ACE Money Transfer - Blog

Send money to Bangladesh through ACE Money Transfer

The Advantages of Digital Remittance Services for Bangladeshi Expatriates

17 Jul 2023


Digital remittance services are a boon for migrants with humble means.

A report by Arab News said that over 10 million Bangladeshi migrants live abroad, mainly in the Middle East, and send money to Bangladesh to offer financial aid to their families back home.

Their financial contribution to the Bangladeshi economy has been substantial as, according to the same report, the Bangladeshi diaspora had sent over $22 billion in inward remittances in 2022.

Keeping in view their financial contribution to the country’s economy, which is the second largest after the garments sector, the Bangladeshi government has set the target of sending 1 million more migrants abroad in 2023.

Most Bangladeshi migrants use several means to transfer funds online, including banks, online money transfer service providers, etc. But do you know what benefits they get from using digital money transfer services? Why should they use digital services if they are not already?

At times, you do something simply because others around you are doing it and persuade you to do the same without giving the reasons. Sometimes, you tend to go with the flow and cease to justify what you do. Right?

This blog will, however, throw light on the reasons for using digital online money transfer services and the advantages you get.

But first, let’s take a look at the reasons that prompt Bangladeshis to travel abroad.

Why do Bangladeshis Travel Abroad for Work?

The following few reasons serve as the push factors and prompt migration from Bangladesh.

Lack of Employment Opportunities

Millions of Bangladeshi people of employable age are jobless because the country cannot offer them jobs. The economic situation is in bad shape, which results in a lack of employment opportunities.

Inadequate Housing Facilities

A majority of the people in Bangladesh live in makeshift kind of housing facilities. Basic facilities lack in these dwellings. The problem compounds when people cannot find reasonable earnings to afford proper housing.

Lack of Savings

People in Bangladesh have limited means of earning. All they earn is exhausted in barely fulfilling the needs of their families. And in so doing, they become unable to save for the future. Remember that these needs are only confined to the basics like food, shelter and clothing. Education, in such a scenario, remains a distant dream.

The Bangladeshi Economy

  • A World Bank report said that the nominal GDP of Bangladesh in 2021 was $416.26 billion.
  • Another World Bank report said that the GDP per capita income in Bangladesh in 2021 was $2,457.9.

All of these reasons push several Bangladeshis out of the country to earn a living abroad for a money transfer to Bangladesh for financial support and other purposes.

Since you travel abroad in search of better job opportunities, it is essential that you know about the Countries that Pay the Most to Expatriate Workers.
 

Let’s take a look at a few unique facts about Bangladesh before proceeding.

Unique Facts About Bangladesh

  • Bangladesh used to be East Pakistan and became Bangladesh in 1971
  • Bangladeshis love playing Kabaddi
  • Most of the country’s local cuisine includes fish
  • Over 700 rivers flow through Bangladesh
  • The royal Bengal tigers face extinction threat over the next 5 decades

Let’s now take a look at some of the major advantages of using a digital online money transfer service.

 

Advantages of Sending Money through Digital Remittance Services

Following are some of the advantages Bangladeshi migrants can get through digital money transfer services.

Speedy Delivery of Funds

With digital money transfer services, you do not have to wait for days to receive funds. These service providers can process your transaction in a matter of a few hours only.

This can be fit for an emergency online money transfer to Bangladesh

Convenience and Ease

Since these companies provide digital services, they are present online largely and can be accessed anytime from anywhere. It makes processing remittances easy and convenient.

Wider Access and Availability

Digital money transfer services are globally present and have wider service access and availability. It means that whether you are a Bangladeshi migrant or belong to another country, you can access these services easily.

Low Service Charges

Since digital service providers operate virtually, they have automated mechanisms which require little human intervention. Therefore, these companies charge low fees for their services compared to a financial institution that has to manage huge staff and large equipment and maintain its offices like banks.

Quick Setup

Digital services are available online and are thus easy to set up on your smartphones. Choose any company you want, and you can find their apps.

You can easily set up these apps and use them.

Diverse Payment Methods

Several online money transfer service providers, including ACE Money Transfer, offer you several methods to choose from to send funds. ACE Money Transfer’s app allows you to select a payment method from the given options or add another one if the existing options do not suit you.

Currency Exchange Rates

Some of the digital money transfer service providers offer you market-competitive currency exchange rates that other financial institutions like banks cannot offer. It helps you get a good deal on your money transfers back home.

Safety of Funds

You are conscious of the safety of your funds. Right? And more so in the wake of rising financial fraud. But digital remittance services offer multi-layered security of the transactions coupled with speed that leaves no room for scammers to dupe you.

Better Customer Experience

One of the major advantages of digital remittance services is that these service providers customise their services according to your needs. It adds, therefore, to a better and more pleasant customer experience.

These are the prime benefits you can have from digital remittance service providers.

ACE Money Transfer –- A Fine Blend of Amazing Digital Remittance Services

If you choose ACE Money Transfer to send money to Bangladesh online, you will get live and market-competitive exchange rates and will be charged a low fee, deliver funds in just a few hours and get many more advantages from just one window in addition to tightly secured transfers.
 

Frequently Asked Questions (FAQs)

  1. How do digital remittance services help Bangladeshi migrants help their families back home?

Ans. Digital remittance services offer help in the following few ways: firstly, it is a convenient way to send money; secondly, funds are delivered within a few hours; thirdly, service charges are low and help migrants save and send more; and lastly, these services are securer than traditional methods.

  1. What are some of the most popular digital remittance services for Bangladeshi migrants?

Ans. Some of the most popular remittance services are ACE Money Transfer, Remitly, and WorldRemit. Each offers different advantages.

  1. What are the challenges for Bangladeshi migrants in using digital remittance services?

Ans. Some of the common challenges they face include security concerns, delays in delivering funds and slow processing speed, and high service charges.

  1. How to send money to Bangladesh safely?

Ans. The following simple tips can ensure safety:

  • Keep your software updated
  • Avoid clicking links you get from unknown sources
  • Never share your data with anyone
  • Use reputable service providers only
  • Never use open or public Wi-Fi connections
  1. What is the future of digital remittance transfer services for Bangladeshi migrants?

Ans. The future of digital remittance services is bright for Bangladeshi migrants as more and more Bangladeshis are moving abroad. And their rise will push these service providers to offer more convenient services that correspond to the requirements of the Bangladeshi diaspora.
 

Resources:

  • Bangladeshi diaspora

(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)

  • Inward remittances

(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)

  • Bangladeshi GDP

(GDP (current US$) - Bangladesh | Data (worldbank.org)

  • Bangladeshi GDP per capita

(GDP per capita (current US$) - Bangladesh | Data (worldbank.org)

  • Unique facts about Bangladesh

(20 Interesting And Fun Facts About Bangladesh [Explained] (nomadsunveiled.com)


News

PREVNEXT
Top 10 Study Abroad Destinations For Pakistani Students In 2023
Finding Cheap Local Foods in Australia - Tips for Pakistani Expats

Comments

  • Categories
  • Country