Find Out How Your Remittances Affect the Area Before You Send Money to Bangladesh

Find Out How Your Remittances Affect the Area Before You Send Money to Bangladesh

Transfers to the area remained steadily low until about 1982, at which time the rate of remittances began increasing every year thereafter. In fact, since about that time, remittances have increased by about 19 percent every year, reducing poverty a little bit with every transfer. Between 2006 and 2008, the rate increased even more sharply than before, usually by about 27 percent per year. In 2007, that number was about $656 million. Clearly, you are not the only person looking to send money to Bangladesh to help out relatives. Additionally, when you send money to Bangladesh, you are helping more than just the relative that you have in mind at the time.

Of course, not all remittances to this country are from the United States. Many are also from Middle Eastern countries, and are a result of immigrants from Bangladesh moving elsewhere to make more money. The area from which the remittances originate is not particularly important, but what is crucial is that they are expected to increase in the coming years since more people will likely move away in order to find work. This means that different methods to send money to Bangladesh will be more important than ever in the future.

One of the methods you may not have tried yet is the concept of the prepaid debit card. This option would require you to send a card to your relative in Bangladesh, and then add money to it whenever you can for a fee of $5. Your relative can then present it at retailers that accept debit cards, such as grocery stores and gas stations. They may also choose to remove cash at nearby ATMs. There are few, if any, fees associated with such ways for your relative to receive their money, and they will not have to leave the house to pick up cash at a specified location like they would with a money transfer service. Therefore, the prepaid debit card may be the most convenient option for you to send money to Bangladesh to help support your family.

Before you choose a method to send money to Bangladesh, knowing how a single remittance helps more than just your relatives is helpful. This way, you know exactly how important your remittances are to this area. Then you will be ready to select the best method for both you and your relatives.

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