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Send money to Bangladesh cheaply
Have you found the best way to send money from India to Bangladesh?
Whether relocating to India from Bangladesh is a permanent move or just a temporary one for a job opportunity, 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.
If you are a Bangladeshi national, with a valid visa and valid residential permit to work and live in India, you should first know the Indian rules and regulations to open a bank account in India. The next step is to be aware of Indian regulations governing remittance of foreign exchange overseas.
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. 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 India?
In India, 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 Indian banks will allow you to send money overseas. Check with the bank that you have opened your account in about the facilities they offer for sending money to Bangladesh.
- 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 Indian banks. Some of them can also carry out market orders, regular transfers and more. Check with international money transfer companies regarding the facilities offered to individuals for remitting money from India to Bangladesh. Some companies offering this service from India are:
Emergency cash transfers in Bangladesh
Indians who visit Bangladesh also have options if they lose their wallet or purse and need to acquire real cash quickly:
- Travel insurance. Whenever you travel outside of India, 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.
What documentation do I need to send money to Bangladesh?
If you have decided to use a money transfer provider to send money from India to Bangladesh, you might need to supply them with specific information about 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 India. 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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