18 Aug 2023
Millions of Bangladeshis send money to Bangladesh online from Canada and other foreign countries to offer financial aid to their families back home from overseas. They use several means to transfer funds including online money transfer service providers, banks and a few other financial institutions. But do you know how to transfer funds from abroad to Bangladesh within just a day? Keep reading to find the answers.
A report by Arab News reported that about 10 million Bangladeshis reside in foreign countries to earn a living and for several other reasons.
They transfer funds back home using different means and a World Bank report said the Bangladeshi diaspora had sent back $21.5 billion in 2022 in inward remittances.
Different means to transfer funds offer different features. For example, one service provider may offer the safety of the funds but might take longer than expected to deliver funds. Another service provider may charge you a low fee but at the expense of uncompetitive and static currency exchange rates.
But do you know what is your biggest concern in sending money internationally? What would you give preference to among the several service features like speed, safety, fees, and exchange rates, that are on offer to you by many service providers? Given the fact that online money transfers involve, well, your hard-earned money, you are particularly conscious about the speed as you wish to deliver funds quickly. Aren’t you?
Because the more time your funds take to reach the destination, the more you get worried about it. Several apprehensions, including online fraud, seem to surround the process.
But this blog will walk you through sending money to Bangladesh in a short time in a hassle-free manner. But to fully understand how you can send money quickly from one place to another, let’s first understand the evolution of online money transfers and see how did they reach where they are today.
Sending money from one place to another was a practice that was in existence well before the first ever online money transfer that took place over 150 years ago.
Earlier, online money transfers were an alien concept.
It was all manual.
You would carry cash physically or hand it over to someone travelling to where you wanted to send money and that too, with several risks such as trust issues, threats of robbery, and so on.
But about a century and a half ago, America took the initiative for online money transfers thus revolutionizing the remittances industry.
Western Union takes credit for sending money online via telegram around the same time.
Banks, on the other hand, were already providing financial services which were mainly confined to the safekeeping of money, and deposits. They began offering digital payments with the advent of computers. With computers getting integrated into banking services, people began to use the computerized and digital services of banks.
Fast forward to today, you will find many Bangladeshi migrants who choose banks to send money from Canada to Bangladesh through, despite several challenges banks still face in their remittance services.
Let’s understand these challenges.
Some of the challenges banks faced at the start of their remittance services more or less remain the same even today. Some are discussed below.
Banks charge a high fee for their remittance services which can disbalance your finances. This is a challenge banks still face since the start of their online money transfer operations.
Find some Useful Tips To Save On Your International Money Transfers here.
Banks still rely on loads of paperwork. If you initiate an online transfer through a bank, you will have to fill out different forms, which is a tedious and lengthy process and consumes time.
Banks offer static and fixed currency exchange rates which are different from the fluctuating rates in the international market. It can also disbalance you financially.
This is the most critical part.
Banks still take between 3 to 5 business days to deliver funds which would not suit you given the lightning speed at which other financial institutions deliver funds across borders.
Now let’s see how you can complete your money transfer to Bangladesh from Canada in just one day.
Here’s how you can send money to Bangladesh in just one day and easily.
The first step is to simply filter the banks out owing to the reasons explained above. After that thoroughly search for a remittance transfer company that caters to your needs and offers you the following service features.
Make sure that the company you choose offers you the following features.
Several online money transfer companies such as ACE Money Transfer deliver funds in a matter of a few hours let alone in a day. So, your funds deliver within the same day on which you initiate a transfer.
Many companies link their rates with the fluctuating international market. It allows you to initiate a transaction at a time when rates move in your favour, allowing you to get the best rates.
The fees of remittance transfer companies are usually lower than that of banks. But still, try finding a service provider that keeps its fees low and proportionate to the amount being transferred.
Make sure to find a company whose security you can trust. And the best way to ascertain this is to either visit a company’s official site or talk to the concerned in person.
Several companies have a worldwide presence and their mobile apps help you access their services round the clock from anywhere regardless of the time zone difference between countries.
Any service provider with these features will help you send funds swiftly and to your optimal satisfaction.
Your online money transfer to Bangladesh from Canada with ACE Money Transfer will get you all the benefits listed above from one window. Additionally, the speed of delivery will:
You can access its services through the firm’s official website or its mobile app round the clock in over 100 countries worldwide.
Frequently Asked Questions (FAQs)
What is an online money transfer?
When people travel to other countries to earn a living and send money back home, they use different means to transfer funds like banks, and remittance transfer companies for doing so. This process of sending money across borders is called an online money transfer.
When did online money transfers begin?
The first telegram online money transfer is said to have begun in the 1850s. The first country to have taken such an initiative is America and the first known financial institution is Western Union.
Why speed matters the most in global money transfers?
Speed is of the essence in your online money transfers because a) it delivers the funds quickly so that financial emergencies can be handled as they arise b) it adds to the safety of your hard-earned money and c) rests apprehensions that may arise from the delay in delivery time.
Why are banks not suitable for international money transfers?
With the advent of online money transfer companies, banks have become unfit for online money transfers because they charge high fees, involve immense paperwork and fatigue and deliver funds in days.
What features are necessary for a remittance transfer company?
A best remittance transfer company must ensure the safety of funds, offer market-competitive rates, charge a low fee, have wider service access and availability, and keep evolving to cater to changing market trends and the diverse demands of migrants to send money online from overseas.
Resources
(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)
(Personal remittances, received (current US$) - Bangladesh | Data (worldbank.org)
