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The Benefits of Using a Checking Account for Your Remittance Transactions to Bangladesh

22 Jun 2023


You must have heard that checking accounts are best for fund transactions, everyday cash deposits and withdrawals. While working overseas as a Bangladeshi, there can be several events where you have to send money to Bangladesh. Checking accounts can make your transactions to Bangladesh effortless and easy. The world of technology is evolving fast, and cash in hand no longer holds any importance as it is not feasible. People are more driven to credit and check cards for their everyday payments.

 

According to research conducted by Dairy of Consumer Payment Choice, debit cards were the most used form of doing payments in 2019. The research was based on 2873 individuals.

 

This blog covers everything you need to know about a checking account and the countless benefits you can enjoy after it.

 

What is a Checking Account - Everything to know

Checking accounts are a special type of account that provides fantastic services and allow you to withdraw, deposit and transfer money very quickly. Checking accounts can be easily accessed using cheques, automated teller machines (ATMs), electronic debits, and many other methods. They are often used to keep money for short-term expenses or uses. They can also be beneficial if you have to make multiple money transfers. It is an ideal option to keep savings and also for everyday use and transactions. 

 

Don’t be Uncertain with Some Other Names

Checking accounts are also referred to as demand accounts or transactional accounts. A checking account is typically a deposit account that allows you to make deposits and withdrawals without any effort. They also charge fees in the form of overdraft fees and others. 

 

How Can You Create a Checking Account?

Setting up a checking account is generally very easy. You don't have to run extra miles to get your checking account made. The process is very simple and feasible.


 

  • First, you have to visit your bank, or you can also visit the online website of your host bank.
  • Then you have to provide the basic personal information that is usually required for opening an account.
  • After that, you may be charged fees for opening an account if your bank does not have the minimum amount of cash that is required for opening an account.
  • Typically you are given a debit card after that, and you can make as many transactions and withdrawals as you want
  • You can also pay your utility bills and send money to Bangladesh online through checking accounts.
     

Types of Checking Accounts

There are several types of checking accounts designed on the basis of their purpose and using habits of their users. 

 

Commercial Checking Account

This type of checking account suits best the business and entrepreneurs. The office managers, workers and employees use this account for expenses and multiple work-related transactions. The workers have the authority to use the account freely for operating expenses.

 

Student Checking Account

If you are a student and you are studying in a foreign land, it must be very difficult for you to manage the expenses and budget your finances. You do not need to worry anymore as checking accounts have student checking accounts specially made for college students. It gives them perks like no maintenance and transaction fees. In the meantime, students can learn to manage their furnaces without being overburdened.

 

Joint Checking Account

A joint checking account is a type of checking account where two or more people, usually spouses or family members, can make deposits and write cheques. It is best if you are living away from your family. You can have your everyday funds in a joint account, and your family members can use and withdraw the amount whenever they need. There is no need to do expensive money transfers in that case.

 

Features of a Checking Account

Following are the fantastic features of a checking account that add quality and attraction to checking accounts; users are drawn towards opening it because they can't resist the instant benefits that come with it.
 

  • The checking account allows direct deposits. For example, a company can transfer paychecks directly into the bank accounts of the employees. The funds are available to them the second at which the company confirms its transaction.
  • Checking accounts also allow wire transfers by which you can electronically transfer funds from one account to another without paying any fees or extra charges.
     

When is Your Checking Account Denied?

Although it is super easy to open a checking account, yet there are some conditions where the bank may deny your account. Some of the various reasons for the bad luck could be the following:

 

  • Credit unions and banks check your banking history before opening an account. If you have a habit of writing bad cheques, your request to open a checking account may get denied.
  • There are some rules which are different in international banking. To avoid misleading, you should navigate international banking: a guide for Bangladeshi expats.
  • In other cases, improper identification or incomplete personal information also results in the denial of a checking account.
  • If you are not paying bank and overdraft fees for a long time, your account may get closed.
  • Committing fraud can also put you on a red single, and you may never be able to open a checking account.

 

Benefits of Having a Checking Account

You get financial flexibility when you have a checking account and debit card apart from having cash in hand. It gives you multiple choices for payment as well. A checking account is sort of taking control over your money, from countless deposits to money transfers whenever you like. You can instantly make an online money transfer to Bangladesh to support your loved ones from abroad if you have savings in your account.

