Sending money to Bangladesh has become considerably simple over the last couple of decades, mainly because of the arrival of several specialist money transfer companies. Now, you may send money to Bangladesh from just about anywhere in the world. You can expect to get highly competitive exchange rates, while having to pay little to no fees. However, if you are looking for the best way to send money to Bangladesh, you need to do some basic research.
Transfer Money to Bangladesh
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Bangladeshi taka (BDT) is the official currency of Bangladesh. One taka is divided into 100 poisha. The word taka in the Bangla language literally translates to money.
If you plan to send money to a Bangladeshi bank account, you will need the receiving bank’s SWIFT code. The corresponding table lists SWIFT codes of some of the leading banks in Bangladesh.
|Sonali Bank||Banga Bandhu Avenue, Dhaka||BSONBDDHBBA|
|Islami Bank Bangladesh||Chawk Mugaltuly, Dhaka||IBBLBDDH105|
|Dutch Bangla Bank||Nababpur, Dhaka||DBBLBDDH104|
|State Bank of India||Gulshan, Dhaka||SBINBDDHGUL|
Popular Currency Corridors
Money flows in and out of Bangladesh in considerable volumes at regular intervals. In 2016, over U.S. $13.55 billion made its way into the country as remittances from other countries. During the same period, U.S. $2.01 billion was sent as remittances from Bangladesh to other parts of the world.
Check the corresponding tables to find out how much money moved across the country’s popular currency corridors in 2016. The amounts are listed in U.S. dollars.
|United Arab Emirates||AED-BDT||$2,429,000,000|
How Do I Compare Companies When Sending Money to Bangladesh?
When looking for a suitable company to carry out a money transfer to Bangladesh, compare your alternatives across these important parameters.
- Cost. Calculating how much your transfer will cost using different exchange rates and fees on your own can be complicated and time consuming. Instead, you may find the most cost effective way to transfer money to Bangladesh by using online currency calculators provided by different money transfer companies. All you need to compare, in this case, is how much money gets to the recipient once the transfer is complete.
- Processing time. If speed is your top priority, you may consider sending money to Bangladesh through a company that has cash pickup centers in the country. Transfers to cash pickup centers tend to go through on the same day, and in some cases, almost immediately. A transfer to a Bangladeshi bank account may take up to six working days, depending on the country of your residence, the company you use, and the receiving bank.
- Making your payment. The most common way to pay for a money transfer to Bangladesh is through a bank account. Not all companies accept debit and credit cards payments, but you may find ones that do easily. Depending on the company you select and where you live, you may also be able to pay through methods such as Apple Pay, Google Pay, ACH, BACS, CHAPS, SOFORT, iDEAL, Interac, and POLi.
- Customer service. You may find out how companies you narrow down on fare in the real world by turning to review-based websites such as Trustpilot and Feefo. Select a company according to how you would like to get in touch, should the need arise. Your options include over the phone, via email, and via chat.
How to Transfer Money to Bangladesh?
No matter whether you want to send money from USA to Bangladesh, from the UK to Bangladesh, or from India to Bangladesh, you get three ways to initiate the process.
- Online. A number of banks from different countries let their customers send money to Bangladesh using their online systems. However, specialist online money transfer companies usually fare better when it comes to exchange rates, fees, and speed.
- Over the phone. There are companies that give their customers the option of sending money to Bangladesh by speaking with currency dealers over the phone. With some, you even get access to dedicated dealers.
- In-person. One way to send money to Bangladesh in person is by visiting the local branch of your bank. However, you may want to compare its cost effectiveness and speed with money transfer companies that operate out of physical locations in your neighborhood.
