Who else wants to learn about different ways of sending money to Bangladesh from New Zealand?
New Zealand and Bangladesh have maintained friendly relations since 1971, with New Zealand being amongst the first few nations to recognise Bangladesh. While the Bangladeshi community in New Zealand is small, it has grown consistently in recent times. In 2013, over 1,600 people who claimed Bangladeshi ethnicity lived in New Zealand, which was an increase of 9.1% from 2006.
These two nations cooperate in the field of education, with a number of Bangladeshi undergraduate and graduate students arriving in New Zealand every year through scholarships.
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Trade between New Zealand and Bangladesh is witnessing growth. In 2011, bilateral trade between these two nations crossed the US$200 million mark. While dairy products make up for a significant percentage of New Zealand’s exports, its imports from Bangladesh comprise largely of woven and woollen garments.
Instances of money transfers to Bangladesh from New Zealand are not uncommon.
AkashBishwas arrived in New Zealand as an undergraduate student. He got a job almost as soon as he completed his college education, which allowed him to continue living here. However, his parents still live in Bangladesh. Given that his parents can do with any financial assistance they receive, he decides to start sending them some money on a monthly basis, starting with around $1,000 per month.
The bank he opened an account with upon arriving in New Zealand does not allow fund transfers to Bangladesh because the Bangladeshi taka is an exotic currency. He turns to the Internet to compare available options, and this is what he finds.
| Money transfer service 1 | Money transfer service 2 | |
|---|---|---|
| Exchange rate | $1 = BDT51.091 | $1 = BDT51.30 |
| Transfer fee | $74 | $9 |
| Amount received for $1,000 | BDT47,310.50 | BDT50,838.00 |
| Transfer time | Instantly | 1-2 days |
| Transfer options | Cash pickup | Bank account |
| Difference of | BDT3,527.50 |
The first thing that caught Akash’s attention was the hefty fee involved in transferring money to a cash pickup centre. Since his father has a bank account, he chose to use the services of the second money transfer company, through which his father stood to receive some extra money. Going forward, Akash plans to compare his options before each transfer.
How do I compare transfer companies when transferring and receiving money via Bangladesh?
If you wish to send money to Bangladesh from New Zealand, several aspects require your attention.
- Exchange rate and fees. Looking at one without paying attention to the other can prove to be a costly mistake. This is because while a fee-free service might come with an unfavourable exchange rate, the reverse can be true as well. To establish which deal is better monetarily, simply compare how much money the recipient stands to receive.
- Ways to send money. If your bank lets you send money to Bangladesh, you may be able to do so in person, over the phone or online. Several money transfer companies let you send money to Bangladesh online. With some, you can visit a store or kiosk and initiate the process in person. Few let you go through the process over the phone as well.
- Ways to receive money. If the recipient has a bank account, you can consider transferring funds directly into the account. Visiting a cash pickup centre to collect transferred money is also an option.
- Using the same bank. In case you and the recipient have a relationship with the same bank, you can consider using its services for the transfer. This is because transfers within the same bank tend to take place quickly. Besides, you can save in fees as well.
- Turnaround time. Transfers to bank accounts can take one to 10 days or more, with money transfer companies typically taking lesser time than banks. If you wish to send money to a cash pickup centre, the transfer can take place almost instantly.
- Transfer options. If you plan to send money to Bangladesh periodically, consider working with a business that lets you schedule transfers as per your requirement. Some money transfer companies offer market orders and forward contracts, giving you the ability to make the most of fluctuations in the foreign exchange market.
- Minimum amounts. Some money transfer companies don’t let you transfer less than $500 or $1,000.
How do I send money to Bangladesh from New Zealand?
You get to choose from different options when sending money to Bangladesh from New Zealand.
- Banks. If your bank lets you transfer money to a Bangladeshi bank account, it would, in all probability, charge a fee for its services. Another option is to send a bank-issued draft, cheque or money order via mail.
- Non-banks. Businesses such as Western Union and MoneyGram have a noticeable presence across Bangladesh, so you can use their services to send money to cash pickup centres or to bank accounts. PayPal also allows transfers to Bangladesh from New Zealand. To use its services, both you and the recipient should have PayPal accounts. Opening a new account does not cost any money.
How do I receive money from Bangladesh in New Zealand?
When receiving money from Bangladesh in New Zealand, you get to choose from these options.
- Banks. By providing the recipient with your bank account details, you can receive money directly in your account. The sender can use the services of a local bank or a money transfer company to do this. You can also consider receiving a check, money order or draft via mail.
