Find the best ways to transfer money from Canada to Bangladesh

The exchange rate determines the price you’ll pay for Taka when you send Canadian Dollar to Bangladesh.

The current exchange rate between the Canadian Dollar and Taka is 83.231. Remitly offers the best exchange.

The CAD-BDT exchange rate is always moving.

It’s possible that waiting a day or two can help you get more BDT for the same amount of Canadian Dollar. But, the best way to lock in a price between Canada and Bangladesh is by using a forward contract.

A Bank Transfer is our recommended option for money transfers between Canada and Bangladesh. Remitly offers the best price on a Bank Transfer.

A Bank Transfer to Bangladesh through Remitly is 0.7% cheaper than the second-best option in the market.

Always choose providers that are regulated by financial authorities in both Canada and Bangladesh to ensure funds are protected.

Please refer to our directory of financial regulators worldwide for key regulatory bodies for money transfers between Canada and Bangladesh.

Some services have minimum or maximum thresholds on how much you can transfer from Canada to Bangladesh.

Companies will offer different rates and fees for different transfer amounts. Some companies will become more expensive after certain thresholds are hit.

We’d recommend using Wise if you need to send large amounts of CAD to Bangladesh. The combination of rates and fees when sending to Bangladesh is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Canada, or entering Bangladesh. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive money in Bangladesh. You can do a direct bank deposit, cash pickup, use a mobile wallet or receive money into a multi-currency account. It’s likely not all providers serving transfers from Canada to Bangladesh will offer every method, so it’s best to check ahead of time.

A direct transfer to a bank account is one of the more common ways to transfer from Canada into Taka. Wise is the best company for bank transfers between Canada and Bangladesh.

And if you need cash right away, check if cash pickup is an option for transfers between Canada and Bangladesh.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Remitly.

When signing up to a money transfer company to send between Canada and Bangladesh, you will need to verify your ID.

The exact documents you need might vary and in some cases you will need more than one.

For the most part, in Canada this will be a government ID like a passport or driver's license. In Bangladesh it will be a similar set of documents, although this should only be needed if you are opening a new account in Bangladesh, or collecting in cash.

Big transactions between Canada and Bangladesh, are subject to additional checks. A provider may ask you for proof of address or may want to know where the money comes from.

We recommend Wise in part due to their easy sign up process in Canada.

When sending large amounts of money between Canada and Bangladesh there will be tax implications to consider.

Some transfers into Taka may need to be reported to tax authorities in Bangladesh, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances differ in Bangladesh based on age, income and a few other elements. When in doubt, please contact a tax professional in Canada or Bangladesh to discuss your personal circumstances.