Bangladeshi expatriates have sent US $986 million in remittance in 12 days of October, showing an upward trend of inward remittance flow in the legal channel. According to the latest update of the Bangladesh Bank (BB), the expatriates have sent $8.22 crore in the country in a day till Monday (October 14). Bangladesh received a $425mn remittance in 5 days of Oct: BB Analysing the central bank data shows that state-owned 6 bank received $ 245.57 million in remittance, specialized Bangladesh Krishi Bank received $44.45 million, 43 private commercial banks received $693.57 million and 5 foreign commercial banks received $2.64 million in remittance till Monday. Forex reserves increase thanks to positive trend in remittance inflow: Bangladesh Bank In the current fiscal year FY2024-25, the expatriates sent $1.91 billion remittance in July, $2.22 billion in August, and $ 2.4 billion in September.

Bangladesh has received US$ 23.915 billion in remittances for the fiscal year 2023-24, ending on June 30, marking the second highest remittance inflow in a fiscal year to date. Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, told UNB that expatriate Bangladeshis sent $2.542 billion in remittances in June 2024. This brought the total remittance amount from July 1 to June 30 of FY 2023-24 to $23.915 billion, compared to $21.610 billion in the previous fiscal year. Bangladesh Bank extends Tk 5000 crore refinance scheme to support food security Remittance inflow to Bangladesh rose 15.59 percent year-on-year to $2.542 billion in June, as migrant workers sent more money home for Eid-ul-Azha. In May 2024, expatriate workers sent $2.253 billion in remittances. Sector insiders attribute this growth to the higher exchange rate of the dollar and the festive occasion of Eid-ul-Azha, which prompted expatriates to send additional remittances to their families. Economist Dr. Ahsan H. Mansur commented that Bangladesh can increase remittances through legal channels by enhancing financial and non-financial benefits for the remitters. He noted that many remitters prefer the illegal Hundi system due to its higher exchange rate, diverting legal remittances to illegal channels. Read more: How to safely send remittance to Bangladesh?

Bangladesh received inward remittances of USD $2.16 billion in February, which is the highest in 8 months (July-February) in the current fiscal year 2023-24. According to the provisional data of the Bangladesh Bank (BB) revealed on Sunday, the expatriates sent $2.16 billion remittance to the country through the legal channel. In the previous month January, the expatriates had sent $2.10 billion in remittances. Bangladesh has received so far $13.26 billion in inward remittances in the first eight months of the year through the legal channel. Md Mezbaul Haque, BB spokesperson, told UNB that inward remittances flow increased in the legal channel as the government and banks are providing incentives. Read more: Brac Bank introduces digital Form C, electronic document submission platform for commercial remittances He said the central bank instructed banks to provide additional incentives from their financial sources, which keeps a role in increasing the flow of inward remittances in the legal channel. With the government's 2.5 percent incentive on expatriate income, banks can buy dollars at an additional 2.5 percent higher price. A total of 5 percent is getting incentives. As a result, remittances are coming to the country through legal channels. The executive director of the private research institute South Asian Network on Economic Modeling (SANEM) Prof Dr. Selim Raihan said that a total of 5 percent incentive on remittances will help to boost remittances temporarily. But there will be no long-term solution. Dr. Raihan said,”To increase remittances, hundi should be stopped. If you want to stop hundi, you have to stop money laundering. Now a lot of money is being smuggled abroad. It has to be controlled by any means.”  Read more: How to safely send remittance to Bangladesh?

