What do we mean by the top provider? The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking. How do we choose providers to display? We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table.All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews.We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free - the commercial agreements we have. How do we order our comparisons? We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction.We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way.If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

Send Money To Bangladesh

Q: What’s The Overall Best Way To Send Money To Bangladesh?

The overall best way to transfer money online to Bangladesh is through Transfast, with the fast option. While the company’s quick service charges a moderately ranged upfront fee, all cheaper options are significantly more affordable. The result is a much more well-rounded offer, making Tranfast’s fast option the overall best way to send money online to Bangladesh.

Q: What’s The Easiest Way To Send Money To Bangladesh?

The easiest way to send funds to Bangladesh is through Wise . With a three-step process, Wise makes it very easy to transfer funds to Bangladesh. First, you tap in the amount of money you need to send; then, you tap a destination. Once you make those selections, all you need to do is pay Wise, and your money should arrive at its Bangladeshi destination in a day or two.

Q: What’s The Cheapest Way To Transfer Funds To Bangladesh?

The cheapest way to send cash online to Bangladesh is through Klinnk. Klinnk has a minimal upfront stated fee, but they are one of the few options that do not add hidden currency conversion costs. When you compare the cost of Klinnk with other very cheap competition, such as Lucky Money and Transfast, you end up paying less.

Q: What’s The Fastest Way To Send Funds To Bangladesh?

The fastest way to transfer funds to Bangladesh is through Transfast’s fast option. Remember that you must choose their fast option; otherwise, your money will take 3-5 days to arrive. With Transfast’s fast option, you can expect your money to reach its Bangladeshi destination in minutes. Their rates are on the lower end of the spectrum as well. Check out our simple guide about the fastest ways to send money internationally to find out more.

Q: Current Exchange Rates For Bangladesh

The current exchange rate for the Bangladeshi Taka (BDT) is 101.3498 BDT per American Dollar (USD) as of the time this was written. The BDT reached a high of 104.4762 BDT per USD, and a low of 93.0093 BDT per USD during the last 90 days. The average exchange rate over the last 90 days was 95.9107 BDT per USD. The average volatility of the BDT against the USD was 0.24% over the last 90 days. This is a not a particularly volatile currency, although the BDT has been somewhat less stable in the recent past. You can reasonably expect minor but sporadic fluctuations to continue going forward, barring any unforeseen circumstances.

Q: Can You Send Money To Bangladesh Using A Mobile Device?

To send money with mobile devices, you need to visit the App Store or Google Play. There you can download and install an app for your financial service company. Most banks and specialist transfer providers have apps that facilitate sending money internationally. They can also be used to pay bills, convert currencies and receive money. To choose a top mobile app for sending money to Bangladesh, you should check the customer review scores. These provide insight into what you can expect. The overall score of a money transfer app should be at least 4.0 out of 5 to be competitive.

The sections below will help you know the different ways of sending money to Bangladesh, the information required to send and receive, the benefits of using money transfer services, and the specific things to look at making a money transfer to Bangladesh.

Updated: 06/09/2022

Read time: 20 minutes

Understanding the economy of Bangladesh

Bangladesh has a developing economy, and it is the 33^rd largest in terms of GDP, which is $416 billion. Also, they have the 31^st biggest purchasing power in the world. The strong financial sector of Bangladesh is one of the reasons for stable growth over the long term, and it ensures there is good support for money transfer companies.

The national currency of Bangladesh is the Bangladeshi Taka. At the time of writing, 1 BDT is equal to 0.012 USD. The country has the Chittagong Stock and Daha Stock Exchange, which contributes to one of the fastest-growing economies in Asia.

Agriculture is a big part of Bangladesh’s economy. They manufacture and develop a lot of goods for neighboring countries and worldwide. Some of the biggest industries include textiles, pharmaceutical products, electronics, shipbuilding, automotive, bicycle, leather, glass, and paper.

How To Send Money To Bangladesh

Are you looking to find out the best way to money to Bangladesh? The steps are simple and easy. Read below to get started on the best ways to send money to Bangladesh.

Find a Trusted Provider

Our comparison table for sending money to internationally looks at your specific transfer needs to and from any country in the world. Use this to find a provider that provides the best all-round service for you.

Register with your chosen provider

Most providers will be completely free to sign up to, simply requiring your name, address and contact information. In most cases, you’ll also need to upload a picture of a valid photo ID to verify your identity.

Transfer Money

As soon as you're ready, you can start sending money online.

