Remittances contribute significantly to Bangladesh’s economy, according to the World Bank, fuelled by the more than 10 million migrant workers who send their hard-earned money back home to friends and family. If you’re planning to send money to Bangladesh and want to get as many takas as possible into the hands of your loved ones, look beyond traditional banks to digital money specialists. You’ll find they offer the strongest rates and lowest fees on your next transfer.
Top picks are our selection of some of the best money transfer products and services, based on our extensive research and market experience. Our top picks are displayed at the top of some pages to help you make decisions faster, but our top pick may not be the best pick for you.
Sign up and send money to Bangladesh with a digital money transfer specialist in four steps:
Sign up for an account. Use our site to narrow down a money specialist offering the best rate and lowest fees to send money to Bangladesh. 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 to family in Bangladesh. Here’s a comparison between a bank and money transfer specialists offering cash pickups and bank deposits. This table uses real fees and exchange rates and is current as of 11 April 2020.
Money transfer service
£30 + bank fees
1 GBP = 102.43 BDT
1 GBP = 105.85 BDT
1 GBP = 105.46 BDT
Slowest and most expensive
The bank ends up being both the slowest and most expensive way to send money to Bangladesh, resulting in the least amount of money delivered among the three. The cash transfer specialist is the fastest, but the money transfer service provides the best value, delivering some 3,795 more takas to your loved ones.
How to compare transfer companies that send money to Bangladesh
Weigh costs and fees against convenience to find the best money transfer specialist for your needs to send money to Bangladesh:
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 choose to send money to Bangladesh, 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.
Pickup 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 to send money to Bangladesh.
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.
Bank transfers. Send money direct from your bank account to an account in Bangladesh.
Money transfer providers. Online providers like Wise and WorldRemit can help you transfer money quickly and easily.
Money transfer company with cash pickup. Providers like MoneyGram and Western Union allow you to send money to Bangladesh online, over the phone or from an agent location. Those funds can then be picked up over there as cash from an agent.
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. If you need to send money to Bangladesh as an emergency, expect to pay a fee extra to expedite delivery. Confirm the exchange rate and fees you’ll pay to avoid unpleasant surprises.
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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