- Non-banks. Money transfer companies such as Western Union and MoneyGram have numerous cash pickup centres across New Zealand. You can receive money from Bangladesh at any of these centres. Turning to PayPal is also an option, provided you and the sender have PayPal accounts. Withdrawing funds from your PayPal account to your bank account is easy.
Emergency cash transfers in Bangladesh
Dealing with losing your wallet in a foreign land can be a challenge. If this happens when you’re in Bangladesh, report your credit and debit cards as lost or stolen without wasting time. You can then think of getting some emergency money in these ways.
- Cash pickup. Can a friend or family member use the services of a transfer company to send you some money? If so, identify a convenient cash pickup centre first, because the sender would need its details.
- Cash advance through credit card. If you have an existing Visa, MasterCard or American Express credit card, you may qualify for an emergency cash advance. To find out if you do, you’ll have to visit a local participating bank.
- Travel insurance. The right kind of travel insurance can provide emergency money to deal with situations such as medical emergencies, flight delays and cancellations as well as lost and misplaced luggage.
Western Union / MoneyGram branches in Bangladesh
You can find Western Union and MoneyGram cash pickup centres at various locations in Bangladesh. When visiting any of these centres to collect cash, make sure you take a valid form of ID such as your passport or driver’s license with you. If you’re receiving a large sum, call ahead of time to check if the centre has adequate funds. Here are some cash pickup centres in Bangladesh.
Western Union
Dhaka
- Agrani Bank Limited
Jalirpar Bazar
Gopalgonj, Dhaka
+880-1718155111
Open 9am to 5pm Monday to Thursday, closed on Friday,
Open 9am to 5pm Saturday and Sunday - Agrani Bank Limited
Sonargoan Road Dhaka
+880-1729317323
Open 9am to 5pm Monday to Thursday, closed on Friday,
Open 9am to 5pm Saturday and Sunday
Chittagong
- Agrani Bank Limited
Feringee Bazar BranchShib Bari Lane Kotali
Chittagong
+880-1815710005
Open 9am to 5pm Monday to Thursday, closed on Friday
Open 9am to 5pm Saturday, and Sunday - Al Arafah Islami Bank Limited
Azadi Bazar FatikchoriChittagong
+880-1629408998
Open 10am to 4:30pm Monday to Thursday, closed on Friday
Open 10am to 4:30pm Saturday and Sunday
MoneyGram
Dhaka
- Inside PBL
House # 01 (1st Floor) Rd No 1
Dhaka
+880-1730-000371
Open 10am to 5pm, Monday to Thursday, closed on Friday
Open 10am to 2pm Saturday, 10am to 5pm Sunday - Inside SIBL
Garden SPL, New Eskaton Road
Dhaka
+880-1730-000371
Open 10am to 5pm, Monday to Thursday, closed on Friday
Open 10am to 2pm Saturday, 10am to 5pm Sunday
Chittagong
- Inside SIBL
East Nasirabad Mosque
Chittagong
+880-312555891
Open 10am to 4pm Monday to Thursday
Open 10am to 2pm Saturday - Inside AIBL
Islam Tower, 8 K B Abdus Sattar Rd, Chittagong
+880-1817210879
Open 10am to 4pm Monday to Thursday
Open 10am to 4pm Sunday, closed on Friday and Saturday
Tips for picking up cash in Bangladesh, Dhaka
Instances of violent crimes such as armed robberies are not uncommon in Bangladesh. Petty crimes such as snatch-and-grab attacks as well as pickpocketing are common, especially in trains, rickshaws and other modes of public transport. There is an increased risk of robberies at night, so it’s best that you avoid travelling or walking alone after dark.
The country, given its political situation, sees protests and arbitrary acts of violence from time to time. Avoid large crowds and protests because they can turn violent without warning.
What are the steps to send money to Bangladesh?
The steps you have to follow when sending money to Bangladesh depend on the method you choose.
- To a bank account. This method requires that you provide the recipient’s name, bank account number, bank’s name and SWIFT code. If sending money through a transfer company or a bank other than your own, you’ll have to submit details of your bank account, debit card or credit card as well. You should get a reference number upon initiating the transfer, which you can use to track its progress at any time.
- To a cash pickup centre. In this case you’ll have to provide the recipient’s name and a desired cash pickup centre. You’ll have to provide details of your bank account, debit card or credit card to make the payment. You should get a reference number, which you need to pass on to the recipient.