Fardeen got an opportunity to move from Bangladesh to the UK because he found a job there. Only, his parents were to continue living in Bangladesh. Since they were financially dependent on him, he was to keep sending them some money. He used the services of a popular bank in the UK for the first few transfers, after which a friend suggested that he use a popular overseas money transfer company instead. He compared the two and this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = BDT 105.5589||GBP 1 = BDT 113.3635|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 1,000||BDT 103,447.72||BDT 113,363.50|
|Transfer fee||2 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||BDT 9,915.78|
Fardeen switched to the money transfer company soon after running the comparison. Not only did his parents end up receiving a little extra money each time, it got to them to them sooner as well. In addition, the company let Fardeen schedule his transfers according to his needs.
Cash Pickup Locations in Bangladesh
Popular overseas money transfer companies such as WorldRemit, Western Union, MoneyGram, Ria, and Azimo let you send money to cash pickup centers in Bangladesh. You may use their services if you wish to send money to Bangladesh in a hurry or if the recipient does not have a Bangladeshi bank account.
|WorldRemit in Bangladesh|
|Dhaka, Dutch-Bangla Bank 1, Dilkusha Commercial Area, Dhaka||Dutch-Bangla Bank, 65, Nababpur Road, Dhaka|
|Chittagong, Dutch-Bangla Bank, 75, Agrabad Commercial Area, Chittagong||Dutch-Bangla Bank S.S. Tower, 1st Floor, Kachari Road, Hathazari, Chittagong|
|Western Union in Bangladesh|
|Dhaka, ASA Dakkhin Khan 2732 Narddapara, Uttara, Dhaka||ASA Adabor Road No 11, House No 17, Shekertek Adabor, Dhaka|
|Chittagong, Standard Bank, Abul Khair Bhaban, D T Road, Pahartali, Chittagong||Social Islami Bank, Alanker Shopping Complex, Chittagong|
|MoneyGram in Bangladesh|
|Dhaka, MTB - Gazipur Branch, Ahsania Complex (1st Floor), Vogra Eastern Bypass, Dhaka||MTB House # 93, Ward #05, Chowk Moghaltuli Lalbag, Dhaka|
|Chittagong, PBL, D.T. Road, Pahartali, Chittagong||First Security Islami Bank, Maleka Tower, Kalaroa Sathira, Chittagong|
Safety Tips for Picking Up Cash in Bangladesh
Instances of crimes against foreigners have been reported from cities such as Dhaka, Chittagong, Khulna, Sylhet, and Feni. Muggings, bag snatching, and pickpocketing are common around areas popular with foreigners. Do not carry large amounts of cash with you and do not display signs of wealth. If you need to collect a large amount of cash, take someone trustworthy along.
Thieves are known to target taxi and motorized rickshaw (CNG) passengers, especially after dusk. You should also remain vigilant when using trains, buses, and ferries. Avoid walking or travelling using public transportation alone, especially after dark.
What Information Do I Need to Transfer Money to Bangladesh?
You will need to provide different kinds of information depending on how you want to carry out your money transfer to Bangladesh.
- Bank account. The information you need includes the recipient’s complete name, his or her account number, the name of the receiving bank, and the receiving bank’s SWIFT code.
- Cash pickup. The company you select will need the recipient’s complete name as well as the location of a suitable cash pickup center. To get the money the recipient will need to present an acceptable form of photo ID along with a transaction number.
Regulations When Transferring Money To and From Bangladesh
While the Bangladeshi taka is a freely convertible currency, the country has strict forex controls laws and exchange of currencies is highly regulated. Outward remittances are allowed in specific circumstances and require appropriate documentation.
Foreigners traveling into the country may bring in any amount of money, although amounts over U.S. $5,000 or its equivalent need to be declared to the customs authorities. Money brought into the country may be taken out, but this would require that you produce relevant declarations.
Bangladeshi nationals are allowed to carry no more than U.S. $12,000 or its equivalent for international travel in a year. The maximum they may take to a SAARC member country or Myanmar is U.S. $5,000, and it increases to U.S. $7,000 for other countries.
Before carrying out your next money transfer to Bangladesh, take some time to compare the top companies depending on where you live. Then, look for promotional offers as they may lead to additional savings.
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