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Watch Out! Mistakes That Might Ruin Your Money Transfer to Bangladesh

 

International money transfers may sometimes appear too complicated, especially when sending money from Singapore or Australia to places like Bangladesh. Even though sending money abroad has become extremely easy, it does pay to be cautious about frequent mistakes that can affect your transfer. This helps get rid of all pitfalls if you are transferring money from Singapore to Bangladesh and make the whole process as hassle-free as possible.

 

1.    Not Considering Transfer Costs

 

One of the most common is omitting the amount put together to send money from Australia to Bangladesh. Many remittance platforms offer hidden charges that take a lot of money from the recipient's pocket. But Speed Remit is committed to transparency. This international remittance company serving Australia and Singapore makes it easy for customers by providing a fantastic incentive: The first two transfers are on them!

 

2.    Ignoring Exchange Rate Differences

 

The amount your recipient receives would significantly depend on the applied exchange rates. Most people also fail to consider these rates, thinking all services would provide comparable conversions. This is incorrect, however. Before you send money from Singapore to Bangladesh, always ensure you check the applied exchange rates services are provided. In other cases, the platforms use less favorable rates to make much money.

 

"Speed Remit " promises competitive exchange rates so your loved ones get more of the money when you transfer money from Australia to Bangladesh. Knowing these rates ensures one does not lose currency conversion cost."

 

3.    Forgetting Transfer Limits

 

The other high-cost error is being unaware of the transfer limits the service allows. Some services may charge a higher fee when you transfer more significant amounts, while others simply refuse to allow it.

 

"Speed Remit allows a month's transfer limit of 10,000 AUD, and you can efficiently manage huge remittances. This flexibility benefits anybody who has to make regular money transfers from Singapore or Australia to Bangladesh."

 

4.    Overlooking the Speed of Transfer

 

At times, it can be all about timing. You may need to send your money in an emergency or because of other specific financial needs. Faster speeds often exist within many platforms for international transfers, and failing to consider this may cause much stress.

 

"Speed Remit shines in this aspect as its money transfer services are fast and secure, so your money will surely reach the destination on time when it matters most."

 

5.    Not Considering Promotions and Rewards

 

Using promotions saves you money; however, the benefits are lost when one doesn't try to look for them. For instance, two free transfers on all the first two transactions with Speed Remit is an excellent offer. If you transfer money repeatedly to Bangladesh from Singapore, why not take the free transfers when they are offered? Help your family and, over time, acquire small yet valuable assets for yourself.

 

Well, that's a meaningful opportunity to use two free transfers from a platform that already provides top-notch service; hence, Speed Remit is the best way of sending money from Bangladesh.

 

6.    Picking Unreliable Services

 

You essentially place your money in the hands of the platform when you send it overseas. A less-reputed or unknown service can put your money at risk. You are, therefore, obliged to choose a reputable platform to do transactions safely. One such example of a reliable international remittance platform is Speed Remit. Currently, it operates within Australia and Singapore.

 

"Sending money to Bangladesh is a task involving trust, and Speed Remit ensures high-level encryption and monitoring to ensure every single transaction is covered up. You should select some trustworthy sites, say Speed Remit, so that your hard-earned money may be safely delivered to the desired destination.

 

7.    Neglecting to Understand the Recipient's Situation

 

You understand the financial landscape of the country to which you are sending money to help. For example, if you wish to transfer from Singapore to Bangladesh, you must know Bangladesh's banking and financial infrastructure. Are weekends and national holidays counted? Will money be credited to a bank account or a mobile wallet? That helps smoothen transfers and saves people on the sending and receiving side from frustration.

 

"With Speed Remit, transferring money to the intended beneficiary becomes easy. Options range from direct transfers to the recipient's bank account and many more options in Bangladesh. There is also no feeling lost as there will always be proper customer support when one faces a situation or dilemma using it."

 

8.    Failing to Keep Track of Transaction Records

 

Most people fail to understand how keeping track of their transactions would save them should something happen later. Recording your transfers allows you to track when they were made, the fees charged, and the exact amount the recipient receives. The good news is that Speed Remit always keeps transaction histories for every transfer you make, making it easy to monitor and review your remittance activities.

 

"In case of disagreements or questions, you'll have all the information you need to solve the issue quickly. That transparency is another reason Speed Remit stands out as a top choice to send money to Bangladesh from Singapore."

 

Why Choose Speed Remit?

 


 

Why should one use Speed Remit to transfer money from Singapore or Australia to Bangladesh? Well, take a quick recap on what makes Speed Remit the perfect partner for international money transfers.

 

Free First Two Transfers: Speed Remit's promotion of free transfers on your first two transactions is really appealing. Therefore, you would be testing the platform free of charge without any expenses.

 

Competitive Exchange Rates: Speed Remit offers competitive rates, so the receiver receives the great value of what you send.

 

Secure and Fast Transfers: Speed Remit's security features and quick transfer times ensure that money reaches its destination safely.

 

User-Friendly and Transparent: The problem-free process and transparent history of transactions make it pretty easy for any person to use the service, irrespective of his or her experience with online remittance services.

 

Wrapping It Up

 

The next time you send money from Singapore to Bangladesh, avoid one of these common mistakes and use a service like Speed Remit instead. Now that you are fully aware of these common glitches, take the plunge with great confidence about sending your money to Bangladesh, knowing that you are indeed doing the best for both yourself and the receiver.

 

 

 

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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team (sr.cs@speedremit.com) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.