Have you found the best way to send money from Australia to Bangladesh?
Whether relocating to Australia is a planned, permanent move, or just temporary for a job opportunity, the odds are that at some point you will be looking for a way to send money back home.
You may have to send gifts for birthdays, or to your family to pay bills. Whatever the reason, you are going to want to find a money transfer service that gives you the best value for your money.
How do I use the table below?
Compare money transfer services in the table below by using the table headings to order products by transfer fees, minimum transfer amount and more. To find out more about a product, click ‘More’, or click ‘Go to Site’ to be securely taken to the transfer provider’s site to open an account.
Send money to Bangladesh using a service below
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Sumon has decided to relocate his family to Australia in order to take advantage of a promising business opportunity. His parents will be staying behind in Bangladesh and will still be relying on him to help with their monthly expenses. Sumon thought it would be best to explore his options before the big move in case he needed to open an additional bank account.
|Bank||Money transfer company|
|Exchange rate||The exchange rate is 61.94 Taka for every 1 Australian dollar.||The exchange rate is 67.19 Taka for every 1 Australian dollar.|
|Transfer fee||The bank charges $22 for the transaction. Sumon will have to check with his parent’s bank to find out if they accept this type of transaction and how much it will cost.||With a money transfer service you will be charged $12 for sending $1,000. These fees will change with the transaction amount, but there should not be any charge to the recipient.|
|$1,000 AUD converted to BDT||If Sumon were to send $1,000 AUD his parents would receive 61,940 BDT.||If Sumon were to send $1,000 AUD his parents would receive 67,188 BDT.|
|Turnaround time||This service typically takes two to four business days.||The money transfer company takes just minutes to transfer money from Australia to Bangladesh.|
|Options||The funds with a bank money transfer will be deposited into the recipient’s bank account.||This is a cash transaction, where the money will be picked up by the beneficiary.|
Not only is the fee with the money transfer company $10 less, but Sumon’s parents will receive 5,247 BDT more. This is not including any fees their bank may have charged.
How do I compare transfer companies when transferring money to Bangladesh?
Look over the following items carefully when comparing your money transfer options to avoid those extra charges the way Sumon did:
- Competitive exchange rate. This is of course the first thing you need to look at as it is here where a money transfer service can conceal extra fees.
- Little to no fees. You will almost always be charged a base fee for the transaction. Compare this between companies to find one that is not exorbitant.
- Easy way to send funds to Bangladesh. Some companies have online sending services only while others require you to make the transaction in person. This is your personal preference of course, but something to think about.
- Flexible ways to receive funds from Bangladesh. This is important if you are sending money to someone who is remote or unable to physically appear to pickup the money.
- High maximum transfer amounts. For your protection most companies and banks will have a cap on the amount you can send per transaction and per day. If you have plans on sending large amounts at a time, this is something you should take into consideration.
How do I send money to Bangladesh from Australia?
In Australia there are a number of providers, including banks that will allow you to send money to Bangladesh. Consider your needs and those of your most common recipients first to decide which will be the best choice in your circumstance.
You can start by looking into these overseas money transfer service providers:
- Bank-to-bank transfers. Some larger Australian banks will allow you to send money overseas. This can be in the form of a one off transfer, or a special account such as the Citibank Plus Transaction account, which allows you to send money overseas to any account for free.
- Money transfer service company. Due to the volume of international exchanges a money transfer company carries out, they can afford to offer more competitive exchange rates and lower fees than many Australian banks. Some of them can also carry out market orders, regular transfers and more.
Emergency cash transfers in Bangladesh
Australians who visit Bangladesh also have options if they lose their wallet or purse and need to acquire real cash quickly:
- Transfer service company. So long as you have a valid picture identification you will be able to receive money at a transfer service provider in Bangladesh. Some transfer services like WorldRemit, Western Union and MoneyGram allow you to send cash overseas and have it available for pickup within minutes.
- Travel insurance. Whenever you travel outside of Australia you should purchase travel insurance. In addition to protection from medical expenses, depending on the policy, you may be able to receive emergency cash through the insurance provider.
- Credit card complimentary insurance. Many major credit cards also have their own travel insurance which you can activate by fulfilling certain conditions. This too could be useful in obtaining emergency cash while taking a holiday in Bangladesh.
