#best remittance transfer in Bangladesh

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[textiletoday]

Introduction Ready-made-garment export is the lifeline of the Bangladesh economy. According to the last report Bangladesh has earned more than 83 percent of its export earnings from this sector (Nikkei Asian Review, 2018) where the total RMG export in the last fiscal year 2017-18 was US$33.93 billion (BGMEA, 2019). How much of this huge export is accounted for our own benefit? Is the textile and garment industry safe and sustainable for the local professionals? The industry has its own way to find solutions through different stakeholders- buyers, factory owners, governments, NGOs, buying offices, human right activists, local government, etc. Let us see the types of workforce we have in the garment industry, the evolution of the availability of skilled workforce, building capacity for the future workforce, expats working in Bangladesh, and our responsibility to leverage own hard work and intelligence to retain our hard-earned foreign currency in our own country. Workforce in Bangladesh garment industry If we divide the workforce in the garment industry then there are broadly four categories: Garment workers including supervisors, line-chiefs, QCs, helpers, etc. Sub-sector workers Support staffs, including clerks, peons, chefs, guards, etc. and Professionals- CEO, Executive Directors, GMs, Managers, Merchandisers, QA, and Inspectors, The latter workforce is the intelligence of our garment industry. They are the brains for the industry who really run the show by means of managing, operating, giving technical support, and marketing the factory products. There is a government concern about increasing the wages of workers, government employees etc. but this group is the most hard-working people in the country for them there is no wage board, no government intervention on illegal employment of foreign expats, no legal retirement benefits, no medical benefit, etc. Self-reliance in the technical and managerial workforce When the textile and garments industry started in the late ‘70s, it was the Japanese and Koreans who brought those orders and tried to find local partners to make the shipment. In the ’80s, quota benefit attracted investors from all around the world and they hired professionals from their own country as well as from India, Pakistan, Sri Lanka, and the Philippines. The ’90s was the era for mushrooming of knit composite factories because of comparatively lower initial investment cost and a handful of local textile engineers dared to run them. This industry showed us that we could run the factories with our own capabilities. After 2000, it is probably the golden decade for Bangladesh textile and garments industry amid negative speculations of post MFA era, when local professionals started to replace those foreign nationals in managerial positions, maintaining the export growth, graduates from local textile and fashion universities take up the communications quite strongly, worked out the chemical threats and child labor issues. Just when it looked like Bangladesh is all set to become next RMG sourcing hotspot by securing 2nd largest apparel exporter ‘Tazreen Fashions Fire’ and Rana Plaza Collapse’ brought a big question mark on country’s safe handling of the work environment. In the last 5 years, Bangladesh textile and garments industry has done well with Accord and Alliance for a rapid improvement in that area. Building capacity in the workforce Bangladesh has signed the MDG and SDG where it will give a mammoth growth in our economy by achieving those targets by 2030 (SDG, 2017). This target was set mainly based on our ability to achieve US$50 billion export target from RMG by 2021 (Textile Today, 2018). To maintain this growth, we need to increase our export quantity by increasing productivity or doing more value-added products or increasing the number of factories as well as a number of workers and professionals in textile and garments industry. Recently, the government has taken steps to enhance the quality of our professionals by arranging free training for them (Islam and Islam, 2018). We also need lots of vocational, TVET institutes for technical professionals, and make as much space in the industry for managerial professionals. It is obvious that the local professionals alone are capable of running the whole textile and apparel industry. It is a matter of sorrow that there are still many factories who hire foreign nationals in key positions. What is the number of expats? According to The Daily Star dated December 31, 2016, the number of foreign employees working in the RGM sector is about 200,000 (Two Lakhs). In the year 2014, they draw nearly US$5 billion as salary and allowances. From September 2009 to September 2019, a total of 7,030 work permits were issued. In 2014, The Board of Investment (BOI) issued 3,511 extensions and in 2013, it was 2,907. From this data, it is quite evident that most of the foreign nationals working in this country are under illegal contract and residing without valid documents violating the immigration rule of an independent country. New Age (2018) in