeshis to leave their home country and drop anchors in unknown waters!
They go to other countries for better employment opportunities. After finding work, they send money to their loved ones back home through some of the world’s best online money transfer companies, including ACE Money Transfer.
The Bangladeshi diaspora uses a few best international money transfer services worldwide to send money to Bangladesh online.
With a small population, the number of Bangladeshi migrants worldwide is over 13 million. Most of these expatriates belong to the Muslim faith. On average, they have been sending back remittances amounting to about $2 billion annually for the past few years.
Let’s glance at important points about converting foreign currencies into Bangladeshi Taka.
For conversion, you can go to the concerned bank or a money transfer service provider and see the rates before initiating a conversion. You will also be required to compare the rates different institutions offer to get the best rates at the time of conversion.
Exchange rates never remain static. They keep fluctuating. Therefore, you can expect to purchase one USD for 86.25 BDT today but the same USD for 90.34 BDT a few days later. This should not be surprising for you, given that the fluctuations in exchange rates heavily depend on interest rates, inflation rates; trade deficits; demand for currency; debt on governments; political landscape and economic outlook.
These factors are out of individual control and have a macro nature.
One British Pound Sterling is 116.91709 Bangladeshi Taka. And one Bangladeshi Taka equals 0.00855307 GBP.
Bengali migrants living in the UK are required to check the conversion rates from different platforms, including banks and online companies. After they have drawn comparisons, they should check if the company they are selecting has its rates linked with the international market. And then check the service fee they are supposed to pay and initiate the transaction.
They need to consider other factors: security, speed, convenience, access, etc.
Let’s now see a few needs for which the expatriates from Bangladesh send back remittances.
The following are the main reasons for sending back remittances.
As mentioned at the start, Bangladesh is an underdeveloped country. This alone shows that the country’s poverty levels would be high. Therefore, people go to other countries and find work. Then they look for the best way to send money to Bangladesh. This money helps the recipient, which in most cases is the remitter’s family, alleviate poverty and increase their standard of living.
Remittances help Save Money.
Another need is to save money which, of course, is not possible with limited means. In most cases, people in developing countries fail to save money and instead struggle to make ends meet. But, with the foreign remittances, the expatriates and their families save money in a viable manner while lifting their living standards.
Remittances help Making Investments.
Through remittances, the recipients can manage to invest in purchasing and building a property. It is a luxury not very many people can afford. But, with the investments in, for example, the construction industry, the economic wheel of a country is set in motion.
Following are the ways in which Bengali migrants can send money back home.
Wire transfer via banks
It is the traditional method that is old yet in practice currently. You can approach a bank through wire transfers and place a request to send money to the concerned recipient after doing the necessary paperwork. But, this method has two drawbacks. One is the time it takes, and the other is the high service charges.
A typical wire transfer takes between 3 to 5 business days to complete.
Hawala or Hundi is still practised in Asia.
It is another method some people still use to avoid paying taxes and colossal service charges. But, this unregulated method is a part of the black economy and is undocumented.
This method is not recommended due to the risks involved in it.
Best online money transfer companies
The other method is using the best online money transfer services. These companies, such as ACE Money Transfer, are few and far between. But their services are impeccable, which can be judged by their exceedingly expanding customer base.
One of the world’s best money transfer service providers, ACE Money Transfer, has aligned its services with the needs and requirements of its customers. In this context, the user-friendly mobile app is one of the most accessible and most convenient for sending money.
This mobile app is available for both Android and Apple users. It enables the Bengali migrants to send money in limited and straightforward steps such as choosing the country and amount, selecting the recipient and hitting send!
Can you think of any simpler way to send money from your country of residence to Bangladesh than that offered by ACE?
As a migrant, you must consider the factors that can make an online money transfer to Bangladesh or other countries a joyful activity instead of a boring and cumbersome one that makes you frown each time you think about it. And the factors that are on offer in abundance to add joy and comfort come mostly from ACE Money Transfer.