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How to send money to Bangladesh
Find out how you can save money and enjoy fast transfers while sending money to Bangladesh from the US.
When you want to send money overseas to a loved one, you want to make sure as much money gets there as possible, which is why getting the best rates and paying the lowest fees is important. We’ve looked into some of the most popular money transfer options for sending money to Bangladesh, and we can help you compare fees and exchange rates. 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.
Our pick: InstaReM
InstaReM offers fast transfers at no-margin mid-market rates for some transfers, adding only a nominal fee.
- Sends to popular currencies. InstaReM sends to 51 countries and 21 currencies.
- Loyalty points and bonus coupons. The more you use, the more you earn in bonus and points.
- Charges only a nominal fee. No hidden fees.
How to send money to Bangladesh
- Sign up for a money transfer account. Pick your provider then create an account using your name, contact details and proof of valid ID. Use our table to find a provider that operates in Bangladesh.
- Provide recipient information. The transfer requires your recipient’s name, address and contact details. Depending on the transfer method, you may also have to supply their Bangladeshi bank account information.
- Pick an amount. Enter the amount you want to transfer and complete your transaction. Pay attention to the trade-off of paying a flat fee to get a better exchange rate of BDT to USD.
- Save your receipt. Receipts of your transaction are the primary way to monitor the progress of your transfer.
- Complete the transfer. If your loved one is picking up cash in Bangladesh, be sure to read our tips on handling the transaction.
How much does it cost to send money to Bangladesh? Compare your options
Let’s crunch the numbers: Sending $1,000 to Bangladesh
To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates that are current as of December 3, 2019.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||$30 + additional correspondent bank fees||$5||$16|
|Exchange rate||1 USD = 83.194 BDT||1 USD = 84.474 BDT||1 USD = 84.898 BDT|
|Transfer speed||2-4 days||Minutes||1-2 days|
The bank option ends up being both slow and getting the least amount of money to your recipient. If you go with the specialist cash transfer service, your recipient ends up with BDT3,353 more. However, these rates may vary from your own experience, so be sure to use the comparison table to find the freshest money transfer rates.
How to compare transfer companies
- Exchange rates. Exchange rates are an important factor in the cost of 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, the provider may waive its 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 are 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 explained
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.
You can check out how the Bangladeshi taka has been trading against the US dollar in this historical rate chart or find out more in the link below.
Options for sending money to Bangladesh from the US
- Bank transfers. Send money direct from your US bank account to an account in Bangladesh.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily. OFX is a trusted partner of Finder.com and is 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 they are in the hands of your recipient. Federal protections require the following:
- All banks, credit unions and money transfer companies must disclose all fees upfront, including international taxes.
- Users must have 30 minutes to cancel a transfer that hasn’t been picked up or deposited.
- Companies must list what to do in case of error and how to submit a complaint.
- Companies must investigate when a consumer reports a problem.
- Companies that provide remittance transfers must accept responsibility for the mistakes made by certain people who work for them.
These protections apply to transfers for more than $15 that are made by a consumer in the US and are sent to a person or company in a foreign country.
Tips for picking up cash
Exercise a high degree of caution when picking up cash, and be sure to do the following:
- Keep your money hidden
- Avoid any questionable parts of town
- Deposit the cash you pick up into your bank account as soon as possible
- Bring a friend along to provide an extra set of eyes, especially if you’re picking up a sizable amount of takas.
Emergency cash transfers
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 as soon as possible. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top
Cash pickup locations in Bangladesh
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