Sending Money to Bangladesh: What You Need to Know

Bangladesh receives billions of dollars in remittances every year, making it one of the most important sources of foreign currency for the country. Whether you're working in Saudi Arabia, the UAE, Malaysia, the UK, or the USA, sending money back to your family in Bangladesh has never had more options — but choosing the right method matters.

Your Main Options for Sending Money

1. Bank Wire Transfer

You can send money directly from your foreign bank account to a bank account in Bangladesh. This is a secure, official channel.

  • Pros: Safe, traceable, eligible for government cash incentives
  • Cons: Can be slow (2–5 business days), fees can be high
  • Best for: Large transfers

2. Online Money Transfer Services

Services like Wise (formerly TransferWise), Remitly, Western Union Online, and Xoom offer competitive rates and fast transfers.

  • Pros: Fast (often same day), competitive exchange rates, easy mobile app
  • Cons: Transfer limits may apply, not all services available in every country
  • Best for: Regular, medium-sized transfers

3. Mobile Financial Services (MFS)

Platforms like bKash and Nagad allow international transfers directly to a mobile wallet in Bangladesh. Many Bangladeshis prefer receiving money via bKash for its convenience.

  • Pros: Instant delivery, easy for recipient to use, no bank account needed
  • Cons: Transfer limits per transaction, international partnerships vary by country

4. Exchange Houses

Many countries with large Bangladeshi communities have licensed exchange houses (e.g., Al Mulla Exchange in Kuwait, Al Ansari Exchange in UAE). These offer competitive rates and fast delivery.

Step-by-Step: How to Send Money

  1. Choose a transfer service and compare rates on a comparison site
  2. Register and verify your identity (passport/NID, proof of address)
  3. Enter recipient details — bank account number, routing info, or mobile number
  4. Enter the amount and confirm the exchange rate and fees
  5. Make the payment via bank transfer, debit/credit card, or cash at agent
  6. Track your transfer and confirm with the recipient

The Government Cash Incentive on Remittances

The Government of Bangladesh provides a cash incentive (prণোদনা) on remittances sent through official channels. This means for every 100 BDT worth of foreign currency you send officially, your recipient receives a bonus amount. This makes using official channels even more financially rewarding than unofficial methods.

Documents You May Need

  • Valid passport or national ID
  • Proof of residence or work visa (in some countries)
  • Recipient's bank account details (account name, number, branch, routing number)
  • Recipient's mobile number (for bKash/Nagad transfers)

Key Tips

  • Always use licensed, regulated money transfer services — never use hundi (illegal hawala)
  • Compare the total cost (fee + exchange rate spread), not just one factor
  • Send during mid-week when rates can be more favorable
  • Keep your transfer receipt until the money is confirmed received

Sending money through official channels protects you legally, supports Bangladesh's foreign reserves, and ensures your family gets the full benefit — including government incentives.