There are many people from Bangladesh who work and live outside their country. Every year, they transfer more than $10 billion home. They seek the most competitive Pound to Bangladeshi Taka rates.
The primary option is wire transfer. However, banks charge exorbitant fees and provide less than friendly margins, especially for international transfers. As a consequence, some gravitate towards digital wallets like PayPal that promise instant deliveries. But, strict transfer limits and massive fees, sometimes as high as 8%, turn off many people about this option. The third alternative is a money transfer service, offering the best of both worlds. In this article, we’ll show you exactly how.
Key Factors
When you’re looking for a way to send money to Bangladesh, different factors always come into play. Some have to do with cost, some relate to speed, and then there are security factors. We’ll review five of them to figure out how money transfer services stack up on each count.
Easy Setup Process
As you probably know, you have to deal with extensive paperwork to set up a bank account and wire money to a foreign country. However, creating an account on most money transfer services is just like creating a Facebook account. You just type in your name, email address, and phone number. And just like that, you can transfer money to Bangladesh via the website or the app.
Sensible Exchange Rates
People always rely on the fact that banks offer reasonable exchange rates. However, many transfer services can do that as well. Some companies such as Lycaremit provide a sensible, transparent Pound to Bangladeshi Taka rate free of any hidden margins.
Fair Transfer Fees
There’s no secret that banks charge hefty fees, especially when it comes to overseas transfers. For example, you have to pay at least $40 every time you send money to Bangladesh. However, money transfer services don’t have to do that because they have far superior technology and can process multiple transactions. That means they can offer lower fees.
Of course, some even claim to charge zero fees, but in reality, they bury the additional fees in their exchange rate margins. Hence, it’s recommended to select one like Lycaremit that doesn’t make such claims and charges minimum, transparent fees.
Transfer Security
Many prefer banks for this reason alone. They feel their money is safe with banks, and they’re right. But, of course, the FCA requires money transfer services to also have the best authentication and encryption technologies to protect your funds. Lycaremit uses RSA 256-bit encryption technology on every transaction.
Transfer Speed
Despite PayPal’s high fees, people love instant transfers using this system. While banks come up short in this category, some people are willing to accept the tradeoff for the sake of security. Of course, money transfer services can offer the best of both worlds. Using a company like Lycaremit, your money will arrive in Bangladesh within two days maximum.
Bottom Line
In today’s world, people are cautious about where their money goes. It’s only natural because, after all, they want to be sure their hard-earned cash is in the right hands. Some put security above all else and go for a wiring service. Others love PayPal’s instant transfer but end up paying heavy fees.
Therefore, it’s advisable to focus on an option that gives you the best of both worlds but with far fewer tradeoffs. That’s what money transfer services can do, and Lycaremit is a top name that’s fair on the transfer fees and offers good Pound to Bangladeshi Taka rates. Then, what are you waiting for? Join Lycaremit right now!
