Transferring money to relatives in Bangladesh is not as difficult as you might think, which should be a relief to both you and your family members. As long as you find an option that works well for both of you, the experience should be painless. However, looking at all of your options before spending money on one is important, as they are not created equal. In fact, some are much cheaper and faster than others.
The Bangladesh currency is tightly controlled by the nation’s government, and has been in decline for the last ten years. It is called the taka, and $1 USD equals about 70 taka. Money can be exchanged widely bangladesh phone number throughout the country, especially at airports, banks, train stations, hotels, and locations called bureaux de change. In most cases, it is best to send your relatives funds in the form of taka rather than U.S. dollars, since that is what is most widely accepted.
You might first think to use a bank to send money to Bangladesh, either your own or a different financial institution. One example is Bank of America, which charges $45 to send an international wire transfer in U.S. funds, and $35 to do it in Bangladesh currency. You will need to supply your recipient’s name, their bank’s name and address, and their bank account number. They should check with their bank to find out if they will be charged money to receive the cash, since many do.
Bank of America has a specific rule for those who wish to send money to Bangladesh, and it is that customers must supply the recipient’s name, phone number, and instructions that state that the recipient will need to go to their bank and sign forms in order to receive the money. Additionally, be aware that Bangladesh is named on the list of countries that are notorious for being slow to pay out funds, in which case it could take up to three weeks for your recipient to get the cash. Clearly, if you need to send money to Bangladesh quickly, a bank might not be your best option.
There is one method that might be faster, and that is the prepaid debit card. You can usually mail one out to your relatives and add money to it by phone or Internet, and they start using it immediately. It might take about a week for them to get it, but the funds are available within a day, which means this is likely still more convenient than a bank. You could also plan ahead and simply send them the card before they even need money. This way, if they ever have an emergency, you can add money to the card and they can start spending it almost immediately. The fee is $5 each time you add money. In general, cards are widely accepted in Bangladesh, but some small towns have few or no ATMs or retailers that take cards. However, if your recipient lives in a larger city like Dhaka, Chittagong, Khulna, Bogra, Sylhet, or Narayangani, they will probably appreciate having a prepaid debit card since they can use it often.