23 Jul 2024
For many people in the UK with Bangladeshi heritage, sending money home to support loved ones is a regular and essential act. These financial contributions, known as remittances, are a vital source of income for countless families in Bangladesh. However, getting the most out of your hard-earned money involves securing a competitive exchange rate when you send money to Bangladesh from UK. This guide delves into the world of currency exchange and equips you with valuable strategies to maximize the value of your remittances.
An exchange rate shows the equivalent amount of one currency that will purchase another currency. In layman’s analysis, it is the ratio of one currency to another currency. Whenever the UK is transferring money to BD, an advantageous exchange rate for British pounds (GBP) to Bangladeshi Taka (BDT) implies that the sender gets a better deal. On the other hand, this means that a less favorable rate implies that you will get less Taka for your Pounds. Here are the key factors influencing exchange rates:
These aspects determine most currency trading rates in the world of exchange. If there is a high demand for the Bangladeshi Taka over the British Pound, you will get a better exchange rate of Taka for Pound, and thus the Taka strengthens.
Fluctuations in interest rates of two different countries, the UK and Bangladesh, can lead to changes in the exchange rate. It is also worthwhile to make an observation that getting relatively higher interest rates for the Bangladesh Dollar generally has a positive effect on the exchange rate shifting the Taka stronger against the Pound.
Exchange rates can be volatile because of events happening in the global economy and political instability in any country.
With an understanding of exchange rates, let's explore strategies to get the most out of your money transfer to Bangladesh:
Do not agree to the service you come across first. Ensure that you spend some time researching the different money transfer providers so that you can compare the exchange rates that they are charging. Thus, it will be beneficial to make use of credible Internet-based comparison resources.
Some money transfer services offer seemingly low headline figures because there are always a lot of other costs that can reduce the return. Consider transfer fees where necessary and any other charges that an intermediary bank charges in order to get a real picture of the total cost.
If you have some flexibility, keep an eye on currency fluctuations. Transferring money when the exchange rate is favorable for the Bangladeshi Taka allows you to send more value home.
It is financially advantageous to send, for instance, $1000 at a go rather than sending $20 ten times over and having to pay each transfer fee.
Selecting a good service provider who will transfer currency at a favorable exchange rate should be the top priority while proceeding with an online money transfer to Bangladesh. Among the ACE Money Transfer’s strong sides, people acknowledge our dedication to offering reasonable exchange rates for money transfers.
Unlike some money transfer services who offer high headline rates only to ensnare customers in a raft of penalties and fees, ACE Money Transfer prefers to level with you. ACE offers raw and genuine exchange rates which are easily visible on the website and in the mobile application.
This makes you understand the exact proportion of Bangladeshi Taka (BDT) that the recipient receives from every British Pound (GBP) transferred with no extra charges.
ACE Money Transfer realizes that people would want the most value for their money when sending money back home. ACE's respective exchange rates are affordable but slightly lower than the standard mid-market rates- a standard measure for fair exchange rates in the global currency market. This safeguards you from situations where you find out that you are receiving a small figure on your transfer due to inflated exchange rates.
Stay up to date with ACE’s rate alerts feature. This is due to the fact that the markets in operation are constantly on the move. Still, with ACE Money Transfer, one is privileged to be on the cutting edge.
ACE has a friendly user web interface that you can utilize to create rate alerts. All you have to do is set your chosen exchange rate from GBP to BDT, and ACE Money Transfer will then inform you when the rate is at its optimum so you can transfer your funds at the right time. For instance, imagine you want to send £1000 to Bangladesh. By utilizing ACE Money Transfer's competitive rates and transparent fee structure, you can ensure your recipient receives a significant amount in Taka.
Let's say the current exchange rate offered by ACE Money Transfer is 1 GBP = 120 BDT (this is just an example; actual rates will fluctuate). With this rate, your recipient would receive 1000 GBP * 120 BDT/GBP = 120,000 BDT.
Furthermore, by setting up rate alerts, you can be notified if the exchange rate becomes even more favorable, say 1 GBP = 125 BDT/GBP. In this scenario, your recipient would benefit from an even higher amount, receiving 1000 GBP * 125 BDT/GBP = 125,000 BDT.
Having competitive exchange rates, having clear fees, and offering efficient rate alerts, ACE Money Transfer helps you to get the most out of your money transfers to Bangladesh.
You must understand that in some countries, even a tiny change in the exchange rate may positively impact the lives of your loved ones. Don't settle for less. It is advisable to use ACE Money Transfer services for a safe, straightforward, and cheap money transfer.
When you decide to transfer your money through ACE Money Transfer, you can expect the best exchange rate in addition to a high-quality service especially after sending money to Bangladesh from the United Kingdom.
If you learn about exchange rates and apply all of the above-discussed strategies, you can make sure that your money is spent wisely when you send money to Bangladesh online. As you know, sometimes only a couple of cents change in the exchange rate can mean a big difference for your family back home. With ACE Money Transfer's reliable services and competitive rates, you can ensure that your hard-earned money reaches your family in Bangladesh swiftly and securely.
Therefore, conduct your investigations, compare charges, and join a trustworthy money transfer service such as ACE Money Transfer to get the most out of your money and change the lives of your loved ones.
A good exchange rate will help to get more BDT than GBP, thus making remittance more beneficial and sufficient to help families in Bangladesh.
Supply and demand
BDT is more in demand than the GBP, and hence the Taka is stronger when you convert to this currency.
Interest Rates
When the interest rate in the Bangladesh market is relatively higher than that of the international market, such as GBP, the value of BDT can strengthen.
Market Volatility
It is important to note that exchange rates are not fixed due to world occurrences.
Search the internet for money transfer services and compare the rates they offer. Do not rely on apparent exchange rates; consider other charges such as transfer costs and fees from intermediary banks. Take the middle rate as a standard measure of exchange rates for fairness in trades.
Transmit more significant amounts at a time to maybe reduce the likelihood of being charged per transaction. Ensure that contingent plans to switch if the exchange rate is more favorable to BDT exist.
Yes, ACE Money Transfer is quite reliable for its honesty when it comes to exchange rates while transferring money to Bangladesh.