Ways To Send And Receive Money In Bangladesh

There are multiple ways to send and receive money easily in Bangladesh, but these will largely depend on the provider you decide to use. Below you will find everything you need to know about the best ways to send money to Bangladesh.

Sending Money To Bangladesh

Receiving Money In Bangladesh

Ways to Send Money to Bangladesh

The Bangladeshi diaspora has been using both formal and informal methods to send money home. Banks are the dominant players, with a 2010 International Organization for Migration (IOM) report showing that 74 percent of recorded remittances came through the banking system.

Money transfer service providers have also been gaining ground in the different remittance corridors to Bangladesh. In September 2011, the central bank of Bangladesh (Bangladesh Bank) issued guidelines on Mobile Financial Services for Banks. This move added another legal layer to the existing Money Laundering Prevention Act 2002 and the Foreign Exchange Regulation Act of 1947.

As it stands today, the following are the formal ways of sending money to Bangladesh as authorized by the Bangladesh Bank.

Bank Wire Transfers

The banking industry in Bangladesh comprises state-owned banks, private commercial banks, and foreign-controlled banks giving a total of 59 scheduled banking institutions. According to the 2017 Global Findex report, 65 percent of adult males and 35 percent of adult females have bank accounts. This improvement means that many of them can receive bank transfers directly to their accounts.

Starting in June 2018, banks in Bangladesh were able to transact faster on the internet through online banking. However, banks have to register on the National Payment Switch Bangladesh (NPSB) managed by the Bangladesh Bank to go down this route.

The time it takes to send through wire transfers depends on the source country. It can take anywhere between 2 to 7 business days. The cost of sending money through bank-to-bank wire transfers can also be prohibitive because of intermediary banks.

Money Transfer Services

Money transfers from the Gulf Cooperation Council (GCC) countries to Bangladesh have traditionally been through banks. However, money transfer service providers such as MoneyGram, Western Union, Xpress Money, TeeMoney, Xoom, WorldRemit, Wise, and others, are now becoming dominant.

These providers guarantee fast, cost-effective, and secure money transfers to Bangladesh. Signing up for transfer accounts is very simple and fast. You’ll need your name, email address, and phone number to register an account. Once set up, you can pay for your transfer using a debit, credit card, bank transfer, or debit.

Most providers allow you to send money through their websites and downloadable mobile apps. You can also deposit money from a store and send it to your loved ones. For example, Western Union allows you to start the process online and complete it from a store.

The following are your options for sending money through money transfer operators (MTOs).

Bank Transfer

You can send money through the MTO-to-bank platform. This method is the perfect alternative to bank-to-bank transfers. It is faster, more secure, and less costly. TransferWise officially launched transfers to Bangladesh Taka (BDT) in May 2016. It takes anywhere from 2 to 3 days for most transfers from providers such as WorldRemit, Xpress Money, Xoom, Western Union, and MoneyGram to reach Bangladesh.

Cash Pickup

This is one of the most preferred ways of sending money to Bangladesh. Every provider has a payout network that brings together agents you can send money for collection. For instance, WorldRemit works with Bangladesh banks such as Dutch Bangla Bank, Brac Bank, Social Islami Bank, Agrani Bank, Bank Asia, etc. Xoom has 6,100 locations all over the country; you can send your loved ones money for pick up. The money gets delivered in minutes or under an hour.

Mobile Money

The convenience of transfers directly to mobile phones is unbeatable. Even people in rural Bangladesh with no access to formal banking services can receive money on their mobiles. WorldRemit is connected with mobile financial services such as bKash and Rocket to help you send money swiftly to your family back at home.

In July 2019, Padma Bank signed an agreement with Transfast to allow Bangladeshis abroad to send money home through the bank’s 57 branches. Some providers may give you discounts or cost-free sending offers if you are a first-timer.

What’s Needed to Send Money to Bangladesh

With the various ways of sending money, as seen above, each provider has its requirements. There is some information you will be requested to provide to ensure a smooth money transfer to Bangladesh.

Your government-issued I.D. If you are sending from the United States, a social security card or passport can suffice

The amount you want to send

The name of the recipient as it appears on their official documents

The phone number of the recipient and their address

If you are transferring money directly to the recipient’s account, you’ll have to provide the banking details: bank name, branch name, account number, and SWIFT or BIC code.

You may be asked to provide more information if the amount you are sending or the frequency proves suspicious to the authorities. However, this is very rare.

What Are the Ways of Receiving Money in Bangladesh?

Most providers give you a transaction reference number or PIN to help you track or query your transaction online. When you receive this number, send it to your loved ones as they will need it to complete the transaction. The following are the main ways your loved ones in Bangladesh can receive the money you’ve sent them.

