Sending money to Bangladesh: bank, wallet or cash pickup
In short: money from the US usually reaches Bangladesh in one of three ways: into a bank account, into a mobile financial services (MFS) wallet, or as cash pickup. Remittances through formal channels have qualified for a government cash incentive. Compare providers on how many taka arrive, and never use hundi.
Three ways to receive
| Way | What the sender needs | Good to know |
|---|---|---|
| Bank account | Name as on the account, account number, bank, branch and its routing number | Good for larger amounts |
| Mobile wallet (MFS) | Registered wallet number and name | Arrives quickly; wallets have limits set by Bangladesh Bank |
| Cash pickup | Receiver's name exactly as on their ID | Receiver collects with ID and a reference number |
Not every provider supports every option. Ask which ones it offers, and check every detail before you confirm. A spelling mismatch can delay the money.
The remittance incentive
The government of Bangladesh, through Bangladesh Bank, has paid a cash incentive on remittances received through banks and other formal channels, as a percentage of the amount. It is usually added by the receiving bank or wallet provider. The rate and conditions can change, so ask the receiving bank what applies today.
Comparing the real cost
Look at the fee and the exchange rate together. A transfer with no fee can still cost more if the taka rate is lower. Compare the amount that will arrive, for the same dollars, on the same day. Our remittance cost comparer does the sum, and Exchange rates explained shows how to read a rate. Bangladesh Bank publishes reference exchange rates on its website.
Your rights when you send from the US
Most US providers must show you the rate, fees and amount to be received before you pay, give you a receipt, usually let you cancel within 30 minutes, and investigate errors you report within 180 days. See Sending money home.
Why not hundi?
Hundi and other informal channels are illegal in Bangladesh, aren't eligible for the incentive and give you no protection if the money goes missing. Sending through formal channels also leaves a record of where the money came from.
Stay safe
- Only send to people you know. Never pay a "fee" to receive a prize, job or loan.
- Never share your wallet PIN or a one-time code with anyone, including someone who says they are from the provider.
- Keep receipts and reference numbers until the money has arrived.
Handy tools
- Remittance cost comparer: compare two transfer options by how much arrives.
- Salary converter: hourly, weekly, monthly and yearly pay, side by side.
General information, not financial advice. Rules, fees and rates change and depend on your situation. Check with your bank, the provider or a qualified professional before you decide.
Sources
- Bangladesh Bank: Official website
- Bangladesh Bank: Exchange rates
- Bangladesh Bank: Mobile financial services data
- CFPB: Money transfers
- World Bank: Remittance Prices Worldwide