Remittances contribute significantly to Bangladesh’s economy, according to the World Bank, fuelled 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.
Send money to Bangladesh with Azimo
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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.
How to send money to Bangladesh online
Sign up and send with a digital money transfer specialist in four steps:
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.
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.
Pick an amount. Indicate how much you want to transfer, and confirm the exchange rate and any fees before completing your transaction.
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. This table uses real fees and exchange rates and is current as of 6 May 2020.
Money transfer service
€20 + bank fees
1 EUR = 83.194 BDT
1 EUR = 89.9366 BDT
1 EUR = 83.6979 BDT
Slowest and most expensive
The bank ends up being both too slow and too expensive, resulting in the least amount of money delivered among the three. The cash transfer specialist is the fastest but the exchange rate is not as good as the money transfer service, which delivers almost 5,000 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.
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.
Track how the Bangladeshi taka trades against the euro in our historical rate chart.
Updated: 21 Oct 2020 11:08:33 UTC
Options for sending money to Bangladesh from Ireland
Depending on the transfer specialist you choose, you may be able to send money for delivery by:
Bank transfer. Some banks in Ireland may allow you to send money from your bank account to an account in Bangladesh.
Digital transfer specialist. Online providers like TransferWise, 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.
When processed through a reputable provider, your funds are safely tracked until they are in the hands of your recipient.
International money services typically use encryption systems and may often be authorised by a country’s financial authority.
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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