The Universal Pension Scheme 2023 has been launched with the aim of fostering socio-economic growth and ensuring social security for the citizens of Bangladesh. The notification was issued by the Finance Department under the Ministry of Finance of the Bangladesh Government on August 13, 2023. It was followed by the formal inauguration of the pension scheme by the Prime Minister on August 17, 2023. The scheme categorizes individuals into four primary groups based on their income patterns: private employees, workers in the informal sector, low-income individuals, and Bangladeshi expatriates. This article will discuss how Bangladeshi expatriates can register for the Probash package of the Universal Pension Scheme. Prior to that, let’s get familiarized with the fundamental regulations of this initiative. General Rules of Universal Pension Scheme 2023 In recent years, the growing elderly population due to increased life expectancy has resulted in heightened dependency ratio. It potentially leads to future challenges. Simultaneously, financial instability has implications for the productivity of the working population. Addressing these concerns, the Universal Pension Management Act of 2023 was made as a solution. The following are the general regulations pertinent to the wider public encompassed by the scheme: - Bangladeshi citizens aged 18 to 50 can engage in this scheme with their national identity cards (NID). Citizens above 50 may participate with special consideration, limited to the 10-term scheme. It entails a lifetime pension after ten years of subscriptions. - Applicants can enroll in any of the schemes through the online platform. But those already benefiting from the social security program must relinquish their prior benefits. - Bangladeshi expatriates can join the program, registering with their passport if they lack a National Identity Card (NID). However, prompt preparation and submission of the NID is required. - Each contributor will have a separate pension account created at the outset of the scheme.Should a pensioner pass away before reaching the age of 75 during the pension period, the remaining pensions will be disbursed to nominated heirs. - If a contributor passes away before completing 10 years of contributions, the entire deposited subscription amount will be returned. The amount, along with accrued profit, will be given to the nominated heir. - Pension contributions will be viewed as investments, subject to tax concession. Subsequent monthly pension payments will be exempt from income tax. - It is noteworthy that a standardized service charge for mobile financial services was fixed on August 16, 2023. The existing cash out charge of 0.70% applicable to government services will also be imposed on this program. Read more: Universal Pension Scheme: How will it work? What's in it? Probash Pension Scheme for Bangladeshi Expatriates Table: Monthly Pension against Installment Rate under the Probash Scheme for Bangladeshi Expatriates Monthly Subscription Rate  BDT. 5,000 BDT. 7,500 BDT. 10,000 Total Period of Subscription (in years) Potential Monthly Pension (BDT. ) 42 1,72,327 2,58,491 3,44,655 40 1,46,001 2,19,001 2,92,002 35 95,935 1,43,902 1,91,870 30 62,330 93,495 1,24,660 25 39,774 59,661 79,548 20 24,634 36,951 49,268 15 14,472 21,708 28,944 10 7,651 11,477 15,302 Source: Bangladesh Gazette, Extra, August 13, 2023 Read more: Pragati Universal Pension Scheme: Registration Process for Bangladeshi Non-Government Employees

Bangladesh received inward remittances of $1.97 billion in July, the first month of Fiscal year 2023-24, which saw a decline on year-on-year basis by 5.86 percent. According to Bangladesh Bank (BB) data, the expatriates sent $2.19 billion remittance in June last month of FY23, saw a fall by 10.27 percent in July. Despite the fall in remittance inflow in July, the central bank officials described it as better than other months. $21.61 billion remittances in FY23, second highest ever Md Sarwar Hossain, a spokesman of the BB, told UNB that the expatriates sent a higher volume of remittances in June thanks to  Eid-ul-Azha. Bangladeshi expatriates sent $21.61 billion in remittance in the last fiscal year FY23 (June-July). In the previous FY it was $21.03 billion. Remittances pick up pace ahead of Eid-ul-Azha

The government has taken measures to bring back Bangladeshi citizens stranded in Sudan, through Jeddah in Saudi Arabia. Ministry of Foreign Affairs Spokesperson Seheli Sabrin said that at first the Bangladeshi nationals will be taken to Port Sudan from Khartoum, and from there they will be taken to Jeddah. Later, they will be brought to Bangladesh by several flights of Biman Bangladesh Airlines. The Bangladesh Embassy in Khartoum has already arranged nine buses to take the Bangladeshi nationals to Port Sudan from Khartoum and adjacent cities and a team from Bangladesh’s Consulate General in Jeddah will reach there to assist them. All the Bangladeshis, stranded in Sudan, will be taken to Port Sudan by May 2. Also read: Bangladeshis stuck in Sudan to be repatriated: MoFA The Bangladeshi nationals are likely to reach Jeddah by May 3 or May 4. Two Bangladeshi schools in Jeddah are providing food, drink, medicine and temporary accommodation for the Bangladeshi nationals being brought from Sudan. Earlier, on April 25, State Minister for Foreign Affairs Shahriar Alam said a decision has been made to evacuate Bangladeshi nationals from Sudan through other countries. “The Bangladesh Embassy in Khartoum has already started spreading this message among the Bangladeshis living there,” he wrote in a Facebook post on Tuesday. Read More: Heavy clashes rock Sudan’s capital despite truce extension The state minister urged the Bangladeshi nationals in Sudan to follow the instructions provided by the embassy and complete registration. Meanwhile, a number of Bangladeshi nationals were evacuated by the Royal Saudi Naval Forces. More than 420 people, including at least 291 civilians, have been killed and over 3,700 wounded since the fighting erupted between Sudanese military and the country’s largest paramilitary force last week, AP reports. United Nations Secretary-General Antonio Guterres called the situation in Sudan a “catastrophic conflagration” that could engulf the whole region. Read More: Sudan conflict: 187 more people including Bangladeshis evacuated

