Sign up and send with a digital money transfer specialist in four steps:
Sign up for an account. Choose your money transfer specialist and create an online account with your name, contact information and proof of valid ID.
Provide your transfer details. Submit your recipient’s name, address and contact information, and choose your preferred method of delivery. Depending on the transfer method, you may also need their Bangladeshi bank account information.
Pick an amount. Indicate how much you want to transfer, and confirm the exchange rate and any fees before completing your transaction.
Save your receipt. Hold on to your confirmation details to monitor the progress of your transfer.
Crunching the numbers: Sending $1,000 to Bangladesh
Let’s say you want to send $1,000 home to your family in Bangladesh. You compare two money transfer specialists to find out which is cheapest, fastest and most convenient.
Money transfer service 1
Money transfer service 2
$1 = BDT51.091
$1 = BDT51.30
Amount received for $1,000
The first money transfer service offers instant transfer and cash pick-up, but the exchange rate is lower and the fees are much higher. If you need to have your money arrive immediately the first money transfer may be your best option. However, if you’re not in a rush you’ll want to choose the second money transfer service, as your family will end up with 3,527.50 more takas.
How to compare transfer companies
Weigh costs and fees against convenience to find the best money transfer specialist for your needs:
Exchange rates. Look for a provider that offers a strong rate with low markup on the mid-market rate. And note that your strongest rate may require a minimal transfer fee.
Transfer fees. Most companies charge fees for the convenience of a money transfer. But many reduce fees or waive them altogether for larger amounts.
Transfer method. Depending on the company, you may be able to initiate a transfer 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 for an additional fee.
Pick-up methods. Is the transaction managed completely online with funds delivered straight to your recipient’s bank account, or can they visit an agent location and pick up cash in person?
Minimum transfer amounts. Make sure the amount you’re sending is supported by the companies you compare.
Customer service options. Are phone and email customer support available? Can you reach out for help through online live chat? Also check when these services are available to make sure you can access help whenever you need it.
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.
Track how the Bangladeshi taka trades against the New Zealand dollar in our historical rate chart.
When processed through a reputable provider, your funds are safely tracked until they are in the hands of your recipient. Money transfer companies are required to:
Disclose fees up front, including international taxes
Allow users up to 30 minutes to cancel a transfer that hasn’t been picked up or deposited
Provide information on what to do in case of error and how to submit a complaint
Investigate when a consumer reports a problem
Accept responsibility for the mistakes made by people who work for them.
Tips for picking up cash
Advise your recipients to practice caution when picking up cash:
Keep your money hidden until safely deposited in a bank account.
Avoid questionable parts of town when carrying cash.
Bring a friend along to provide an extra set of eyes, especially if you’re picking up a large number of takas.
Emergency cash transfers
Some situations in life require sending money quickly. For emergency transfers, expect to pay a fee extra to expedite delivery. Confirm the exchange rate and fees you’ll pay to avoid unpleasant surprises.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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