Find out how you can save money and enjoy fast transfers when you send money to Bangladesh from the United States
When you need to get money to a loved one overseas, navigating a potentially complicated and expensive process is the last thing you want to do. Transferring money from the United States to Bangladesh doesn’t have to be a budget-busting hassle. Compare the transfer fees and exchange rates of the different options to find the best deal. From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Bangladesh can be easy.
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Compare international wire transfer services
Use the international wire transfer calculator below to compare rates when you send money to Bangladesh.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Bangladesh. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
Banks versus money transfer services
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.
Steps to send money to Bangladesh
- Sign up for an account with your chosen provider. Include your name, contact details and proof of valid ID.
- Provide your recipient’s name, address and contact details. Depending on the transfer method you may also have to supply their bank account information.
- Enter the amount you want to transfer and complete your transaction.
- Save a receipt of your transaction in order to monitor the progress of your transfer.
Case Study: Mohammed sends money to Bangladesh
Mohammed recently moved to the United States but he still needs to settle a $1,000 debt he owes to a business associate back in Bangladesh. In an effort to find the cheapest money transfer option available, Mohammed compares the features, benefits and fees of two money transfer providers.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 75.50 BDT||1 USD = 76.83 BDT|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||2-5 business days||15 minutes|
|BDT received||75,500 BDT||76,830 BDT|
As the above table shows, Mohammed can get a better deal if he uses the second money transfer company. Mohammed can send an extra 1,330 BDT when he uses the second money transfer company, save $3 on fees and also ensure that his money arrives within minutes.Back to top
How to compare transfer companies when sending money to Bangladesh
- Exchange rates. Exchange rates are an important factor in the cost involved when transferring money overseas, so look for a provider that offers the best rates. However, make sure to also take a provider’s fees into account when comparing its rates.
- Transfer fees. Most companies will charge you a fee for sending money overseas; however, in some cases the provider may waive their fee if you send more than a set amount.
- Transfer method. Compare the options available for making a transfer, including 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, although typically this will attract a higher service fee.
- Pickup methods. Is the transaction managed completely online and the funds sent straight to your recipient’s bank account, or is he or she able to visit an agent location and pick up the cash in person?
- Minimum transfer amounts. Keep an eye out for the minimum transfer limit each company imposes on transactions.
- Customer service options. Are phone and email customer support available? Is there an online live chat option? Also check when these services are available to determine whether you will be able to access help whenever you need it.
Foreign exchange rates explainedThe 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. For example, in January 2018, the US dollar was worth approximately 82.95 Bangladeshi Takas. 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.
Currency exchange rate for Bangladesh
Options for sending money to Bangladesh from America
- Bank transfers. Send money direct from your U.S. bank account to an account in Bangladesh.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- Money transfer company with cash pickup. 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.
- Checks. This is a slower method of sending money to Bangladesh, but it may be available with some providers.
How safe is a money transfer?When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
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Tips for picking up cash in Bangladesh
Whether you’re picking up cash in Bangladesh or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.
Emergency cash transfers to Bangladesh
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top