one of their recent issues has claimed that more than 5 lakh foreign nationals are working in Bangladesh and the same amount as reported by The Daly Star in 2015 is draining the hard earned foreign currency out of the Country. The sectors include apparel, textile, buying house, telecommunication, information technology, poultry, and poultry feed sector. Bangladesh Garment Manufacturer Association (BGMEA) after enquired 5,000 of its member factories to submit a report of a number of foreign employees they have. Only 233 of those member factories replied out of those 5,000 factories. As a matter of fact, most of those expats do not have a legal work permit and this is the reason factories cannot report them to BGMEA. Foreigners and expats mainly come from India, Sri Lanka, China, Pakistan, South Korea, Taiwan, and some European and African Countries as per security and immigration sources. Indian publication, Daily Industry (2018), in their report showed that Bangladesh has become 4th largest remittance source for India with US$10 billion in 2017. They also reported that about 1 million Indian workers working in Bangladesh, mostly, through illegal channels. As per Reserve Bank of India, this amount is deposited in different Indian banks with the declaration. The actual value through non-declaration could be even higher. Though Bangladeshi E-paper, Daily Sun (2018), has claimed it to be false news and further claimed that Bangladesh earns 35 times that of India earns from us. Such contradictory reports reflect our level of patriotism towards solving the drainage from remittance outflow. Threat from foreign professionals A Study carried out by Islam et. Al (2017) for Center of Excellence for Bangladesh Apparel Industry (CEBAI) revealed that expats have specialized skills in communication, negotiation, leadership, decision-making, and operational skill and are reported to be paid two to five times higher than the local professionals. Categorically, we cannot say that professionals working in our textile and RMG industry are facing tough competition from foreign nationals. It is because most of our local professionals are nowadays highly educated, experienced, and gained industry exposure to run by themselves. Then why are we nourishing such highly paid foreign nationals against our national interest? For decades, our textile and RMG factory owners believed that foreign experts are more skilled and there are a few still believe the same way. Firstly, it is not uncommon not to get the best result with some specific local professional but from here making a generalization would be a fallacy. Read More: Is the foreign expert more capable than locals? Secondly, it is also a part of some bad politics. There are lots of liaison offices working in Bangladesh. Many of those offices, mostly US-based, controlled by their regional office located in our neighboring country. In those offices, the decision-making employees are foreign national from a neighboring country. The factory people doing marketing is also from that country. Even many professionals and technicians of that factory are also from that foreign country. It is like making of a little cantonment or a gang of foreigners in those buying office and factories whereas the same responsibilities (may not be the purpose) can be served by local professionals at a low cost. The reason I mentioned purpose because social and cultural aspects should not be a bar in international business which is greatly driven by technical knowledge and most of the people nowadays understand the English language. The possibility of unethical trading as a team cannot be denied too. Lastly, many of the owners are accused of money laundering by using their highly paid foreign employees as a medium for transferring money to other countries. Most of these foreign professionals working in this textile and RMG industries do not have a valid work permit. Most of those come to Bangladesh in tourist visas and extend their visa by liaising with immigration officials. There are lots of talk about this but no action had been taken about this very simple legal matter. Bangladesh has been a target of terrorist attacks and it is not unlikely that there are foreign agents dwelling in Bangladesh in the guise of a garment expert. Most of the foreign offices employ Country Managers preferred to be non-Bangladeshi. The government must check their skill, experience and managerial capacity in order to give them work permit with a valid reason for working in Bangladesh. One of the reasons buyers need them is to screw prices, put penalties and recover claims. Whereas, in such position, a local national would perform much better at a reasonable price to get the right quality for on-time shipment. Understanding the local culture is very important for the Country Managers. If you talk to any of them working here for more than 10 years will speak very badly about our working condition, delivery, on the other hand, push us to be 10 cents cheaper than last season. This whole thing is not only relegating our good name in the international market but also the country is renounced from foreign currency. Most