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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.
Compare transfer fees, exchange rates and turnaround times to narrow down the best money specialist for your next transfer.
Sign up and send with a digital money transfer specialist in four steps:
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 transfer||Cash pickup||Money transfer service|
|Fee||$50 + bank fees||$7||$4.99|
|Exchange rate||1 CAD = 58.892 BDT||1 CAD = 59.7237 BDT||1 CAD = 59.0278 BDT|
|Transfer speed||2–4 days||Minutes||1–2 days|
|Amount received||BDT 55,947.40||BDT 59,305.63||BDT 58,733.25|
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.
Weigh costs and fees against convenience to find the best money transfer specialist for your needs:
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.
Depending on the transfer specialist you choose, you may be able to send money for delivery by:
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.
Advise your recipients to practice caution when picking up cash:
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.Back to top
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