Bangladesh is the seventh largest recipient of global remittances in the world
London, UK (PRWEB) January 12, 2012
WorldRemit, the online money transfer system, has added Bangladesh to its network of 38 recipient countries as the country's dependence on migrant-senders increases.
The new WorldRemit online money transfer enables Bangladeshis to send money and airtime top-up from the comfort of their own home using a variety of payment methods including debit cards, credit cards and online bank transfers. It is a convenient and low cost means of sending money back home.
Bangladesh is the seventh largest recipient of global remittances in the world, receiving $11.10 billion in 2010 according to the World Bank. Migrant workers’ remittances also make the biggest contribution to Bangladesh’s foreign exports, making up 13% of GDP in 2010. This figure could be even greater, as estimates from the World Bank suggest high transfer costs by some services for remittances relative to the value sent swallow up as much as $15 billion per year in developing countries.
The new service offers pay-out options including instant cash pickup, bank deposits to any bank and international airtime top-up. The instant cash pickup service is available at more than 3,000 locations across the country.
WorldRemit uses a transparent system with clearly displayed and guaranteed exchange rates giving the sender the freedom to decide how much to send and the peace of mind that comes from knowing exactly how much will be received.
WorldRemit, regulated by the Financial Services Authority (FSA) for the provision of payment services, is an innovative online money transfer business enabling customers to send money to family and friends back home using various payment options including debit cards, credit cards and local payment methods.
WorldRemit has built a robust compliance system that eliminates common problems and risks associated with money laundering and card fraud in international money services. WorldRemit now offers online money transfer to over 38 countries.