Find out how you can save money and enjoy fast transfers when you send money to Bangladesh from the United States
Whether you’re buying goods and services or sending money to friends and family, there are many reasons why you might want to transfer money to Bangladesh. While some banks can take care of an international money transfer to Bangladesh for you, you will typically be able to find better exchange rates and lower fees elsewhere.
There are plenty of options to choose from when you need to send money to Bangladesh, so read on to find out how you can select the best provider for your transfer needs.
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Banks versus money transfer companies/services
As the Bangladeshi Taka is a rare currency, not all banks will allow you to send Bangladeshi Taka overseas. Instead, you may have to send US Dollars and then have those converted into the local currency by the receiving bank. However, as banks usually charge high fees, you should consider the services offered by dedicated money transfer providers.
These companies specialise in moving money all around the world and typically offer far better exchange rates and lower fees than banks. Some of these providers can ensure that the funds you send are available to be collected in Bangladesh within minutes, taking the stress out of sending money overseas.
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 that will allow him to send money to Bangladesh, 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 a 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.
How to compare transfer companies when transferring 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 fees if you send more than a set amount.
- Transfer method. Compare the options available for lodging a transfer, including online, over the phone and by visiting a branch.
- Transfer options. From market orders, forward contracts, and the ability to schedule regular payments in advance, check to see what sort of flexible transfer options are available from each provider.
- 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 as this could deem a company unsuitable for your transfer needs.
- 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.
How to send money to Bangladesh from America
- Bank transfers. Send money direct from your US bank account to an account in Bangladesh.
- Online money transfer providers. Send your funds to Bangladesh from the comfort of your own home, for example through a company such as WorldRemit.
- 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 from an agent in Bangladesh.
- Checks/telegraphs. This is a slower method of sending money to Bangladesh, but it may be available with some providers.
Emergency cash transfers in Bangladesh
There may be some situations when you need to send money to Bangladesh as quickly as possible; for example, you may have to pay a bill before a deadline or transfer funds to a family member in a dire financial situation. When you need to send a transfer as quickly as possible, keep in mind that you may not receive a great exchange rate and that you will often also have to pay high fees.
You should always make sure to carefully review the exchange rate and fees that apply to your transaction so that you know exactly how much it will cost.
Tips for picking up cash in Bangladesh
No matter where you are in the world, it’s important to exercise caution if you’re picking up cash from an international money transfer. Stay away from high-crime areas and take a friend or travelling companion with you to help collect the money.
Once you have the funds in your possession, don’t flash your wealth around in front of strangers and head to your bank as quickly as possible to deposit the cash into your account.
For more money security tips when travelling, check out the advice on travel blogs and forums online.
How to send money to Bangladesh
Although transfer processes vary between companies, you will typically have to sign up for an account with your chosen provider.
You will usually have to supply your name and contact details, proof of identity and your payment information. You’ll also need to provide details about your recipient (their full name and contact details, and in some cases their bank account information) before lodging a transfer. Your provider will supply you with a reference number which you can use to monitor the progress of your funds.
Sending money to Bangladesh is simple in today’s modern world, but make sure to shop around for the best possible deal before you start moving money from the United States to anywhere around the world.