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How Cost-Effective Money Transfers Benefit Bangladesh

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Last month, Payza delivered great news to the thousands of Bangladeshis working abroad and needing a convenient way to send money to Bangladesh. Our new remittance service, SimplySendBD, not only makes it easier for Bangladeshis to transfer money into the bank accounts of their loved ones back home, it makes it cheaper as well.

Payza SimplySendBDSimplySendBD is the new way to make online money transfers – from the comfort of your own home directly to the bank accounts of your loved ones in Bangladesh.

At Payza we’re extremely excited about SimplySendBD. We’re not only making it easier to send remittances to Bangladesh, we’re also lowering the cost. For a flat fee of $5.00 USD, our members can send up to $500.00 USD; to send more, it’s just $10.00 USD (up to $2,000.00 USD per transaction). With Payza’s SimplySendBD, more money will go where it’s supposed to – into the pockets of the people that need it.

Why SimplySendBD?

What makes this service different from existing options?

  • Cost: SimplySendBD’s flat rate means that you won’t have to spend more to send more. If you decide to send $501 USD the fee is only 2%, or $10. If you want to send $2,000 USD, you’ll only be paying 0.5% – still only $10! Bangladeshis have never before seen such savings.
  • Convenience: SimplySendBD allows Payza members to transfer money directly into the bank accounts of their loved ones in Bangladesh from the comfort of their own homes. Cash pickup will be available early 2013: recipients will be able to visit over 5000 retail locations across Bangladesh to pick up their money.

Payza, in collaboration with Casada Technology Bangladesh Ltd. and Bank Asia, developed SimplySendBD because we recognize how important inexpensive and convenient remittance options are to Bangladeshis. In 2010 Bangladesh received about 1.4 billion USD in aid, but there are serious concerns that foreign aid is not having a big enough impact on alleviating poverty in Bangladesh. This makes providing cost-effective remittance options even more important.

Luckily, remittances are more than making up for the lack of foreign aid. Foreign workers sent 11.65 billion USD home to Bangladesh between July 2010 and June 2011 – that’s over 8 times more money sent to Bangladesh by private citizens than by governments – and this past October Bangladeshis working abroad sent back a record 1.45 billion USD in the form of remittances, amounting to more than the total foreign aid received in the year 2010.

The chart below shows the rapid growth of remittances flowing back to Bangladesh. This trend shows no signs of slowing down.

Remittances to Bangladesh

Source: Bangladesh Bank

While the steadily increasing amount of money being sent back to Bangladesh by migrant workers is great news, the high cost of sending remittances significantly reduces the amount of money reaching Bangladeshi citizens. The purpose of SimplySendBD is to ensure that money gets to the people that need it and doesn’t simply boost the bottom line of banks and money transfer operators.

Payza’s core mission is to empower emerging economies, which is why we’re so excited about our newest product. We’re committed to providing concrete financial solutions for those in need and SimplySendBD is a giant step in that direction.

The first step to making affordable money transfers to Bangladesh is to sign up for a Payza account.

For more information about SimplySendBD:
Payza Launches New Product SimplySendBD to Facilitate Money Transfers to Bangladesh
or visit www.SimplySendBD.com

  • Jason

    I hope that my clients in Bangladesh would benefit from SimpleSendBD. Most of them claimed that they weren’t receiving their GTOptions bonus through other payment processors.

    • Hi Jason, we’re happy to help. I hope your clients will benefit from our new service, we’re very excited about it.