14 May 2024
Over two million Bangladeshis are working in foreign countries, with some in Germany, in a bid to earn a living. They send money to Bangladesh from Germany to support their families financially.
Have you ever thought about how dazzling technology has made it easier for you to transfer funds across borders nowadays? In the not-too-distant past, you would also deliver funds across borders. So, what has changed now? To what extent?
What is it that was unfounded earlier but has become a norm now?
Yes yes! All of your answers, brief as well as detailed, are correct.
But summing them all up in even fewer words will expose you to ease and simplicity.
This blog aims to detail the ease and simplicity of your online money transfers.
Germany's robust and thriving economy is highly appealing to job-seekers from around the globe, including those from developing countries like Bangladesh.
Take a look below.
These figures point to a robust and thriving economy with an expansive job market that is strong and accommodative enough to take into its fold job-seeking Bangladeshi migrants. They come to Germany for work, earn a living and send money online to Bangladesh from Germany to offer financial support back home.
Nowadays, you enjoy speed, efficiency, and so on when you transfer funds. But this is from your perspective.
Below are the online money transfer areas with multiple benefits offered in different yet simple ways.
Certain service providers will offer speed in their remittance operations to the senders, but the speed comes down to a considerable extent when it comes to the recipients.
Banks exemplify this best.
For example, when you initiate a transaction through a bank, the funds you are trying to send will be processed relatively quickly after you fill in a couple of receipts. However, when it comes to the recipient, they may have to wait several days to collect funds due to several issues, the primary being the involvement of intermediary institutions.
Remember that this differs from the regular time banks, which is between 3 and 5 business days.
On the other hand, online money transfer service providers do the same instantly. The speed companies like ACE Money Transfer offer you is just a few hours, inclusive of the initiation and completion of the transaction.
Nowadays, you can feel safe about funds and transactions that were unfounded before. Several companies have wrapped multiple layers of safety and security around the funds and transactions that scammers cannot simply breach.
The best part is that this safety and security come at the cost of nothing, unlike in the past when certain financial institutions offered safety and security. Still, they would ask you for extra charges to provide additional protection.
Nowadays, you can enjoy this additional safety without paying an extra penny.
Go back a few years and think of the best financial institution you were to choose for a money transfer from Germany to Bangladesh. Try to recall if you had unceasing access to their services.
Wait! Don’t stress your memory and cognitive muscle.
Simply because there was none.
Currently, you have access to several institutions, such as financial institutions, that are available across borders 24/7. Whether it is a holiday, a festivity, or anything else, you will be able to access their services nonstop anytime, anywhere.
It is different from other service providers whose services were restricted by time, working schedules, holidays, and other challenges.
Using cutting-edge dazzling technology, certain service providers have started offering live and market-competitive currency exchange rates when you send funds online from Germany to Bangladesh.
You need to understand the role of currency exchange rates in international money transfers because they can either be static or flexible, and they play a vital role in swaying your finances. Certain money transfer service providers offer static rates regardless of their current position in the international market. Some, however, offer live and flexible rates, allowing you to initiate a transaction immediately or wait until the rates spike in your favor.
Read more: Understanding the Role of Currency Exchange Rates in International Money Transfers
When you transfer funds from Germany to Bangladesh, you pay service charges to your service provider. Fees vary depending on which service provider you choose, as different service providers use different mechanisms with disparate pricing.
The fee-charging mechanism is complex.
However, some service providers charge fees, which are a small percentage of the amount you are sending. The calculation is simple and easy to understand.
Surprisingly, some service providers, like ACE Money Transfer, charge fees only if the amount reaches a specific limit. If the amount remains below this limit, you will likely send funds across borders without paying fees.
Nowadays, sending money from one country to another, like Germany to Bangladesh, has become straightforward for both the sender and the recipients.
To initiate the transaction, you simply have to go to the official website of your respective service provider or its mobile app. The recipient, on the other hand, will also go to the same platforms and get notified about the transaction. Within minutes, they will be able to withdraw money and do what is necessary.
But here, you should ask yourself if you need to withdraw money when you can make payments online. This question and its answer will make your online money transfers and the processing of funds even more straightforward and more accessible, as it is simply about receiving and forwarding funds with a few taps on your phone’s screen!
When you make an online money transfer from Germany to Bangladesh with ACE Money Transfer, you simply have to do it through a few taps on the screen of your mobile phone.
Because of the smartphone app, the firm makes it extremely easy to initiate, track, and complete the entire process within a few taps. For example, you only select a recipient whose details and credentials are auto-filled by the app.
Similarly, when you enter an amount to send back, the app gives you specific amounts to choose from instead of typing the amount, creating a margin for error.
Furthermore, you can choose different currencies and also seamlessly select a payment method that corresponds to your needs from multiple online money transfer options, alongside all else explained above, from one stop!
Online money transfers have become simpler because several service providers integrate dazzling technology. Previously, these technologies benefitted only the sender or the recipient, but now both benefit equally.
The two main methods of transferring funds from one country to another or from one place to another are banks and online remittance transfer service provider companies. Previously, banks only monopolized online money transfers, but the advent of other service providers has diluted their power in this particular service area.
Banks are being pushed into insignificance in online money transfers due to challenges like high fees, extended time to delivery, paperwork, charging conversion fees, etc. However, some of the service features like swift fund delivery, low fees, safety, and convenience offered by remittance transfer companies also played a major role in getting the attention focused on them away from banks.
A swift delivery of funds has multiple benefits, such as attending to financial emergencies requiring immediate monetary attention, grabbing an opportunity that can be missed if the necessary funds are unavailable, ensuring the continuation of an uninterrupted and smooth financial cycle, and smoothing the flow of funds back home.
ACE Money Transfer makes sending money online effortless and convenient through speed, low fees, live and market-competitive currency exchange rates, and easy processing of the app, which leaves little for you to do as it auto-fills most areas in a transaction and through the 24/7 service access and availability in over 100 countries worldwide.
Resource(s)
(Bangladeshi Diaspora: Cultural Practices and Development Linkages | SpringerLink)
(GDP (current US$) - Germany | Data (worldbank.org)
(GDP per capita (current US$) - Germany | Data (worldbank.org)
