Bangladesh Bleeds Billions: USD 1.48 Billion Lost in Remittance Revenue
Bangladesh is losing billions of dollars annually from remittances sent by expatriates due to excessive fees, hidden charges, and unfavorable exchange rates. In 2024 alone, these costs amounted to nearly USD 1.48 billion—equivalent to about Tk 162 billion. This figure represents approximately 2.025 percent of the national budget and 0.33 percent of the country’s GDP.
This claim was made by international fintech company and money transfer app NALA at a press conference held on Saturday, September 6, at the Pan Pacific Sonargaon Hotel in Dhaka. The event, moderated by Toma Rashid, highlighted NALA’s operations and future plans in Bangladesh.
Mahmudul Hasan, Head of Growth at NALA Bangladesh, stated, “Expatriates remitted USD 26.9 billion to Bangladesh, of which USD 1.48 billion (about Tk 162 billion) was lost to additional costs. This amount equals nearly 2.025 percent of Bangladesh’s annual budget and about 0.33 percent of its GDP.”
He added, “Expatriates send their hard-earned money home to support their families and strengthen the national economy. But hidden charges and excessive costs force them into major financial losses. Our promise is that every single dollar sent by expatriates will reach Bangladesh safely, quickly, and without fees.”
“We want every transaction to be transparent and trustworthy. Bangladeshi expatriates should be able to proudly say—the money we send reaches home safely and free of charge. That is how the national economy can be made even stronger,” Hasan further noted.
The company informed that currently, expatriates can use the NALA app to send money to Bangladesh from the United States, the United Kingdom, and 21 European countries. Since its launch in 2021, the app has attracted more than 500,000 users. Its core advantage lies in enabling mobile phone users to remit money from home at the best available exchange rates and without transfer fees.
Countries from which remittances to Bangladesh are possible include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain, the United Kingdom, and the United States.
It was also mentioned that NALA currently provides affordable remittance services in 14 countries across Africa and Asia, enabling transactions to 249 banks and 26 mobile money services. Its B2B platform, Rafiki API, has simplified international transactions. The fintech company, backed by global investors such as Y Combinator, Accel, and Bessemer, is building its services on the pillars of transparency, speed, and security.
