Bangladeshi migrants lost around USD 1.48 billion in 2024 due to high fees, hidden charges and low exchange rates while sending home USD 26.9 billion in remittances. The figure is equivalent to about 2.025 percent of the national budget and 0.33 percent of GDP.
The disclosure came from international fintech and money transfer app NALA at a “Meet the Press” event held at Pan Pacific Sonargaon Hotel in Dhaka on Saturday (September 6).
Globally, remittances stood at nearly USD 905 billion last year, of which an estimated USD 57 billion was lost to extra costs.
Speaking at the event, NALA Bangladesh’s Head of Growth Mahmudul Hasan said: “Our commitment is to ensure Bangladeshi migrants’ hard-earned money reaches home quickly, safely, and at zero cost. Every taka they send not only supports their families but also strengthens the national economy. That’s why we are working to eliminate extra charges, hidden costs, and delays.”
He added: “We want to build trust and transparency in every transaction. Our goal is for migrants to proudly say—‘Our money is reaching home safely, instantly, and free of charge.’ This is how we can keep the remittance flow strong and move the economy forward.”
Speakers noted that NALA’s platform was developed for migrant workers’ convenience, offering a simple, fee-free alternative to banks and exchange houses. Users can transfer money via mobile phones at competitive rates.
Launched in 2021, NALA’s app now has more than 500,000 users and enables migrants in the US, UK and 21 European countries—including Germany, Italy, France, Spain and the Netherlands—to send money to Bangladesh.
NALA supports transfers to 249 banks and 26 mobile money services in Bangladesh. Its B2B payments platform, Rafiki API, is also streamlining international transactions. The company is backed by global investors including Y Combinator, Accel and Bessemer, and operates on three principles: transparency, speed and security.