Fact checked
When you’re wanting to send money to family or friends in Bangladesh, it’s important to be on the lookout for cheap exchange rates, low fees and a simple transfer process. Compare a range of international money transfer providers here with Savvy to help you find the best exchange rates and lowest fees available. Consider a range of options with us before getting your international money transfer underway today.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
You have many options for sending money to Bangladesh, but you should find out if your recipient has a bank account, as this will determine which international transfer method to look at. The latest statistics show that around 53% of the population had access to a bank account in 2022, so there’s a fair chance your recipient will be able to receive money into their bank account this way. The types of transfers you can make to Bangladesh include:
Using an international money transfer provider
International money transfer services move funds across international borders without the money going through the international SWIFT banking payment system. This is why money transfer companies can transfer money faster, with instant transfers possible and arrivals within two days in most cases, and with lower fees and markups on exchange rates compared to banks. They frequently offer the best way to send money overseas.
Using a bank transfer
If your recipient does have a bank account, you could use your usual bank to transfer money to them. However, expect to pay from $6 up to $30 or more for this service and receive a lower exchange rate compared to an international money transfer company. Using a bank may also take from three to five days for your money to arrive in Bangladesh from Australia and could result in your recipient paying a costly receiving fee of up to $30. As such, specialist international money transfer providers are often the best way to send money overseas.
Cash transfers
Some international transfer providers can send cash overseas almost instantly for it to be collected by someone at the other end. However, instant cash transfers aren’t available from all providers, or to all destinations, and they aren’t the cheapest way to send money overseas either, with high fees charged by providers.
Phone recharges
This is another method of transferring money to family or friends in Bangladesh if they don’t have a bank account. You can send money directly to their mobile phone by sending a phone recharge to their pre-paid phone account. However, you won’t receive the best exchange rate using this method and fees from telecommunications companies can be steep.
Using PayPal
It’s possible to send money to family or friends in Bangladesh from Australia using PayPal. However, there may be delays in getting the funds from PayPal to a bank account and, just like phone recharges, you won’t get the best exchange rate and may be charged high fees.
These are the main areas to look at when comparing transfer companies:
Exchange rates:
To get the best money transfer rate to Bangladesh, you’ll want to look for one which is closest to the ‘mid-market’ rate, as this will be the cheapest exchange rate available. The mid-market rate is halfway between the buy price and sell price on the international money markets. The closer to the mid-market rate on offer, the more taka you’ll be able to buy to send overseas.
Banks and other companies make their money by putting a ‘markup’ on the exchange rate. This means they don’t give you the mid-market rate, but a lower exchange rate. The difference between the mid-market rate and how much extra is charged is known as the ‘margin.’ Banks impose a bigger margin than transfer companies do. It’s crucial to compare exchange rates when completing your transfer to Bangladesh to help ensure you maximise the funds received at your destination.
Fees charged:
In contrast to bank fees of $6 to $30, transfer companies either charge a set fee of up to $15 or a percentage of the transfer amount, which may be in the region of 0.40% to 0.65% (such as Wise.) This compares very well with credit cards, which can charge between 3% and 5% in transfer fees to do an international transfer.
Consider which fee structure is best for the transfer you’re looking to make to Bangladesh. Set fees are usually cheaper for larger sums, while percentage fees work out to be cheaper for smaller sums (such as under $5,000). For example, a 0.5% percentage fee on a transfer of $500 is only $2.50, which makes for a cheap transfer. However, the same fee on a $20,000 transfer is $100, which is far higher than a set $15 standard transfer fee. This illustrates that the charging method for your transfer is very dependent on the amount you wish to send to Bangladesh.
Countries serviced:
Check that the company you choose can send money to Bangladesh and to the region you have in mind, as not all companies offer a transfer service to all countries and destinations.
Speed of transfer:
Whereas a bank will take between three and five working days or more to transfer your money, an international money transfer company will on average get it there between 0-2 days. Many transfer companies will get your money to Bangladesh the same day, if not instantly, so it’s crucial to compare transfer speeds between different providers and methods (particularly if you need your money to arrive urgently).
Payment method:
Look at what payment methods are offered. These range from paying for your transfer in cash, using a debit card through PayWave, EFTPOS or BPAY, using a direct debit from your bank account, or via a digital wallet such as ApplePay. Be aware that if your default card in ApplePay is a credit card, you may end up paying expensive credit card transfer fees.
Receival method:
Think about how your recipient may want to receive their money. This ranges from a cash pickup to funds deposited into their bank account, transferred to a card in their digital wallet or sent to their phone either through a transfer app or as a pre-paid recharge.
Transfer limits:
Most transfer companies have minimum and maximum transfer limits. These range from minimum limits of $1 to $250, to maximum limits of $5,000 a day right up to $500,000 or more. Make sure the company you choose has limits that fit in with your needs.
When sending funds to Bangladesh, the money transfer process will follow these simple steps:
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Allow yourself time before you need to make your transfer to get to know the direction the exchange rate is heading so you know when you see a good deal. If the exchange rate is heading in the wrong direction, this could give you a clue to lock in your exchange rate to take advantage of the higher rate while you can. It’s also important to be aware of the mid-market exchange rate to help you maximise the amount you can buy with your Australian dollars.
Because exchange rates can be so volatile, it’s worth comparing exchange rates with Savvy quite frequently so you can complete your transfer to Bangladesh when the exchange rate is at its most favourable.
Having an international account on your mobile phone can offer you the opportunity to exchange your money when exchange rates are strong and store the taka in your international account until you want to send it. This could save you hundreds of dollars in an environment where the exchange rate is moving against you.
Companies that specialise in business transfers provide account managers to assist business customers with their transfers. If you’re thinking of transferring money regularly to Bangladesh, contact a business manager to see if you qualify for a preferential exchange rate or an exemption on fees. Business account managers can often offer discount rates to business customers which are cheaper than their retail exchange rates.
Some companies offer a range of tools to assist you to get the best exchange rate possible. These can include:
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
