Send Money To Bangladesh

Find the best money transfer rate with Savvy and start your transfer to Bangladesh today.

Last updated on August 3rd, 2022 at 05:16 pm by Cate Cook

Compare transfer options for sending money to Bangladesh

There are now many ways to send money from Australia to Bangladesh, with access to financial services increasing rapidly in Bangladesh in the past five years. Luckily, Savvy has many international transfer partners that can arrange to get money to Bangladesh in several ways using different methods. You can find out more about how to get the best money transfer rate and find the lowest fees right here by comparing transfer providers before starting your transfer today.

site-logos Xe
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From $0 100
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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 money

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site-logos OFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $250 1-3 days $0 50+
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OFX offers speed, security and simplicity with no hidden fees, total transparency and real people support 24/7

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site-logos Wise Money Transfer
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From 0.41% 53
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Send money cheaper and easier with Wise with no hidden fees.

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site-logos TorFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $200 0-2 days $0 35
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Excellent exchange rates with no transfer fees. Trusted by over 55,000 customers. Awarded Canstar’s 5 star rating 2018-2021.

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site-logos SingX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 30
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SingX offers live exchange rates with no mark ups and only charge a nominal fee shown to you upfront

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site-logos Remitly
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 21
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countries

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More information about sending money to Bangladesh

What are my options for sending money to Bangladesh?

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.

How do I compare transfer companies when sending money to Bangladesh?

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%. 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.

What is the process for making a money transfer to Bangladesh?

When sending funds to Bangladesh, the money transfer process will follow these simple steps:

  1. To make an international transfer, you’ll first need to set up a transfer account. This can either be done online or by downloading an international transfer phone app. To open an account online, you’ll need to provide your name and email address. You’ll then be sent a link which will guide you through the setup process. As part of this, you’ll need to provide a form of government-issued identification, such as a passport or driver’s licence. The setup process is quick and easy and should take less than five minutes.
  2. Once you’ve set up your account, you can arrange your transfer. Provide the details of the person you wish to send money to. This may include their bank details or their phone number. If you’re arranging for an instant cash pickup, make sure the name you specify for the transfer is the same as is on your recipient’s ID document. The names will have to match exactly for the money to be handed over.
  3. Check all the details are correct before sending your transfer off. Once your transfer has been scheduled, you should receive a confirmation notification or email. Make sure you keep these details safe as they will help you track your transfer’s progress.

How can I get the best exchange rate when sending money to Bangladesh?

More questions about international money transfers to Bangladesh

What’s the best way to send money to someone without a bank account in Bangladesh?

The best way to send money to someone without a bank account in Bangladesh is either to arrange a cash pickup, arrange a mobile phone recharge, or send money through a company such as Remitly, which can send funds to a non-bank phone app such as bKash, which allows you to send money to another person’s bKash phone account in Bangladesh. The funds can then be used to pay bills and utility providers, buy bus or train tickets, pay school or college fees or send funds to someone else. A cash pickup might work out cheaper than using PayPal or arranging a phone recharge when the exchange rate is unknown.

Will I be able to track my money transfer to Bangladesh?

Yes – you’ll usually receive a transfer confirmation email when you arrange your transfer, which may include a tracking number. If you receive this, you’ll be able to log into your transfer account and see exactly where your transfer is and when it arrives at its destination.

Can I get a free money transfer to Bangladesh?

Yes – some companies do offer the first one or two transfers for free as part of their marketing strategy to attract new clients. However, check that you’re getting the best exchange rate if you’re offered a free transfer. In addition, others offer free transfers for certain amounts, such as transfers over $10,000, so if you’re thinking of making a large transfer this is worth considering.

Are there any government incentives that apply to transfers to Bangladesh?

Yes – in January 2022, the Government of Bangladesh launched an initiative to provide a 2.5% bonus incentive on money transfers sent by expatriate Bangladeshis. This means if you qualify for the scheme, the Bangladeshi Government will add 2.5% to your transfer when it arrives in the country. The additional money will be given to family members either in cash or paid into a bank account.

To qualify for the 2.5% bonus, the sender must be a Bangladeshi national who is employed overseas sending money back home to the family. If the transfer is under BDT 500,000, the incentive will be added directly onto the transfer and no further documentation is needed. For transfers that are over BDT 500,000, the receiver will have to show a copy of the sender’s passport and proof of their employment overseas. The additional bonus money will then be sent as a separate transfer to the family once such proof has been provided.