The best, fastest & cheapest ways to send money to Bangladesh

The exchange rate determines how much BDT the recipient will get when you transfer to Bangladesh.

For example, today, the average exchange rate between US Dollar and Taka is 122.6642.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more BDT.

If you do need to send BDT now, we suggest using Wise. Their rate for transfers to Bangladesh was the best over the past 7 days.

The cheapest way to pay for your transfer to Bangladesh is via bank transfer with Panda Remit.

The way you pay affects the cost, speed, and the amount of BDT you receive.

Here are your cheapest options:

*Based on a $7,000 transfer to Bangladesh using our 7-day comparison data. Transfer time is based on averages from multiple companies.

Credit card transfers to Bangladesh come with cash advance fees and higher interest rates on BDT.

You can also use Wise, WorldRemit, and XE to transfer money to bKash account. The transfer will be instant, however, the recipient will need to withdraw their cash. You can send up to 122,500 BDT per day and will be charged 2.5% government tax on receiving and 2.5% on bank withdrawal in some cases. To learn more, refer to the official bKash site.

When possible, avoid sending BDT over the SWIFT network. Despite its name, SWIFT transfers to Bangladesh are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts, here are a few examples:

Sending under $1,000 to Bangladesh

Using money transfer services like Remitly or WorldRemit is a quick and affordable choice for smaller transfers.

They typically provide reasonable rates and inexpensive fees.

Sending $1,000 or more to Bangladesh

Providers offering flat rates, like TransferWise, are more desirable for sending more considerable sums.

Increased amounts can be accommodated without significantly increasing costs.

Sending $10,000 or more to Bangladesh

Consider specialized services like TorFX or Currencies Direct for sizable transfers.

They are designed to handle larger transfers, such as tuition or medical expenses, and to ensure fast, secure transfers.

In general, the quicker you need BDT delivered, the more it will cost you in fees.

Transfer speed to Bangladesh depends on the BDT amount, the time you initiate the transfer, and your payment method.

Well-known companies like Wise, XE, Western Union, and bKash have built vital infrastructures in Bangladesh, enabling quick transactions that take only a few minutes.

Take, for instance, an urgent need to transfer $7,000 from the US to Bangladesh.

Overall, of 9 companies serving Bangladesh, Panda Remit is the fastest regardless of the deposit method, appearing 100% of the time in our searches.

For bank or debit card deposits, services like Panda Remit excel in this regard, offering near-instantaneous and cheapest BDT transfers with $4 or $0 fees respectively and 0.3% markup.

For most urgent transfers to Bangladesh, it is highly recommended to schedule a cash pickup for the quickest collection.

For this reason, international transfer services are partnered with numerous places in Bangladesh, including post offices and BRAC Bank branches.

Avoid SWIFT for BDT transfers as it's slower due to intermediary banks in Bangladesh.

Online

You can transfer money to Bangladesh with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

We found that Wise is the overall best online money transfer provider according to our 7 days analysis. They’ve appeared 100% of the time for BDT transfers in our search system.

App

You can also send money with an app to Bangladesh. Here are a few popular options:

1. bKash: In Bangladesh, this is the most widely used mobile wallet app. Due to its seamless functioning and extensive network, it is widely used for both domestic and international transactions

2. Nagad: A significant provider of mobile banking services in Bangladesh, provides fast money transfers both locally and internationally

3. Rocket: Another well-liked digital wallet for transfers, and it is run by Dutch-Bangla Bank Limited

In-person

Cash transfers to Bangladesh in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect BDT.

There are different ways to receive money in Bangladesh. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank transfers to Bangladesh.

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

Mobile wallet services and payment apps like PayPal, Revolut, bKash and Rocket, are popular too, but they come with more limitations and higher costs compared to money transfer providers like Panda Remit.

Please also note that CashApp is not available in Bangladesh.

To receive money in Bangladesh, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of BDT to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Bangladesh, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Bangladesh. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Bangladesh, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large BDT transfers and will help you get things done fast.

Remittances from overseas are often exempt from income tax in Bangladesh since they are considered non-taxable income by the National Board of Revenue (NBR).

This law applies to employee payments, gifts, and property transactions.

Although these are primarily designed to monitor money laundering and not for tax purposes, there might be reporting thresholds for significant amounts.

Confirming the thresholds with a local tax professional or the Bangladesh Bank is important as the limits can vary depending on the transfer method and purpose.

It's also a good idea to keep in mind that the sender may need to declare the transfer or perhaps pay taxes on the funds sent, depending on the tax regulations of their home country.

For example, Americans may be required to declare sizable gifts sent to Bangladesh to the Internal Revenue Service (IRS).