31 Oct 2023
Sending money home is essential for many emerging countries, like Bangladesh, to make money. In 2022, Bangladeshis living outside the country sent home a record $22 billion in earnings, almost 5% of the country's GDP.
Traditional money transfer companies (MTOs) like Western Union and MoneyGram have been used to send money back home. But in the last few years, more and more people are using digital remittance companies. Traditional MTOs have a lot of benefits that digital providers do not have, such as lower fees, faster transfer times, and more ease.
This blog will look at how digital providers are making it easier to send money from Ireland to Bangladesh. You will see the main things causing the shift towards digital remittances and the specific ideas that digital providers are using to improve the remittance experience for both senders and receivers.
Many things are driving the move towards digital transfers. One important reason is that more and more people in emerging countries have smartphones and access to the internet. In Bangladesh, the number of people who own smartphones has gone from 17% in 2014 to 74% in 2022. People can now make and receive digital money transfers much more quickly.
The rising cost of living in many wealthy countries is another reason people are moving towards digital remittances. This makes it harder for Bangladeshi expats to use standard MTOs, which often charge high fees, to send money to Bangladesh. On the other hand, digital companies tend to have lower costs and better exchange rates.
Last but not least, digital providers are making it easier to make and receive money transfers. Some digital service providers, for example, ACE Money Transfer, let people send money straight from their mobile app. This can be much faster and easier than sending money to a branch office in person.
In the past few years, many digital exchange providers have risen to the top of the field of sending money across borders. These services have used technology to streamline the process and offer safe, quick, and inexpensive ways to send money to Bangladesh from Ireland.
ACE Money Transfer has emerged as a true digital changemaker in international remittances. With its innovative approach, user-friendly platform, and commitment to providing cost-effective and efficient money transfer services, ACE Money Transfer has revolutionised how people send and receive money across borders. Their dedication to customer satisfaction and a global network of payout partners ensures that individuals and families can rely on ACE Money Transfer for secure, speedy, and accessible financial transactions, making them a standout player in the digital remittance industry.
TransferWise, now called Wise: Wise, has become famous because it has transparent fees and reasonable exchange rates. Senders in Ireland can easily send money to Bangladesh through the Wise platform by starting a transfer through an app or website that is easy to use. Wise ensures that the person receiving the cash gets it in their currency. This reduces the need for currency change and the fees that come with it.
Remitly stands out because of how fast it sends money. With the express choice, people in Ireland can send money to Bangladesh in just a few minutes. This speed is beneficial in scenarios where time is of the essence, like medical emergencies or unexpected bills.
PayPal is a well-known way to pay for things online, but it also makes it easy to send money to other countries. Users in Ireland can link their PayPal account to their bank and send money straight to a recipient's PayPal account in Bangladesh. This method is beneficial for people who like to use digital wallets.
Revolut is a new bank known for its easy-to-use app and cheap foreign money transfers. Users can use the Revolut app to send money to Bangladesh at a reasonable exchange rate and for a low fee.
These digital money transfer companies have used many cutting-edge technologies to make instant money transfer to Bangladesh as easy as possible:
Some transfer services use blockchain technology to make them more secure and transparent. By putting transactions on a decentralised ledger, these platforms lower the risk of scams and ensure that no one can change any transaction.
AI is used to predict how currencies will change, which helps people send money at the best time to get the best exchange rates. Senders in Ireland can save money with this function because it ensures they get more Bangladeshi Taka for their Euros.
Increasingly, digital remittance apps use extra security methods like fingerprint or face recognition. These features add a layer of security to user accounts, making it less likely that someone else could get in without permission.
Many digital remittance providers in Bangladesh have teamed up with famous mobile wallets to make it even easier for people to get their money. This means that money sent from Ireland can be used immediately to pay bills or shop online.
Here are some benefits of digital providers in remittance innovation that are worth mentioning:
One of the most important benefits of these digital providers is that they can make moving money to Bangladesh cheaper. Traditional ways to send money, like bank payments or wire services, often have high fees and alarming exchange rates. Digital remittance providers, on the other hand, usually have lower costs and better exchange rates, so more of the money sent by the sender gets to the receiver.
Also, many of these services are open about fees and exchange rates so that senders can choose their transactions with full knowledge. This differs from the hidden fees, often part of standard banking channels.
The transformation of digital remittance platforms has greatly streamlined the process of money transfer to Bangladesh from Ireland. These platforms, accessible through user-friendly mobile apps and websites, negate the need to physically visit a bank or a transfer agent. Such accessibility is particularly beneficial for individuals who may find traditional banking services challenging. Furthermore, these digital providers offer a diverse range of payment options, including bank transfers, debit/credit cards, Apple Pay, and Google Pay, allowing users to select the method most suited to their needs and preferences.
One of the best things about digital remittance services is that you can check on the status of a move at any time. Senders can get instant updates on how their transactions are going from when they start the transfer to when the receiver gets the money. Both the sender and the recipient can rest easy because they can keep track of the progress of the transfer at all times.
Changes to digital transfer services have made a big difference in the lives of people who receive money in Bangladesh. People who depend on remittances for their financial health can gain in many ways from these services:
1. Faster access to funds: Because digital remittance companies can send money almost instantly, people in Bangladesh can get money from their loved ones faster. This speed is critical when there are urgent needs or situations.
2. Lower costs: Lower fees and competitive exchange rates mean that people who get money sent from Ireland get a more significant chunk of it. This extra money can improve their lives and give them more financial security.
3. Convenience: Digital remittance services often work with local banks or mobile wallets in Bangladesh. This makes it easy for the people receiving the money to get it and use it without going through complicated steps or driving to faraway places.
4. Financial Inclusion: These services help more people in Bangladesh join the formal financial system, giving them the tools and resources to save, trade, and plan for the future.
The way money is sent from Ireland to Bangladesh is changing because of digital transfer services. With their new technologies, lower prices, more accessible access, and benefits for both senders and receivers, these companies have become leaders in the remittance business. As the world becomes more connected, being able to send money across countries easily and affordably shows how powerful technology is in making people's lives better. So, whether you are helping your family or a friend in need, these digital tools have made giving money more accessible, faster, and cheaper than ever before.
In the ever-changing world of international finance, digital remittance providers have become the stars of sending money across borders. They are a ray of hope for people who want to send money to Bangladesh. They help bring loved ones closer together and improve both parties' financial health. The future of sending money back home is here; it is digital, quick, and full of hope.
A1: Digital remittance providers are online platforms or mobile apps that facilitate the transfer of money across international borders. They work by allowing users in Ireland to initiate money transfers through their platform, specifying the recipient's details and the amount to be sent. The digital provider then ensures that the funds are delivered to the recipient in Bangladesh using various transfer methods, such as bank deposits, mobile wallets, or cash pickups.
A2: When choosing a digital remittance provider, consider exchange rates, fees, transfer speed, and available transfer methods. Compare different service providers to find the one that best meets your wants. It is also a good idea to read user reviews and check their reputation for reliability and customer service.
A3: Yes, digital remittance providers prioritise the security of your financial information. They use encryption and stringent authentication measures to protect your data. However, it's essential to use reputable providers and follow best practices for online security, such as creating strong passwords and using secure internet connections.
A4: The fees for sending money to Bangladesh through digital providers can vary depending on the provider, the amount sent, and the chosen transfer method. Some providers offer lower fees than traditional methods like banks and MTOs, making them cost-effective.
A5: The time it takes for the recipient to receive the funds depends on several factors, including the chosen provider, transfer method, and processing times. Digital providers often offer faster transfer options, which can result in near-instantaneous transfers or take a few business days.