Approximately nearly eight million migrant workers in the U.S. and U.K. send their remittance to Bangladesh, according to the Bureau of Manpower, Employment and Training in Dhaka. As of 2016, Bangladesh has become the eighth biggest remittance receiving country in the world.
The Bangladesh Bank reports that remittance flow to its country averaged 1212.61 USD million from 2012 until 2016. It reached a record high of $1.5bn in 2014, but otherwise has recently slumped to lows of 1005.49 USD million in July of 2016. As emigrant workers from Bangladesh increase over the years, the World Bank trances a similarly rising increase in remittance flow.
Bangladesh attributes a great deal of its country’s progress to this remittance flow. Not only do migrants help their families and friends shelter and feed themselves from these funds, but the money, too, is used to start and maintain business initiatives, as well as to provide education among other necessities. In general, Bangladesh uses the remittance to offset an over-reliance on garment exports and to motivate consumer spending, which makes up almost 80 percent of its GDP. The remittance, in other words, reduces Bangladesh's need to rely on external aid.
Bangladeshis send their remittance through various channels which, largely, include banks and money transfer operators. CompareRemit makes transferring money to Bangladesh an easy process, allowing users to assess transfer rates side-by-side and to select the best value for their dollar. Our team promises fast delivery and utter confidentiality.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
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Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
Every morning, the first thing I do is refresh the CompareRemit page on my phone browser. It used to be a search for "dollar rate in India today" on Google. After CompareRemit, I have registered to half a dozen online services and choose the best one on pay day to remit money to India.
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