24 Oct 2023
Did you know that Italy hosts a 146,000-strong Bangladeshi expat community? This community provides a subtle boost to the Bangladeshi economy whenever they send money to Bangladesh from Italy. Behind these smooth remittance flows is the never-ending technological transformation and innovation. Keep reading to learn the 5 new remittance trends you should be aware of as a Bangladeshi expat.
As technology blooms, remittance trends are growing, too. Recently, how we make transactions has undergone a seismic shift. This is true from Italy to Bangladesh and every point in between!
Let’s acknowledge the undeniable fact that we are living in a digital era. Tectonic shifts in technology have pushed cash transactions to overlap the line of obsolescence. Thriving amidst this transformation, digital transactions have established their supremacy. The trend of digital remittances has especially seen exponential growth after the COVID when financial institutions were closed to the general public.
There is no denying that digital remittance is a new-age methodology. It uses the power of the internet to transfer money. ACE Money Transfer is the leading firm that uses this concept to make the lives of expats easier.
Several benefits come along with digital remittances. Although change can be unsettling, the convenience offered by digital transactions is worthy of praise. What once involved tiring queues and annoying paperwork has now been reduced to a few clicks.
And then there's speed. In the remittance industry, swift service is not just desirable; it's quintessential. A delayed transaction could ruin careful financial planning. With ACE Money Transfer, the mantra is about quick-time transactions.
Moreover, ACE prioritises security to ensure the best service for its users. The platform is backed by top-grade encryption, which guarantees the safety of sensitive data. This commitment to security eliminates apprehensions and increases user trust, which is essential in the remittance industry.
Finally, there's accessibility, which makes it the favourite of expats. ACE money transfer steps ahead of limited geographies and provides services in more than 90 countries.
The dominance of cash is steadily diminishing. The new monarch in town is 'Mobile Wallet'. No more fumbling for exact change, no more lugging around hefty wallets. This innovative solution transforms your smartphone into a wallet and enables you to make transactions with an extreme level of ease.
Using mobile wallets is one of the most convenient options for expats and immigrants, especially those who send money from Italy to Bangladesh. The expatriate life is honestly a juggle between managing finances in two countries. Traditional bank transfers can often pose challenges like extensive paperwork and time constraints. Hence, a mobile wallet solution comes with a promise of simplicity. Their quick platform allows you to transfer money with a few taps right from your phone. The service is not confined to banking hours so your transactions are never delayed due to time variations.
Another benefit of using mobile wallets is that it ensures your hard-earned remittances reach the intended recipients swiftly. This is especially advantageous in densely populated nations like Bangladesh, where ensuring direct-to-receiver transfers is challenging.
There's no denying the buzz around Cryptocurrency. It was once a less common concept, but it is now commanding centre stage. This concept will bring new trends in financial systems. It completely dismisses the traditional transaction methods' limitations. From Bitcoin to Ethereum, cryptocurrencies have set forth an extraordinary revolution which will be seen by the world in the coming years.
Although traditional methods of remittance are very widespread, they come shrouded in regulatory red tape and considerable transaction fees. On the other hand, cryptocurrency is completely and utterly decentralised. There is minimal to no involvement from financial institutions or governmental regulations. This means low to nonexistent transaction fees and unrestricted availability at all hours of the day.
Transnational businesses and expatriates are excited to benefit enormously from this trend. Cryptocurrency-based transfers grant the flexibility needed to manage financial obligations across borders. It is speedy and transfers money within moments despite geographical distances.
Current legislation regarding cryptocurrencies differs greatly across countries. For example, Italy shows a progressive and positive stance towards these digital currencies, considering its strong focus on digital innovation. However, Bangladesh remains cautious due to concerns about financial security and misuse.
Remittance cost is an age-old concern because literally every remittance provider is competing to offer the lowest transfer fees. Most firms have lower transaction charges. However, ACE has taken the lead as it is offering FEE-FREE online money transfers from Italy to Bangladesh. Furthermore, ACE Money Transfers supports the Bangladeshi diasporas in numerous ways to increase remittance inflows in Bangladesh.
The adage is very true that time is money. The remittance industry is slowly starting to acknowledge this. This is because quick transfers are the norm now. ACE Money Transfer is no less in adopting this trend. It offers speedy transaction from Italy to Bangladesh, which is completed within hours if not minutes.
Transactions are no longer the tedious task that they once used to be. They are transforming with these trends. Today, there is more security, convenience, and affordability when it comes to sending remittances. The early adopters of the digital trends will surely reap benefits. ACE Money Transfer is staying ahead in this revolution by offering FEE-FREE money transfer from Italy to Bangladesh.
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ACE Money Transfer uses advanced encryption, providing an extra layer of security to digital remittances.
The decentralised nature of cryptocurrency could potentially lower transaction costs and affect the remittances between Italy and Bangladesh.
If you use traditional methods, you can expect your funds to reach in 3-4 business days. In contrast, ACE completed its transactions on the same day.
Yes, with its digital remittance service, it operates and initiates transactions 24/7 between Italy and Bangladesh.
Yes, remittance plays an important role in boosting the Bangladeshi economy by facilitating necessities and encouraging economic activities.