ridiculous thing is that you got to ask this question when, why and where we do need a foreign expert. It is not only the case that they are working as Country Managers or General Managers. They are working massively in woven mills and we should admit that we might still have some lacking in that area, especially in dyeing and finishing. But you will find them working in laboratories, R&D, warping, sizing, and looming, etc. areas too. Though Bangladesh is a forerunner in knit composite but yet you will find foreign professionals in knitting, dyeing, finishing and even in cutting, pattern making, sample making, quality control, fashion design, washing plants, accessories factories, fabric marketing, yarn marketing, etc. However, I must not admit that there are a few advantages of hiring foreign professionals. They work hard because they do not have any social works here. They do not leave the job in short notice. An office with foreign staffs gives customers the feeling of visiting in a multi-national corporation. And of course, individuals have their own personal charisma which makes them different from others. Recommendations It is very easy to leave some recommendations to improve the present scenario. Ironically, everybody understands the fact but do not take any actions about it. Firstly, we have the correct data. The Ministry of Labor and Employment does not have any data related to the actual number of foreign employees working in our country. According to various reports, it could be higher than a staggering 1 million foreign workers and from valid sources, it is half a million workers. We need the actual count in order to control it. Secondly, MNCs often assign expatriate to facilitate knowledge transfer and enhance foreign direct investment purpose. Here is this case, we need to check the capability of the foreign expats working here to teach our technicians, managers. In case, they are here only to learn we are making big accounting mistake by assuming them as FDI. Thirdly, according to the Income Tax Ordinance 1984, tax officials can impose a penalty on companies up to 50 percent of their total payable income tax, or BDT 5 lakh, and deny all other tax benefits as a fine for hiring unauthorized foreigners. It is now up to the integrity of the tax department to investigate those or they keep quiet of being allured with greater personal benefits. There are also a few other recommendations which are the key topic for today’s discussion. That is, how to make our textile and RMG industry safe and sustainable for Bangladeshi professionals. Many of our textile and garment owners complain about the poor knowledge and English literacy of our local professionals. It is very common that academic knowledge, experience, and English as communication will not be the same for everybody. In general, the expats working in our industry has on an average better English. This does not mean that there is no local professional who speaks better English than expats. Nowadays, there are young breeds from public and private universities educated in textile engineering, fashion design, business administration, physical science, applied arts, and many of them having a foreign degree from renowned universities. They could be a much better worker for now and for the future who can work for the company for the rest of his/ her life. There must be some professional institutes like there is for Doctors, Engineers, or even Lawyers where the professional institutes will be able to certify the employability, and also conduct technical and management workshop, a symposium to improve the skills and knowledge of local professionals. It is natural, in Bangladesh, to have good demand for technicians, managers, merchandisers, marketers, etc. However, we have complaints about them that they leave the job even with a small raise from other companies. One of the most popular theories on motivation was given by Frederick Herzberg (1959) which sets forth management theories for workers. He believed that workers are motivated anything other than money. Those are praise, responsibility, achievement, and advancement. Our industry owners are in fact lagging behind in their knowledge in management theories by believing in Taylor (1900) theory where money is the only motivator. Many of the factory owners are applying Herzberg theory in practices, and there are a lot of examples where the best performers in the industry are management hires young managers, gives them the responsibility, praise them while performing, rewards when achieves and promote them as advancement. In today’s world, everybody wants to have a young worker who is keen to learn. It is because of the change in technology, work processes, motivational factors, etc. As the phrase says, “unlearning is difficult than learning”, it is wise to recruit young staff who later is trained with various on the job training so as to capable of giving new knowledge for improving the work process. If we compare the compensation package between the expat and local professionals then there is a big difference. If the local professional is more qualified we still do not want to offer the same