According to the Ministry of Expatriates' Welfare and Overseas Employment, 13 million Bangladeshis reside overseas, making it the fourth-highest number among the top 20 countries of immigration. The amount of remittances received through the banking system in July was $2.09 billion, the most in the previous 14 months. The expatriates send money to Bangladesh in diverse ways. However, not all ways are safe. Let's discuss some legal and safe ways to send remittances to Bangladesh from anywhere in the world.
8 Secured and Easiest Ways to Send Remittance to Bangladesh
Expatriate Bangladeshis living abroad can easily and conveniently send money to the respective bKash accounts of their relative's in Bangladesh through authorised and listed Foreign Banks, Money Transfer Organizations (MTOs), and Money Exchange Houses.
To send money from abroad to a bKash account in Bangladesh, visit authorised and partner bank branches/money exchanges/MTO agents. Then, provide the recipient's bKash account number and full name (while opening the bKash account).
After that, pay the required amount and request the bank/money exchange/MTO agent to carry out the money transfer process. In this way, anyone can receive remittance in minutes directly in the bKash number.
Besides, if you have a Wise account, you can also send money to Bkash through Wise.
The expatriates living overseas can send money to family members in Bangladesh via Rocket - the mobile banking service of Dutch Bangla Bank. To send money, the remitter has to visit any nominated Exchange Houses of Dutch-Bangla Bank located near his or her place. The expatriate can also check out whether the other nearby Bangladeshi Banks offer the service of sending money to Bangladesh via Rocket MFS.
Then, the person needs to provide the Beneficiary's Name, Bank Name (Dutch-Bangla Bank ), and Rocket account number. The transferred money will be available in the beneficiary's Rocket number within 24-72 hours. As soon as the transfer is completed the receiver will get the SMS right away.
MoneyGram is one of the most well-known money transfer services in the world. MoneyGram has approximately 176,000 global agents in 180 countries and territories. Sending money using MoneyGram is instant. That means if you send money from abroad to someone's name or bKash number in Bangladesh using MoneyGram, it will reach the country immediately.
The receiver can pick up the money from any MoneyGram agents or bank accounts by providing their NID photocopy and the tracking number provided by the sender. Remitters can even send the money to the receiver's bank account directly.
For sending money to Bangladesh from abroad, the expatriate needs to contact the nearest bank or financial institution marked with the MoneyGram logo. Then, the customer services will supervise and carry out the rest process. More information can be extracted from the MoneyGram website. After that, the sender can know the details of the money-transfer process by clicking on the live chat box available on their website.
Western Union is one of the most trustworthy and authorised ways to send remittances to Bangladesh. When an expat wants to send money back home, s/he needs to contact a designated agent of Western Union and fill out a form. While making the payment to the Western Union agent, the remitter needs to specify the recipient's name, address, and amount on the form.
After that, the agent will provide a reference number to the sender. This reference number is called MTCN. Usually this number has 10 digits. It is basically a money transfer tracking number.
With that number, anyone can check the status of the transfer. If this MTCN number is given to the recipient, then the recipient can directly withdraw money from any agent or Bank.
Apart from this, if the sender gives the bank account information to the agent while sending the money, the money will be deposited directly into the account.
It was known as Transferwise previously. It is an online money transfer service, which means an expat can send money using a debit/credit card or bank account.
To use this service, an expatriate is required to open an account on the official website of Wise. Then the sender needs to provide the recipient's details and pay the desired amount to Wise. Once the transaction is completed, transferred money should be available in 7 to 24 hours.
Xoom is a money transfer service owned by PayPal. This platform can be used to send money from the USA to other countries. To send the money, the sender must have a Xoom account, which they can open online on the Xoom website. Xoom has 2 options, cash pickup, and bank deposit.
If you want to take cash pickup, you can collect cash from your nearest cash point. The list of cash points can be found on Xoom's website. In the case of the bank deposit option, the sender has to log in to Xoom, then input the recipient's bank details and pay the money. The remittance will be credited to the receiver's account within 2-3 days.
Ria Money Transfer
It is available in around 160 countries. Anyone can receive money in 149 countries, including Bangladesh. They have both an online money transfer system and an offline transfer system through agent locations.
For the online transfer, an expatriate can just use a debit, credit card, or bank account to pay the desired amount. Then, Ria will send the money to the receiver's account.
To transfer via an agent, expatriates need to visit their nearby agent's location and pay the money to them. Whether the remittance is sent via online or through an agent, the money will get transferred within a few hours. Then, the receiver can pick up cash or receive it in a bank. account.
Like Xoom, Remitly is an online based money transfer system available in 135 countries. The transfer system is the same as the Xoom and Wise.
However, they have a partnership with a few Bangladeshi banks, which include Sonali Bank, Islami Bank, Prime Bank Limited, Janata Bank, Dutch Bangla Bank, Standard Chartered, Mutual Trust Bank, and Agrani Bank Limited. So, the expats can easily send remittances via Remitly and the receivers can withdraw cash from these Banks.
A significant portion of Bangladeshi citizens stay outside the country for work. However, many expatriates face problems while sending their hard earned money to their family members and relatives living in Bangladesh. While searching for an easy platform to send money some expatriates fall prey to the illegal or risky ways and become victims of scams.
The Government of Bangladesh recommends legal ways to send remittances to Bangladesh. To encourage legal ways of sending remittances in Bangladesh, the government is providing 2.5% incentives.
So far, we have discussed 8 platforms to send remittances to Bangladesh safely. All of these money transfer providers charge some fees for the transfer. The amount of fee depends on the location and exchange rates. The receivers don't need to pay any charge, as the sender will cover the fees.