Bangladeshi workers in the United Arab Emirates (UAE) have become an essential part of the country's workforce, contributing significantly to the economy. Many workers from Bangladesh choose to send money back home to support their families, and bKash has emerged as one of the leading ways to transfer money due to its accessibility and convenience. However, traditional money transfers through services like bKash often come with hefty fees, which can quickly add up, reducing the amount of money that reaches the recipient. In this article, we will explore how Bangladeshi workers in the UAE can send money home without bKash fees and how this can benefit both workers and their families back in Bangladesh.

The Need for Affordable Money Transfer Solutions

For many Bangladeshi expatriates in the UAE, sending money home is not just a financial obligation but a moral responsibility. With the high cost of living in the UAE, workers often have to manage their expenses while simultaneously ensuring that their families in Bangladesh have enough support. This has led to a high demand for affordable money transfer options that minimize fees and offer convenience.

bKash is one of the most popular mobile financial services in Bangladesh, widely used by both the working population and businesses. However, using bKash to send money from abroad comes with significant transaction fees, which can be burdensome for workers. Many people look for alternatives to minimize these fees and ensure that more of their hard-earned money reaches home.

Alternatives to bKash for Sending Money

While bKash remains a prominent option for many, there are several alternatives that Bangladeshi workers in the UAE can explore to send money back home with minimal fees. These alternatives offer competitive rates and lower fees, making it easier for workers to send funds without worrying about excessive charges.

1. Bank TransfersOne of the most reliable methods for sending money abroad is through a bank transfer. Many banks in the UAE offer remittance services that allow workers to send money directly to their families in Bangladesh. Banks like Emirates NBD, Dubai Islamic Bank, and others partner with local Bangladeshi banks to facilitate transfers. While fees for bank transfers can still apply, they are often more competitive than bKash, particularly for larger sums of money. Additionally, the transfer process through banks is typically secure, with an established network for international transactions.
2. Western Union and MoneyGramWestern Union and MoneyGram are international money transfer services with widespread availability in the UAE. These services allow workers to send money to any part of Bangladesh, where recipients can pick up their cash at local agents. While these services often charge higher fees than bank transfers, they offer the advantage of faster transfer times, with money often arriving within minutes. Western Union and MoneyGram also have a network of partners in Bangladesh that allow recipients to receive the money in various ways, including through mobile wallets like bKash.
3. Digital Wallets and Online Transfer ServicesDigital wallets and online money transfer services like TransferWise (now Wise), Xoom, and Remitly are growing in popularity among expatriates. These services allow users to send money from their smartphones or computers, offering convenience and lower fees. Some digital wallet services also allow users to send money directly to a recipient’s bKash account, but with much lower fees than traditional methods. Wise, for instance, allows for competitive exchange rates and transparent fee structures, making it an appealing option for many Bangladeshi workers.

The Role of Remittance in Bangladesh’s Economy

Remittances sent by expatriates play a crucial role in Bangladesh's economy. According to data from the World Bank, remittances account for a significant portion of the country’s GDP. For families in rural and urban areas alike, the money sent by workers abroad is vital for covering daily expenses, education, healthcare, and even business investments.

The government of Bangladesh has acknowledged the importance of remittances and has introduced several incentives to encourage expatriates to send money home. Programs such as the "Foreign Exchange Remittance Policy" provide incentives like tax exemptions to individuals who send money through formal channels. These measures aim to increase the amount of remittances entering the country while also ensuring that the money reaches the intended recipients safely and efficiently.

bKash's Position in the Market

Despite the availability of alternatives, bKash remains a dominant player in the Bangladeshi money transfer market. It offers a convenient way for recipients in Bangladesh to access money, particularly through its mobile app, which allows people to transfer funds to their bank accounts or use them for payments. However, the fees associated with bKash transfers from abroad are a major concern for many workers.

One of the ways to avoid excessive bKash fees is by using third-party services that partner with bKash but offer lower charges. Workers in the UAE may find that while sending money through these services can be slightly more complicated, the savings in fees could be significant. Many digital transfer services also offer the option of transferring directly to a bKash account with a fraction of the cost of traditional methods.

How to Avoid bKash Fees When Sending Money

If you are a Bangladeshi worker in the UAE looking to avoid bKash fees, there are several things you can do to ensure that you are sending money efficiently and affordably:

1. Use Online Remittance PlatformsAs mentioned earlier, services like Wise, Remitly, and TransferWise allow users to send money with lower fees. Some of these platforms allow direct deposits to mobile wallets such as bKash but with reduced fees. Additionally, these services may offer favorable exchange rates, which can further maximize the amount of money your family receives.
2. Look for Promotions and PartnershipsSome money transfer services offer promotions or special deals that can help reduce fees. For instance, Western Union or Xoom may run offers that provide fee-free or discounted transfers for first-time users or during specific periods. Signing up for their newsletters or notifications may give you access to these deals.
3. Transfer Larger AmountsIf you regularly send money home, it might make sense to transfer larger amounts less frequently. This is because many services charge fees based on the amount being transferred. Sending larger sums at once could potentially reduce the per-transfer fee, helping you save money in the long run.

Conclusion

Sending money home is a priority for many Bangladeshi workers in the UAE, but the fees associated with services like bKash can sometimes take away from the funds that are meant to support their families. By exploring alternative money transfer services like bank transfers, Western Union, and digital wallets, workers can save on fees while still ensuring that their loved ones receive the financial support they need. Understanding the fees and services available can help workers make informed decisions, allowing them to send money home more efficiently and cost-effectively.

Disclaimer: The information provided in this article is for general informational purposes only. The financial services mentioned may be subject to changes in terms and conditions, including fee structures. It is advised to check the latest details with the respective service providers before making any decisions.