Remittance woes continue

[Major Sam]

It's difficult and there's a lot of backage you have to get around but it's not impossible to receive money from Bangladesh. I've received money from Bangladesh via Western Union, and vice versa I have sent some too.

i think may b higher charges incase if you want to send from BD too abrod.

 

[Arthur]

basically what i shocked to know, my Bangladeshis friend can not receive money from their country. I think its not allowed to send money from bang to other countries.

A BD citizen living abroad can't take money out of the country without a valid reason. ex. Study /medical treatment. You can send money from banks through student /medical file with Bangladesh Bank's approval. Though it's a big hassle the second time.

In case of debit credit card it's little complex. You have to vett the card for overseas use. And recharge. There is an upper limit too. Last time I checked it was like $1500 pr something.

I any case there is a quota on foreign exchange use by the citizens. No BD citizen can't spend more than $7000 dollar ($3000 or something for SAARC) in a year. You can take cash by endorsing it on the passport or through a VISA/Master Card /travelers check or thing like that.

 

[Major Sam]

A BD citizen living abroad can't take money out of the country without a valid reason. ex. Study /medical treatment. You can send money from banks through student /medical file with Bangladesh Banks approval.

In case of debit credit card it's little complex. You have to vett the card for overseas use. And recharge. There is an upper limit too. Last time I checked it was like $1500 pr something.

I any case there is a quota on foreign exchange use by the citizens. No BD citizen can't spend more than $7000 dollar ($3000 or something for SAARC) in a year. You can take cash by endorsing it on the passport or through a VISA/Master Card /travelers check or thing like that.

why they have made it so much difficult? thats the reason my friends have to wait for money, sometime for weeks. as they can not get it on urgent basis.

 

[SajjLad]

why they have made it so much difficult? thats the reason my friends have to wait for money, sometime for weeks. as they can not get it on urgent basis.

I assume it's to prevent the upper classes from hoarding money abroad rather than in Bangladesh.

 

[Arthur]

why they have made it so much difficult? thats the reason my friends have to wait for money, sometime for weeks. as they can not get it on urgent basis.

Money laundering. It doesn't bring any good reputation for the country. And our foreign reserve weren't this big (in our standard. Hey we are no Super rich first world country). When you have limited money, it's wise to spend wisely. Now a days as the reserve has increased to a comfortable size, BB is more liberal & lax on the issue. They generally don't say "no" to medical / study expenditures.

 

[Major Sam]

Money laundering. It doesn't bring any good reputation for the country. And our foreign reserve weren't this big (in our standard. Hey we are no Super rich first world country). When you have limited money, it's wise to spend wisely. Now a days as the reserve has increased to a comfortable size, BB is more liberal & lax on the issue. They generally don't say "no" to medical / study expenditures.

but how long it takes, if some one needs urgent money.

 

[EasyNow]

Im not surprised that remittances have declined. Since brexit in June, the £ has lost about 20% against taka.

No one is looking to get fleeced sending big money right now.

 

[Major Sam]

Im not surprised that remittances have declined. Since brexit in June, the £ has lost about 20% against taka.

No one is looking to get fleeced sending big money right now.

But why this much decline only in BD?

 

[EasyNow]

But why this much decline only in BD?

Did it not suffer against the Pak rupee?

I'm not sure why but it's still low against bdt

 

[Arthur]

but how long it takes, if some one needs urgent money.

Well I don't have idea of the current situation. When I first came to Germany it took me three days to deposit my block amount. (Sending the money & receiving confirmation from DB.Paperwork was a different case though, two days in my local BD bank.) I haven't brought any money from BD since then. So I don't know how much time it takes for a family member to send it. If one still has the old student file active, it shouldn't take much time.

But why this much decline only in BD?

Our migrants are mostly concentrated in the ME. And most of those are low skill workers. That ought to be the main reason I think.