Expatriates’ Welfare and Overseas Employment Minister Imran Ahmed said on Friday (January 06, 2023) that the government of Bangladesh is planning to send 15 lakh Bangladeshi workers abroad this year. “The labour market here is growing.  A large labour market is emerging in China. Besides, workers are now going to Romania, Greece, Italy and we are also planning to send workers to Libya,” Imran said. He urged the would-be expatriates to improve their skills and follow the proper procedures for going abroad. Read: Investors’ financial literacy must to boost capital market: Commerce Minister He made the remarks while speaking at the Sylhet, Chittagong, and Comilla divisional organizational conference of the Diploma Engineers Association in Sylhet. MD. Ujjal Bakht,  Vice President (Sylhet) of Education Engineering Department Diploma Engineers’ Association (EEDDEA),  Saroj Kumar Nath, Joint Secretary (Development II) of Secondary and Higher Education Department, and  Delwar Hossain Majumdar, chief engineer of Education Engineering Department, were among others in the conference. Read More: Govt to honour expats through National Expatriate Day: Momen

Speakers at a session of exchange of views in Lisbon have stressed the need of recognising the contribution of the expatriates to the economy of Bangladesh. They also demanded removal of harassment and constraints that the expatriates face at the airports of Bangladesh and asked for more funding for expatriate’s dead body repatriation and financial assistance for needy expatriates and their families on their return to Bangladesh. Remarking that expatriates contribute to building of foreign currency reserve in Bangladesh, the speakers called on the Bangladesh government to keep an eye on the reserve lest it be leaked or wasted. As regards increasing remittance to Bangladesh, some of them urged the expatriate Bangladeshi businessmen to recruit more Bangladeshi workers in their businesses. Bangladesh Embassy in Lisbon arranged the event with the members of the Bangladeshi expatriate community in Lisbon on December 7 on ways to increase remittance from Portugal to Bangladesh. The session was held at the auditorium of the Chancery building of the Embassy. Leaders, businessmen, entrepreneurs, journalists and other members of the Bangladeshi community from Lisbon, Porto and other parts of Portugal attended the session. At the outset of the session, Bangladeshi expatriates were invited to express their ideas and recommendations on how to enhance the flow of remittance to Bangladesh through legal channels. Several community leaders, businessmen and general expatriates spoke. Read more: “Bangladesh can be the right place for investment from Brunei” The speakers expressed the feeling of satisfaction that expatriates had been playing a role in the socio-economic development of Bangladesh through their remittance. The speakers also acknowledged the importance of sending their remittance through banking channels. They also felt the need of formation of a Bangladeshi business association in Portugal. If formed, the association could play a critical role in pursuing their interests with the Portuguese authorities, they remarked. Some speakers also indicated that a ceiling set by the Portuguese government on the amount of remittance in a given period of time is hindrance to remittance of bigger amount through banking channel. They requested the Embassy to take up this matter with the Portuguese government to relax this ceiling.   Ambassador Tarik Ahsan commended the Bangladeshi expatriates for sending to their dear ones in Bangladesh their hard-earned money that also helps development of the nation. He acknowledged their contribution to the economy of Bangladesh, particularly in maintaining external balance of payment. Ambassador Tarik mentioned that Bangladesh was currently the seventh largest remittance receiving country in the world. He said although Bangladesh received 24.78 billion USD in the financial year 2020-21, it was reduced to 21.03 billion USD in the last financial year 2021-22. He indicated that, in the current financial year, remittance flow declined in September and October, but picked up again in November. The Ambassador said if  remittance-to-GDP ratio of Bangladesh, which is now 6%, could be at par with that of some of her neighbours, which is at least 9 %, Bangladesh annual remittance could reach 40 billion USD. Read more: Ensuring wellbeing of Bangladeshi expats is govt duty: PM He called upon the Bangladesh’s expatriate community to come forward to make Bangladesh a top remittance receiving country in the world and make Portugal a significant remittance sending country to Bangladesh. Ambassador regretted that sending remittance through non-banking channels helps money laundering from Bangladesh to foreign countries. He also remarked that transaction through illegal channels may give a better rate, but ultimately it does not benefit the recipients much. He argued that such illegal transactions lead to shortage of hard currency and consequent devaluation of Bangladeshi Taka, which leads to increase of cost of living in the country. He said that Bangladesh government has taken many steps to encourage remittance through banking channels. If necessary, more measures would be taken. However, he also stressed the need of consciousness of the expatriates to accept a little sacrifice in terms of lower rates of exchange for the greater interest of the nation.  The Ambassador said that aftermath of covid19 pandemic, Ukraine War and sanctions have caused a crisis of price rise of food, energy and raw materials worldwide and Bangladesh is not aloof from this global crisis. He expressed the resolve that resilient people of Bangladesh including the expatriates, under the far-sighted leadership of Prime Minister Sheikh Hasina, will overcome the challenges and make Bangladesh come out stronger.  Ambassador declared that the Embassy of Bangladesh in Lisbon would like to honour the remittance senders of Portugal through a programme of conferring accolades on some remittance senders selected on the basis of some criteria.