 

Collect Money Faster through Direct Deposits. 

One of the most obvious benefits of a checking account is direct deposits. Rather than writing cheques on paper or doing lengthy work, you can just click and send money to the marked account. There is no extra bar of formalities in the transfer. You also free yourself from trips to the bank to make money withdrawals and deposits. Through the checking account, you have faster and more efficient access to your funds. 
 

Earn Interest through Interest-Bearing Checking Accounts.

Interest-bearing checking accounts can be an effective and cheap way of earning money. You can earn passive income by receiving monthly direct deposits and meeting your account balance.

 

Protect Your Funds by Depositing them in a Checking Account.

Cash is just a paper roll. Stuck it in a shoe box, in your socks or under the weight of your pillows; if lost, it can never be recovered. Apart from being lost, there are always risks of pickpockets and roadside criminals. To be safe and keep your hard-earned money safe, deposit your funds into a checking account. Not only is online banking a secure option but there are several federations that provide complete insurance to your digital funds. 

 

You Can Shift to Digital Banking and Utilise Online Banking Tools.

When you have a checking account, you do not have to do the laborious tasks of writing cheques and paying utility bills and rent. This is through the best conduct of online banking tools. If you are connected to any online service provider like ACE Money Transfer, in that case, you can easily check your balances, view transaction history, pay bills and do all work paperless with digital money. ACE Money Transfer is also one of the best online financial platforms for digital transfers to countries like Bangladesh. The company acknowledges the declining economy of the world and gives the best exchange rates with the most efficient services to its users.

 

Apart from that, you can also make online purchases through debit cards and check cards. This means you no more have to go to the malls and visit every shop. You can do all of that while sitting in your home sipping coffee. You will receive the packages on your doorstep.
 

Bottom Line 

There are countless benefits of using a checking account for your remittance transactions to Bangladesh. It is a highly liquid account and is a great place to keep your money for short-term purposes. You can easily do a money transfer to Bangladesh using a checking account. Paper currency is falling the wayside these days, and debit cards are gaining popularity for obvious reasons. Be part of the race and get your checking account made right now. 


FAQs

What are the benefits of using a checking account for my remittance transactions to Bangladesh?

There are several benefits to using a checking account for your remittance transactions:

Ease and Convenience: Transactions can be performed online at any time, eliminating the need to go to a money transfer outlet physically.

Record Keeping: Checking accounts provide a clear paper trail of all transactions, making it easier for you to track your transfers.

Lower Costs: Many banks offer reduced fees for remittances made through checking accounts as opposed to using traditional money transfer services.

Safety and Security: Banks are highly regulated institutions with robust security measures, making your transactions secure.

Speed: Transfers from checking accounts can often be processed faster than other methods.

 

How can I set up remittances to Bangladesh through my checking account?

This process usually involves the following steps:
 

Set up an account: If you don't already have one, open a checking account with a bank that offers international remittance services.

Provide Recipient Details: You'll need to provide details of the recipient's bank account in Bangladesh, including their account number and the bank's SWIFT code.

Initiate the transfer: Use your bank's online banking system or mobile app to initiate the transfer. Be sure to confirm all details before finalising.
 

How long does it typically take for the money to be transferred to Bangladesh from a checking account?

The length of time it takes for the transfer to be completed can vary depending on the bank, but typically it takes between 1-5 business days. The exact time frame should be confirmed with your bank.
 

Can remittances be sent to any bank in Bangladesh from a checking account?

Generally, yes. As long as the recipient's bank in Bangladesh has an international presence and can receive international transfers (most do), you should be able to send remittances from your checking account. It's always a good idea to confirm this with both your bank and the recipient's bank.

 

What are the fees associated with using a checking account for remittances to Bangladesh?

Fees can vary greatly between banks and depend on various factors, such as the amount being transferred, the speed of the transfer, and whether you're sending money to a bank within the same banking network. Some banks may offer flat-rate fees, while others charge a percentage of the amount being transferred. It's crucial to review the fee structure of your bank before initiating a remittance.


 


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