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Are you looking to send money to friends or family in Bangladesh? If you are, you’re in the right place! We noticed that way too many people are paying large sums of money in hidden fees and high exchange rates. Money transfer companies need to make a living, but there should be a limit. We got to the bottom of this issue and researched the top money transfer services so you can send money without losing a large portion of it to fees.
In this article, we will go over the best ways to transfer money to Bangladesh. On top of that, you will also know what to look out for when transferring money. In the 21st century, there are countless methods that you can choose from when sending money to Bangladesh. You can wire a money transfer, send money via bank, use an app or use a money transfer service. There is a lot of flexibility, choose what’s right for your situation, we’ll help you along the way. Okay, let’s check out the best money transfer service
Best Ways to Transfer Money to Bangladesh
If you’re looking to send money to Bangladesh, there are many options to choose from. You don’t have to go straight to your bank.
In fact, we found that you’ll most likely pay higher fees and get the money slower to your recipient by using a traditional U.S bank.
We researched countless money transfer services online. Speed, Fees, Transfer Amounts, and Acceptability were the points of focus. That is how we determined the top money transfer services from the rest.
It is important to keep in mind that the best money transfer service for you comes down to your situation, we’ll walk you through it.
Below are 4 licensed money transfer services to consider when sending money to Bangladesh:
Ria is an online company that focuses on money transfers and currency exchange. They started off as a small exchange store and grew to be one of the largest international money transfer services in the world!
TransferWise is a foreign exchange company. They offer money transfers to individuals and businesses alike. TransferWise is an online exchange company that offers great service and fair prices. TransferWise supports more than 750 currency routes internationally!
Remitly is an American online payment service company. They provided super easy international money transfers. Remitly is known for their quick and safe money transfers. They have helped millions of friends and family send money to loved ones.
Below are the main takeaways:
Transfer Speed (minimum time)-1-2 business days
Minimum Transfer Amount- $0
How to Send Money To Bangladesh Online
Sending Money to Bangladesh online is easy! There are a few requirements that most money transfer services request.
Whether you wire a money transfer from the bank, use an app on your phone or use a money transfer service, you’ll most likely have to fill out the following information:
Sign Up- it doesn’t matter which money transfer service you choose you will need your basic personal. Inform the provider with your contact details, proof of ID and payment method.
Transfer Details- who are you sending money to? Submit the recipient’s name and contact information.
Choose an Amount- how much are you sending? Input the amount of money you are sending (you might need the recipient’s Bangladeshi bank information).
Double Check Your Order-look over the order to ensure there are no mistakes in the transfer details or the amount.
Save Reference Number- complete your transaction and save the reference number. You should do so until the transaction is complete.
Banks vs Money Transfer Companies
In the technological era, sending money to the other side of the world is easy. The real challenge is finding the best method to send your money without paying large fees for the transfer.
Nowadays most U.S banks offer services to send money to Bangladesh, in fact, I’m sure it will be difficult to find a bank that doesn’t offer the service.
Although banks can help with money transfers, it doesn’t necessarily mean that sending money via banks is the best option for you.
Banks and money transfer services know how to move money around the world and do a great job. But our interest is to leave you with the most money in your pocket when all is said and done.
Money transfer services are usually faster and cheaper than banks when sending money internationally.
What to Look Out For When Comparing Money Transfer Services
While researching the best money transfer services, we put together key tips to stay on guard and get the most out of your money.
Go over the following points before choosing a money transfer service:
Exchange Rates- money transfer services make increase profit by raising their exchange rate. Look for a service with a strong rate. Make sure to compare their rate to the mid-market rate. You want to look for the smallest gap between the rates.
Fees- countless money transfer services have fees as well as hidden fees, keep your eyes open. There are 2 main types of fees:
Flat Fees– just a flat price for the money transfer. For example, $7 for a transfer up to $500.
Percentage Fee– a low percentage of the money transaction. For example, 2.2% of the total transfer amount.
Transfer Method- there are so many ways to send money globally. As mentioned above, the most popular methods are via banks, phone apps, money transfer services, etc.
Transfer Speed- we noticed that there is usually a fee if you need to send money immediately. Basically, the faster you need to transfer money, the more expensive the service will be (fees). If you need to transfer money fast, Western Union offers cash pickups in minutes and great deals.
Transfer Amount- the amount of money you transfer is an important piece of this puzzle.
Large money transfers- take notice of the exchange rate. With large transfers, you can save or spend a whole lot depending on the exchange rate.
Small money transfers- lookout for hidden fees when sending smaller money transfers.
Customer Service- this is the bread and butter of choosing a money transfer service. If things don’t go as planned, you should have a number to call. Make sure that the money transfer service that you choose provides quality customer assistance.
Foreign Exchange Rate Explained
All of these money transfer services seem to care a lot about the foreign exchange rate, but what is it and why should I care about it?
Simply put, a foreign exchange rate is the difference between two currencies. The exchange rate is basically the amount of one currency that you can get in return for another currency.
In our situation when sending money the exchange rate is defined by how much foreign currency you can get with your currency (or vice-versa).
To sum it up, the exchange rate defines how many Bangladeshi taka you can get for one US dollar.
There are countless ways to transfer money to Bangladesh. We did our best to filter out the irrelevant and present you with the best online money transfer services.
Be sure to check out your options and take a good look at exchange rates and fees. Those small steps could save a lot of money.
William is the Head Content Editor at FinancePond. He holds a Masters of Arts from Colombia University and a Masters of Arts from New York University. In short, William is a blogging machine. In addition to writing for FinancePond, William runs a non-profit media arts company.