According to the Ministry of Expatriates' Welfare and Overseas Employment, 13 million Bangladeshis reside overseas, making it the fourth-highest number among the top 20 countries of immigration. The amount of remittances received through the banking system in July was $2.09 billion, the most in the previous 14 months. The expatriates send money to Bangladesh in diverse ways. However, not all ways are safe. Let's discuss some legal and safe ways to send remittances to Bangladesh from anywhere in the world. 8 Secured and Easiest Ways to Send Remittance to Bangladesh bKash Expatriate Bangladeshis living abroad can easily and conveniently send money to the respective bKash accounts of their relative's in Bangladesh through authorised and listed Foreign Banks, Money Transfer Organizations (MTOs), and Money Exchange Houses. To send money from abroad to a bKash account in Bangladesh, visit authorised and partner bank branches/money exchanges/MTO agents. Then, provide the recipient's bKash account number and full name (while opening the bKash account).  Read Bangladesh performing well in 3 major economic indicators, data shows After that, pay the required amount and request the bank/money exchange/MTO agent to carry out the money transfer process. In this way, anyone can receive remittance in minutes directly in the bKash number.  Besides, if you have a Wise account, you can also send money to Bkash through Wise. Rocket The expatriates living overseas can send money to family members in Bangladesh via Rocket - the mobile banking service of Dutch Bangla Bank. To send money, the remitter has to visit any nominated Exchange Houses of Dutch-Bangla Bank located near his or her place. The expatriate can also check out whether the other nearby Bangladeshi Banks offer the service of sending money to Bangladesh via Rocket MFS.  Then, the person needs to provide the Beneficiary's Name, Bank Name (Dutch-Bangla Bank ), and Rocket account number. The transferred money will be available in the beneficiary's Rocket number within 24-72 hours. As soon as the transfer is completed the receiver will get the SMS right away. Read Hope amidst forex crisis: Bangladesh received $2.03bn remittance in Aug MoneyGram MoneyGram is one of the most well-known money transfer services in the world. MoneyGram has approximately 176,000 global agents in 180 countries and territories. Sending money using MoneyGram is instant. That means if you send money from abroad to someone's name or bKash number in Bangladesh using MoneyGram, it will reach the country immediately.  The receiver can pick up the money from any MoneyGram agents or bank accounts by providing their NID photocopy and the tracking number provided by the sender. Remitters can even send the money to the receiver's bank account directly. For sending money to Bangladesh from abroad, the expatriate needs to contact the nearest bank or financial institution marked with the MoneyGram logo. Then, the customer services will supervise and carry out the rest process. More information can be extracted from the MoneyGram website. After that, the sender can know the details of the money-transfer process by clicking on the live chat box available on their website. Read Banks report $1.72 billion inward remittances till August 25 Western Union Western Union is one of the most trustworthy and authorised ways to send remittances to Bangladesh. When an expat wants to send money back home, s/he needs to contact a designated agent of Western Union and fill out a form. While making the payment to the Western Union agent, the remitter needs to specify the recipient's name, address, and amount on the form.  After that, the agent will provide a reference number to the sender. This reference number is called MTCN. Usually this number has 10 digits. It is basically a money transfer tracking number. With that number, anyone can check the status of the transfer. If this MTCN number is given to the recipient, then the recipient can directly withdraw money from any agent or Bank.  Read Bangladesh receives $2.09 billion remittance in July; highest in 14 months Apart from this, if the sender gives the bank account information to the agent while sending the money, the money will be deposited directly into the account. Wise It was known as Transferwise previously. It is an online money transfer service, which means an expat can send money using a debit/credit card or bank account.  To use this service, an expatriate is required to open an account on the official website of Wise. Then the sender needs to provide the recipient's details and pay the desired amount to Wise. Once the transaction is completed, transferred money should be available in 7 to 24 hours. Read BB allows floating exchange rate of US dollar amid pressure Xoom Xoom is a money transfer service owned by PayPal. This platform can be used to send money from the USA to other countries. To send the money, the sender must have a Xoom account, which they can open online on the Xoom website. Xoom has 2 options, cash pickup, and bank deposit.  If you want to take cash pickup, you can collect cash from your nearest cash point. The list of cash points can be found on Xoom's website. In the case of the bank deposit option, the sender has to log in to Xoom, then input the recipient's bank details and pay the money. The remittance will be credited to the receiver's account within 2-3 days. Ria Money Transfer It is available in around 160 countries. Anyone can receive money in 149 countries, including Bangladesh. They have both an online money transfer system and an offline transfer system through agent locations.  For the online transfer, an expatriate can just use a debit, credit card, or bank account to pay the desired amount. Then, Ria will send the money to the receiver's account.  Read BB moves to encourage greater flow of remittance to boost forex To transfer via an agent, expatriates need to visit their nearby agent's location and pay the money to them. Whether the remittance is sent via online or through an agent, the money will get transferred within a few hours. Then, the receiver can pick up cash or receive it in a bank. account. Remitly Like Xoom, Remitly is an online based money transfer system available in 135 countries. The transfer system is the same as the Xoom and Wise.  However, they have a partnership with a few Bangladeshi banks, which include Sonali Bank, Islami Bank, Prime Bank Limited, Janata Bank, Dutch Bangla Bank, Standard Chartered, Mutual Trust Bank, and Agrani Bank Limited. So, the expats can easily send remittances via Remitly and the receivers can withdraw cash from these Banks. Final Words A significant portion of Bangladeshi citizens stay outside the country for work. However, many expatriates face problems while sending their hard earned money to their family members and relatives living in Bangladesh. While searching for an easy platform to send money some expatriates fall prey to the illegal or risky ways and become victims of scams. Read BGMEA chief urges expats to contribute more to Bangladesh's development The Government of Bangladesh recommends legal ways to send remittances to Bangladesh. To encourage legal ways of sending remittances in Bangladesh, the government is providing 2.5% incentives.  So far, we have discussed 8 platforms to send remittances to Bangladesh safely. All of these money transfer providers charge some fees for the transfer. The amount of fee depends on the location and exchange rates. The receivers don't need to pay any charge, as the sender will cover the fees.