Direct Bank Deposits

If the recipient has a bank account, they can opt to receive money through a direct bank deposit. This method is safer and more convenient for large amounts of money. With online banking in place, your loved ones should receive an SMS notification when the deposit gets credited. The direct deposit could be from an MTO or another bank in the diaspora. Learn more about direct deposits and wire transfers in our direct deposit vs. wire transfer guide.

Cash Collection from an Agent

Most providers have invested in strategic partnerships with banks and other institutions to bring agencies closer to the people. Whether you are in Rangpur in the north or Chittagong on the southeastern coast of Bangladesh, you’ll find an agent nearby. This method of receiving money works well in rural areas where most people are far from formal banking services.

Because of security reasons, the recipient should tag a friend along or a trusted relative.

Mobile Money Deposits

In October 2017, Dutch-Bangla Bank and WorldRemit struck an agreement to enable Bangladeshis to receive instant transfers from their loved ones abroad through Rocket mobile money. Data from Bangladesh Bank shows that 53.7 million Bangladeshis had mobile money accounts as of June 2017.

Following in the footsteps of Dutch-Bangla Bank, BRAC Bank also partnered with WorldRemit in November 2018. This partnership enabled the 30 million bKash mobile money subscribers to receive money directly into their wallets from their loved ones abroad.

Money transfer services

You can take advantage of money transfer services to receive funds in Bangladesh. The speed of transfer is typically faster than what is provided by banks. Also, you can enjoy currency exchange rates that match the mid-market rate. This saves money when converting to BDT.

Money transfer services like Wise have lower overheads than banks. They pass the savings onto the customer by providing low fees. Compare the fees with a bank, and you will notice a big difference. Also, some specialist transfer providers charge based on a variable fee structure. This means that small and big transfers are viable.

Mobile device

Receiving money using a mobile device requires an app from your bank or money transfer service. Visit Google Play or App Store to learn about the features included in the app of your financial services company.

Good quality mobile apps will have the same functionality as official websites. For example, you can register an account and view transactions within your app. In addition, most apps allow you to set up several security protocols to log into the account securely. This includes fingerprint scan, PIN, face recognition, and 2-factor authentication.

What is Required to Receive Money in Bangladesh?

Receiving money in Bangladesh is a straightforward process. Most providers will notify the recipient by SMS or email that they’ve got the cash. Depending on the provider, they’ll be required to carry along some information to help verify their identity and complete the transaction. The following is a general list of what is needed.

Their government-issued I.D. The name appearing on the document must match what the sender provided

The transaction reference number or PIN. The recipient should get this from the sender

The recipient should also be able to identify the sender and the amount to be received

Other providers may require full disclosure of the source and purpose of the remittance. This measure helps in combatting fraud and money laundering.

Common Reasons For Sending Money to Bangladesh

A study looking at 84 migrant households in Bangladesh shows that loan repayment, household consumption, investment, exchange rate leverage, and social contributions are some of the common reasons for remittances to Bangladesh.

Household Consumption

Over 50 percent of remittances to Bangladesh target low-income households, mostly in rural areas. The money received helps in supplementing household income and buying necessities such as food.

Debt Repayment

The process of relocating abroad is usually an expensive endeavor. Family members and friends contribute to ensure a successful journey and resettlement abroad. Part of the remittances back home are used to offset debts and other credit strains. Some of the debts could be historical, taken during times of hardship.

Investment

Some Bangladeshi abroad may have intentions of coming back home permanently someday. Investments are intended to create a soft landing for such migrants and give their families a reliable source of income in case remittances fail. Investments could be in real estate, financial assets, or business.

Education

Education in Bangladesh is free and compulsory for the first 12 years of learning. That said, private learning institutions usually give a much better quality of education than the public system. This phenomenon makes Bangladeshis in the diaspora send money home to help their families access quality private school education.

Social Contribution

Apart from mainstream reasons, there are social reasons for sending money home. Festivals such as Eid-Ul-Fitr, Eid-Ul-Azha, Pahela Baishakh, and Durga Puja involve expenditures often financed through remittances. Weddings and social development initiatives are also why diaspora Bangladeshis send money to Bangladesh.

Why Send Money With a Money Transfer Service?

There is a gradual shift in allegiance from banks to money transfer service providers for the millions of Bangladeshi diaspora. There are many reasons for this phenomenon. Some of the reasons to make a money transfer to Bangladesh include:

Ease of Setup

When sending money using MTOs, setting up is very simple. You need your email, phone number and of course your name to signup for an account. Once you are up and running, you can pay for your transfer using a bank debit, bank transfer, debit card or credit card and transfer to your loved ones on the website, at a store or through a mobile app.

