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Send money to Bangladesh cheaply
Have you found the best way to send money from Ireland to Bangladesh?
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Whether relocating to Ireland is a permanent move or just temporary for a job opportunity, at some point, you will be looking for a way to send money back home to Bangladesh.
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.
Banks vs money transfer companies
Sumon has decided to relocate his family to Ireland 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 | €1 = 94.72 BDT | €1 = 95.12 BDT |
| 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 converted to BDT | If Sumon were to send €1,000, his parents would receive 94,720 BDT. | If Sumon were to send €1,000, his parents would receive 95,120 BDT. |
| Turnaround time | This service typically takes two to four business days. | The money transfer company takes just minutes to transfer money from Ireland 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. |
Difference
Not only is the fee with the money transfer company €10 less, but Sumon’s parents will receive 400 BDT more. This is not including any fees their bank may charge.
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 extra charges:
- Competitive exchange rate. This is the first thing you need to look at as this is 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.
- Flexible ways to receive funds from Bangladesh. This is important if you are sending money to someone who is in a remote location or unable to physically appear to pick up 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 Ireland?
In Ireland, 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 Irish banks, such as Bank of Ireland, will allow you to send money overseas. This can be in the form of a one-off transfer, or a special 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 Irish banks. Some of them can also carry out market orders, regular transfers and more.
Emergency cash transfers in Bangladesh
Irish citizens 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 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 Ireland, 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 that 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 they are open when you arrive.
WorldRemit
Dhaka
- Islami Bank Dhanmondi Branch Nilu Squire, Sat Masjid Road Dhanmondi R/A, Dhaka 1209 Phone. +880-9125316 Hours. Saturday through Thursday 9am to 5pm. Friday closed.
- Bank Asia Bhairab Branch Kalibari Road, Bhairab Bazar Kishoreganj, Dhaka 1541 Phone. +880-094247232831 Hours. Saturday through Thursday 9am to 5pm. Friday closed.
Pabna
- BRAC Bank Ishardi Branch Mahabub Khan Plaza, Station Road Pabna, Rajshahi 6620 Phone. CSM-07326-64459 Hours. Saturday through Thursday 9am to 5pm. Friday closed.
- Islami Bank Pabna Branch Rajshahi Pabna, Rajshahi 6600 Phone. (0731) 65621, 66324 Hours. Saturday through Thursday 9am to 5pm. Closed on Friday
Western Union
Dhaka
- Agrani Bank LTD Kolapara Bazar Branch Kolapara Bazar Munshigonj Munshigonj, Dhaka 1550 Phone. +880-1911369662 Hours. Saturday through Thursday 9am to 5pm. Friday closed.
- Agrani Bank LTD Simpara Branch Simpara Bazar Munshigonj Munshigonj, Dhaka 1541 Phone. +880-1722054586 Hours. Saturday through Thursday 9am to 5pm. Friday closed.
Pabna
- Abdul Hamid Rd Branch Abdul Hamid Road Pabna Pabna, Rajshahi 6600 Phone. +880-1727448057 Hours. Saturday through Thursday 9am to 5pm. Friday closed.
- Nazirganj Branch Nazirganj Pabna, Rajshahi 6600 Phone. +880-17300-65988 Hours. Saturday through Thursday 9am to 5pm. Closed on Friday
MoneyGram
Dhaka
- Mercantile Bank Limited #111Nawab Akhtar Uddin Mansion Zinda Bahar-1st Lane 25-1Dhaka Phone. 27393827 Hours. Sunday through Thursday 10 am to 4 pm. Closed Friday and Saturday
- Sebl Islampur Adel Complex Islampur Rd.Dhaka Phone. 21755594189 Hours. Sunday through Thursday 10am to 4pm. Closed Friday and Saturday
Pabna
- NCC – #110Pabna Moktob Mor Pabna Pabna, 6600 Phone. 01713017036 Hours. Sunday through Thursday 10am to 4pm Friday closed. Saturday 10am to 2pm
- Uttara Bank Limited PO & PS Puthia Rajshahi Rajshahi G.P.O., 6260 Phone. 8800722856117 Hours. Saturday through Thursday 10am to 5:30pm. Closed on Friday
Tips for picking up cash in Bangladesh
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. Instead, 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 Ireland 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 the following information:
- Their full name. It is imperative 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 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 Ireland. 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.
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