Bangladeshi expatriates have sent inward remittance worth USD $2.09 billion in July, first month of current fiscal year, Bangladesh Bank (BB) report said. The BB report released on Monday stated that the remittance flow of July is the highest in 14 months. The bankers and concerned people said that the holy Eid-ul-Azha is celebrated in July. Expatriates usually send additional money to their relatives during the Eid. Also read: Bangladesh receives $1.64 billion remittance in 21 days of July:BB Md Serajul Islam, executive director and spokesperson of BB told UNB that the central bank has simplified various processes to attract more remittance through banking channels. The government is also extending remittance incentives as well as providing policy support. Now the dollar rate is getting higher, he said. "Besides, last month was Eid-ul-Azha, expatriates sent money to celebrate the family's Eid festival beautifully. Remittances have increased due to these reasons. I hope this trend will continue,” Serajul said. Also read: Digitalization: Global remittances flows expected to reach US$5.4 trillion by 2030 In June, the ending month of the last fiscal year, the expatriates sent $1.83 billion inward remittance through the banking channel. Bangladesh received the highest $24.77 billion inward remittance in FY2020-21, amid global movement restrictions along with air flight due to the worsening situation of Covid-19 pandemic. After that in FY 22 remittance income fell to $21.03 billion. Read BB allows floating exchange rate of US dollar amid pressure The sector insiders and experts believed that around $2 billion remittances entered Bangladesh on illegal paths despite different initiatives, including incentives as stimulus to send remittance in the legal channel. Sources said a number of Bangladeshi expatriates in the Middle East, Malaysia, the USA, and Europe who cannot send money to the country in the banking channels lack valid documents. As a result, they have to depend on the illegal hundi and other informal channels for sending their earnings to relatives in Bangladesh. Read BB moves to encourage greater flow of remittance to boost forex