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Want to send money to loved ones in Bangladesh? We compare the different money transfer companies and services you can use to send money to Bangladesh, to help you find the right deal for you.
WorldRemit can help you get your money where it needs to go in minutes, with upfront exchange rates and low fees.
Akash Bishwas arrived in New Zealand as an undergraduate student. He got a job as soon as he completed his college education, which allowed him to continue living here. However, his parents still live in Bangladesh. They really benefit from the financial assistance Akash can send, so he decides to send money on a monthly basis, starting with $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 his 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 pick-up | Bank account |
| Difference of | BDT3,527.50 |
The first thing that catches Akash’s attention is the hefty fee involved in transferring money to a cash pick-up centre. As his father has a bank account, he chooses to use the services of the second money transfer company, through which his parents stand to receive extra money. Going forward, Akash plans to compare his options before each transfer.
If you wish to send money to Bangladesh from New Zealand, these are some things to consider.
You can choose from different options when sending money to Bangladesh from New Zealand.
When receiving money from Bangladesh in New Zealand, you can choose from these options.
Dealing with losing your wallet in a foreign land can be a challenge. If this happens when you are in Bangladesh, make sure you report your credit and debit cards as lost or stolen immediately. You can then think about receiving emergency money in these ways:
You can find Western Union and MoneyGram cash pick-up centres at various locations in Bangladesh. When visiting these centres to collect cash, make sure you take a valid form of ID, such as your passport or driver’s licence with you. If you are going to receive a large sum, call ahead of time to check if the centre has adequate funds. Here are some cash pick-up centres in Bangladesh.
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 robbery at night, so it is best to avoid travelling or walking, especially alone, after dark.
Given Bangladesh’s political situation, it does sees protests and arbitrary acts of violence from time to time. Avoid large crowds and protests, as they may turn violent without warning.
The steps you have to follow when sending money to Bangladesh depend on the method you choose.
New Zealand and Bangladesh have maintained friendly relations since 1972, with New Zealand being amongst the first 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, including the prestigious New Zealand Commonwealth Scholarship.
Trade between New Zealand and Bangladesh is witnessing growth. In 2016, bilateral trade between these two nations reached US$325 million. While dairy products, including New Zealand milk powder, make up a significant percentage of New Zealand’s exports, its imports from Bangladesh comprise largely woven and woollen garments.
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