Your relatives live in Bangladesh. You’ve collected your pay from your job in New York City, and you want to send them some funds. A Google search for “money transfer to Bangladesh” gives you a flurry of results, but leaves you feeling even more confused. So you make the best choice you can with the information that’s available, and discover that your hard-earned cash has shrunk by half by the time it reaches your family days later.
To save you and your family from high costs and inconvenience, there are a few important things to look for in making a money transfer, and only one app in the world – FamaCash – provides them all.
When transferring money from the U.S. to Bangladesh, at some point the funds you send will need to be converted from U.S. dollars (USD) to Bangladeshi taka (BDT). You could simply send your transfer in USD, but that means your family will have the added inconvenience of converting the funds to BDT once they receive them. Most customers prefer the more convenient option of letting the bank or other money transfer service they’re using make the conversion for them, so that the person receiving the funds can use them right away.
That convenience sometimes comes at a steep price, however. If you Google “USD to BDT,” the search engine will provide you with the latest market rate, which changes frequently throughout the day. Banks and other money transfer providers always charge a higher exchange rate – that is, the amount of BDT received per USD sent will be less than the market rate – based on a number of factors:
- The amount of money being sent. Some banks and most foreign exchange dealers will offer slightly better rates for larger amounts of money, or charge more for smaller transfers.
- The currency being used. Exchange rates may differ depending on which two currencies are involved in the transaction. More widely used currencies such as euros or Canadian dollars usually have slightly lower fees, which can be bad news for customers who need the funds in currencies such as BDT or Indian rupees.
- Added service fees. Apart from transfer fees, fees are charged just for converting the money. These fees can range from 1 to 10 percent depending on the service used, and for you are an additional cost on top of an exchange rate that may not be attractive.
FamaCash eliminates the headache of costly currency exchange rates and added fees by charging a competitively low rate. And unlike most other money transfer providers, FamaCash’s exchange rate is clearly posted on its website, taking the guesswork out of determining how much your family back home will receive.
Transaction fees can be charged either as a flat fee per transfer or as a percentage of the amount being sent. Wire transfers through banks, for example, typically cost from $10 to $30, but can sometimes be higher; a fee is always charged for an outgoing transfer, and is sometimes charged for an incoming transfer as well.
Other money transfer services can offer better fees, but not always. PayPal, for example, usually charges between 1 and 4 percent for transfers between PayPal accounts, but is not an option for customers without regular internet access or a connected bank account. PayPal also limits the amount that can be transferred at one time, and has some of the most expensive currency exchange rates of all the available money transfer options.
Services such as Western Union and Money Gram offer the convenience of different ways your recipient can collect the funds, a large number of pick-up locations, and very fast transfer times, but also charge higher fees than most other options. A $1,000 transfer can have a transfer fee of $95, on top of an exchange rate fee of 6 to 10 percent, depending on where the money is being sent and the pick-up or delivery option chosen.
Expensive transfer fees are a thing of the past with FamaCash, which offers all the convenience of other money transfer options at an amazingly low flat fee – just $2.99 for most transfers.
Your money transfer to your loved ones abroad isn’t quite as helpful if it creates extra inconvenience and cost for them to receive it. And of course, you want a money transfer option that makes sending the funds fast and convenient for you.
Among the various options available, it is generally acknowledged that money transfer services such as Western Union and Money Gram offer the most convenience, and are a good choice if the funds are needed in a hurry; both companies have tens of thousands of agents, located in almost every country in the world, from whom money can be picked up minutes after it is sent. They also offer other options such as bank deposit or delivery.
But as explained above, that convenience comes at a hefty cost, both in transfer and currency exchange fees. And it still isn’t as fast or convenient as FamaCash, which allows you transfer money instantly to anyone, anywhere in the world. Your family can use the funds at once in their own FamaCash digital wallet, or pick up cash in minutes from any of the thousands of FamaCash agents with just an ID and the secure transaction number.
FamaCash is a full-featured mobile digital wallet application that offers fast, affordable and secure money transfer services as well as many other exciting features:
- Overseas remittances.Send money instantly to family and friends back home at the lowest price of any money transfer option.
- Digital wallet. Keep your money safe and readily available with a secure FamaCash digital wallet.
- Bills payment. Use your FamaCash digital wallet for convenient and secure payments for utility bills and other services. No need to queue at a payment center or bank – bills can be paid quickly from anywhere at the touch of a button.
- Global airtime top-up. Top up your cellular and data airtime minutes instantly with the FamaCash app.
- Gift cards. Send and receive digital gift cards for purchases at hundreds of online stores and other participating retailers.
- Mobile dialer app. Manage your contacts, make calls and send mobile messages with the convenience of an all-in-one app.
Sending money to your family or friends in Bangladesh is a snap with FamaCash. First, download and install the FamaCash app available from the App Store or Google Play. Load your FamaCash digital wallet at any one of thousands of participating FamaCash agents, or with your bank account, debit, or credit card, and you’re ready to go!
FamaCash offers you three options for sending money:
- Transfer funds instantly to another FamaCash digital wallet. If your recipient also has a FamaCash digital wallet, you can send funds instantly through our secure application. The receiver will be notified that funds have arrived, and can use them at once.
- Send funds to a bank account. You can use FamaCash to transfer funds directly to your recipient’s bank account. Simply enter the account information for the receiver’s account, and the funds will be available very soon – instantly, in some cases, or the next business day.
- Send money for cash pick-up. Securely send money for pick-up in cash at any of the thousands of FamaCash agents back home at a fraction of the cost of other money transfer services. Simply log onto the app, indicate the dollar amount you wish to send, and provide your recipient with the unique transaction ID and PIN numbers. With these numbers and a valid ID (such as national ID, driver’s license, or passport), your loved one can pick up the cash in minutes.
When it comes to sending money to your friends and family in Bangladesh, FamaCash is simply the most convenient and least expensive option.