package that we offer to a foreign professional with more than US$10,000 as salary plus house rent US$2,000 plus airfare twice a year with family and profit bonus. How could we expect the same dedication from a local professional giving only a part of it and expecting he would sacrifice all his social and personal life? For real professional, they deliver results not his working hours like foreign professional work in Bangladesh. Next thing is that the factory owners must introduce pension and gratuity like other countries which are used as an effective tool against employee’s turnover. Richard Branson, one of today’s most illustrious and successful entrepreneur, quoted about employees, “Clients do not come first. Employees come first. You take care of your employees, they will take care of your clients”. References: BGMEA, 2019. “Total Export of Bangladesh”. Available At: http://www.bgmea.com.bd/home/pages/tradeinformation BIDA, 2019. Available At: https://www.unescap.org/sites/default/files/Changes%20of%20FDI%20policy%20in%20BD%20ESCAP%2717V2.pdf CIA, 2019. “South Asia: Bangladesh”. Available At: https://www.cia.gov/library/publications/the-world-factbook/geos/print_bg.html CPD, 2015. “CPD Study on Bangladesh as Indian Remittance Source”. Published on January 7, 2015. Available at: https://cpd.org.bd/cpd-study-bangladesh-indian-remittance-source/ Daily Industry, 2018. “Bangladesh Becomes 4th Largest Remittance[1] Source for India”. Published on July 02, 2018. Available at: http://www.dailyindustry.news/bangladesh-becomes-4th-largest-remittance-source-india/ Daily Sun, 2018. “False Propaganda about India’s Remittance from Bangladesh by Enamul Hassan”. Published in August 2018. Available at:  https://www.daily-sun.com/printversion/details/331504/2018/08/26/False-Propaganda-about-India%E2%80%99s-Remittance-from-Bangladesh Dhaka Tribune, 2018. “Apparel workers in Bangladesh still the lowest paid by global standards”. Business. Available at: https://www.dhakatribune.com/business/2018/11/12/apparel-workers-in-bangladesh-still-the-lowest-paid-by-global-standards Islam, S. and Islam T. N., 2018. “Insight into the Skill Development Issues of Management Jobs: A Study on RMG and Textile Sectors of Bangladesh.” Canadian Center of Science and Education. November 29, 2018. Available At: https://www.researchgate.net/publication/329279167_Insights_into_the_Skill_Development_Issues_of_Management_Jobs_A_Study_on_RMG_and_Textile_Sectors_of_Bangladesh Islam, S. R., Hossain, M. I., Islam, M. T., & Tareq, M. (2017). Employment of Expatriates and its Alternatives in the RMG sector of Bangladesh. Report of Centre of Excellence for Bangladesh Apparel Industry. Retrieved from https://cebai.org/wp-content/uploads/2018/01/Research-Report-on-Employment-of-Expatriates-and-its-Alternatives-in-the-RMG-Sector-of-Bangladesh.pdf Islam, S. R., Hossain, M. I., Islam, M. T., & Tareq, M. (2017). Employment of Expatriates and its Alternatives in the RMG sector of Bangladesh. Report of Centre of Excellence for Bangladesh Apparel Industry. Retrieved from https://cebai.org/wp-content/uploads/2018/01/Research-Report-on-Employment-of-Expatriates-and-its-Alternatives-in-the-RMG-Sector-of-Bangladesh.pdf Islam, S. R., Hossain, M. I., Islam, M. T., and Tareq, M., 2017. “Employment of Expatriates and Alternatives in the RMG Sector of Bangladesh”. Report of CEBAI. Available At: https://www.researchgate.net/publication/329279167_Insights_into_the_Skill_Development_Issues_of_Management_Jobs_A_Study_on_RMG_and_Textile_Sectors_of_Bangladesh Leon, T., 2018. “Herzberg and Taylor’s Theories of Motivation”. October 15, 2018. Available At: https://smallbusiness.chron.com/herzberg-taylors-theories-motivation-704.html Netherlands Bangladesh Business Forum, 2007. “Economic Outlook”. Available at: http://www.nbbp.org/EconomicOutlook New Age, 2018. “Foreign Nationals Working Illegally Go Unchecked by Moinul Haque”. Published on May 10, 2018. Available at: http://www.newagebd.net/article/36422/foreign-nationals-working-illegally-go-unchecked Nikkei Asian Review, 2018. “Bangladesh Fights for Future of its Garment Industry by Mitsuru OBE”. Business Trend. Published on November 4, 2018. Available At: https://asia.nikkei.com/Business/Business-trends/Bangladesh-fights-for-future-of-its-garment-industry SDG, 2017. “Bangladesh’s Broad Journey: From the MDGs to the SDGs by Karolina Mzyk”. October 20, 2017. Available At: https://www.sdgphilanthropy.org/from-the-mdgs-to-the-sdgs-in-bangladesh Textile Today, 2018. “By the End of The Current Fiscal Year in June 2018, Bangladesh will have three Financial Years Remaining to take its Apparel Export to USD 50 Billion by Tareq Amin”. July 1, 2018. Available At: https://www.textiletoday.com.bd/10-reasons-bangladesh-will-not-able-achieve-50-billion-apparel-export-2021/ The Daily Star, 2015. “Foreign Employees on the Rise in Bangladesh”. Business. December 31, 2015. Available at: https://www.thedailystar.net/business/foreign-employees-the-rise-bangladesh-194584 The Daily Star, 2012. “Bangladesh - - A Part of the Next 11 by A. R. Chowdhury”. Published on May 15, 2012. Available at: https://www.thedailystar.net/news-detail-234135

