Everything you need to know about sending money to Bangladesh
It is important that we provide as many options as possible to our customers. We want money transfer be an easy process, one that allows you to send money to Bangladesh from the UK in whatever way works best for your friends and family.
In this blog we will talk you through the different ways you can transfer money and look at the simple steps it takes to do so. Once you have set up an account with Small World you can immediately send money to Bangladesh online.
How to send money to Bangladesh – a step-by-step guide1. Select ‘Bangladesh’ as the country to send to, choose the type of money transfer/payout service you will be using and the currency you will be sending (Bangladeshi Taka or US Dollar).
2. Enter the details of your beneficiary including their name, email address and mobile phone number.
3. Depending on the payout service you are using, enter your recipients bank details or their address.
With more people than ever using smartphones, you can also use the Small World app. It only takes two minutes to set up an account and you’ll then be able to send and monitor your money transfers.
What are the most popular ways to send money to Bangladesh?
Let’s have a look at some of those popular ways to make a money transfer to Bangladesh:
1. Cash pick-upMoney can be sent for collection at any one of our 8,431 locations across Bangladesh. This is a popular option for recipients without a bank account.
2. Bank DepositBangladesh Takas or US Dollars can be deposited directly into a bank account. The rise of agent banking means more people than ever have accounts and can receive money in this way.
3. Mobile walletThe digital equivalent of a physical wallet and able to receive digital payments including international money transfer. Remember, you can read all about our mobile wallet partner, Bkash over here on our recent blog.
Is it a good time to send money to Bangladesh?Now is an ideal time to send money to Bangladesh, as the Bangladeshi government’s 2% incentive is still in place – meaning they will add 2% of the sent value to transfers, based on the amount when converted into local currency. You can read more about the incentive in this blog, but remember that the incentive is only eligible when either sending money for pick-up or as a bank deposit.
Another important factor is the increasing number of agent banks in Bangladesh. This means that rural populations have better access to banking services, including remittances. If your recipient has an account with an agent you can send money directly to it, saving them from having to travel to collect their money in person. Another reason why now is a good time to send money.
What else should you know about remittance when sending with Small World?
It is cheaper to send money with us than it is to use a bank. We offer better exchange rates and lower transfer fees, which we are also constantly checking against our competitors.
In order to give our customers even more value for money, your first transfer with us is also transfer-fee free.
With so many options available to your recipients it has never been easier to send money to Bangladesh.
The most popular ways to send money to Bangladesh:
- Cash Pick-Up
- Bank Deposit
- Mobile Top-up
Our main partners in Bangladesh are Janata Bank, Agrani Bank, Uttara Bank, National Bank, Dutch-Bangla Bank, Islami Bank Bangladesh, Rupali Bank, Social Islami Bank, Bank Asia, Southeast Bank, Union Bank, SBAC Bank, Al-Arafah Islami Bank, Bank Asia