If you need to send remittances to Bangladesh, look no further than our guide below. Continue reading to discover the best ways to transfer money to Bangladesh, including:
- How to get the best exchanges rates and pay the lowest fees.
- How to send large amounts of money to Bangladesh.
- What information you need before the transfer.
According to the World Bank, Bangladesh is now one of the largest recipients of remittances in South Asia. In 2018 alone, almost $20 billion was sent back home by Bangladeshi expats.
The official currency of Bangladesh is the Bangladeshi taka, represented by the “BDT” abbreviation or the “৳” or “Tk” symbols. Thanks to modern technology, there are now more options for sending remittances in multiple currencies directly to locations from Dhaka to Rajshahi.
In Bangladesh, it’s common for recipients to request remittances in US dollars (USD). Regardless of which currency they receive, it’s important to know the best ways to send money.
Best rates to send money to Bangladesh
Exchange rates are an essential part of every money transfer. A fair exchange rate can make a massive difference to the amount of BDT, USD or EUR transferred to your recipient.
Azimo’s rate alert feature will tell when Bangladeshi exchange rates are at their best, i.e. the ideal time to make a transfer. So if £1 = ৳1.625, setting up a rate alert for when £1 = ৳1.8 means you’ll never miss out on your ideal exchange rate.
|Did you know? The word taka came from Sanskrit word tankah which means cash or stamped coin.|
In addition to getting a great rate, you should take advantage of the Bangladesh cash incentive. When you send money to Bangladesh, your recipient will get a 2% cash bonus in the local currency.
Pay the lowest fees on Bangladesh money transfers
After you’ve found a great rate, you’ll need to complement it with the lowest fees to get the cheapest international money transfers. However, when shopping around for the lowest fees, always consider the transfer’s total cost.
That’s because many banks and money transfer companies advertise tempting “zero-fee or commission” transfers. Usually, offers like these are hiding poor exchange rates. And when you accept an unfavourable exchange rate, money transfer providers pocket the difference. Read our article about the mid-market rate to understand how this works.
Find out the real cost of a money transfer by doing a bit of research. Sometimes you’ll discover that paying a fee or commission gets you a better overall deal and more money for your recipient.
Transfer money to Bangladeshi bank accounts with Azimo
You can send money to Bangladeshi bank accounts with Azimo by either SWIFT transfer or by bank deposit. Azimo is the cheapest way to transfer money to many locations. In fact, you can save up to 75% versus other providers and banks.*
That’s because our exchange rate compares favourably to the mid-market rate, i.e. the fair exchange rate, and our fees start at just £0.99p.
To transfer money to Bangladesh, you’ll need the following information:
- Your recipient’s bank account number.
- Your recipient’s SWIFT-BIC number (SWIFT transfers only).
- Their full name, address and phone number.
- Your recipient’s routing transit number (bank deposits only).
*Taken from Q3 World Bank data 2020
Send money to Bangladeshi mobiles
Mobile top-up is a feature available exclusively on the Azimo app. You can top up the recipient’s mobile phone from wherever you are, giving them minutes for phone calls and text messages.
Top-ups are especially helpful for those extended long-distance chats with family and friends back home. To cater for all budgets, we offer instant top-ups ranging from 179 BDT to 1,999 BDT on the Airtel Bangladesh Internet network.
How to transfer large amounts of money to Bangladesh
If you’re sending a lump sum of money to Bangladesh, send it with Azimo.
Use the award-winning Azimo app to set up currency exchange rate alerts for the Bangladeshi taka, so you always know the best times to send money.
When using the mobile top-up feature:
- The Bangladesh country code is +880, which is pre-selected in the app.
- Most Bangladeshi mobile numbers are seven-digits long in the AAA-BBBBBBB format.