Remittances contribute significantly to Bangladesh’s economy, according to the World Bank, fueled by the more than 10 million migrant workers who send their hard-earned money back home to friends and family. To get as many takas as possible into the hands of your loved ones, look beyond traditional banks to digital money specialists offering the strongest rates and lowest fees on your next transfer.
Send money to Bangladesh with WorldRemit
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How to transfer money to Bangladesh
Sign up and send money with a digital money transfer specialist in four steps:
Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Bangladesh bank account details.
Confirm transfer details. Double-check your payment method, expected fees and destination.
Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Bangladesh. Some money transfer providers send a text or email when your transfer is complete.
What’s the best way to send money to Bangladesh?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Bangladesh. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Digital money transfer services
A company like WorldRemit specialises in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Bangladeshi bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Bangladesh— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
The Bangladeshi taka (BDT) is a commonly traded currency in Southeast Asia, so most banks in Singapore would most likely offer it. If your bank supports BDT, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Bangladesh.
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 25 August 2020.
Money transfer service 1
Money transfer service 2
$25 + bank fees
1 SGD = 60.3136 BDT
1 SGD = 61.9770 BDT
1 SGD = 61.2825 BDT
Slowest and most expensive
Better than a bank transfer
Fastest and best value
The bank option ends up being both slow and getting the least amount of money to your recipient. If you go with money transfer service 1, your recipient ends up with BDT 2,292.89 more than the bank offers. 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 get the most out of your money transfer to Bangladesh
Weigh costs and fees against convenience to best compare money transfer providers that send to Bangladesh. Consider:
Exchange rates. The SGD-BDT relationship fluctuates often, so using a service that allows you to lock in exchange prices may help you save money down the line if the BDT rises against Singapore dollar.
Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger SGD-BDT exchange rate.
Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of BDT you’re sending to Bangladesh.
Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Bangladesh.
Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
Transfer methods. Whether you want money sent to a Bangladeshi bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer
When urgency trumps cost to get your money to Bangladesh quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Bangladesh without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Bangladesh’s 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. The 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 Singapore dollar in this historical rate chart.
Updated: 09 Apr 2021 16:13:39 UTC
Documents needed for transferring money to and from Bangladesh
To send money to Bangladesh from Singapore, you’ll need a government-issued ID and other documents, while documents needed to pick up money in Bangladesh may be different by company.
Documents to send money from Singapore
To send money from Singapore to Bangladesh, you’ll need documentation and details that include:
Identification. Most services require your NRIC, passport or other government-issued ID.
Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheque.
Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Bangladeshi bank account and routing number.
Documents to receive money in Bangladesh
To pick up money in person, documentation can include:
Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
Government-issued ID. A Bangladeshi Passport, Bangladeshi ID, or similar official ID may be required to pick up your transfer.
Amount sent. You may need to know how much was sent, usually within 10% of the total.
Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Sending your hard-earned money to Bangladesh shouldn’t cost a fortune. Compare money transfer companies that specialise in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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