[punithorient]

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[acemoneytransfer22]

Send Money to Bangladesh Online Using ACE Money Transfer

If you are someone looking for the best money transfer service provider aiding you to send money to Bangladesh, then you are at a right page.

By going through this article, you will get to know about:

Online money transfer system.

Features provided by this system.

How to send money to Bangladesh using ACE Money Transfer service?

Online Money Transfer System:

There are many monies transfer services that aid to send money to Bangladesh. The most convenient way of sending money is an online money transfer. This service provides a way to money transfer to Bangladesh online. Online money transfer is a mash-up of old fashioned transfer technology and advanced electronic fund transfer technology, providing its customers with:

Fast service

Better exchange rates

Transfer options

Different payment methods

Minimal or zero transfer fees

Safe and secure way of money transfer

Send Money to Bangladesh Through Ace Money Transfer:

ACE Money Transfer is the most convenient and reliable online money transfer operator providing you with the securest and most suitable method to send money to Bangladesh anywhere from the world. ACE Money Transfer offers the following facilities to send money to Bangladesh online.

Send Money to Bangladesh for Cash Pickups

ACE Money Transfer provides the facility to transfer money to Bangladesh online to the nearest cash pickup in Bangladesh. Once you remit money from anywhere around the globe to Bangladesh, your family/ friends/ client can transact the payment from the nearest bank.

The Fastest Method of Remittance:

The only thing you have to do for fast remittance service to Bangladesh is:

Choose cash pick nearest you

The money will be sent to the nearest bank within one to two business days

Start Sending Your Money to Bangladesh Using ACE Money Transfer:

If you are new to ACE Money Transfer and want to send money online or any other place, then follow the following steps:

Get registered

Enter valid details by mentioning the full name.

Verify the email address by clicking on the link sent in the email.

Once you have got registered then follow the following steps to send money to Bangladesh online:

Enter the amount for send

Provide the recipient’s name, address, and phone number.

Select a convenient location for easy cash pickup.

Conclusion:

You do not need to worry about online money transactions as ACE is all set to help you out. You can send money to Bangladesh very easily and comfortably using online money transfer service. It takes less time and least efforts, but you can explore its amazing features only after you once try online money transactions. So try it once, and we assure you that you won’t be able to leave.

[ansarhabib]

If you want to get connected to a fantastic service to send money to Bangladesh from UK and want to have all the favours that make the experience pleasant then have a read of this blog as it will give you information about the send money online.

Money transfer service vs conventional methods:

Conventional methods of money transfer like bank cheques, demand drafts, money orders, and money transfer agents were used by people when they had no other choice. These all were costly ways and consumed much time, but the online money transfer method replaced them by its matchless service. The high charges of transfer fee reduced to a great deal and the time of transfer is also short.

A short comparison of both methods is given below:

ServicesTraditional methodOnline method

Transfer feehighLow

Transfer timeProlonged (days or even weeks)Very short (a few minutes)

Multiple currency exchangeNot availableAvailable

Several cash pick-up pointsNot availableAvailable

Various transfer methodsNot availableAvailable

Remittance rateslowFast

The table shows that online methods are far better for the transfer of your money for they require less energy and waste less money.

