Sending Money to Bangladesh

In the news recently, it was reported that remittances being sent to Bangladesh from immigrants working overseas hit a new record high of 9.5 million in July. This is up from 7.11 million in the same period just last year.

The 2007/08 financial year ended in June, reporting a 32.8 percent rise over the previous year with .94 billion remittances being reported.

News From Bangladesh

With the booming cheaper in the Middle East and Gulf region, and the improving skills of the Bangladeshi workers, there is an addition query for Bangladeshi laborers.

It is anticipated that remittances will reach the billion mark in the current fiscal year. This amazing increase has helped to keep the country's balance of payments in surplus. Remittances are the estimate two source of income, with ready-made garments being on the top of the list. This boost in remittances is a key source of foreign change for this poverty-stricken, mostly Muslim country.

Ways to change Money

There are a estimate of ways to change money to and from Bangladesh. Banks appear to be more high-priced and offer less value than money change operators.

Banks regularly offer their remittance services at a higher value for customers who have accounts with them. The rates on small money transfers are often higher than money change operators. Transfers straight through banks midpoint 5 days, but this time can vary from 2 to 10 days depending on the method used to process the transaction from the receiving banks.

Money change operators (Mtos) tend to have lower rates than banks for small remittances. There is also the convenience of longer operating hours and more locations. Mtos regularly take less than 24 hours to process a transfer. In some cases, it can take as petite as 10 minutes.

Mtos have better coverage in receiving countries with more outlets spread throughout the region. Some of the larger networks have over 60,000 outlets worldwide.

Security is the estimate one factor in selecting a money change provider. Many times immigrants select a provider based on word of mouth from man else that has used the service. Banks are viewed as more trustworthy.

Money change operators are viewed as gift better aid in general because this is their main scope of business. Mtos seem be targeted because of the low-value transfers that are the most coarse form of remittances sent to countries.

Prepaid debit cards are widely becoming a more favorite way for habitancy sending money home to relatives and friends. Because of their low cost and the ability to reload the card, it is suitable for the sender and receiver. Fellowships like Atmcash offer fees beginning as low at .00, and is fast becoming one of the leaders in the manufactures with flat-fee rates for transferring money.

Although banks and Mtos remain the estimate one selection for immigrants to change funds, the competition from debit cards (cash cards, prepaid cards), and online services are addition in popularity and will soon take the  estimate one spot for those working abroad to send money back home to the country of origin quickly, securely, and at a large savings.

Sending Money to Bangladesh

Friends Link : todays world news headlines