If you are looking to send money to Bangladesh from the UK, there are countless safe and fast ways in which you can do so.
How to Send Money to Bangladesh from the UK
Bangladeshis together are one of the largest immigrant communities in the UK. In London alone, the Bangladeshi community makes up 3% of the overall population of the capital – 222,000. As such, there is a large demand for money-sending services. The following services offer different options for you to transfer money to Bangladesh through three popular methods; transferring to a bank account, transferring to a cash pick-up location, and transferring to a mobile wallet.
You can send money from the UK to Bangladesh in 2-4 business days
Methods to Send Money from the UK to Bangladesh
Sending Money to Bangladesh via Net Banking
One of the most common ways to send money to Bangladesh from the UK is net banking. It is simple if that the transfer of a fund can be initiated from your personal bank account through the website of the money transfer company.
Sending Money to Bangladesh via Online Transfer
Online money transfer services offer cost-effective and convenient solutions to send money to Bangladesh from the UK. TransferWise is a prime example of one of the online transfer services offering the best exchange rate at the lowest fee.
Sending Money to the Bangladesh via Mobile Payment Services
Currently, Apple Pay and Google Pay are not available in Bangladesh. Remitly is a mobile wallet application where you are able to transfer money from the UK to Bangladesh at a service fee.
Sending Money to Bangladesh via Western Union
Western Union is trusted transfer system when sending money overseas, completing more than 800 million transactions in 2018. Western Union offers flexible solutions giving you the three options; to send money online, via mobile payment or in person. The recipient can either choose receive the money directly into their bank account or can collect the cash from a choice of 14,000 locations at a low fee.
Sending Money to Bangladesh via PayPal
PayPal has launched an international money transfer service, known as Xoom. Money can be sent through PayPal transfer to another account, for cash pickup or in the form of a bank deposit. This is not a free service and does incur an interest rate cost.
Can I Send Money to Bangladesh via Cryptocurrency?
Bangladesh is in fact one of six countries in the world that are considered to be hostile to cryptocurrency. The Bangladesh Bank does not support transactions of artificial currency.
Can You Send Money to Bangladesh for Free?
All services require a fee to send money from the UK to Bangladesh. The majority of services charge a fee per transfer either as a hidden currency conversion cost or as an upfront transfer fee. However,it is important to do some research prior as some services will prove to be cheaper than others.
How Long Does it Take to Send Money to Bangladesh?
This of course depends on the service provider that you choose, the funds can arrive in as little as a few minutes to 2-4 business days. Xoom promises receipt of funds in minutes if you transfer to another PayPal account.
What Do You Need to Send Money to Bangladesh?
All services will require you to verify your identity prior to sending money abroad to Bangladesh. This will include bank verification or even uploading photo ID. You will further need to provide your personal information and reason for the transfer, as well as the name, account number and contact details of the recipient.
Is it Safe to Send Money to Bangladesh from the UK?
This guide has outlined the safest ways in which you can send money to Bangladesh from the UK. It is recommended by experts that you ensure the service is FCA approved, meaning that the accounts are safeguarded. If you cannot local FCA approval on the site, it is important to note that you can ask for record of their FCA enrolment number or review the FCA details on their website.
Sending money overseas is never totally risk-free. However, reputable sites like TransferWise and Western Union work hard to ensure the the safest transactions. As with all normal online payment, be careful with security and ensure that you never share sensitive information in any email or phone communication.