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Busy Bangladesh banks open digital door for sending money home

10 Jun 2020 - Category:
Send money to Bangladesh

Long queues, extended waiting and short opening times at banks are currently creating challenging times for people in Bangladesh wanting to pick up or deposit money. Although restrictions are beginning to ease across the world, Bangladeshi banks are strictly adhering to opening hours of 10am to 2.30pm.

Reduced opening hours will also make banks far more crowded than they would normally be, making it hard for customers to observe social distancing.

Since a significant amount of remittances to Bangladesh are sent to a cash-comfortable generation, the current situation is having a direct impact on those who regularly send money to Bangladesh and their beneficiaries collect cash from the local bank.

How can I send Money to Bangladesh?

So, whether you’re transferring money for the first time, or perhaps are looking for a different way to send money to family or friends in Bangladesh, it’s important to know what your options are.

Luckily, there are a number of options available to people wanting to send money in a way that not only avoids bank queues but give access to cash instantly in some cases.  Send money via bank deposit to Bangladesh If both you and your recipient have a bank account, you can send money to Bangladesh via the Small World website or App. The money will be available for cash withdrawl.

It is worth noting that Small World pays close attention to the charges levied by the banks and constantly adapt to ensure they are offering the very best value when it comes to both exchange rates and transfer fees.

According to a 2019 report from The World Bank, choosing to transfer money via a bank is the most expensive way to do so.

Send money with a Mobile wallet to Bangladesh

A mobile wallet is a digital version of a physical wallet. It offers a way to store payment details (credit and debit cards as well as cash balances) that can be used to make and receive payments from anywhere in the world.

Mobile wallets are based on encrypted software. Therefore, they are a safe way to send money online as well as a powerful tool in the fight against fraud and money theft. Since your money is held by a third-party account, it is safe throughout the process.

Most importantly, the service is available to people who do not have a bank account, but they do need access to a smartphone.

Once the person you are sending money to has a mobile wallet set up (with a provider such as bKash), the process is simple. You can choose to send money to the mobile wallet in person, through a Small World agent, by providing the recipient’s mobile phone number.

Otherwise, you can send online via the Small World website or by downloading and using the Small World app – you can read more about how to use the app to send money home on a recent post.

Taking the first [digital] step

These payment methods will, of course, require online ‘set up’ which we appreciate can seem daunting for some family members who belong to a generation who are less technically minded.

But the growing use and popularity of digital services across the world today has helped to make these alternatives to the traditional cash pick-up far more straight forward and simple to use. The first step can seem the hardest but once everything is set-up online, your family can enjoy the many benefits ranging from cost-savings to faster transactions and shorter waiting times.

It may take a little support and encouragement from someone more tech-savvy to download the correct app or create an online account, but once it is up and running it couldn’t be easier.

Money transfer support

Additionally, Small World offers real time payment tracking and local support when you — or your recipient — need it. We handle more than 1 million transactions a month and are trusted by over 15 million customers worldwide.

Is it safe to use an online money transfer service?

A legitimate concern for people moving from cash to online services is safety: is my money secure? So long as the services is registered and regulated by the Financial Conduct Authority (FCA) the answer is yes.

Choosing a payment service provider that offers advanced technology to ensure money is protected and arrives safely every time is another tip. Small World, for instance, is regulated by government authorities around the world, and we only work with official financial partners to meet the right standards for customers.

Interestingly, Small World reported their highest ever volume of transactions to Bangladesh during Ramadan this year. If you are part of this growing trend, while bank opening hours remain restricted, looking into alternative methods to send money to Bangladesh is advantageous in many ways.

You will have peace of mind that your family is avoiding unnecessary social contact, as well as receiving the valuable money that you send securely and quickly.

The most popular ways to send money to Bangladesh:  

  1. Cash Pick-Up
  2. Bank Deposit
  3. Mobile Top-up

Our main partners in Bangladesh are: Janata Bank Limited; Agrani Bank Limited; Uttara Bank Limited; National Bank Limited; Dutch-Bangla Bank; Islami Bank Bangladesh Limited; Rupali Bank Limited; Social Islami Bank Limited; Bank Asia; Southeast Bank Limited; Union Bank Ltd.; SBAC Bank; and Al-Arafah Islami Bank Limited.



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