Top 3 Ways to Send Money to Bangladesh

Remittance has become one of the major contributors to the Bangladeshi economy as a growing number of residents are now working overseas and sending money to their family. According to the World Bank report, Bangladesh was one of the largest remittance receiving countries in 2013 with approximately $14.5 billion. Bangladesh received 1389 million USD in July and 1190 million USD in August 2015. From 2012 until 2015, remittance to the country averaged 1212 million USD. As expected by the Central Bank officials, remittance by expats in 2015 might cross $15 billion mark. This forecast is based on the amount of money that was remitted to the country by Bangladeshi wage earners until 15th May 2015. In order to send money to Bangladesh formally, you can choose from options like demand draft, direct transfer, traveler’s cheque or telegraphic transfer. Money carrier system is an informal system of sending money to Bangladesh. Also known as Hundi system, there are no transaction charges in this mode of remittance and the money reaches quickly. Here are top 3 modes of remittance that you can choose from:1.    There are several online agencies that offer remittance services to Bangladesh at a low transaction cost. Online agencies are not only fast but also cost-effective. When compared to sending money from a bank, money transfer from an online remittance service is cheaper because they offer competitive currency exchange rates. It is also safe to send money to Bangladesh through the internet because it is next to impossible for hackers to decode the encrypted data. All you need to do is choose a reliable agency, register on their website with the required details and send money whenever you want from the comfort of your home or office. Online remittance is quite convenient because you just need a laptop or smart-phone with internet connection to make a transfer at any time of the day. When sending a huge amount, some agencies even waive off the transfer cost. 2.    Banks are also a reliable source for sending money to Bangladesh from abroad. However, compared to online agencies, banks offer remittance services at a higher cost. They not only have high currency exchange rates but their transfer fee is also higher compared to private agencies. Money transfers through bank take 2-3 working days on an average. The time limit can vary depending on the method used for processing the transaction from the receiving bank.3.    Third popular method of sending money to Bangladesh is a prepaid debit card. Such cards are being widely used for remittance as they are not only low cost but the ability to reload the card also makes this option convenient. Use of prepaid debit card is easy for the sender as well as the receiver. Whether you wish to transfer money from US to Bangladesh or from any other country, it is recommended to choose a remittance option that is not only easy to use but also cost-effective.