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How to Avoid Common Mistakes When Sending Money Bangladesh from Overseas

25 May 2023


Did you know that your money transfer to Bangladesh eventually adds up to the 5% of the country’s GDP that remittances constitute?

While your transferred remittance to Bangladesh is a lifeline for many families and individuals, a large chunk of it can get lost due to silly mistakes. Bangladesh is the 8th largest receiver of remittance globally, which means this receiving corridor is under scammers’ attention.

Navigating the procedure of remittance transfer can be difficult, particularly when it comes to avoiding typical blunders. Keep reading this blog to learn some important tips that will help you have a smooth and secure remittance-sending experience.
 

1 - Thoroughly Understanding the Transfer Procedure

Looking for Reliable Money Transfer Services

When it comes to sending remittances to Bangladesh, selecting a reputable money transfer provider tops the list of priorities. You have to conduct extensive research to select a service provider with a solid reputation and a track record of facilitating secure transactions.

Do look for financial benefits such as reasonable exchange rates, affordable fees, and an easy-to-use interface. However, do not fall for a too-good-to-be-true offer, as it could be a scam.

 

Verifying the Information of the Recipient

This is the most common mistake that senders make. Before initiating the transfer, double-check the recipient’s full name, contact information, and bank account information. To ensure accuracy, it is best to request this information directly from the recipient.

Verifying these details ensures that payments are delivered to the intended recipient quickly and securely, reducing the chance of errors or misdirected cash.
 

2 - Keep Fees and Exchange Rates in Mind

Understanding Currency Exchange Rates

Exchange rates are key players in deciding how much money your recipient in Bangladesh will get. Exchange rates fluctuate continuously due to several economic variables. Understanding how exchange rates work and comparing them across different providers is important.

This allows you to choose a service with favourable rates, maximising the value of your money transfer to Bangladesh. Remember that some providers may offer more favourable exchange rates but charge greater fees to compensate, so it's vital to weigh both variables. To stay up to date on current exchange rates, consult reputable sources such as financial websites or currency converters. Making an online money transfer to Bangladesh via ACE Money Transfer is recommended since it offers the lowest transfer fees and market-competitive exchange rates.
 

Taking Transfer Fees into Account

Fees can have a considerable impact on the entire cost of a digital remittance transfer. Transfer costs are paid by money transfer services to facilitate the transaction, whereas currency conversion fees apply when you convert your currency into Bangladeshi Taka.

To prevent paying exorbitant costs, it is important to compare fees between different money transfer services. ACE Money Transfer takes pride in offering competitive fees and a clear pricing strategy.
 

3 - Ensure Security and Reliability

Personal Information Security

Choose a money transfer firm that prioritises customer data security. ACE Money Transfer recognises the importance of protecting sensitive information and uses strict security measures, such as encryption techniques, to ensure that your information stays secret and secure during the transfer process. ACE Money Transfer also adheres to international privacy and data protection rules.
 

Always Verify Licencing and Regulation

Verify the licencing and regulation of your money transfer firm to confirm its legality and reliability. Reputable services, such as ACE Money Transfer, follow the legislation and have the proper licences. This compliance ensures that your money is handled safely and that you are safe from potential fraud. Using a licenced and regulated service gives an additional level of trust and assurance to you.
 

4 - Taking Speed and Convenience into Account

Transfer Speed Evaluation

The speed of a money transfer to Bangladesh depends on several factors, including the transfer method and the destination. Consider the urgency of your transfer before choosing a firm. If you need the funds to reach your destination as soon as possible, use a firm that provides speedy transfer choices. Send money to Bangladesh via ACE Money Transfer if you need the quickest yet most secure and trusted service.

ACE Money Transfer recognises the importance of timely transfers and offers a speedy transaction to meet your needs. In many situations, ACE offer same-day delivery, ensuring that your funds reach your loved ones in Bangladesh as soon as possible.
 

Investigating Convenient Transfer Methods

When sending money overseas, convenience is essential. Thanks to technological advancements, numerous transfer options are currently accessible to suit your needs. Experts strongly advise staying away from illegal channels to send remittances that offer you fraudulent convenience in the beginning. You can read about how the Bangladeshi government is striving to support legal channels through favourable regulations here.

Due to their simplicity, online transfers and mobile apps have grown in popularity. ACE Money Transfer has a user-friendly mobile app that allows you to initiate transactions from the convenience of your home.
 

Final Thoughts - Wisely Sending Money to Bangladesh

Sending remittances to Bangladesh from abroad does not have to be a difficult process fraught with dangers if you take wise actions.

ACE Money Transfer stands out as a trustworthy solution with reasonable exchange rates, affordable costs, secure transactions, and convenient transfer options. Make informed judgements, take into account the considerations outlined, and use the services of ACE Money Transfer to send money to Bangladesh online in a convenient and reliable manner. Sign up on ACE today for free. 

 

FAQS

Do I need any additional documents to send the remittance to Bangladesh?

You may need to provide proof of identification, proof of address, or relevant business documents while making a huge transfer. For smaller transactions, only account details are required.
 

What are some common methods through which recipients can receive remittances in Bangladesh?

The common methods for receiving money in Bangladesh include bank transfers, cash pickup from authorised agent locations, and mobile wallet transfers. The recipient can choose the most convenient method based on their preferences and the availability of services in their area.
 

What if the receiver does not receive the amount?

In such a case, immediately contact the firm. The firm will investigate the issue and resolve it. It is advisable always to have relevant transaction details available when contacting customer support.
 

Are there any restrictions on how much money I can send to Bangladesh?

Yes, there may be, but the limits vary based on the country you are sending from and the purpose of the transfer. It is advisable to check with the money transfer firm or consult local regulations for specific limits.
 

What should I do if I accidentally enter the wrong recipient’s information?

If you mistake the recipient's information, call the money transfer firm immediately and provide the proper information to resolve the issue.


 


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