Favourable Exchange Rates

MTOs use mid-market rates when translating source currencies to the Bangladesh Taka. These rates are real-time and transparent, enabling you to send more to your loved ones for less. Most providers never add margins to their exchange rate pricing.

Low Transaction Fees

Money transfer service providers leverage the large volume of transactions they undertake to charge their customers low fees. Competition and investment in superior technologies have also made many MTOs to revise their prices downwards to the benefit of customers. With as little as $3.99 you can send money to Bangladesh.

Multi-Currency Support

Providers such as Western Union and MoneyGram are present in more than 200 countries and territories. Xoom has thousands of locations around the globe supported by the strong PayPal network. Whether you are sending from Kuwait, Qatar, the United States, the United Kingdom, or Canada, changing the source currency to Bangladesh Taka is a breeze.

Secure Transfers

Money transfer providers are required to invest in superior, identify masking and multifactor authentication technologies by the Financial Conduct Authority. These measures help to protect your money and other information from hackers.

Speed of Transfers

The transfer technologies and payout-network partnerships providers have, enable them to send money much faster compared to banks. Within minutes or in less than an hour, it is possible for you to send money to your family and relatives. Speed is of the essence during emergencies.

Things to Consider When Sending Money to Bangladesh

When sending money to your loved ones in Bangladesh, you have to make considerations. Some of them are:

Strong Economic Growth – Led by the agricultural industry, Bangladesh’s economy recorded the highest growth among 26 countries for the past decade. From 2009 to 2019, the country has recorded a 188 percent cumulative growth. When sending money for investment, the agricultural sector has the best returns.
Taxation – Non-resident Bangladeshis are not charged capital gains tax at an individual level. This measure helps to accumulate financial asset holdings. They also enjoy a 10% rebate on investment allowance targeted at security investments.
Stock Market Incentives – Bangladesh rolled out some of the most liberal policies to attract Bangladeshi diaspora capital. Two of the most outstanding incentives are:
- 10% initial public offering (IPO) quota reserved for Bangladeshis abroad
- Bangladeshis in the diaspora can trade in the country’s secondary market

With all the incentives in place, various channels of sending money, and the minimal requirements to send and receive money in Bangladesh, there is no reason why you should not take advantage to build your investments and care for your loved ones.

Top 3 companies for sending money to Bangladesh

Finding a specialist transfer provider that matches your needs can be time-consuming. We have narrowed down the list to three options to save you time and help you find a suitable company. Each of these companies is an excellent choice for sending money to Bangladesh.

Wise

Using Wise to send money to Bangladesh is an easy process. You can register for a new account within minutes, and the verification process is simple if you have your documents ready. The user interface is easy to understand because of the simple design. Also, hints are provided to help you decide between the options and how features work.

The low fees and competitive currency conversion rates are key strengths of using Wise. They match the mid-market rate for most currency pairs. Also, you can get physical and digital cards to pay for goods. Digital cards are free and allow you to start shopping right away.

Instarem

Instarem provides simple and fast money transfers to Bangladesh. They charge low transfer fees of 0.25-1%, which means you will save money compared with most bank transfers. Also, you are guaranteed the best FX rates since they have a 0% margin policy.

The dedicated support team offers help 24/7 and in multiple languages. The transparency of the service is one of the reasons many customers have stayed with Instarem for years. Their loyalty is rewarded with the InstaPoints Reward Program, which provides redeemable points when sending money.

Azimo

Sending money to Bangladesh with Azimo is free for the first two transfers. This gives you an excellent way to test out the service to see if it matches your standards. The payments are secure, and they are regulated by the FCA in the UK. Also, most money transfers are completed within 30 minutes.

The Azimo mobile app is on the highlights that allows you to send money while on the move conveniently. In addition, the app has been improved to reduce clutter and improve performance. Also, you can contact the customer support department from within the app.

Your Questions Answered

What’s The Overall Best Way To Send Money To Bangladesh?

What’s The Easiest Way To Send Money To Bangladesh?

What’s The Cheapest Way To Transfer Funds To Bangladesh?

What’s The Fastest Way To Send Funds To Bangladesh?

Current Exchange Rates For Bangladesh

How we compare?

Can You Send Money To Bangladesh Using A Mobile Device?

Send money to and from Bangladesh with these guides

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Send money to Canada from Bangladesh

Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Bangladesh. So if you’re looking to send money to another country, here is the list of the most popular destinations.

Written by
Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com