Send money internationally from Maldives to Bangladesh (MVR to BDT) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money from Maldives to Bangladesh
Send money from Maldives to Bangladesh
How much does it cost to send money to Bangladesh?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Bangladeshis emigration and remittances
Bangladesh is the 9th country who receives the most of remittances from abroad (according to the World Bank report 2015) with a total of 15.3 billion of US dollars received in 2015, rising by 17% in the last three years. Since Bangladesh Independence, we note a mass immigration of Bangladeshis to India. Where does the money come from? Mainly from India ($4.4 billion sent), Saudi Arabia ($3.7 billion), the United Arab Emirates ($2.7 billion).
These figures are totally correlated to the Bangladeshis emigration in these countries. On the 7.7 millions of Bangladeshis who live abroad, 3.3 millions are in India, 2.3 millions are in Saudi Arabia and 1.1 million in the United Arab Emirates. In fact it is really difficult to know exactly the number of Bangladeshis in India because of the massive illegal immigration to India. Since Bangladesh independence we note a mass immigration to India. India is a large, fast-growing and still poor country surrounded by neighbors who are poorer and smaller in size.
What are the options to send money to Bangladesh?
As shown above, a lot of money is transferred from India to Bangladesh every year. But it is very difficult to get money out of India as the government put restrictions in order to limit the outbound remittances from India. Generally speaking your options to transfer money to Bangladesh are...
The best known solution as most people use their bank to send money abroad. However the fees with banks are huge to convert currencies because they take a margin on the exchange rate used.
According to the World Bank the average cost of sending money to Bangladesh with a bank is 6.6% of the transaction in percentage. It is really expensive especially for large amounts of money sent. The famous banks in Bangladesh are the following National Bank Limited, Agrani Bank, IFIC Bank, Uttara Bank, Premier Bank Limited, South East Bank, Mutual Trust Bank, NCC Bank.
International cash payment services to send money to Bangladesh
- Azimo: since recently Azimo provides a cash service to Bangladesh. Their rates are good and you can pay by credit card, debit card or local bank transfer. The money is available in minutes.
- WorldRemit: provides also a cash service in Bangladesh.
- Western Union: many locations in the country to pick-up the cash.
- Moneygram: several locations to pick-up the cash.
- Xpress money: another option to deliver the money by cash in Bangladesh.
- Ria money transfer: 5'900 locations around to send money in the country, you can pay by credit card, debit or bank account and the money will be available there in 15 minutes.
- Sigue money transfer: available in over 3'000 retailers and shops throughout the country.
Online money transfer providers
According to the report of the World Bank in 2016 the average cost of sending money to Bangladesh in 2016 with a money transfer operator is on average 3.3% of the total amount of the transaction. Compared to the cost of banks it is twice cheaper than with a bank.
Among these providers we find Azimo, Eremit, Ezremit, Telemoney, Worldremit, Lebara, Ria money transfer, Transfast, CBL money transfer, NBL money transfer, Klinnk and Placid.
Foreign exchange brokers
A good choice to remit large sums of money to Bangladesh is to use a broker.
Checks and Telegraphs represent another way of sending money to Bangladesh, which is a slower method.
As many solutions exist on the market be careful to always compare the rates of these providers before transferring your money to Bangladesh because the prices can vary a lot between the solutions.