English: Administrative Division of Bangladesh...

English: Administrative Division of Bangladesh. Colored and vivid. Refined Outlines. Editable SVG. Intended to replace File:Bangladesh divisions english.png Nafsadh ( talk ) 12:21, 29 March 2011 (UTC) (Photo credit: Wikipedia)

 

wired

wired (Photo credit: _escalade328s_)

 

 

 

 

 

 

 

This is an excerpt from a letter written about remittance from Bangladesh to Thailand.

 

In this letter the concerned, clearly categories  a policy of the transfer of funds from one country to another. There was and still are lots of Bangladeshi students, studying in different Universities. Most of these students  receive money from home through some legal channel. In this case they need to open a file in the bank from which  remittance will be sent to their account in the country in which the University is situated.

 

 

 

 

 

This particular letter was written 17th May in the C.E of 1998 in Dhaka. The person writing states that he had been receiving the wire transfer for the last three years and not single penny was deducted as fees or hidden charges , either by the sending bank or the receiving one.

 

 

 

 

 

It was only recently i.e. November 1997 that  he saw discrepancy in the money transferred and money received in his account.  For every transaction he got a sum of 25 U.S dollars less.  This was money was being charged in by the routing bank located in New York. The Bangkok Bank PLC, New York, N.Y was some how doing this.

 

 

 

When the concerned wanted the reason the person in charge was very concerned for he was a wise man who had been in the profession Business of Bangladesh since the days of Pakistan. His son was a friend a neighbor of  the letter write, a very honest and self reliant person. The most important of his character trait was he was very thrifty.

 

 

 

As the Senior Mr. Ali got to see the letter he was regretful and immediately asked for the reason and a few days later there was an explanation as to why this sort of activities do work .  The person who inquired into the affairs found that the International Banking was changing this 10% was the charge for the service provided.

 

 

 

This should not have been the case for the service charges and the other fees were already being paid by the remitter and such fees imposed was probably out of the jurisdiction of the entity cutting on the fund transfer.

 

 

 

Now-a-days there is no rule on any type of banking anywhere and the common people are caught in the midst of wrangling of the credit fraud and other illegal fess and fund transfers as deemed necessary for the transaction these are mostly imposed  arbitrarily by Bankers themselves without the approval of Central Bank or the Federal Bank, in other words the regulatory body. Things Fall Apart!