Best Way to Send Money to Bangladesh | Finder Canada

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How to send money to Bangladesh

Find cheap and fast transfers to Bangladesh for pickup or deposit.

Remittances contribute significantly to Bangladesh’s economy, according to the World Bank, fueled by the more than 10 million migrant workers who send their hard-earned money back home to friends and family. To get as many takas as possible into the hands of your loved ones, look beyond traditional banks to digital money specialists offering the strongest rates and lowest fees on your next transfer.

How much does it cost to send money to Bangladesh? Compare your options

Compare transfer fees, exchange rates and turnaround times to narrow down the best money specialist for your next transfer.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 10 Within an hour CAD 1.99 66.737 BDT
333,553
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 Same day CAD 0.00 67.142 BDT
335,710
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
CAD 0 Within an hour CAD 3.99 67.21 BDT
335,779
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 67.479 BDT
331,324
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How to send money to Bangladesh online

Sign up and send with a digital money transfer specialist in four steps:

  1. Sign up for an account. Use our site to narrow down a money specialist offering the best rate and lowest fees, and create an online account with your name, contact information and proof of valid ID.
  2. Provide your transfer details. Submit your recipient’s name, address and contact information, and choose your preferred method of delivery. Depending on the transfer method, you may also need their Bangladeshi bank account information.
  3. Pick an amount. Indicate how much you want to transfer, and confirm the exchange rate and any fees before completing your transaction.
  4. Save your receipt. Hold on to your confirmation details to monitor the progress of your transfer.

Crunching the numbers: Sending $1,000 to Bangladesh

Let’s say you want to send $1,000 home to your family in Bangladesh. You compare your local bank to money transfer specialists offering cash pickups and bank deposits to weigh which is cheapest, fastest and most convenient.

Bank transferCash pickupMoney transfer service
Fee$50 + bank fees$7$4.99
Exchange rate1 CAD = 58.892 BDT1 CAD = 59.7237 BDT1 CAD = 59.0278 BDT
Transfer speed2–4 daysMinutes1–2 days
Amount receivedBDT 55,947.40BDT 59,305.63BDT 58,733.25
Verdict
  • Slowest and most expensive
  • Fastest and best value
  • Better than a bank transfer

In this case, the bank ends up being both too slow and too expensive, resulting in the least amount of money delivered among the three. The money transfer service provided a better value, but the cash transfer specialist ends up being fastest and best, delivering some 2,785 more takas to your loved ones.

How to compare transfer companies

Weigh costs and fees against convenience to find the best money transfer specialist for your needs:

  • Exchange rates. Look for a provider that offers a strong rate with low markup on the mid-market rate. And note that your strongest rate may require a minimal transfer fee.
  • Transfer fees. Most companies charge fees for the convenience of a money transfer. But many reduce fees or waive them altogether for larger amounts.
  • Transfer method. Depending on the company, you may be able to initiate a transfer online, over the phone and by visiting a branch.
  • Turnaround time. Some companies take up to five business days to process transfers, while others make funds available to your recipient within minutes for an additional fee.
  • Pickup methods. Is the transaction managed completely online with funds delivered straight to your recipient’s bank account, or can they visit an agent location and pick up cash in person?
  • Minimum transfer amounts. Make sure the amount you’re sending is supported by the companies you compare.
  • Customer service options. Are phone and email customer support available? Can you reach out for help through online live chat? Also check when these services are available to make sure you can access help whenever you need it.
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Foreign exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Bangladesh’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Today’s exchange rate CAD to BDT

1
0
Updated: 10 Apr 2021 18:57:41 UTC

Options for sending money to Bangladesh from Canada

Depending on the transfer specialist you choose, you may be able to send money for delivery by:

  • Bank transfer. Send money direct from your Canadian bank account to an account in Bangladesh.
  • Digital transfer specialist. Online providers like Wise, WorldRemit and OFX can send money quickly and easily.
  • Cash pickups. Providers like MoneyGram and Western Union allow you to send funds online, over the phone or from an agent location. Those funds can then be picked up as cash from an agent in Bangladesh.
  • Certified cheques. It’s a slower method of sending money to Bangladesh, but it may be available with select providers or your local bank.
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How safe is a money transfer?

When processed through a reputable provider, your funds are safely tracked until they are in the hands of your recipient. It’s industry standard for international money services to use 128-bit SSL encryption systems at a minimum. Many also are licensed with Canadian financial regulators.

Additionally, money transfer providers are subject to rules and regulations set out by the Financial Transactions Analysis Centre of Canada (FINTRAC). Transfers of $10,000 or more CAD must be reported and are monitored as part of governmental anti-fraud measures.

When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. Organizations such as your provincial or territorial consumer protection agency and the Better Business Bureau can give you some insight into how trustworthy a money transfer provider is by providing ratings, records of complaint and customer reviews.


Tips for picking up cash

Advise your recipients to practice caution when picking up cash:

  • Keep your money hidden until safely deposited in a bank account.
  • Avoid questionable parts of town when carrying cash.
  • Bring a friend along to provide an extra set of eyes, especially if you’re picking up a large number of takas.

Emergency cash transfers

Some situations in life require sending money quickly. For emergency transfers, expect to pay a fee extra to expedite delivery. Confirm the exchange rate and fees you’ll pay to avoid unpleasant surprises.

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Cash pickup locations in Bangladesh

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Ask an Expert

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2 Responses

    Default Gravatar
    moushiSeptember 18, 2015

    how can i see my account money of agrani bank bd…..???how much money in my account??

      Default Gravatar
      ShirleySeptember 21, 2015

      Hi Moushi,

      Thanks for your question.

      To check the balance in your account, you can get in touch with your bank or log into it’s internet banking platform if that’s possible.

      Cheers,
      Shirley

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