Select the best among money transfer services:

You cannot use all the online services when you want to money transfer to Bangladesh from the UK as the only one can choose. To select the most appropriate service provider, you will have to compare different firms and their assistance levels. The one that gives more output with little effort is the best for you and this you can check the services offered in the table mentioned above a compare them.

Money transfer through ACE:

ACE Money Transfer Service employs an online transfer method and has an experience of 18 years with a high customer satisfaction level. It has extended its services to 95 countries, and the pay-out locations are increasing day by day.

To send money to Bangladesh from UK through ACE you will have to follow the procedure given below:

You will first get yourself enrolled on the website of ACE or download the online money transfer app.

Then you will pass into it, your details by giving your full name.

After the essential filling, you will corroborate your email address by clicking on the link sent through the provided email.

You will ask to put in the amount of money that you want to transfer.

Then you will have to submit the recipient’s name, address, and phone number.

After that, you will select a convenient technique for easy pick up of cash.

At the end of all this process, you will effortlessly pay money using a bank account, a credit or a debit card.

After all the procedure mentioned above, a confirmation message will tell you about the successful transfer of your money.

Conclusion:

The main hindrances that you face when you send money to Bangladesh from UK were high transfer fees and long transfer time and these are will remove by online money transfer service. It is a blessing for the people who wish to transfer money online and create ease for people. Just sign in and enjoy the privileges.

[bahtsmart]

Why does it cost so much money to transfer money from Australia to Bangladesh?

I live in Bangladesh and one of the most popular topics of conversation amongst foreigners is the cost of transferring money into Bangladesh.  I hear frequently “what a great deal I got..” No fee or commission on the transaction, or they only charged me $10 fee for the transaction. Unfortunately, this isn’t the whole story…

Typically Australian banks and large transfer agents, like Western Union, charge far higher amounts for a money transfer to Bangladesh than other countries. This is due to a large number of factors, but primarily due to lack of competition and smaller demand compared to AUD/USD or EUR/USD.

Typically the Australian banks and transfers agents will charge 8% to 40% of the money transferred, in fees and charges and Foreign Exchange Rate (“FX”) spreads. For a small $100 transfer, $40 in revenue can be made by the transfer agent through fees and charges and bad FX rates. Even for larger amounts like AUD $10,000, it is not unusual to have almost $800 in revenue for the transfer agent or bank for making the transfer.

The World Bank has a 5x5 goal[1] of all international money transfer costs being only 5% of amount transferred over the next five years. Unfortunately, for money transfers to Bangladesh we are in many cases, a long way away from that today.

How do we calculate these charges?

To a bank or money transfer agent, there are two sources of making money from a transfer. Firstly, fees and charges and secondly from the FX rate .

Why do banks and other transfer agents charge fees?

For many reasons, but primarily as a method to recoup costs or make more profit. For recouping costs these include:

·         swift charges (more on swift next week.. but it’s the main transfer network for banks to move money around the world.)

·         charges for processing a transaction, such as IT costs, people costs, administration costs, etc..

However, we find none of the reasons compelling for higher charges. The main reason is market driven. If there is no real competition, the existing banks and transfer agents can charge high fees or commissions. It is easy profit for the banks and transfer agents against a captive audience with little choice.

That is only part of the story: the real cost of your transaction is the FX rate.

Lets start with the basics to explain why the banks and transfer agents make so much revenue from the FX rate.  An FX rate is the rate a bank or money changer will charge you to exchange one currency for another. If you were sending $1,000 AUD from Australia to Bangladesh, the exchange rate can greatly affect how much BDT you end up receiving. Sure this is common sense, but let me explain.

In September 2018, if you exchange $1,000 AUD with a:

·         Money Changer in Australia you would currently get a rate of 59.8 BDT or 59,800 BDT in total.

·         Bangladeshi Bank - AUD FX rate of 57.0 or 57,000 BDT.

·         Australian bank a rate of 52 or 52,000 BDT.

·         Large online Money Transfer Agent a rate of 53 or ending up with 53,000 BDT.

So worrying about a small fee or charge is missing the point. The first thing you need to be worried about is the FX exchange rate. Are you getting the best rate so you get the most BDT in Bangladesh?

