Remittance Issues & Practices A Bangladesh Perspective

Migrant remittances are the strong source of foreign exchange income of Bangladesh that help the country to pay import liabilities, improve balance of payments' position, serve external debt and enhance the viability of the countries' external sector. Increase in flow of remittances is associated with increase in migrant flow. Being a populous country, Bangladesh is making foreign exchange funds round the year by exporting labor. However, as different problems associated with the traditional remittance payment system, a large portion of migrant remittances are still being handled by the informal channels. So, government as well as banks is incessantly trying to provide simple, fast, safe and affordable remittance transfer services. This research monograph discusses the issues related to migrants' remittance flows to Bangladesh such as trends of migration, magnitudes of remittance flows, role of remittances in developments, migrant friendly facilities and services, and other relevant issues. This research monograph also covers evidence on and implications of adopting an innovative technology that some banks have experienced in recent times in remittance payment system in Bangladesh.