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.
The following few reasons serve as the push factors and prompt migration from Bangladesh.
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.
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.
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.
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.
Let’s now take a look at some of the major advantages of using a digital online money transfer service.
Following are some of the advantages Bangladeshi migrants can get through digital money transfer services.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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)
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.
Ans. Some of the most popular remittance services are ACE Money Transfer, Remitly, and WorldRemit. Each offers different advantages.
Ans. Some of the common challenges they face include security concerns, delays in delivering funds and slow processing speed, and high service charges.
Ans. The following simple tips can ensure safety:
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:
(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)
(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)
(GDP (current US$) - Bangladesh | Data (worldbank.org)
(GDP per capita (current US$) - Bangladesh | Data (worldbank.org)
(20 Interesting And Fun Facts About Bangladesh [Explained] (nomadsunveiled.com)