Of course there are large differences between what a bank can offer, versus a money changer and please refer to our earlier blog for more details on these differences: Money Transfer from Australia to Bangladesh.

So the moral of the story , is low fees and commissions are important, but it’s more important to compare FX rates.  This is where you can ensure you receive the most money in Bangladesh.

Regards

Dwight Willis

CEO and Co Founder

Audsmart Co, Ltd.

www.audsmart.com

Money Transfer from Australia to Bangladesh

There are thousands of Thai’s and Australians who transfer money from Australia to Bangladesh on a daily basis. There are many methods to transfer money and we have tried to summarise these below and their advantages and disadvantages. The typical channels used today:

1. Money Changers - there are many money changers, especially in Chinatown Sydney. They generally will accept AUD cash at their shop or AUD deposits directly into their Australian bank accounts. They will then arrange for your beneficiary to be paid in Bangladesh, mainly into a Thai bank account. You may have wondered how does your money actually get to Bangladesh. Generally these money changers will transfer your money to Bangladesh in a bulk transfer (with all their other customers transfers.) via the Australian banking and SWIFT networks. They charge little or no commission and the exchange rate is usually pretty attractive. The downsides are they don’t transfer larger amounts, typically AUD9,000 is the maximum and to get same day transfer you need to have the money in their accounts by around lunchtime. Any later and the money will reach your Thai beneficiary the next day. The majority of the money changers are regulated by Australian authorities, but typically have no licence to operate in Bangladesh.

2. The Informal network - typically this is via a middleman in Australia who you transfer Australian Dollars to in Australia and then they arrange through their associates or friends in Bangladesh to transfer BDT to your beneficiary.  These sort of network have been around for many hundreds of years Bangladesh. You need to be especially careful as many of these informal methods are now illegal under Australian domestic and international legislation. It si important you check whether they have the right license to operate, especially in Australia.

3. Online Money Transfer - there are many companies and people on the Internet and Facebook who offer money transfer capability from Australia to Bangladesh. Be very careful. You need to ask some simple questions to make sure your money is safe. Are they are legitimate company?, are they registered or licensed by the Australian Government or Bank of Bangladesh?

If they do have the proper licenses, many of these online companies will require you to deposit AUD directly into their bank account. Like the money changers, once they receive the funds then they will do a bulk transfer to to their bank in Bangladesh and then make your payment in Bangladesh. They generally offer attractive rates and either no fees or commissions, but usually only allow transfers of up to AUD9,000. 

4. Large Remittance Agents: There are two giants in this space, Western Union and Moneygram. Both offer immediate and convenient money transfer from Australia to Bangladesh, but this convenience will generally come at a cost. Higher fees or commission that other methods and the exchange rate will be less attractive. Also they really focus on smaller amounts and they don’t allow large amount of transfers over AUD10,000 to 12,000 per transfer. The advantage is the person you are sending money to in Bangladesh can collect that money immediately.

3. Australian Retail Banks: The large banks offer transfers via traditional banking network SWIFT to Bangladesh. The banks are the most regulated and arguably the most secure method of transferring money to Bangladesh. The transfer can be done online or at the bank branch also making it very convenient, but this generally comes at a cost. Higher commission than other transfer methods and watch the exchange rates. They are generally for retail customers not as good as other channels.

Overall, what to be careful of when making a money transfer from Australia to Bangladesh:

1. Is the company you are using for transfer registered by the Australian Government and the Bank of Bangladesh? They should be regulated by Austrac in Australia - you can search using this link in the Austrac website:

 https://online.austrac.gov.au/ao/public/rsregister.seam.

  2. Cost of Money Transfer: Remember the cost to you is not only the commission, but also the the exchange rate rate. Often many of us only look at the commission, while a bad exchange rate can eat even more into your transfer amount, resulting in even less BDT arriving in Bangladesh. 

3. Why are there limits of AUD9,000 on many money transfers? The main reason is that these companies want to avoid having to report your transaction to the Australian authorities. The Australian authorities have comprehensive regulations in place to check for Money Laundering and Counter Terrorism Financing under the Anti Money laundering and Counter Terrorism Financing Act 2006 (Cth). which among other things, requires all transfers over AUD10,000 to be reported to Austrac. 