Cash pickup locations in Bangladesh
You’ll find that there are a number of WorldRemit, Western Union and MoneyGram locations available in Bangladesh if you need to pick up money. Look for one in your proximity and check the store hours to make sure that they are open when you arrive.
- Islami BankDhanmondi BranchNilu Squire, Sat Masjid RoadDhanmondi R/A, Dhaka 1209 Phone. +880-9125316 Hours. Saturday through Thursday 9 am to 5 pm Friday closed.
- Bank AsiaBhairab BranchKalibari Road, Bhairab BazarKishoregonj, Dhaka 1541 Phone. +880-094247232831 Hours. Saturday through Thursday 9 am to 5 pm Friday closed.
- BRAC BankIshardi BranchMahabub Khan Plaza, Station RoadPabna, Rajshahi 6620 Phone. CSM-07326-64459 Hours. Saturday through Thursday 9 am to 5 pm Friday closed.
- Islami BankPabna BranchRajshahiPabna, Rajshahi 6600 Phone. (0731) 65621, 66324 Hours. Saturday through Thursday 9 am to 5 pm Closed on Friday
- Agrani Bank LTDKolapara Bazar BranchKolapara Bazar MunshigonjMunshigonj, Dhaka 1550 Phone. +880-1911369662 Hours. Saturday through Thursday 9 am to 5 pm Friday closed.
- Agrani Bank LTDSimpara BranchSimpara Bazar MunshigonjMunshigonj, Dhaka 1541 Phone. +880-1722054586 Hours. Saturday through Thursday 9 am to 5 pm Friday closed.
- Abdul Hamid Rd BranchAbdul Hamid Road PabnaPabna, Rajshahi 6600 Phone. +880-1727448057 Hours. Saturday through Thursday 9 am to 5 pm Friday closed.
- Nazirganj BranchNazirganjPabna, Rajshahi 6600 Phone. +880-17300-65988 Hours. Saturday through Thursday 9 am to 5 pm Closed on Friday
- Mercantile Bank Limited #111Nawab Akhtar Uddin MansionZinda Bahar-1st Lane 25-1Dhaka Phone. 27393827 Hours. Sunday through Thursday 10 am to 4 pm Closed Friday and Saturday
- Sebl IslampurAdel Complex Islampur Rd.Dhaka Phone. 21755594189 Hours. Sunday through Thursday 10 am to 4 pm Closed Friday and Saturday
- NCC – #110Pabna Moktob Mor PabnaPabna, 6600 Phone. 01713017036 Hours. Sunday through Thursday 10 am to 4 pm Friday closed. Saturday 10 am to 2 pm
- Uttara Bank LimitedPO & PS Puthia RajshahiRajshahi G.P.O., 6260 Phone. 8800722856117 Hours. Saturday through Thursday 10 am to 5:30 pm Closed on Friday
Tips for picking up cash in Bangladesh
You are advised by the Australian Department of Foreign Affairs and Trade to exercise a high level of caution when visiting Bangladesh. For this reason make sure that you call your pickup location ahead of time to confirm their hours of operation.
Do not rely on public transportation to get you to the location, rather ask the hotel to make arrangements for you with a well known taxi service. Go straight back to the hotel when the transaction is complete and secure the cash in a safe place.
What documentation do I need to send money to Bangladesh?
If you have decided to use a money transfer provider to send money from Australia to Bangladesh, you might need to supply them with specific information about your recipient (especially if you’re sending cash to be picked up by your recipient). This includes:
- Your full name. It is imperative with these types of companies that the name you provide as the beneficiary exactly matches the name on their identification.
- The general location your recipient is picking up the funds. You should be able to provide at the least the city in which the person will be picking up the money.
- Tracking number. This will be given to you at the conclusion of your transaction. Make sure that you give it to the person who will be picking up the money along with details about the amount sent.
- Additional information. The recipient may also be asked for your general location or phone number as well as your name. Be sure that they know these details.
Hold onto your receipt until you can confirm that your recipient was able to pick up the money. You will have to provide this if there is a problem with the transfer.
You have many options to look into when contemplating how to send money to Bangladesh from Australia. Compare them all and do your best to find the company or bank that will allow as much of your money as possible to make it back home.