13 Aug 2024
Do you want to learn about the Bangladeshi banking system for making an easy money transfer from France to Bangladesh? For Bangladeshi expatriates living in France, understanding the Bangladeshi banking system is important. Managing finances, sending money home, and making investments requires a stable financial service to manage finances. The trend of digital banking is growing in Bangladesh. The net Interest Income of the digital banks of Bangladesh will be US$2,517.00m by 2024 and will grow more in the upcoming four years. Bangladesh also receives huge remittances, which maintains the worth of its digital banking.
In 2021, Bangladesh received $22 billion in remittances. Almost 7 million immigrants are living in France. Thousands of Bangladeshi people are also living in France for better lifestyles. When Bangladeshi people move to France, they look for methods to stay financially connected with Bangladesh. Most people deactivate their Bangladeshi accounts, without knowing that it could help them during difficult times. In this article, you will learn about the Bangladeshi Banking system and its working:
Bangladeshi expats need constant services to send money to Bangladesh from France for various purposes. Understanding the Bangladeshi banking system can help you align your finances and manage your currencies accordingly. You can save money in your Bangladeshi bank without converting it into French Euros. Bangladeshi banks deal in Taka, whereas the Euro is the currency of France. 1 Taka is equal to 0.0078 Euro. Learn the financial banking system of Bangladesh to learn about financial management in dual currencies:
The financial sector of Bangladesh is categorized into three sectors: formal, semi-formal, and informal. Different financial institutions come under multiple structures and serve various purposes.
Formal sectors include all the financial sectors and institutes organized by national financial authorities. It includes banks, investment, insurance, and leasing companies. It also includes microfinance and non-bank financial institutions. They are public financial institutes run by governments.
Semi-formal sectors of finance focus on people of specific communities for unique purposes. Financial authorities do not control them like Central banks or other insurance institutes. They are usually private.
Informal sectors include private financial institutes and services such as remittance transfer services, money lenders, and money-saving institutions. The Hawala System is one of the most common informal and illegal financial sectors that helps millions of expats send money online to Bangladesh from France. Informal sectors are best known for high-speed transactions but are completely insecure.
Bangladesh has 6 National commercial banks, 9 Foreign and 3 State banks. There are also scheduled, non-schedule, public, private, commercial, and state banks in Bangladesh:
The Central Bank of Bangladesh is the primary bank responsible for all the financial regulations. It focuses on financial stability, controls the inflation rate, works on development goals, and oversees foreign currency exchanges. It helps Bangladeshi expats living in countries like France access their finances conveniently.
Other than central banks, commercial banks also support many financial activities. Several types of commercial banks provide access to Bangladesh to deal with their routine financial needs. There are several types of commercial banks in Bangladesh (public and private).
These are private banks for local people of specified areas. Private commercial banks are best known for their high-speed transactions, security, low-cost rates, and other benefits. They provide various financial services to individuals, businesses, and government. Eastern and BRAC Bank of Bangladesh are private commercial banks.
The government of Bangladesh controls and runs state commercial banks. They cater to the financial needs of local people and Bangladeshi foreigners when dealing with multiple currencies. Expats can send money from France to Bangladesh through state commercial banks but are usually expensive. Sonali and Agran Bank are state commercial bank types.
These are specifically designed to deal with foreign currency. Foreign commercial banks deal with national and international clients and provide affordable solutions to the clients according to their currency worth. Expats can use foreign commercial banks to access multiple currencies easily. They can invest in a business or make other financial settlements through these banks. Standard Chartered Bank and HSBC are popular foreign commercial banks.
Some banks are designed to serve a certain purpose, such as banks to manage agricultural needs and serve farmers. These banks provide loans to farmers in easy installments to help them buy necessary tools and carts so they can overcome agricultural problems for the local people.
Non-scheduled banks are not completely functional banks. They serve only a few purposes and their services are limited. They are for specific communities and may not accept deposits from local people and services.
Bangladeshi expats must understand their banking system to connect financially with their families. Expats in France often make investments in Bangladeshi companies to increase their access. Therefore, finding a reliable and cheapest way to send money to Bangladesh from France is necessary. Keep the following points in mind before choosing any banking service:
Only a few banks allow expats to make non-resident foreign currency accounts. These accounts are made especially for expats to access their local currency or keep the money in foreign currency in their bank accounts. It helps resolve the issue of converting money to a foreign currency. So, always look for non-resident accounts so you can manage Bangladeshi financial disputes while living in France.
Banks are powerful and safe ways of sending remittances. Choose banks that support digital transactions. Look for affordable and secure ways of money transfer. For safe money transfers ACE Money Transfer is one of the leading remittance services. Check out the features of ACE and read more about how its mobile app or website works.
Choose a bank that allows you to make frequent remittances and supports investment opportunities. Banks are safe, so investments made through banks will be secure and profitable.
There are different types of banks in Bangladesh. Banks' basic structure is composed of three sectors: formal, semi-formal, and informal. The Central Bank of Bangladesh plays a huge role in maintaining all Bangladeshi local and international financial disputes. Semi-formal banks are usually private banks that serve various purposes and offer more benefits to local people. Bangladeshi expats can also access semi-formal banks. On the other hand, informal banks are limited and considered illegal. Hawala banking is a common but illegal way for expats to send money. It is low-cost but insecure and can be harmful.
Bangladeshi expats in France must understand Bangladesh's banking system. It helps them make appropriate future financial decisions such as investments and remittance transactions. Moreover, having a Bangladeshi bank account will overcome the need for currency conversions. They can help save their money in Taka and send it to their families to offer financial assistance.
Bangladesh has multiple bank types, and every type serves a different purpose. Usually, formal and semi-formal banking is popular and beneficial. It is because they are safe. Commercial banks in Bangladesh support the needs of expats and allow them to handle their commercial and financial disputes. Expats must look for suitable banks for an instant online money transfer from France to Bangladesh. ACE Money Transfer is a highly affordable and customer-oriented service that helps tackle the needs of expats.
The Bangladeshi banking system comprises three parts: formal, semi-formal, and informal. Formal banks are public banks controlled by the government. Semi-formal are private banks, and informal banks are limited financial institutions.
Bangladesh has several types of banks, such as commercial banks, scheduled, non-schedule, public, private, foreign, and state banks. All banks have different features and services.
Commercial and non-resident banks are suitable for Bangladeshi expats in France. They offer specific services for expats like instant international transactions, investing, and profiting.
Banks allow expats to save money, send remittances, make routine transactions, invest in the business, pay loans, and lend and borrow money. Moreover, banks support expats through specialized banks in which expats can control their financial activities.
Expats can manage their finances in France using digital remittance services. ACE Money Transfer is a leading remittance service allowing Bangladeshi expats to manage finances in Bangladesh while living in France.
Reference Links:
https://www.statista.com/outlook/fmo/banking/digital-banks/bangladesh