Overall, there are a range of choices to send money from Australia to Bangladesh. It is most important to check the cost of the transfer. Not only the commission and but also the AUD/BDT rates. Apart from the cost of the transfer the most important thing to check is my money going to be safe? Is the company I am using regulated by the Australian Government or Thai Governments?

I hope this article helps shed some light on popular money transfer methods from Australia. Watch this space for more blogs. Next week on : Why does the exchange matter? What is the commission for a money transfer?

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Today's Online Rate at 0 Fee From GERMANY, GREECE, BELGIUM, ESTONIA, LATVIA, LITHUANIA, LUXEMBOURG, NETHERLANDS, MALTA , FINLAND, SLOVAKIA, SLOVENIA.

Today’s Online Rate at 0 Fee From GERMANY, GREECE, BELGIUM, ESTONIA, LATVIA, LITHUANIA, LUXEMBOURG, NETHERLANDS, MALTA , FINLAND, SLOVAKIA, SLOVENIA.

Today’s Online Rate For Bangladesh, Pakistan, Sri Lanka, India, Philippines, Nepal From GERMANY, GREECE, BELGIUM, ESTONIA, LATVIA, LITHUANIA, LUXEMBOURG, NETHERLANDS, MALTA , FINLAND, SLOVAKIA, SLOVENIA.

#Date: 16-10-2019

** To Send Money Online in the easiest & safest way through our Website, please visit the link: www.necmoney.com; Then click on the “SEND MONEY ONLINE” button. **

** To…

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Today’s Rates From ITALY, SPAIN, PORTUGAL, AUSTRIA. Today’s Updated Rates From ITALY, SPAIN, PORTUGAL, AUSTRIA.Date: 02-11-2019Time: Start From (09:20 AM) ->>To Get Our Regular Update Rates, Please Press “Like” On Our Regular Posts & Also Our Fan Page NEC MONEY TRANSFER LIMITEDনেক মানি ট্র্যান্সফার লিমিটেড

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Today’s Updated Rate for Bangladesh from Italy, Portugal, Spain. Today's Updated Rate for Bangladesh from Italy, Portugal, Spain. Date: 04-10-2019Time: Start From (04:59 P.M) …

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Today’s Updated Rate For Bangladesh, Pakistan, Sri Lanka from Italy

Today’s Updated Rate For Bangladesh, Pakistan, Sri Lanka from Italy

Today’s Updated Rate For Bangladesh, Pakistan, Sri Lanka from Italy Date: 02-10-2019 Time: Start From (04:36 P.M)

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Today’s Online Rate from France. Today’s Online Rate from France.Date: 22-09-2019** To Send Money Online in an easiest & safest way through our Website, please visit the link: 

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Today's Updated Rate for Bangladesh from Italy, Austria, Cyprus, Portugal, Spain.

Today’s Updated Rate for Bangladesh from Italy, Austria, Cyprus, Portugal, Spain.

Today’s Updated Rate for Bangladesh from Italy, Austria, Cyprus, Portugal, Spain. Date: 19-09-2019 Time: Start From (03:15 P.M)

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Today’s Rate from Europe. Today's Rate from Europe.Date: 09-09-2019Time: Start From (10:30 A.M) ->>To Get Our Regular Update Rates, Please Press "Like" On Our Regular Posts & Also Our Fan Page NEC MONEY TRANSFER LIMITED.

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Today’s Rate from Europe. Today's Rate from Europe.Date: 07-09-2019Time: Start From (10:15 A.M) ->>To Get Our Regular Update Rates, Please Press "Like" On Our Regular Posts & Also Our Fan Page NEC MONEY TRANSFER LIMITED.

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Today's Updated Rate from Europe.

Today’s Updated Rate from Europe.

Today’s Updated Rate From Europe. Date: 04-09-2019 Time: Start From (12:20 P.M)

->>To Get Our Regular Update Rates, Please Press “Like” On Our Regular Posts & Also Our Fan Page NEC MONEY TRANSFER LIMITED. নেক মানি ট্র্যান্সফার লিমিটেড