19 Aug 2023
As a Bangladeshi migrant, you have two ways to complete your money transfer to Bangladesh from Australia. You can transfer funds to a bank account in Bangladesh for the beneficiary to collect or other options like a mobile wallet offered by several online money transfer companies.
There are other ways too, but the major ones prevalent today are the banks and remittance transfer companies. Despite several challenges the banks face in their remittance operations, a vast majority of migrants prefer banks for sending money across borders.
A money transfer to a bank in Bangladesh from overseas seems a simple and easy process but in reality, it is not. There are a lot of steps involved in the entire process.
Do you know what these steps are? Do you know why would you still prefer banks for financial services whose relatively better and several alternatives are easily available and accessible?
And lastly, how to transfer funds to a bank account in Bangladesh from overseas?
Well, these are some important questions that merit answering.
This blog will answer these important questions and also guide you about how to transfer funds to a bank account and provide you with better alternatives for doing the same.
Some of the reasons for using banks for financial services are as follows.
Banks worldwide respect command and people largely trust every bank and their services. Although banks still encounter several technical challenges, still people prefer banks due to the overall respect the institutions command.
Unlike remittance transfer companies, banks cater to the larger financial needs of the people. These services include deposits, savings, routine financial transactions, processing of salaries, and so on.
When you get all of these services, you naturally deem it appropriate to send money to Bangladesh from Australia through banks instead of other means.
Millions of people around the world trust banks because of a) their physical presence with multiple branches and b) the chances of a bank defaulting are rare and slim. Therefore, you can trust a bank with your money.
But to weigh the other alternatives for transferring funds to Bangladesh see here The Difference Between A Bank Transfer And An Online Money Transfer To Bangladesh.
You can easily approach a bank branch where you initiated a transaction and follow it up. It involves physical hazards and fatigue with financial costs too but once there, you can follow up thoroughly.
The best part of banks is that their customer services are available round the clock. So, if you have to block your card or the account due to an emergency or any other reason, you can contact the bank and get it done anytime.
There are some reasons that people still prefer banks for their financial matters. Therefore, several Bangladeshi migrants out of over 10 million, who sent back $21.5 billion in inward remittances in 2022, use banks for money transfers directly from banks to banks or banks through remittance companies.
Bank accounts not only offer convenience, but they also help you with better financial management of your money. What account you should have depends on your needs. Following are a few common bank account types.
You can open a checking account in a physical branch of a bank. Most people worldwide have this account type that comes with a debit card and a chequebook and is used for routine financial transactions.
A savings account is used to keep your funds that you do not want to spend immediately. Not only are these accounts used for the safekeeping of funds, but these yield financial dividends in terms of interest on your capital.
In these accounts, you find the features of both checking accounts and savings accounts. A money market account typically allows you to earn interest and gives access to your funds anytime like a checking account.
In these account types, you deposit your money for a fixed time and are not allowed to access the funds until that period expires. It helps you earn interest and even compound interest whose arrangement varies from bank to bank.
These are the common bank account types. Of these, a savings account is what you can easily use for transferring funds.
Now let’s see what is required to send money to Bangladesh online from Australia to a bank account.
If you want to send money to a bank account in Bangladesh through a bank or a remittance company, you will need the following information from the recipient.
The first requirement is the name of the person you are sending funds to in Bangladesh. A beneficiary can be a person or the name of a business. But make sure to spell the name correctly.
IBAN stands for International Bank Account Number. This number is accepted globally and identifies the individual bank accounts. Whether you need one or the other depends on the bank or the service provider.
A BIC (Bank Identifier Code) is used to identify bank accounts and the country in which the funds are supposed to arrive. Mostly, there is little difference between a BIC and SWIFT (Society for World Interbank Financial Telecommunication) code.
Banks use a National Clearing Code (NCC) when a customer does not have an IBAN. An NCC is not required if an IBAN is already there.
Other essential points include:
Always remember that these requirements can vary depending on the banks and your service providers.
Compared with banks, your online money transfer from Australia to Bangladesh with ACE Money Transfer will get you live and market-competitive currency exchange rates, speed, safety, wide network and service availability and much more from just one window in exchange for a low fee or free if you happen to join campaigns the firm launches to reward its valued customers and even win exciting prizes in the process.
Frequently Asked Questions (FAQs)
Ans. People still prefer banks because these institutions respect immense command. People trust their services as they are physically present and also because they provide a large array of financial services in addition to a bank’s chances of going bankrupt being slim and marginal.
Ans. Yes. In most cases, an online money transfer to any country through a bank is largely considered safe. But remember that where banks offer safety, you should also exercise caution and beware of financial fraud.
Ans. Common bank account types include savings accounts, checking accounts, Money Market Accounts (MMAs), and Certificates of Deposit CDs).
Ans. A few grave challenges banks still face in their operations are the slow delivery of funds as banks take days to deliver funds, high fees, static and uncompetitive exchange rates, commuting fatigue, and immense paperwork.
Ans. Yes. Remittance transfer companies are tailor-made fit for the purpose as they offer live and market-competitive rates, deliver funds within a day or a few hours, offer wider service and availability and much more in exchange for a low fee.
Resources
(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)
(Personal remittances, received (current US$) - Bangladesh | Data (worldbank.org)
