According to the Bureau of Manpower, Employment, and Training in Dhaka, an estimated eight million migrant workers in the United States and the United Kingdom send their hard-earned money back to Bangladesh. This makes Bangladesh the eighth largest recipient of remittances in the world as of 2016.
The Bangladesh Bank reports that the average remittance flow to the country was around $1,212.61 million between 2012 and 2016. In 2014, it reached a record high of $1.5 billion but has since experienced a decline, hitting a low of $1,005.49 million in July 2016. As the number of emigrant workers from Bangladesh continues to increase, the World Bank expects a corresponding rise in remittance flow.
The significant inflow of remittances has contributed significantly to Bangladesh's progress. Not only do migrant workers support their families and friends by providing shelter and food with these funds, but the money is also used to start and sustain business ventures and provide education, among other essential needs. Overall, remittances help Bangladesh reduce its reliance on garment exports and stimulate consumer spending, which accounts for nearly 80 percent of its GDP. In other words, remittances reduce the country's dependence on external aid.
Bangladeshis utilize various channels to send money back home, with banks and money transfer operators being the most common. CompareRemit offers a convenient way to transfer money to Bangladesh, enabling users to compare transfer rates side-by-side and choose the best value for their money.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
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.
CompareRemit has helped me save lots of money by being able to compare the rate of exchange on multiple websites as well as the transfer fee. With so many fish in the pond, it's difficult to choose the best one, but CompareRemit makes it so easy. Thanks to the team for this amazing service!
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